Reits An Introduction For German Investors
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German Reits
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Author : Felix Leuschner
language : en
Publisher: GRIN Verlag
Release Date : 2005-12-11
German Reits written by Felix Leuschner and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-12-11 with Business & Economics categories.
Diploma Thesis from the year 2005 in the subject Business economics - Investment and Finance, grade: 1,3, Otto Beisheim School of Management Vallendar (WHU - Dresdner Bank Chair of Finance), language: English, abstract: A Real Estate Investment Trust (REIT) is a property stock that is taxed, not at the corporate but at the investor level, which can lead to tax advantages. The concept of REITs originated in the United States in 1960, allowing smaller investors access to large income-producing real estate, which facilitated the creation of a liquid asset class that has become a core part of institutional portfolio management. REITs have proven attractive to investors because: x Their returns have beaten most major equity benchmarks over three decades, with lower volatility x They have predictable cash flows and high dividend yields x They have a low correlation with other asset classes, aiding portfolio diversification As US-REITs proved successful, other countries have introduced similar property investment vehicles. The Netherlands started in 1969, followed by Australia (1985), Canada (1994), Belgium (1995), Japan (2000) Singapore (2002), Hong Kong (2003) and most recently France (2003). In Germany real estate has been the most popular investment theme of the past three years, despite its significant underperformance compared to European peers during the past 10 years, with open-end funds receiving almost all money inflows. The listed sector, however, is insignificant, both in terms of size and liquidity, and is in desperate need of a catalyst. The introduction of a G-REIT structure could potentially be the long-awaited saviour that could transfer the importance of German real estate into the listed sector. Given the significance of real estate in their respective markets, the German and UK governments are currently considering the introduction of REITs. Depending on the progress of the consultative and parliamentary process, REITs are expected to be enacted by legislation during 2006 in both countries. The REIT discussion in Germany has reached a serious stage, with all the mostinvolved parties seemingly agreed about the usefulness of a REIT structure. The purpose of this paper is to highlight the case for REITs in Germany, to analyse the progress of REITs in countries that have installed these structures, to consider the on-going debate in Germany and what these developments may eventually mean for the German real estate market.
Reits An Introduction For German Investors
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Author : A. Grossmann
language : en
Publisher:
Release Date : 1997
Reits An Introduction For German Investors written by A. Grossmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
The Introduction Of German Reits
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Author : Felix A. Leuschner
language : en
Publisher: VDM Publishing
Release Date : 2007-01-01
The Introduction Of German Reits written by Felix A. Leuschner and has been published by VDM Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-01 with Business & Economics categories.
Real Estate Investment Trusts (REITs) are a bridge between two worlds, the capital markets at one end and the real estate sector on the other, leading to a unique risk/return profile. They bear benefits neither of which can realize standing alone, resembling a hybrid between real estate and equity. REITs invest directly in property and pass on almost all earnings to their shareholders as dividends. By distributing most of their profits, REITs get special tax treatment and avoid corporate income tax. Because of that REITs have proven very attractive to investors: Their returns have beaten most major equity benchmarks over three decades, with lower volatility, while offering predictable cash flows and high dividend yields. Further, they have a low correlation with other asset classes, aiding portfolio diversification. In Germany real estate has been the most popular investment theme of the past three years, despite its significant underperformance compared to European peers, with open-end funds receiving almost all money inflows. The listed sector, however, is insignificant, both in terms of size and liquidity, and is in desperate need of a catalyst. The introduction of a G-REIT structure could potentially be the long-awaited saviour that could transfer the importance of German real estate into the listed sector. The REIT discussion in Germany has reached a serious stage, as almost all of the involved parties seemingly agreed about the usefulness of a REIT structure. The purpose of this book is to highlight the case for REITs in Germany, to analyse the progress of REITs in countries that have already installed a REIT regime and to look at what the introduction of a G-REIT would ultimatelymean for the German real estate market.
Real Estate Investment Trusts In Europe
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Author : Ramón Sotelo
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-12-11
Real Estate Investment Trusts In Europe written by Ramón Sotelo and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-11 with Business & Economics categories.
Shortly before of the beginning of the global financial crisis of 2008 REITs were introduced in several European countries based on their success in mature markets like the US, Australia and some Asian countries. While the history of REITs in Europe has been relatively brief, REITs are well on the way to become an industry standard as a real estate investment financial vehicle not only in Europe but throughout the developed world. This book provides both academics and decision makers an introduction to the economics of REITs beyond tax transparency, an overview of the mature REITs markets, and a closer reflection of the development of different REIT-structures in Europe including the history, regulation and markets of each country.
Understanding German Real Estate Markets
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Author : Tobias Just
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-01-05
Understanding German Real Estate Markets written by Tobias Just and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-05 with Business & Economics categories.
Real estate is the biggest real asset class in an economy, and Germany is the biggest economy in Europe. This implies opportunities as well as specific risks for investors and policy makers. As the German real estate markets have by and large been spared severe disruptions in the course of the economic crisis, many questions arise for investors and academics alike. What are the key institutional characteristics of the German real estate markets that make it different? What are the short and long-term drivers of demand and supply? Which regional and functional market segments are most likely to outperform in the next few years? What are the most important pitfalls for investors in Germany? This book gives answers to these and many more questions. The editors have invited a broad range of extensively knowledgeable practitioners and academics from across the relevant real estate spectrum, i.e. economic, legal, tax, planning and financing issues, to express their views. There is no better English publication that gives such a profound and simultaneously entertaining overview of Germany’s real estate markets.
The German Real Estate Investment Trust Reit And The German Real Estate Market
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Author : Sonja Bausch
language : en
Publisher:
Release Date : 2005
The German Real Estate Investment Trust Reit And The German Real Estate Market written by Sonja Bausch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
German Real Estate Investment Trusts G Reits
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Author : Matthias Fischer
language : en
Publisher:
Release Date : 2009
German Real Estate Investment Trusts G Reits written by Matthias Fischer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Real Estate Investment Trusts Reits As An Investment Opportunity In Germany
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Author : Stephanie Nagel
language : en
Publisher:
Release Date : 2006
Real Estate Investment Trusts Reits As An Investment Opportunity In Germany written by Stephanie Nagel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Investing In German Real Estate
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Author : Florian Hackelberg
language : en
Publisher: Haufe-Lexware
Release Date : 2021-02-03
Investing In German Real Estate written by Florian Hackelberg and has been published by Haufe-Lexware this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-03 with Business & Economics categories.
Investing in one of the most promising real estate markets in Europe offers enormous opportunities. And as with every real estate market, in Germany too, the local framework conditions must be understood and their particularities must be adequately taken into account. The authors are renowned senior executives, real estate advisors and academics, who share here their extensive experience and real life insights from countless real estate investments, covering all aspects of a successful investment process in Germany. Includes: markets, the regulatory framework and investment guidelines. Contents: - Essentials for successful real estate investments in Germany - Macro-economic structure and dynamics of the German real estate market - Real estate investment, trends and strategies - Diverse submarkets: residential, offices, retail, hotel and nursing homes - Real estate legal, tax and audit frameworks - German REITS and ESG in real estate investments - Real estate M&A, financing, due diligence and valuations
Return Patterns Of German Open End Real Estate Funds
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Author : Sebastian Michael Gläsner
language : en
Publisher: Peter Lang
Release Date : 2010
Return Patterns Of German Open End Real Estate Funds written by Sebastian Michael Gläsner and has been published by Peter Lang this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Real estate business categories.
The aim of this study is to better understand stable capital growth of German properties and to contribute to the explanation of stable fund returns. In the course of the investigation, evidence is found that both phenomena are interrelated. All analyses are based on publicly available data; therefore they are not limited by client interests. Results show three different pieces of evidence on return smoothing, namely the influence on valuation, the timing of valuations, and the influence on returns resulting in return differences by calendar months. Together with the notion of internationally uniquely stable returns, it seems impossible to extract true asset volatility from the observed appraisal-based time series.