Market in Minutes Germany investment markets
Savills World Research Germany Investment Market in Minutes Germany investment markets Q1 2015 The facts at a glance The trend continues: transaction volumes and prices rise further ■The upturn in the German real estate investment market continues. Investment in residential and commercial property in the first quarter of 2015 totalled approximately €20bn. By way of reference, this is almost equivalent to the total volume in 2010. ■Against a background of continued low interest rates and the ECB purchase programme, demand for real estate rose further while yield compression accelerated markedly. Yields particularly hardened outside of the core segment. ■While commercial property investment fell just short of the corresponding figure from the same quarter last year at approximately €9.2bn, the transaction volume in the residential portfolio market rose by more than three quarters. ■While the transaction volume for commercial portfolios declined year on year in the first quarter, portfolio transactions are expected to play a significant role throughout the remainder of the year. ■In the residential portfolio market, activity is increasingly shifting to the capital markets. Some 80% of the overall transaction volume of €9.7bn in the first quarter was attributable to the acquisition of Gagfah by Deutsche Annington. Further acquisitions are likely to follow later in the year. ■Indeed, it already appears clear that the transaction volume for 2015 will exceed last year’s figure. Inflows into German residential and commercial property are expected to reach at least €60bn. savills.de/research 01 Market in Minutes | Germany Investment Markets Q1 2015 Commercial investment market Germany Q1 2015 TABLE 1 Key investment market figures Transaction volume (€m) Dominating sector Share of domestic investors Office prime net initial yield High street prime net initial yield Q1 2015 y-o-y change Sector Share Q1 2015 y-o-y change Q1 2015 y-o-y change Q1 2015 y-o-y change Berlin 1,320 + 114% Retail 59% 40% - 37% 4.2% - 50 bps. 3.8% - 60 bps. Düsseldorf 177 - 66% Office 48% 28% + 55% 4.2% - 40 bps. 3.8% - 40 bps. Frankfurt Hamburg 1,084 + 53% Office 78% 31% - 54% 4.3% - 20 bps. 3.5% - 20 bps. 841 + 60% Office 78% 66% + 136% 4.2% - 30 bps. 4.2% - 20 bps. Cologne 151 - 48% Logistics 57% 36% - 42% 4.5% - 40 bps. 4.2% - 20 bps. Munich 1,124 + 2% Office 59% 53% + 17% 3.9% - 35 bps. 3.5% +/- 0 bps. Stuttgart 199 + 51% Retail 50% 56% - 30% 4.5% - 30 bps. 4.2% - 20 bps. 9,228 - 12% Office 36% 44% + 9% 4.3% - 35 bps. 3.9% - 26 bps. Germany * Source: Savills / * prime yields = Ø top seven GRAPH 1 GRAPH 2 Transaction volume Transaction volume by sector Rolling transaction volume of past 12 months 2010 Q2 2010 Q4 2011 Q2 Source: Savills / * forecast 2011 Q4 2012 Q2 2012 Q4 2013 Q2 2013 Q4 2014 Q2 9.23 8.09 14.77 Other 14% Development land 3% Office 36% Hotel / Gastronomy 5% €bn 5 0 7.23 2 10.46 10 5.85 4 11.96 15 6.63 6 7.00 20 5.21 8 11.02 25 3.94 10 5.37 30 7.16 12 6.24 35 5.26 14 5.52 40 6.53 16 3.59 45 2.69 €bn Transaction volume 18 Industrial / Logistics 7% - 2014 2015* Q4 Retail 35% Source: Savills German commercial investment market in minutes Top seven markets are benefiting from further increase in foreign investment • The transaction volume for German commercial property in the first quarter of 2015 totalled €9.2bn, representing a decrease of 12% year on year. • The retail property sector was particularly buoyant in the first three months of the year. The transaction volume of almost €3.3bn in the sector represents an increase of one third compared with the corresponding period last year. This significant increase is not least attributable to a number of large portfolio transactions. • With the exception of Düsseldorf and Cologne, all top seven markets registered an increase in investment volume. The top seven markets combined accounted for 53% of overall volume. This was largely attributable to a further slight increase in the proportion of foreign investors, who accounted for 56% of the total volume (2014: 53%). For investors in other currency areas in particular, the decline in value of the euro has made German property more attractive. savills.de/research 02 Market in Minutes | Germany Investment Markets Q1 2015 Commercial investment market Germany Q1 2015 GRAPH 3 GRAPH 4 Transaction volume by location Transaction volume by type of investor Purchases Berlin 14% Sales Net investments Open-ended special fund Insurance company / Pension fund Open-ended public fund Private investor / Family office Other Asset Manager Munich 12% Listed property company Housing association Other 47% Sovereign wealth fund Private-equity fund Public administration Cologne 2% Other Frankfurt 12% Corporate Hamburg 9% Stuttgart 2% Düsseldorf 2% Developer Bank Closed-ended fund -2,000 -1,500 -1,000 -500 Source: Savills Source: Savills GRAPH 5 GRAPH 6 Transaction volume by origin of buyer Prime yields Other 11% €m 500 1,000 1,500 2,000 Office Prime High Street 7 South Korea 4% 6 5 USA 8% Germany 43% % 4 3 UK 12% 2 1 0 France 22% 2006 Source: Savills 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 Source: Savills TABLE 2 The largest transactions in Q1 2015 at a glance* Property / Portfolio Type of use Location(s) Volume Buyer Vendor Corio portfolio Retail Berlin, Dresden, Duisburg, Hildesheim approx. €1,100m Klépierre Corio shareholder Retail portfolio (107 properties) Retail across Germany approx. €286m Patrizia et al. Eurocastle “Le Méridien” Hotel Hotel Munich approx. €158m Deka Insolvancy administrator Retail portfolio (56 properties) Retail across Germany approx. €157m Redefine undisclosed institutional investor Deutsche-Bank-Campus Office Berlin approx. €150m DAWM Art-Invest Source: Savills / * only published transactions are shown savills.de/research 03 Market in Minutes | Germany Investment Markets Q1 2015 Commercial investment market Berlin Q1 2015 GRAPH 7 GRAPH 8 Transaction volume Transaction volume by sector Transaction volume Average of past five years 3,000 2,500 Industrial / Logistics Hotel / 1% Gastronomy 2% Other 9% Development land 3% €m 2,000 1,500 1,000 Office 26% Retail 59% 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q2 2012 Q4 2013 Q2 2013 Q4 2014 Q2 1,320 1,868 1,171 585 617 1,273 815 803 645 2,618 605 528 613 1,171 617 498 692 509 394 0 680 500 2014 Q4 Source: Savills Source: Savills GRAPH 9 GRAPH 10 Transaction volume by origin of buyer USA 5% Transaction volume by type of investor Other 4% Purchases Sales Net investments Open-ended public fund UK 6% Private investor / Family office Other Asset Manager Japan 6% Other Germany 40% Corporate Sovereign wealth fund Housing association Bank Listed property company Private-equity fund Insurance company / Pension fund Developer Public administration Closed-ended fund Open-ended special fund France 39% Source: Savills -500 -375 -250 -125 €m 125 250 375 500 Source: Savills Berlin market in minutes Highest Q1 transaction volume of all time - yield compression continues • Slightly more than €1.3bn was invested in commercial property in Berlin in Q1 15; the highest ever volume in the first three months of a year. • Retail property dominated transaction activity in the first quarter. Four of the five largest transactions were attributable to the retail sector. Inflows into retail property totalled almost €800m compared with just approximately €50m in the corresponding period last year. Almost €340m was invested in office property; some 11% less than in the corresponding quarter last year. • In the office sector, investors’ increased appetite for risk has brought secondary locations increasingly into the spotlight. The increased activity in secondary locations is also reflected in yield movements. While the prime CBD office yield fell by just 10 basis points to 4.2% during the first quarter, the net initial yield on prime properties in nonCBD locations hardened by 30 basis points to 4.9%. savills.de/research 04 Market in Minutes | Germany Investment Markets Q1 2015 Commercial investment market Düsseldorf Q1 2015 GRAPH 11 GRAPH 12 Transaction volume Transaction volume by sector Transaction volume Average of past five years Retail Other 3% 1% Hotel / Gastronomy 6% 900 800 Development land 12% 700 €m 600 500 Office 48% 400 300 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q2 2012 Q4 2013 Q2 2013 Q4 2014 Q2 177 455 187 689 518 824 172 358 648 282 37 115 479 346 95 195 586 256 0 242 100 186 200 Industrial / Logistics 30% 2014 Q4 Source: Savills Source: Savills GRAPH 13 GRAPH 14 Transaction volume by origin of buyer Transaction volume by type of investor Purchases France 19% Sales Net investments Private-equity fund Open-ended special fund USA 32% Insurance company / Pension fund Corporate Listed property company Private investor / Family office Other Housing association Sovereign wealth fund Other Asset Manager Bank UK 21% Developer Closed-ended fund Public administration Open-ended public fund Germany 28% Source: Savills -60 -40 -20 €m 20 40 60 Source: Savills Düsseldorf market in minutes Smaller transactions mean lower volume at the start of the year • Commercial property changed hands for a total of €180m in Düsseldorf in the first quarter of 2015, representing a decline in volume of two thirds compared with the corresponding quarter last year. • A significant reason for the decrease in transaction volume was a lack of any transactions over €100m and only a small number of disposals in excess of €10m. • In view of the persisting lack of large (core) properties, investors are increasingly shifting their attention to other market segments. One of the submarkets benefiting from investors’ increased risk tolerance is the Seestern district. There were a number of smaller transactions in the submarket in recent months. For core investors, on the other hand, Airport City remains one of the preferred submarkets. The location is highly valued by occupiers, which in turn makes it more attractive to the investment market. savills.de/research 05 Market in Minutes | Germany Investment Markets Q1 2015 Commercial investment market Frankfurt Q1 2015 GRAPH 15 GRAPH 16 Transaction volume Transaction volume by sector Transaction volume Other 6% Average of past five years 2,500 Industrial / Logistics 3% Hotel / Gastronomy 6% 2,000 Retail 7% €m 1,500 1,000 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q4 2013 Q2 2013 Q4 2014 Q2 1,084 2,377 1,100 358 710 1,046 557 932 858 1,615 116 2012 Q2 357 704 433 514 928 278 0 727 441 186 500 Office 78% 2014 Q4 Source: Savills Source: Savills GRAPH 17 GRAPH 18 Transaction volume by origin of buyer Luxembourg 5% Transaction volume by type of investor Other 8% Purchases Sales Net investments Insurance company / Pension fund Other Asset Manager Open-ended special fund USA 9% Private-equity fund South Korea 38% Open-ended public fund Corporate Sovereign wealth fund Housing association Public administration UK 9% Other Private investor / Family office Closed-ended fund Listed property company Bank Developer Germany 31% Source: Savills -400 -300 -200 -100 €m 100 200 300 400 Source: Savills Frankfurt market in minutes Surplus demand maintains pressure on initial yields • The Frankfurt commercial property investment market started the year with a significant rise in volume. Commercial property changed hands for a total of almost €1.1bn in the first quarter of the year. This represents a 53% increase in transaction volume compared with the corresponding quarter last year. • The risk tolerance of investors has risen further and requirement profiles are now somewhat broadly defined. Major investment managers in particular are regularly receiving new instructions and widening their search profiles. • Owing to the high pressure to invest and the surplus demand in all areas, yields remain under pressure. While yield compression paused in the first quarter, yields are expected to harden slightly further across all sectors and all risk categories during the remainder of the year. As a result, the prime office yield, which stood at 4.3% at the end of March, is likely to reach the 4% mark by the end of the year. savills.de/research 06 Market in Minutes | Germany Investment Markets Q1 2015 Commercial investment market Hamburg Q1 2015 GRAPH 19 GRAPH 20 Transaction volume Transaction volume by sector Transaction volume Average of past five years Other 15% 1,600 1,400 Industrial / Logistics 2% 1,200 Retail 5% €m 1,000 800 600 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q2 2012 Q4 2013 Q2 2013 Q4 2014 Q2 841 1,395 630 753 526 1,324 473 580 491 631 404 192 434 393 500 617 567 0 930 84 200 173 400 Office 78% 2014 Q4 Source: Savills Source: Savills GRAPH 21 GRAPH 22 Transaction volume by origin of buyer UK 10% Transaction volume by type of investor Switzerland 3% Purchases Sales Net investments Public administration Open-ended special fund Other Asset Manager Private investor / Family office Housing association Insurance company / Pension fund Sovereign wealth fund USA 21% Other Bank Open-ended public fund Private-equity fund Closed-ended fund Developer Germany 66% Listed property company Corporate -200 -150 -100 Source: Savills -50 €m 50 100 150 200 Source: Savills Hamburg market in minutes Office investments dominate strong Q1 investment volume • Investment in commercial property in Hamburg totalled more than €800m in the first quarter of the year; an increase of 60% compared with the corresponding period last year. • The first quarter was dominated by office investment transactions. Almost €700m was invested in the sector, giving office property a market share of almost 80% during the start to the year. The largest transactions included the acquisition of part of the Axel Springer office building on Caffamacherreihe, which runs through the centre of Hamburg. This was also one of the few transactions completed in the city centre. • The HafenCity and City South submarkets particularly dominated investment market activity in the first quarter. Three properties changed hands in both submarkets. The prospects for the area between the City and HafenCity submarkets are also interesting. savills.de/research 07 Market in Minutes | Germany Investment Markets Q1 2015 Commercial investment market Cologne Q1 2015 GRAPH 23 GRAPH 24 Transaction volume Transaction volume by sector Transaction volume Average of past five years 900 800 700 Other 8% Development land 2% Retail 3% Hotel / Gastronomy 5% 600 €m 500 400 Industrial / Logistics 57% 300 Office 25% 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q2 2012 Q4 2013 Q2 2013 Q4 2014 Q2 151 787 171 104 289 26 488 85 253 174 26 148 131 282 202 111 80 183 0 257 100 257 200 2014 Q4 Source: Savills Source: Savills GRAPH 25 GRAPH 26 Transaction volume by origin of buyer Transaction volume by type of investor Purchases France 5% Sales Net investments Private-equity fund Other Asset Manager UK 17% Open-ended special fund Closed-ended fund Private investor / Family office Public administration USA 42% Housing association Insurance company / Pension fund Open-ended public fund Sovereign wealth fund Listed property company Other Corporate Developer Bank Germany 36% Source: Savills -75 -50 -25 €m 25 50 75 Source: Savills Cologne market in minutes Predominantly small transactions outside of the city centre • Slightly more than €150m was invested in commercial property in Cologne during the first three months of the year. This represents a 48% decrease in transaction volume compared with the corresponding quarter last year. • The significant decline is not least attributable to a lack of large transactions. There were only a few disposals in excess of €10m during the first quarter and no transactions at all above €100m. • A further reason for the relatively low investment volume is the lack of transactions in the city centre with very few properties on the market. Consequently, there is all the more activity in locations close to the city centre such as Deutz. The largest transaction in this submarket was the acquisition of the Cologne Office Center by Schroders for almost €20m. savills.de/research 08 Market in Minutes | Germany Investment Markets Q1 2015 Commercial investment market Munich Q1 2015 GRAPH 27 GRAPH 28 Transaction volume Transaction volume by sector Transaction volume Average of past five years 2,500 Other 23% 2,250 2,000 €m 1,750 1,500 1,250 Retail 2% 1,000 750 Office 59% 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q2 2012 Q4 2013 Q2 2013 Q4 2014 Q2 1,124 1,425 1,196 600 1,100 2,247 878 572 742 1,141 549 710 361 860 653 452 0 207 294 91 250 183 500 Hotel / Gastronomy 16% 2014 Q4 Source: Savills Source: Savills GRAPH 29 GRAPH 30 Transaction volume by origin of buyer Transaction volume by type of investor Other 11% Purchases Sales Net investments Open-ended special fund UK 4% Open-ended public fund Insurance company / Pension fund Private investor / Family office USA 6% Bank Corporate Private-equity fund Sovereign wealth fund Housing association Germany 53% Public administration Listed property company Other Asset Manager Closed-ended fund Italy 26% Other Developer -400 Source: Savills -200 €m 200 400 Source: Savills Munich market in minutes Munich remains the first choice for core investors • The transaction volume in Munich’s commercial property investment market exceeded the €1bn mark once again in the first quarter of 2015 for the third quarter in succession. A total of more than €1.1bn was invested during the first three months of the year, representing an increase of 2% compared with the corresponding quarter last year. • With few properties on the market in central locations in particular, investors are increasingly shifting their attention to peripheral locations and Munich’s surrounding areas. One such transaction was the acquisition of the Twin Yards in Schwabing by WealthCap. There were also transactions in Laim and Riem during the first quarter. • This shift in focus to B locations is also reflected in yield movements. The net initial yield for prime office properties in non-CBD locations hardened by 20 basis points to 5.7% compared with the fourth quarter of 2014. savills.de/research 09 Market in Minutes | Germany Investment Markets Q1 2015 Commercial investment market Stuttgart Q1 2015 GRAPH 31 GRAPH 32 Transaction volume Transaction volume by sector Transaction volume Average of past five years 450 Hotel / Gastronomy 3% Industrial / Logistics 5% 400 350 €m 300 250 Retail 50% 200 150 Office 42% 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q4 2013 Q4 2014 Q2 199 107 202 428 131 186 84 2013 Q2 324 171 206 51 2012 Q2 423 160 144 26 23 154 0 42 18 50 149 100 2014 Q4 Source: Savills Source: Savills GRAPH 33 GRAPH 34 Transaction volume by origin of buyer Transaction volume by type of investor Purchases South Korea 16% Sales Net investments Open-ended special fund Open-ended public fund Insurance company / Pension fund Private investor / Family office Bank Corporate Private-equity fund Sovereign wealth fund Housing association France 28% Germany 56% Public administration Listed property company Other Asset Manager Closed-ended fund Other Developer -100 Source: Savills -50 €m 50 100 Source: Savills Stuttgart market in minutes Rising investment interest particularly from countries outside the euro • Some €200m was invested in commercial property in Stuttgart in the first three months of the year; an increase of almost €70m compared with the corresponding period last year. • Although domestic purchasers dominated in the first quarter with 56% of the overall transaction volume, there is increasing interest from foreign investors. French investors were particularly active during the first three months, representing the largest foreign investor group with 21% of the overall transaction volume. • Growing activity is expected from investors outside of the eurozone, particularly from the UK, Switzerland and the USA, throughout the remainder of the year. Investors from these countries may particularly find opportunities among properties on the market for in excess of €50m as the decline in value of the euro against other currencies enables them to offer higher prices. savills.de/research 10 Market in Minutes | Germany Investment Markets Q1 2015 Commercial portfolio investment market Germany Q1 2015 GRAPH 35 GRAPH 36 Transaction volume and number of deals* 7 14 6 12 5 10 4 8 3 6 2 4 2010 Q2 2010 Q4 2011 Q2 2011 Q4 2012 Q2 2012 Q4 2013 Q2 2013 Q4 2014 Q2 2.83 5.28 1.93 1.90 5.49 3.39 0.73 1.10 2.31 4.44 0.95 0.84 1.33 1.21 2.02 1.17 1.82 1.00 0.20 2 0 Other 10% Hotel / Gastronomy 7% €bn 16 1 Transaction volume by sector Rolling transaction volume of past 12 months 8 0.69 €bn Transaction volume Industrial / Logistics 10% - 2014 2015* Q4 Source: Savills / * forecast Source: Savills GRAPH 37 GRAPH 38 Transaction volume by origin of buyer USA 14% Austria 1% Retail 62% Office 11% Transaction volume by type of investor Other 2% Käufe Verkäufe Nettoinvestitionen Open-ended special fund Insurance company / Pension fund Open-ended public fund Private investor / Family office Other Asset Manager Listed property company Housing association Sovereign wealth fund Germany 15% Private-equity fund France 51% Public administration Other Corporate Bank Developer Closed-ended fund -2,000 -1,500 -1,000 -500 UK 17% Source: Savills 500 1,000 1,500 2,000 Mio. Euro Source: Savills German commercial portfolio market in minutes Retail property portfolios dominate the start to the year • The transaction volume in the German commercial property portfolio market exceeded €2.8bn in the first quarter of the year. This represents a decrease of 48% compared with the corresponding quarter last year but is 40% greater than the average quarterly volume over the last five years. • Market activity during the first three months of the year was particularly characterised by retail portfolios. Ten of the 33 transactions were attributable to the retail property sector, including the largest deal in the acquisition of Corio by Klépierre. Consequently, retail property accounted for 62% of the overall transaction volume. • Office property portfolios accounted for just 11%. However, the proportion of investment volume attributable to office property is expected to increase significantly over the course of the year as the majority of portfolios on the market are office portfolios. savills.de/research 11 Market in Minutes | Germany Investment Markets Q1 2015 Residential portfolio investment market Germany Q1 2015 GRAPH 39 GRAPH 40 Transaction volume Size of portfolios transacted 100 < 800 units < 5,000 units 10,000+ units Number of deals 800 < 2,000 units < 10,000 units Units per transaction 18,000 180 16,000 160 90% 4,500 14,000 140 80% 4,000 12,000 120 70% 3,500 10,000 100 60% 3,000 50% 2,500 40% 2,000 30% 1,500 €m 100% 5,000 8,000 80 6,000 60 4,000 40 20% 1,000 2,000 20 10% 500 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 0% 0 2007 2008 2009 2010 2011 2012 2013 Source: Savills / * portfolios with at least 100 units each Source: Savills GRAPH 41 GRAPH 42 Transacted units by location Transacted units by type of city* Dresden 23% Other 48% Number of Units Transaction volume and number of deals* 2014 2015 Q1 A 26% Other 27% Berlin 16% D 4% Hamburg 7% Bielefeld 2% Source: Savills Mönchengladbach 5% C 8% B 35% Source: Savills / * based on the Bulwiengesa classification German residential portfolio market in minutes New record transaction volume foreseeable for 2015 • Residential property portfolios changed hands for almost €9.7bn during the first three months of 2015. This represents an increase of 76% compared with the corresponding period last year, although more than 80% of the transaction volume in the first quarter of 2015 was attributable to the acquisition of Gagfah by Deutsche Annington. • Since several further mergers or acquisitions are expected during the remainder of the year, 2015 is likely to witness a new record transaction volume in the residential portfolio market, with more than half of this volume attributable to capital market transactions. • Overall, residential portfolios changed hands in more than fifty towns and cities including Gelsenkirchen, Halle (Saale) and Zwickau, all of which have rather unfavourable population projections. This demonstrates that at least some investors have a rather high risk tolerance. savills.de/research 12 Market in Minutes | Germany Investment Markets Q1 2015 Residential portfolio investment market Germany Q1 2015 GRAPH 43 GRAPH 44 Transaction volume by origin of buyer France 2% Israel 4% Sweden 1% Transaction volume by origin of seller Netherlands other 1% 5% other 1% Canada 21% Germany 48% UK 25% Germany 92% Source: Savills Source: Savills GRAPH 45 GRAPH 46 Transaction volume by type of investor Development of prices* Purchases Sales Net investments Average price per unit 70,000 Listed property company Open-ended special fund 60,000 Housing association Sovereign wealth fund 50,000 Bank Private investor / Family office €/sq m Public administration Corporate Private-equity fund Other 40,000 30,000 Open-ended public fund 20,000 Closed-ended fund Developer Insurance company / Pension fund 10,000 Other asset manager -9,000 -6,000 -3,000 €m 3,000 6,000 9,000 0 2007 Source: Savills 2008 2009 2010 2011 2012 2013 2014 2015 Q1 Source: Savills / * for portfolios with at least 100 units each TABLE 3 The largest residential portfolio transactions in Q1 2015 at a glance* Portfolio Number of units Volume Buyer Vendor Gagfah ca. 135,500 approx. €8,100m Deutsche Annington Gagfah shareholder - ca. 5,800 approx. €380m ADO Group Deutsche Wohnen - ca. 2,000 approx. €240m Foncière des Régions unknown investor - ca. 1,700 approx. €180m Immeo Wohnen EB Group - ca. 900 approx. €80m Akelius Mähren Gruppe Source: Savills / * only published transactions are shown savills.de/research 13 Market in Minutes | Germany Investment Markets Q1 2015 Savills Germany Savills is present in Germany with around 160 employees with seven offices in the most important estate sites Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart. Today Savills provides expertise and market transparency to its clients in the following areas of activity: HH B D Our services C »» Purchase and sale of single assets and portfolios »» Corporate Finance - Valuation »» Leasing of office and retail buildings »» Leasing and sale of industrial and warehouse properties »» Corporate Real Estate Services F S M www.savills.de Savills Germany Please contact us for further information Marcus Lemli Investment Europe +49 (0) 69 273 000 11 [email protected] Andreas Wende Investment Germany +49 (0) 40 309 977 110 [email protected] Steffen Pulvermacher Investment Berlin +49 (0) 30 726 165 187 [email protected] Stefan Mellies Investment Düsseldorf +49 (0) 211 22 962 221 [email protected] Jürgen Schmid Investment Frankfurt +49 (0) 69 273 000 18 [email protected] Sascha Hanekopf Investment Hamburg +49 (0) 40 309 977 141 [email protected] Dr. Frank Urfer Investment Munich +49 (0) 89 427 292 211 [email protected] Dr. Frank Urfer Investment Stuttgart +49 (0) 711 22 254 223 [email protected] Karsten Nemecek Corp. Finance - Valuation +49 (0) 30 726 165 138 [email protected] Matthias Pink Research Germany +49 (0) 30 726 165 134 [email protected] Savills is a leading global real estate service provider listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth. It is a company that leads rather than follows and now has over 600 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East with more than 27,000 employees worldwide. Savills is present in Germany with around 160 employees with seven offices in the most important estate sites Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart. This bulletin is for general informative purposes only. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. 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