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. The bulletin is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research.
© Savills April 2015
Connecting people & property
savills.de/research
14