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The Real Estate Magazine of Union Investment No. 1 | 2015 places spaces The Real Estate Magazine of Union Investment Early bird Why it is worthwhile to invest in hotel projects Premier league What unites the office cities of London, New York and Tokyo Constant flow How data management fits into the real estate business Bridging the gap The strategies property investors follow to balance security and risk No. 2 | 2014 places spaces The Real Estate Magazine of Union Investment Silent stars What makes secondary cities so attractive Tax law What to expect in the way of changes New kids on the block Why serviced apartments are so popular CONTENTS places No. 1 | 2015 COVER STORY No. 1 | 2014 spaces The Real Estate Magazine of Union Investment Early bird Why it is worthwhile places spaces Global to invest in hotel projects 4 Diversification How property investors safeguard their Premier league The Real Estate Magazine of Union Investment What unites the office cities of prospects London, New York and Tokyo Growth markets Why European investors are Constant flow Which Asian countries are portfolios against cyclical fluctuations venturing once more into How data management fits attracting investors’ interest international property markets into the real estate business Customer magnets How owners make their shopping centres future-proof Forecasts How researchers detect dangerous 12 Big properties Investments in the hundreds of millions of price bubbles in the property market euros need not be a cluster risk 14 Building age Forward-looking owners act promptly and take Eye on measures to keep their office properties young opportunity Bridging New big investors are discovering Europe. the gap Who they are and which strategies they follow The strategies property investors follow to balance security and risk MARKETS 18 Hotels Buying development projects promises higher yields for investors Dear readers, 24 Infographic The importance of the real estate industry in Germany and in an international comparison Welcome to this new edition of places & spaces! 30 Major office cities Tokyo, London and New York top the The Real Estate Magazine of Union Investment, published global office market rankings twice a year, keeps you abreast of trends, products and CONCEPTS developments in national and international investment and letting markets. 26 Data management Property investments are now unthinkable without digital support 36 Urban planning More and more cities are promoting cycling You can also use the places & spaces e-magazine with to make urban spaces more pleasant to live in additional digital offerings: PORTFOLIO Videos Surveys 29 Low interest rates The impact of depressed interest rates on real estate companies and asset managers is smaller Picture galleries Information than feared www.union-investment.com/realestate WIDE ANGLE You will also find ordering and download options for 42 Architecture Unusual buildings that are strikingly similar to places & spaces as well as up-to-date information about familiar shapes and objects Union Investment on our website. 3 TO THE POINT I wish you an interesting read and look forward to your 34 NEWS views and suggestions. 43 ACQUISITIONS 35 IMPRINT & CONTACT Kind regards, Fabian Hellbusch Cover picture Head of Marketing and Communication Princes Bridge in Melbourne: the Australian city with 4.3 million inhabitants forms together with Sydney, Brisbane and Perth the [email protected] country’s “Big Four”. Their office property markets are regarded as the most promising in the Asia-Pacific growth region. places & spaces 1|2015 places & spaces 1|2015 The right protection Early bookers The strategies professional investors Why hotel investors stand to follow to safeguard their portfolios benefit from securing properties at the against cyclical fluctuations. development project stage. Page 4 Page 18 Navigable environment Why property investors are less affected by low interest rates than was feared. City cycles Page 29 How big cities are tackling urban traffic problems by promoting cycling. Page 36 2 places & spaces 1|2015 TO THE POINT The power to change Reinhard Kutscher, Chairman of the Management Board at Union Investment Real Estate GmbH, Hamburg o the point – this again is the rubric at the top of the the Southpoint office project in Brisbane marks the beginning of latest issue of our real estate magazine “places & a new chapter in our investment story – and another milestone. spaces”. For once, we would like to use this piece to talk We are certain that more will follow and that we have set a firm Tabout ourselves – and with good reason: this year marks the 50th course for the future. At the same time, we are aware of the anniversary of the establishment of the present Union Investment challenges involved: the low-interest-rate environment and the Real Estate GmbH. On 17 December 1965, the members of the shortage of alternative investments are flooding global property then cooperative societies launched what would be the second markets with capital. This is forcing prices up and pushing yields asset management company of its kind in Germany specialising down – all this despite economic and geopolitical uncertainties. in real estate. At that time, the company operated under the Moving safely in this environment requires efficient organisa- name of co op Immobilienfonds Verwaltungs AG. A few months tional structures, professional risk-control instruments and clear later, on 1 July 1966, the open-ended real estate fund co op investment strategies. We have done our homework in all of Immobilienfonds came into being. these areas. Standardised investment and risk-control processes As a milestone in the history of Union Investment and evidence of half a century of real estate expertise, that fund still exists today, as UniImmo: Deutschland, and is one of the biggest of its kind in Germany with fund assets in excess of €10 billion. It was joined years ago by a further two funds for private cus- tomers, UniImmo: Europa and UniImmo: Global. For more than ten years, the open-ended retail real estate fund model has also been used as a vehicle for institutional investors, initially through UniInstitutional European Real Estate, which was followed in 2012 by UniInstitutional German Real Estate. With fund assets of almost €25 billion in its open-ended retail real estate funds alone, Union Investment is the biggest provider of this product group in Germany. As we are all aware, there is nothing more permanent than change. To put it another way, permanence requires the Reinhard Kutscher is Chairman of the Management ability and the power to change. The fact that Union Investment Board at Union Investment Real Estate GmbH. possesses both these qualities is demonstrated by the successes of the past 50 years and by the upheavals and crises during that using modern data-management systems enable our fund and period and our achievements in overcoming them. Thus, the asset managers to identify both opportunities and threats quickly principle of continual improvement has kept our company on and to take swift decisions. That gives us a substantial compet- a steady course in times of external shocks and crises – such itive advantage at a time of ever shorter market cycles. Finally, as the net outflows of funds during the oil crisis of 1973/74, broad diversification of our investment strategy contributes the German commercial real estate market crisis of 2004/05, towards safeguarding property portfolios against both cyclical the financial market meltdown in 2008 or the nuclear disaster fluctuations and unforeseen risks. in Japan in 2011. These and other topics feature in the latest issue of “places It also proved its worth when the investment universe & spaces”. As usual, the magazine focuses on the present and expanded substantially as a result of changes in the legal future of the real estate industry – an industry Union Investment framework governing real estate asset management companies. has always been a part of. We are convinced that achieving Now, investing was permitted across national borders, and even change successfully requires enduring partnerships. Let us lay in different continents. Starting in the first decade of this century, down more milestones together in the future! • Union Investment entered 19 new national markets, and invest- ments are now distributed among 23 countries. In 2014, we Visit our anniversary website at Cover photo: Marcel Malherbe/Arcaid/images.de; Photos: mauritius images/Alamy (2), mauritius images/Alamy (2), Photos: Marcel Malherbe/Arcaid/images.de; Cover photo: Karsten Petrat Illustration: Union Investment/Adele Marschner; Meliá, made the leap into a new continent: Australia. The purchase of www.marking-milestones-together.com places & spaces 1|2015 3 COVER STORY Leveraging all the options Property investors may pursue a variety of investment strategies, but there is one thing on which they all agree: they need a clear strategy for safeguarding their portfolios against cyclical fluctuations. By Susanne Osadnik Photo: action press Photo: 4 places & spaces 1|2015 Rotterdam’s new market hall: opened in October 2014, this building offers more than just space for traders. It includes nearly 150 owner-occupied apartments and 102 to rent. The market hall is spanned by a vault more than 40 metres high that is decorated with a mural by the artists Arno Coenen and Iris Roskam entitled “Horn of Plenty”. places & spaces 1|2015 5 3 COVER STORY ünter Vornholz calls it the “seven-year rule”. This is the Invested worldwide average duration of cycles in the economy and in com- Geographical distribution of properties in open-ended real estate funds* in percent mercial real estate markets, says the professor of real estate economics at the EBZ Business School in Bochum. Vornholz G Germany 32.5% explains that a constantly repeated round of three to four years’ France 16.6% economic growth is followed by a downturn that generally lasts two other eurozone countries** 21.9% to three years.
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