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Investors Shift Focus to Cities and Assets Volume 8, Issue 141, February 6th, 2015 Investors shift focus to cities and assets - Inside REFIRE Berlin, Hamburg top list of 2016 prospects REFIRE is a specialised report focused on providing market intelligence and back- Among the many prognoses issue at this time of year about the prospects ground analysis to finance professionals for the coming twelve months, one that always features prominently come in German and continental European real January is the Emerging Trends in Real Estate Europe study, jointly published estate investment. by consultants PricewaterhouseCoopers (PwC) and the Urban Land Institute. This year’s 2016 study (the 13th in the series) highlights a number of key attitu- Whatever your particular area of speciali- dinal changes among investors, none of which will damage Germany’s pros- sation, we think you’ll find timely, incisive pects of attracting even more inward investment throughout 2016 and beyond. information within our pages, helping to in- form you of the key deals, the numbers, the The study was carried out among 550 Rockspring tops €850m year markets, the players and the people. European real estate professionals with major retail acquisitions PwC and ULI conclude that this year The London-headquartered Rockspring The areas we focus on are: investors were being pointedly more Property Investment Managers finished off influenced by disruptive factors such a year of major acquisitions in Germany by US Funds in Europe as technology, demographics, social buying a portfolio of nine Obi retail stores European REITs change and rapid urbanisation. These on behalf of two separate account man- German Real Estate Finance have led to investors sharpening their fo- dates, for a total price of €150m. page 2 German Non-Performing Loans (NPLs) cus on to cities and assets, rather than Retail Property Funds the somewhat blunter criterion of country WCM tops €500m in assets, Mortgage Securitisation allocation. DIC Asset takes 20% stake CMBS/RMBS The combined survey also cites the Germany’s SDAX-listed WCM Beteiligu- Privatisations five leading cities for investment pros- ngs- und Grundbesitz-AG saw its gross Refinancing pects through 2016, which sees Berlin asset value exceed €500m after a spate of Euro-zone Property Financing defending its position as the top invest- acquisitions last year. It has since added ment location, followed this year by Ham- a further two retail parks and a DIY store REFIRE has an extensive network of con- burg, Dublin, Madrid and Copenhagen. not included in its end-of-year valuation, tacts in the field of continental European Having the two German powerhous- worth a further €48m. see page 6 real-estate finance, which enables us to es of Berlin and Hamburg heading the bring you the latest and most relevant news. list sends out a strong signal about the Law change sees shakeout However, we always want to know more transformation of industrial prospects in German broker industry about what’s going on in this dynamic sec- in Germany’s biggest cities. The report Germany’s ruling coalition government tor, so make sure your company is keeping highlights the influx of firms in the cre- in Berlin has brought in two significant us informed of your moves. Send your me- ative industries and the technology sec- changes to the domestic residential hous- dia communications to news@refire-online. tor has been a key driver behind the most ing market in this legislation period. The com for our consideration. robust office uptake Berlin has ever seen. first was the Mietpreisbremse, or rental According to the authors, “A young, cap, which limits the amount a landlord international and diverse employee base can increase the rent on a new lease to CONTENTS in this Issue: and a lower cost of living have also driv- a prescribed percentage. see page 12 en the city’s progress. Berlin’s status as a DEALS ROUNDUP / from page 3 cultural centre and a trendy location has Industria Wohnen plans fur- EDITORIAL / page 4 boosted housing and retail prospects as ther €300m new deals in 2016 REPORT - /ROUNDUP page 10 well.” The Frankfurt-based residential inves- UPCOMING EVENTS / page 29 They add that “Many interviewees tor and fund manager Industria Wohnen PEOPLE…JOBS…MOVES / expect the German capital to thrive well transacted €475m of deals in Germany SUBSCRIPTION FORM / page 32 beyond 2016, based on its young pop- throughtout 2015, a rise of 40% on the ulation and its growing reputation as a previous year. The group has set asid technology and cultural centre, as well €300m for investment for 2016. page 15 2 3 www.refire-online.com ................................................. DEALS ROUNDUP as the land available for development,” lan, Amsterdam and Munich. London, from technological advances and rising ity remaining high, while most European offers the lowest prime yields on office REFIRE the report said. while falling out of the Top 10 this year, economies. 78% of respondents also economies are in a visible recovery phase. space, and Cologne (4.5%) the highest. Real Estate Finance Hamburg, which displaced Dublin remains the favourite for many investors took a favourable view of development This, of course, is also attracting new fi- Core properties in Germany’s Big Intelligence Report Europe from second spot in intent on preserving as a strategy to acquire assets. nancing competitors into the field. With 7 cities also saw average yields slip- this year’s ranking, “Some of the industry’s their wealth, by virtue PwC director Gareth Lewis added, prime property now reaching fresh record ping by 30 basis points, down to 4.8%, also garners plaudits biggest challenges right of its traditional trans- “Low interest rates, and the weight of prices, the study sees prices in all other with high-risk office buildings providing Operating Office for its forward-looking parency and liquidity, capital bearing down on European real risk categories also heading upwards. smaller surcharges. Investors said they REFIRE now are how to become Habsburgerallee 95 approach. With low less about bricks and along with the strong estate, mean that most remain bullish PwC also took advantage of the sur- expect the highest annual growth for 60385 Frankfurt am Main, GERMANY office vacancy, and a mortar and more about performance of the UK, about the industry’s business prospects vey to produce a separate “Real Estate 2016 in rental income in Munich (2.2%), Tel: +49-69-49085-785 fresh pipeline of nearly and particularly the in 2016. But they acknowledge that the Investor Survey Germany”, which fo- followed by Berlin (2.1%) and Frankfurt Fax: +49-69-49085-804 service, and the implica- Email: [email protected] 130,000 sqm of supply tions this may have for the London, economy. global field for real estate is increasing- cuses on yields in Germany’s larger cit- (1.9%). Prime yields on retail property due to come on stream traditional business mod- More than 40% of ly competitive, and if the current wall of ies. The survey claims that prime yields also decreased in the Big 7 by around 40 Managing Editor: this year, the authors the survey’s respon- capital recedes, there will be an even for first-class office properties are now basis points. Munich, again, is the most Charles Kingston els of real estate opera- Tel: +49-69-49085-785 say, “Hamburg has tors ” dents expect that com- stronger focus on underlying market lower in Berlin than in Frankfurt. They expensive (-30 basis points to 3.3%), Fax: +49-69-49085-804 proven a dynamic city petition for top assets fundamentals, active asset management fell 30 basis points in Germany’s capital and investors expect particularly high Cell: +49-172-8572249 that responds to the needs of future oc- in desirable European in- ner-city loca- and operational skills.” during 2015 to 4.0%, while in Frankfurt, growth for rental income there (2.4%). Email: [email protected] cupiers. With more than €5bn in invest- tions will further increase this year, The study also points to an improving the fall was only 10 basis points to 4.1%. These are followed by Stuttgart (2.2%) Subscriptions: ments over the year to 3Q15 – over half with less and less pure ‘core’ properties climate for real estate financing with liquid- Among the top 7 cities, Munich (3.7%) and Berlin (2.1%). Tel: +49-69-49085-785 of which originated from foreign buy- available. However, such assets and lo- Fax: +49-69-49085-804 Email: [email protected] ers—Hamburg is the sixth most active cations are still seen as representing a market in Europe.” safe haven for investment resources. Advertising: The report, released ahead of this According to Jochen Brücken of Tel: +49-69-49085-785 Fax: +49-69-49085-804 week’s ULI Europe Annual Conference in PwC, “In the current ongoing phase Wüest & Partner Email: [email protected] Paris, examines why investors are now of very low interest rates, real estate Germany more inclined to avoid the still offers better Editorial Advisory Board: Klaus H. Hausen strightforward country yield prospect Colm O’Cleirigh, B.Arch.Sci. approach more typical of than bonds. This Margarete May, Rechtsanwältin We provide the strategic decision- the past. “These…(dis- trend will continue David Scrimgeour, MBE Christian Graf von Wedel ruptive factors)… have throughout 2016.” tools for your success Glenn J. Day FRICS led to investors focusing Commenting on Andreas Lehner on cities and assets rath- the study’s finding, Stefan Engberg, MRICS er than countries. This is ULI Europe’s CEO Wüest & Partner combines the benefits of individual Publisher: also visible in investors Lisette van Doorn experts − such as personal skills and responsibility − with REFIRE Ltd., demonstrating more interest in alter- (pictured, left) said, “Investors are get- 49 Sandymount Avenue, the kind of extensive market knowledge typically found at Ballsbridge native, operational sectors that have ting more creative in trying to access major consulting firms.
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