Real Estate Investment Trusts and the Future of German Open-end Real Estate Funds
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Publisher:
Published: 2004
Total Pages: 62
ISBN-13:
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Published: 2004
Total Pages: 62
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DOWNLOAD EBOOKAuthor: Ramón Sotelo
Publisher: Springer Science & Business Media
Published: 2013-12-11
Total Pages: 242
ISBN-13: 3642368565
DOWNLOAD EBOOKShortly 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.
Author: Sebastian Michael Gläsner
Publisher: Peter Lang
Published: 2010
Total Pages: 132
ISBN-13: 9783631604069
DOWNLOAD EBOOKThe 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.
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Published: 2014
Total Pages: 96
ISBN-13:
DOWNLOAD EBOOKAuthor: Felix Leuschner
Publisher: GRIN Verlag
Published: 2005-12-11
Total Pages: 59
ISBN-13: 3638446816
DOWNLOAD EBOOKDiploma 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.
Author: Stefano Simontacchi
Publisher:
Published: 2015
Total Pages: 0
ISBN-13: 9789041161215
DOWNLOAD EBOOKThe global listed property sector has been characterized by a variety of noteworthy developments over the recent past, the proliferation of real estate investment trust-type structures in countries around the world key among them. Despite an uncertain economic environment, REITs have proven their ability to promote institutional real estate investments in global financial markets. This highly practical book features a comprehensive analysis of both the legal and tax underpinnings of REIT-friendly legislation in a variety of the world's most significant jurisdictions. With regard to the legal framework, the structure and functioning of a REIT is carefully investigated and explained. In terms of tax issues, the book focuses on such key issues as REIT formation, operation and liquidation; mergers, acquisitions and dispositions; as well as planning for public and private REIT offerings and re-securitizations. REITs are inherently complex and their interplay with tax treaties further compounds the complexity. This highly accessible yet authoritative work is the perfect decision making tool for any professional looking for perspective and guidance on the challenges and opportunities REITs engender.
Author: Su Han Chan
Publisher: Financial Management Association Survey and Synthesis
Published: 2003
Total Pages: 318
ISBN-13: 0195155343
DOWNLOAD EBOOKThis work provides the investing public, real estate practitioners, regulators and real estate and finance academics with up-to-date information on what modern scholarly research tells us about Real Estate Investment Trusts (REITs). REITs are credited to allow institutional and individual investors to invest in real estate via a corporate entity. The increasing interest in REITs as indicated by their growth in market capitalization and institutional holdings in the United States and around the world suggests that REITs are becoming an increasingly important part of investors' diversified portfolio.
Author: Judith Blickle
Publisher: GRIN Verlag
Published: 2006-05-19
Total Pages: 185
ISBN-13: 3638502643
DOWNLOAD EBOOKDiploma Thesis from the year 2006 in the subject Business economics - Miscellaneous, grade: 1,0, Nürtingen University; Geislingen, language: English, abstract: The intention of this thesis is to provide an insight in the Pan-European Investment scene on the basis of a leading Investment management company which is located in one of the world’s most prospering markets. In order to point out the special aspects of this topic, we supplemented the theoretical introduction about the Real Estate market in general and its particularities with the analysis of a current Investment vehicle of Curzon Global Partners. In this context, we focus our thesis on the examination of prevailing and future market opportunities and the execution of convenient Investment strategies that are customised on Pan-European markets.
Author: Christina E. Bannier
Publisher:
Published: 2016
Total Pages: 44
ISBN-13:
DOWNLOAD EBOOKOpen-end real estate funds are of particular importance in the German bank- dominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to openend real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendations that have been raised.
Author: Florian Hackelberg
Publisher: Haufe-Lexware
Published: 2021-02-03
Total Pages: 382
ISBN-13: 3648146599
DOWNLOAD EBOOKInvesting 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