German Debt Project

Transparency in Real Estate Lending

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News

INREV German Vehicles Index 2016

INREV launches three new indices for German real estate vehicles which measures  performance of Spezialfonds, Publikumsfonds and other German vehicle types. The first release of the All German Vehicles Annual Index includes coverage of 177 vehicles representing aggregate NAV of almost €100 Billion. The All German Vehicles indices, annual and quarterly, can be broken down into … Continued

(available only in German) BF.direkt Marktradar Juli 2016

(available only in German) Auszug aus dem Radar: Weit spannender ist die Frage, welche Auswirkungen der Brexit auf die deutschen Immobilienmärkte, insbesondere Frankfurt, haben wird. Sicherlich werden einige Banken, Behörden und andere Organisationen ihren Sitz von London nach Frankfurt oder Paris verlegen oder zumindest eine weitere Niederlassung in Kontinentaleuropa eröffnen, allen voran die Europäische Bankenaufsichtsbehörde … Continued

DIFI Q2/2016 falls again after reaching a brief high

The German Real Estate Finance Index (DIFI) has fallen by  6.7 points to 8.3 points in the second quarter of 2016. After a brief high, the index has once again returned to its Autumn 2015 level, falling by around 20 points in the past year. This fall is due both to less optimistic assessments of the … Continued

Record volumes on the commercial real estate investment market in Germany

The main driver for the sizeable investment demand from institutional investors was and remains the continued low interest rates. In 2015, the volume invested in commercial real estate increased for the sixth time in a row to reach a record €55.1 billion, exceeding the previous record from 2007. The total transaction volume for the seven … Continued

Barometerwert mit Seitwärtsbewegung (German only)

(German only) Stimmungsgebend sind in diesem Quartal die Relativierung der zuvor guten Neugeschäftsentwicklung, sinkende Margen und eine erhöhte Nachfrage nach alternativen Kreditquellen. Im Wesentlichen ist seit dem zweiten Quartal 2013 bis Mitte 2015 ein positiver Aufwärtstrend erkennbar, der im dritten Quartal des letzten Jahres endete. Damals herrschte noch große Unsicherheit über den Ausgang der Griechenlandkrise … Continued

THE AIM OF THE GERMAN DEBT PROJECT

There is a need for a better understanding of the commercial real estate lending market because real estate finance can have a decisive impact on the property market and on the economic development as a whole.

The aim of this study is to put all market participants in a position to gain a better understanding of the opportunities and risks connected with the German commercial real estate lending market.

THE IDEA OF THE GERMAN DEBT PROJECT (available only in German)

Reports

GERMAN DEBT PROJECT
The authors Markus Hesse and Prof. Dr. Tobias Just of IRE|BS published the third issue of the GERMAN DEBT PROJECT. The report provides detailed data on the market for German commercial real estate lending. It covers the 2010 to 2014 market structures, margins and LTVs as well as maturity profiles and originations. Furthermore, it provides an outlook for the years 2015 and 2016.
Information and acquisition
COVERAGE OF GERMAN CRE LENDERS
Markus Hesse and Prof. Dr. Tobias Just of IRE|BS will in due course publish research on the basis of the relevant German lenders‘ half- and full-year reporting. This will be complementary research to the GERMAN DEBT REPORT. The research will be published on a regular basis in separate reports.
Information
SNAPSHOT OF CORPORATE CRE COVERAGE
On this website, the authors Hesse and Just will also publish snapshots of their separate coverage of German and European real estate corporates. The coverage will have a focus on the corporate cash flow and leverage performance.
Information
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Project Leadership

Markus Hesse

MBA, CEFA

Project head

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Scientific Leader

Prof. Dr. Tobias Just

Scientific Head and Managing Director

of IRE|BS Immobilienakademie