German Listed Real Estate: Finally Grown Up
- The listed Real Estate sector has deleveraged since 2009. But: LTV is still strongly above EU average of 38%.
- Wide range of capital markets instruments used Capital Markets Funding Currently Dominated by Equity. Reduced significance of CMBS.
- Capital Markets play an increasingly important role as capital Providers; but: Capital markets funding still below 2006 peak.
- Real Estate with strongly rising importance in German Equity Captal Markets Business: Real Estate reached 30% share of German ECM business in H1 2015.
- 38 Banks have been active in German real estate ECM since 2009; German and US banks dominate.