German REITs

Diplomarbeit, 2005
56 Seiten, Note: 1,3

BWL - Investition und Finanzierung

Leseprobe

Executive Summary
Introduction

Fundamentals
Definition and Characteristics of REITS

Initiation
Proposed Legal Framework

Status of the German REIT Discussion

Overview of existing REIT-Regimes

Abstract
Methodology
Country Overview

United States
Japan
Netherlands
Belgium
France

Analysis of International Comparison
Best-Practice: A Recommendation for Germany

The German Real Estate Market

General Market Structure and Trends

Fundamentals
Office Real Estate Sector
Retail Real Estate Sector
Industrial real estate sector
Trends
Outlook

The most important German Real Estate Investment Vehicles

Open-end Property Funds
Closed-end Property Funds
Real Estate Companies

Market Potential for German REITs

Supply Analysis
Demand Analysis
Issues

Case for Action: Why to introduce REITs in Germany

Objectives and Key Themes

This thesis aims to investigate the potential of Real Estate Investment Trusts (REITs) as a new investment vehicle in Germany, focusing on the current market structure and potential benefits. It analyzes international REIT regimes and explores the German real estate market, highlighting its current investment options and limitations. The analysis ultimately assesses the feasibility of introducing REITs in Germany and outlines the potential impact on the real estate market and investors.

Analysis of international REIT regimes and their impact on real estate markets
Evaluation of the German real estate market structure and investment options
Assessment of the feasibility of introducing REITs in Germany
Exploration of the potential benefits and challenges associated with REITs in Germany
Examination of the potential impact of REITs on the German real estate market and investors

Chapter Summaries

The introduction provides a comprehensive overview of REITs, outlining their definition, characteristics, and historical development. It also discusses the global expansion of REITs and highlights the current status of the German REIT discussion.

The second chapter provides a detailed analysis of existing REIT regimes in various countries, including the United States, Japan, Netherlands, Belgium, and France. It examines the legal framework, market structure, and performance of each regime, highlighting key lessons for the German context.

The third chapter examines the German real estate market, focusing on its general market structure, trends, and existing investment vehicles. It analyzes the various property sectors, including office, retail, and industrial, and discusses the market outlook for future growth.

Keywords

This paper examines the potential of Real Estate Investment Trusts (REITs) in Germany. It explores the German real estate market, analyzes existing REIT regimes globally, and investigates the potential impact of REITs on the German real estate market and investors. Key focus areas include real estate investment, market structures, REIT regulations, property investment, and investment vehicles.

Frequently Asked Questions

What is a Real Estate Investment Trust (REIT)?

A REIT is a property stock that is taxed at the investor level rather than the corporate level. This structure allows smaller investors to access large, income-producing real estate assets with high liquidity and tax advantages.

Why are REITs attractive to investors?

REITs offer predictable cash flows, high dividend yields, and lower volatility compared to major equity benchmarks. They also have a low correlation with other asset classes, making them excellent for portfolio diversification.

What is the status of REITs in Germany?

While the listed real estate sector in Germany has historically been small, the introduction of a G-REIT structure (expected around 2006) is seen as a potential catalyst to transfer German real estate importance into the liquid, listed sector.

Which countries already have established REIT regimes?

REITs originated in the US (1960). Other countries include the Netherlands (1969), Australia (1985), Canada (1994), Belgium (1995), Japan (2000), Singapore (2002), and France (2003).

What are the main investment vehicles in the German real estate market?

The primary vehicles have traditionally been open-end property funds, closed-end property funds, and traditional real estate companies.

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Details

Titel: German REITs
Hochschule: Otto Beisheim School of Management Vallendar (WHU - Dresdner Bank Chair of Finance)
Note: 1,3
Autor: Felix Leuschner (Autor:in)
Erscheinungsjahr: 2005
Seiten: 56
Katalognummer: V47823
ISBN (eBook): 9783638446815
Dateigröße: 1396 KB
Sprache: Englisch
Schlagworte: German REITs
Produktsicherheit: GRIN Publishing GmbH
Preis (Ebook): US$ 20,99

Arbeit zitieren: Felix Leuschner (Autor:in), 2005, German REITs, München, Page::Imprint:: GRINVerlagOHG, https://www.diplomarbeiten24.de/document/47823