German REITs

Table of Contents

• 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.