Which investments did not crash in 2008?

Born in 2008

49 issues

Issue 50

In hardly a year, so many forecasters were so wrong with their forecasts as in 2008. This applies just as much to forecasts of economic development as it does to the profit forecasts of companies that blindly relied on positive economic forecasts. Why do you need forecasts if they are of no use? View issue 50 // 2008

Issue 49

With the drying up of the transaction market, the valuation companies broke a large order cake this year. Some seem to be able to compensate for this, but many have problems. The market is on the move. Watch issue 49 // 2008

Issue 48

Reinhard Gödel is in good spirits. He is President of the Federal Association of German Leasing Companies (BDL) and is one of those who have been spreading positive news without being asked during these weeks. One thing goes like this: The leasing industry has never done so much new business as in 2008. In figures: 57.1 billion euros, of which 5.6 billion euros is real estate leasing. Despite all the hardships, Gödel sees the opportunity to slightly increase the volume again in 2009. However, this forecast is shaky. An indication of this is the announcement by Arno Städtler, the BDL data supplier from the Munich Ifo Institute. For the first time in 30 years, he doesn't dare to say how much new leasing volume there could be next year. Watch issue 48 // 2008

Issue 47

The golden years are over. This was also evident at the Mapic retail property trade fair, which booked more exhibition space but fewer visitors than in the previous year. The mood was subdued, but not panicked. View issue 47 // 2008

Issue 46

Even in the sunniest market environment, the job of a real estate appraiser is no picnic. But now that the financial crisis is also holding the real estate industry in a stranglehold, the valuation chair threatens to become an ejection seat. Customers fear for their wealth and are putting their service providers under pressure. View issue 46 // 2008

Issue 45

Messe Berlin hosted Immobilia twice before submerging the format in 2007. The network for the housing industry seems to have given up after its first congress fair focushabitat, which flopped a year ago due to a lack of visitors. Now Koelnmesse wants to launch its Wowex as the leading trade fair for the housing industry. But does the industry need its own "Expo Real"? The associations have long been loudly calling for this. But now the motto is: A nationwide trade fair for the housing industry is unnecessary. Watch issue 45 // 2008

Issue 44

Twelve open-ended real estate funds are currently no longer taking back shares. It cannot be ruled out that others will soon pull the emergency brake. Not even in its first major crisis in 2006 had so many funds got into such dire straits within a short space of time. The question remains: Why is the product actually in a jam again after only two years? View issue 44 // 2008

Issue 43

Congresses are a reliable barometer for the mood in the real estate industry. The major events this autumn confirm this rule. Where general guidance is promised, the ranks fill up. Interest in real estate stocks, on the other hand, is rather moderate. Watch issue 43 // 2008

Issue 42

What hadn't they had to listen to in the last few years? They were seen as obsolete models, as low-yielding, and with incorrectly valued portfolios. This is all yesterday's news. The open funds are currently pretty much the only ones that are still investing in the German market. KanAm's spectacular withdrawal from the Opera Tower deal does nothing to change that. Only a new wave of panic among investors could stop the triumphant advance now. Watch issue 42 // 2008

Issue 41

Since the fall of Hypo Real Estate (HRE), there has been great uncertainty on the German real estate market. You hear a lot of voices, but each one says something different. Worry: Even the old men seem at a loss. Comforting: The industry has not forgotten how to celebrate. View issue 41 // 2008

Issue 39-40

The industry seems to have been waiting for the Immobilien Zeitung survey on the reputation of the real estate professions: around 1,700 people took part in IZ Trend. The result speaks a clear language: residential and commercial agents have the lowest reputation, architects the highest. The survey was accompanied by severe criticism. View issue 39-40 // 2008

Issue 38

The good news first: The real estate industry's cornucopia of jobs is still well filled this year. The majority of those surveyed for this year's job offensive want to hire additional staff in the coming months. The bad news: The very good values ​​from the previous year are not achieved. There is a new job portal only for the real estate industry for companies looking for personnel, as well as young professionals and changers. IZ-Jobs.de goes online just in time for Expo Real. View issue 38 // 2008

Issue 37

From zero to a hundred in ten years - that could actually be enough to sum up the rapid career of Expo Real. The fair, now one of the most important international meeting places for real estate professionals, started off really small ten years ago. View issue 37 // 2008

Issue 37

Are the increased and strongly fluctuating interest rates as well as the increased risk premiums of the banks real estate companies affecting liquidity? According to a study by HypoVereinsbank (HVB), the financing costs rose by up to 160 basis points or 34% from the beginning of 2007 to the high interest rate at the beginning of July 2008. "No problem at all, we have the financing costs under control," says real estate companies, unsurprisingly. Experts, however, are more skeptical. Watch issue 37 // 2008

Issue 36

Anyone who wants to earn a lot of money in this country basically has two options: Either they can play football as well as Lukas Podolski and negotiate a decent salary with Uli Hoeneß, or they aim to become the CEO of a company. In the real estate industry, for example, there were 2.512 million euros in it last year. They ended up in the account of IVG boss Wolfhard Leichnitz. Pension entitlements went extra. Watch issue 36 // 2008

Issue 35

Change in course at Vivacon: The Kölner Immobilien-AG will in future measure its entrepreneurial success primarily by the amount of secured payment flows in the form of ground rent. The company will continue to renovate, privatize or negotiate apartments. The focus should be on the direct acquisition of land, the users of which pay ground rent to Vivacon. The Cologne-based company has nothing to do with the properties on it in such deals. The only problem could be the availability of the required space. Leasehold contracts still meet with reservations in this country. View issue 35 // 2008

Issue 34

SWFs have a problem: they have too much money to invest. The Norwegian sovereign wealth fund alone recorded a weekly increase of USD 1 billion. Overall, studies come to potential global real estate investments by sovereign wealth funds of up to USD 288 billion annually. For the German market, however, the expectations seem premature: So far, hardly any activity by sovereign wealth funds has been identified. View issue 34 // 2008

Issue 33

Corrections in the valuations of their real estate holdings have caused the half-year results of many large German real estate companies to collapse. If the transaction business remains meager until the end of the year, earnings expectations will continue to look bleak. Watch issue 33 // 2008

Issue 32

Trading in shares in closed real estate funds is slow. Despite the potential of around 150 billion euros in the investments, the annual sales of the secondary market stock exchanges mostly bob in the lower million regions. New ideas should now give the business a boost. Watch issue 32 // 2008

Issue 31

Vacancies in problem segments will not be filled again, the Expo team will be significantly reduced or the employee summer party canceled: After the global profits of the large brokerage groups have surprisingly plummeted with the transaction volume - in some cases by more than three quarters - Jones Lang stepped up LaSalle (JLL), CB Richard Ellis (CBRE) or DTZ on the cost brake. View issue 31 // 2008

Issue 30

In view of the current tenancy law and rising construction and financing costs, the question arises: How are the requirements of the Energy Saving Ordinance (EnEV), which will come into force in 2009, to be met? Those within the industry agree, especially through more targeted investing. And also in this: For the profitability of partial stocks, ultimately for these stocks themselves, the EnEV can break the neck. "Landlords will also come in the supine position," says Herbert Reiss, Managing Partner at Deloitte Real Estate. Watch issue 30 // 2008

Issue 29

Landesbanken are currently having a hard time. First the discontinuation of the guarantor liability, then billions in depreciation in the course of the subprime crisis. Economic experts doubt the business model and call for privatization. While looking for new sources of income, some of the financial institutions came across the real estate business. However, market observers criticize the expanded real estate activities apart from the financing: The public-law position of the institutes gives them an advantage over other market participants. The Landesbanken see it differently. Watch issue 29 // 2008

Issue 28

Now it is official: Landlords of living space are not allowed to demand a rent increase as compensation for the fact that the rental agreement contains an ineffective renovation clause. This was decided by the Federal Court of Justice (BGH) in a landmark ruling on July 9th. The criticism is fierce: the judgment scares off investors, some complain. Others even see legal peace at risk - especially when tenants want to reclaim the surcharges they have already paid. And sooner or later, everyone agrees, it will also affect commercial space rent. Watch issue 28 // 2008

Issue 27

Institutional investors from Germany are rediscovering the domestic markets. Atisreal is already expecting domestic buyers to strike more often in the second half of the year, especially for individual properties in prime locations. Dr. In a survey of 146 institutional investors, Lübke found that two thirds plan to expand their involvement in the domestic market. Every seventh person even wants to invest more than 500 million euros a year between Flensburg and Oberstdorf. View issue 27 // 2008

Issue 26

At the end of June, a two-page research update from Merrill Lynch analyst Bernd Stahli was enough to cause Gagfah shares to crash. Has the market lost its confidence in Germany's largest publicly traded housing corporation? View issue 26 // 2008

Issue 25

A new wave of opportunity funds is rolling towards Europe. One wants to exploit the "current market distortions", "inefficiencies" or the "repositioning of the credit markets", according to the more or less successful translations of the relevant anglicisms. In times of still tight credit, this is not exactly the easiest business model. Watch issue 25 // 2008

Issue 24

The US real estate markets continue to worry investors. While most of the initiators of mutual funds are still reluctant to invest, the voices of those who consider real estate prices in the USA to be cheap again are increasing. Meanwhile, the election of a new US president is about to begin. Investors seem to be very interested in whether his name will be Obama or McCain in the future. Watch issue 24 // 2008

Issue 23

English investors are always dazzled by the export successes of the German economy. Because they conclude from this that the local population is willing to consume, they regularly suffer shipwreck. Watch issue 23 // 2008

Issue 22

With the transaction boom on the commercial real estate market suddenly coming to an end, the golden days of international brokerage houses are also ending for the time being. After the extensive end of the large portfolio transactions associated with fantastic fees, the major brokers are trying to compensate for the lack of sales by shifting their focus to other, lower-margin areas. View issue 22 // 2008

Issue 21

The tension on the financing market seems to be gradually easing. Some investors, asset managers and project developers are already talking of a trend reversal: loans are cheaper and can be obtained with less equity than at the beginning of this year. Many banks that had significantly or completely cut back their new business are also open to new loan inquiries again. View issue 21 // 2008

Issue 19

Even almost six months after the amendment to the Investment Act came into force, the dispute over the new fund rules has still not been resolved. The stumbling block is the model rules of procedure for capital investment companies based on the text of the law, which, among other things, stipulate that valuation subsidiaries of real estate groups may also value fund properties in the future. The expert association BIIS speaks of illegal processes and refers to a legal opinion. BVI, BaFin and the Federal Ministry of Finance, however, do not feel compelled to act. View issue 19 // 2008

Issue 18

Investing in US real estate is not for the faint of heart. Feri considers investments in US offices to be riskier than a year ago. On the other hand, higher returns than in Europe are predicted for the next ten years. Meanwhile, initiators like Acron are sitting on their US funds. Watch issue 18 // 2008

Issue 17

Two years after their crisis, German funds with strong equity capital are once again a major player on the international investment markets. This is particularly evident in Central London, which is particularly heavily hit by subprime: In the first quarter, 18.9% of investments (GBP 491 million) came from open-ended funds. View issue 17 // 2008

Issue 16

For some it is consumer protection and competition supervision, for others a rip-off. With a warning, competitors, consumer protection associations or clever lawyers can warn about errors in the design of the homepage. The latter do this, so the allegation, only to collect the fees. Reason enough for the Immobilien Zeitung to look at 100 real estate agents' websites to see if there is a risk of a warning - with terrifying results. View issue 16 // 2008

Issue 15

The fear business is booming. Every German citizen has taken out an average of five insurance policies and in 2007 contributed to insurers collecting more than 160 billion euros in premiums. The investment portfolio of insurance companies adds up to 1.1 trillion. Euros - and thus four times the current federal budget. A gigantic volume. But unlike the budget of the Federal Minister of Finance, insurance companies do not plan every cent over the years. Around 5% of their assets are currently in real estate. In the future there should be significantly more. View issue 15 // 2008

Issue 14

In the opinion of the boards of directors of German real estate banks, the international financial crisis remains limited to the capital market. Although there will be fewer large-volume investments in German real estate than in previous years, the bank bosses surveyed by the IZ continue to see potential for rent and price increases in good locations. At the same time, access to real estate loans is becoming more difficult and financing more expensive. Watch Issue 14 // 2008

Issue 13

Logistics properties in Germany are still popular with investors. Contrary to the general trend in Europe, more warehouses changed hands in this country in 2007, not fewer. At least that's what the figures from Jones Lang LaSalle (JLL) show. The Australian real estate group Goodman International is one of the players who are investing many millions in the functional buildings. It wants to invest 350 million euros in German logistics properties in the next twelve months alone, says European Logistics CEO Danny Peeters. This would expand Goodman's local logistics portfolio to EUR 700 million. View issue 13 // 2008

Issue 12

The investment bank Shore Capital has launched an opportunity fund with which investors should benefit from the financial crisis in the real estate market. Germany is one of the most important target countries. View issue 12 // 2008

Issue 11

Some rumor that this year's Mipim could have been the last superlative trade fair for the time being. Despite (or even because of?) The fear of a "subprime tsunami", the real estate professionals did not allow their view of the blue sea to be clouded. The uncertainty as to which waves will still roll across the markets remains. View issue 11 // 2008

Issue 10

Do you remember? It was only a few years ago that there was serious discussion about whether it was worth attending the Mipim March fair at all. The topic seems to have been settled for now: German real estate professionals are literally storming the tents and cafés of Cannes. Watch issue 10 // 2008

Issue 09

2007 was another record year for Germany and probably the last for the time being. After all, ten transactions exceeded the billion euro mark. That will probably not happen again in 2008.But one thing will remain as we know it from the past few years: Real estate Germany remains a playground for nations. Even if it is only partly because some foreign investors missed the timely exit. Watch issue 09 // 2008

Edition 08

Nursing homes are still at the top of the shopping list for many investors. In 2007, according to an estimate by Terranus boss Carsten Brinkmann, they invested more than 900 million euros in this type of property. That was only a little less than in the record year 2006. But business is getting more difficult - despite slightly lower prices. Suitable properties are in short supply, many banks are charging hefty risk surcharges, deals that were long believed to be in the bag are bursting, and almost every seventh home is at risk of insolvency

Issue 07

Open-ended funds have rediscovered hotel investments: after years of reluctance, plans for investments worth several hundred million euros and new types of special hotel funds are in the drawers. The objects of desire have also changed: where earlier only representative four- or five-star hotels were in focus, today budget hotels and houses in B-cities are also sought. And even the risky management contract is no longer a taboo. View issue 07 // 2008

Edition 06

Dutch funds became exotic last year. The 38 million euros placed in equity by Stefan Loipfinger caused the once popular offers to slide almost to the limit of perception. But in 2008 the Oranje funds could go up, because the yields are rising again slightly. MPC already has a Dutch fund in sales (see page 3). Other initiators are still exploring. View issue 06 // 2008

Issue 05

The subprime crisis and the downturn in equities have slowed down transactions in recent months. Real estate professionals are now looking for ways to profit from the weak market. They hope for more offers - also from distress sales. View issue 05 // 2008

Issue 04

After the break with Cushman & Wakefield (C&W), Kemper's decided to continue working with Jones Lang LaSalle (JLL). JLL takes over Kemper's 100% - and apparently pays an ambitious price. Watch issue 04 // 2008

Issue 03

For the first time, the Federal Ministry of Economics (BMWI) is sponsoring a large stand at the Mipim world real estate fair. It is intended to help German architects to show more international presence. But they show hardly any interest in it. Watch issue 03 // 2008

Edition 02

The fund industry seems to be in a pairing mood. KanAm takes over the majority in Sachsenfonds, MPC takes a stake in HCI, HSH Real Estate in US Treuhand, and Aberdeen Property Investors snatches Degi away from Jamestown, which has been released for sale. In addition, Commerzbank and Hypovereinsbank merged their fund subsidiaries over the past 13 months. Is this accumulation a coincidence or is there a trend towards mergers of initiators - so that the question arises: Who are the next ones? View issue 02 // 2008

Edition 01

In bad times, construction companies have had to swallow a few bucks for contracts and have also taken risks that they were often unable to influence. Now the construction industry apparently wants to use its better position again and shift some of these risks back to the client through agreements in commercial construction. Talks with the Federal Cartel Office have been going on for several months. See issue 01 // 2008