International investors return to German real estate market (IPE)

 May 10

http://www.ipe.com/news/international-investors-return-to-german-real-estate-market_52152.php#.UZ76uZziivE

GERMANY – Transaction volumes in the German property market are continuing to grow mainly due to heightened interest from international investors, according to Deutsche Hypo.
A report by the mortgage bank found that investment activity reached €59bn in 2012, comparable with transaction levels in 2004, but still below the €110bn annual volumes of 2006 and 2007.


After the financial crisis, the share of foreign investors had fallen to 8%, but it is now back up to 40%.
The report said international investors such as private equity companies were "by far the most important stakeholders on the German real estate investment market", followed by real estate Spezialfonds, insurers and Pensionskassen, real estate listed companies and REITs, open-ended real estate funds, real estate leasing funds and closed-end funds.
The findings were revealed at the same time that opportunistic Swiss-based fund manager Corestate Capital announced it had acquired €290m in "German stressed property acquisitions".
The portfolio deal included six office buildings with steady cash flows and debt restructuring and redevelopment potential, and 6,000 residential units acquired from a forced administration.
The acquisition follows recent deals by Austrian Erste Bank for large portfolios of residential assets.
Andreas Pohl, board member at Deutsche Hypo, said Germany's reputation as a safe haven has been "strengthened further" because of the economic environment and the opportunities for attractive real estate investments, as spreads over other investments were at an all-time high.
Deutsche Hypo expects transaction volumes for the whole of 2013 to reach a similar level to last year.
However, over the medium term, an "overheating of the market cannot be ruled out completely", as investors' risk appetite is returning.
It also said the supply of core real estate was "fading", but that foreign investors still had an "overabundance of liquidity" to invest.

Author: Barbara Ottawa 

Berlin real estate, rents spike amid foreign investment (USATODAY)

 http://www.usatoday.com/story/news/world/2013/04/28/berlin-real-estate-price-rise/2094463/

 

Janelle Dumalaon, Special for USA TODAY 12:10 a.m. EDT April 29, 2013

Locals say skyrocketing rents threaten the vibrant, creative vibe of the city as well as their homes.

 

BERLIN — Michael Heinze says his landlord is trying to force him out of his trendy Kreuzberg-district apartment — the owner wants to sell it because these days, Berlin property has become lucrative.
"He accused me of not paying the rent, of defamation, of all sorts of things to try and intimidate me into moving out," said Heinze, 69, who says his rent has doubled in the past few years. "It got to the point where I started to wonder if he had a machine constantly churning out eviction notices."
Long a mecca for artists and other creative types with its cheap housing, hip neighborhoods and "poor but sexy" character, Berlin's property values have jumped 30% to 50% in the past three years, and doubled in the past eight. That has led to locals fretting over the skyrocketing rents they say threaten the vibrant, creative vibe of their city as well as their homes.
That sharp increase in real estate prices is attributed to the financial crisis in 2008 and the euro crisis that followed, analysts say, as concerned Europeans looked for somewhere to safely park their cash. While property has generally been seen as a safe investment, German property has been viewed as the safest bet — especially in cheap Berlin, where real estate goes for far lower than in other European capitals.
As a result, Greeks, Spaniards and Italians — anxious over the financial future of their cash-strapped economies at home — poured in to buy.
"Many buyers were feeling so insecure that they would try and buy apartments blindly, without having seen them," recalled Ruth Stirati, head of a real estate firm in Berlin that specializes in catering to Italian buyers. "The worse the crisis became, the more inquiries we received."
Stirati said business spiked sharply in November 2011 – two months after the Italian parliament passed a raft of austerity measures that prompted mass demonstrations on the streets of Rome.
Rocketing property prices don't seem to be putting off Stirati's clients, who say Berlin remains as attractive as ever.
Italian filmmaker Franco Fracassi, 47, bought two apartments in Berlin in March and points out that although property values are increasing, prices still seem fantastically cheap compared with Rome.
"In Rome, an apartment goes for a least five times the price," said Fracassi. "It's just not a normal market there."
In addition to the income from renting out his apartments, Fracassi said he invested in Berlin because he likes the city.
"It's a nice city and I have not ruled out moving my family over there," he said.
Italian banker Valter Badariotti, 40, said he bought three properties in Berlin because London and Paris were too expensive. He also worries about the deteriorating economic situation in Italy.
"I have to think of the future," he said. "My children, ages 3 and 5, might go to university in Berlin."
These euro crisis refugees, however are causing an uproar in Berlin, with locals blaming Greeks and Italians for the steep property price hikes. It has even become an issue taken up by all political parties ahead of September's federal elections.
Even so, Roland Bomhard, head of real estate at law firm Hogan Lovells, says buyers investing in Berlin residential real estate are still overwhelmingly German, with foreigners accounting for only roughly 30% of all new buyers in recent years.
"(Mortgages) are really cheap in Germany and readily available for residential investment, much cheaper than in basically any other country in the eurozone," he said. "In Berlin you buy the stability of Germany with almost an Eastern European perspective for growth."
Lucas Bauernfeind, 28, a native Berliner, says the city is no stranger to change, and the shift in attitudes toward property ownership as well as the property boom is just the latest thing to hit the city.
"It's like that famous quote – 'Berlin is a city condemned always to become, never to be,' " he said.
Even so, some locals continue to fight to keep their city's character intact and residents in their homes.
"No to speculation!" chanted protesters defending residents of a building in Berlin's well-heeled Mitte district from being driven out last week after eviction notices were sent by its owners looking to sell. "We're all staying!"
Retiree Angela de Ridder, 65, is fighting the same fight. Since 1976, de Ridder has lived in an apartment in a converted factory.
The landlord is trying to evict her to sell the building, she said.
Neither Heinze's nor de Ridder's landlords could be reached for comment.
"When I moved in, this apartment had nothing — no sockets, no fixtures, just cold running water — I built everything in myself," she said. "My rent has gone up eight times since I moved in. If they manage to evict me, they could probably sell this flat for around a million euros."

USA NOW

德国成欧洲最具吸引力房地产市场 慕尼黑柏林居前

 http://news.dg.soufun.com/2013-03-19/9734156.htm

 2013-03-19 14:18中国新闻网

柏林负责城市发展的参议院管理局17日对媒体说，外国投资商对柏林房地产市场很有兴趣，导致该市颁发建筑许可及房地产销售许可的数字直线上升。投资商去年对德国房地产投资额达到5年来最高。买主来自国外的房产销售额达到111亿欧元，比上年提高了将近70%，其中有16亿欧元流向柏林房地产市场。
据 CBRE咨询公司新近所做2012年调查报告，35%的欧洲投资商认为德国市场最有吸引力，认为英国有吸引力的投资商仅剩24%。一直以来，英国曾经占据 投资吸引力第一位。德国联邦统计局的数字也显示，该国去年颁发的建筑许可连续三年递增，批准建筑公寓房23.95万套，比上年增加4.8%。来自国外的5 笔合计51亿欧元的大额投资，分别用于近1万套公寓房的交易。
德国目前是欧洲经济火车头，失业率在欧盟范围内最低，人均实际收入不断提高，过去一直无力买房的德国公民也开始涉足房地产市场。另外该国退休金保险机构或者基金会也认为房地产利润高风险小，将其看作是比较安全的投资领域。业界专家认为，这一领域的繁荣还将持续两到三年。
不过，CBRE公司的同一调查结果还显示，伦敦仍旧是全欧范围内最有吸引力的城市，其后紧跟慕尼黑及柏林。

德国在2012年取代英国成为欧洲最具吸引力房地产市场

 http://gb.cri.cn/27824/2013/03/18/6251s4055975.htm

国际在线消息：据中新社电，德国在2012年取代英国成为欧洲最有吸引力房地产市场，投资商最中意的城市为首都柏林和南部城市慕尼黑。
　　据ＣＢＲＥ咨询公司新近发布的2012年调查报告，35％的欧洲投资商认为德国市场最有吸引力，认为英国有吸引力的投资商仅剩24％。一直以来，英国曾经占据投资吸引力第一位。
　　柏林负责城市发展的参议院管理局17日对媒体说，外国投资商对柏林房地产市场很有兴趣，去年对德国房地产投资额达到5年来最高，买主来自国外的房产销售额达到111亿欧元，比上年提高了将近70％，其中有16亿欧元流向柏林房地产市场。

 2013-03-18 09:25:09  |  来源： 国际在线  |  编辑：齐汉

德國房地產開發商強拆柏林牆建高檔公寓

 http://finance.sina.com.hk/news/-3-5744873/1.html

新華網柏林3月27日電(記者 潘旭)

德國首都柏林市施普雷河岸邊著名的柏林牆“東邊畫廊”27日被拆掉部分牆體。
當天凌晨5時左右，“東邊畫廊”被拆卸掉4塊牆體，在1300米長的畫廊上留下約6米左右的空隙，為河岸豪華公寓施工“清道”。
施工的德國開發商發表書面聲明說，拆牆是暫時的，被拆牆體將在以後重新並入柏林牆。
今年2月底，開發商宣布將拆除這一世界最大露天畫廊的部分牆體，以拓寬施工車輛車道連通河岸豪華公寓建築工地，引發柏林市民抗議。
柏林市政府發言人理查德‧門斯表示，按原計劃拆除牆體是開發商的單方決定，違背了市政府尋求各方都能接受的合理妥協方案的意願。
柏林牆全長約169公里，上述施工所涉及的是柏林牆殘余最長的一段，高約3.6米。德國統一後，多國藝術家在這段柏林牆遺址上進行繪畫創作，形成柏林牆“東邊畫廊”，成為觀光名勝。

李嘉誠生財之道：賣香港地產套現抄底歐洲

 http://finance.sina.com.hk/news/-3-5689442/1.html 

郭興艷    新浪香港
去年進賬55億美元，亞洲首富李嘉誠的財富神話繼續上演，在最新公布的2013福布斯全球富豪榜中也晉升至第八名。
福布斯方面稱，李嘉誠新增財富主要來自其持股的長實(00001.HK)、和黃(00013.HK)和赫斯基能源(Huskf:US)的股價均增長20%左右，同時還從這些公司獲得8.6億美元的分紅。
股價上升帶來的紙面財富背後，則是李嘉誠近年來套現香港和抄底歐洲策略的成功實施。
長實逃頂？
面對香港房地產價格的飆升，特區政府為控制樓價連番出招。2月22日，特區政府推出全面將物業印花稅加倍的新政策，且住宅和商業地產均適用。
不過特區政府強調，該措施與長實分拆酒店事件無關。
今年2月18日，長實拆售旗下四大住宅式酒店之一雍橙軒酒店，以酒店為商業地產無須交納上述買家印花稅和額外印花稅為招徠，短短兩日360套房全部售罄，估計套現14億港元。
值得一提的是，就在4個月之前，香港特區政府在去年10月曾推出針對非香港永久居民和公司買家的15%買家印花稅，以及將針對炒賣的額外印花稅稅率提高至最多20%。
對此有香港媒體拋出了疑問：長實是否預見香港樓市已經見頂？
前車之鑒，在1997年亞洲金融風暴前，長實曾以樓花形式加“包升值”的概念，高價出售位於新界天水圍的嘉湖山莊，但那裡的部分單位價格直到現在仍未達到當年售價，為天水圍成為“悲情城市”添上一筆注腳。
香港近年來反對“地產霸權” 聲音強烈，李嘉誠也或多或少感受到社會壓力，“投資被罵，不投資也被罵。”他曾經如此感嘆。
對長實而言，其可能並未預見到分拆酒店事件竟會引起如此大的爭議。實際上，拆售酒店也只是長實無法從資本市場直接套現的變招。長實去年曾計劃將四大住宅式 酒店以商業信托形式在港交所申請上市，涉及總出租面積約332萬平方英尺，共4833間套房，預計可集資8億美元。但由於市況不佳，上市計劃去年底擱置。
在風口浪尖上，長實執行董事趙國雄近日向記者表示，暫時不計劃拆售其餘三家住宅式酒店。同時，今年內地和香港售樓目標總共為350億~400億港元，其中香港目標為300億港元，與去年目標相同。
即便長實方面否認逃頂之說，不過昨天該公司的又一個舉動再次引來關注。昨日，長實旗下位於九龍荔枝角發展項目“一號‧西九龍”的20個單位推出折扣優惠，平均減價幅度逾10%，優惠包括雙倍印花稅回贈以及10%樓價折扣，個別單位最高減17.4%。
其實，以略低於市價快速出貨回籠現金，是長江集團多年來的地產銷售策略。正如李澤鉅所說，“繼續投地、繼續賣樓、貨如輪轉”。
大舉入英
在套現香港的同時，李嘉誠近年來也在頻繁抄底歐洲，去年長江集團以77.53億港元收購天然氣供應商Wales & West Utilities。
目前，李家父子幾乎已經“買下了英國”──控制著英國天然氣近三成的市場，該國四分之一人口的天然氣供應由他們提供，並且英國大約四分之一的電力分銷市場以及約5%的供水市場都是李家的資產。同時，李家方面還主動透露將考慮購買曼徹斯頓機場。
除大舉買入英國基礎建設項目外，高賣低買，成了“超人”抄底歐洲的另一絕招。
經典之作是，2000年，李嘉誠“大管家”霍建寧將和黃創立並持有44%股權的Orange權益售予德國電訊巨人曼內斯曼，一舉獲利千億港元，成就“千億 買橙”傳奇。Orange是由和黃1994年在英國創立，隨後將品牌引入香港、澳大利亞、印度、以色列及泰國等市場。
但在歐洲受歐債危機困擾下，和黃在2012年大肆逆市收購原出售的橙資產，包括去年2月以9億歐元作價收購奧地利的Orange,去年6月再以1.25億 美元收購三年前以13.81億美元出售的以色列Partner股權。Partner主要透過Orange品牌在以色列經營電訊業務，屬於“橙”家族一員。 僅以以色列的一賣一買為例，和黃便淨賺97.9億港元。
“明知現在歐洲這樣(還這麼做)，(是因為)我相信五年後這些業務都有好增長”，去年8月李嘉誠在業績記者會上曾直言看好歐洲機會，這些國家的政治環境穩定、法律有保障、資產質量高，收購令上市公司的股價、盈利和派息都能很快增長。
“兩年內99%的資產將在53個國家全部都有”，李嘉誠如此計劃其海外帝國。實際上，在員工分配方面，反映出長江集團早是一個大型跨國集團──香港員工不足4萬人，其餘20多萬員工遍布全球。
去年3月，李嘉誠在年度業績記者會上曾表示，集團海外市場業務已經佔到所有業務的八成，香港只佔集團業務的16%。但對於香港和內地未來占比的計劃，在去年8月記者會上他並未直接回應本報記者提問。
同時，李嘉誠注重在傳統行業基礎上投資新興產業也讓其財富增值手段與時俱進。他曾在去年3月稱已投資Facebook 4.5億美元，並表示Facebook上市後最多拿回本金，其餘將作為長期投資。
資料顯示，李嘉誠已先後以個人及基金會名義投資多家尚未成名的科技公司，設計技術、網站和手機應用等，包括Facebook、Siri、Spotify等。李嘉誠表示，他投資很多科技股，投資決策主要基於公司前途、公司資產大於股票價值以及管理人是否優秀負責。

尋找安全投資，德國房地產價格上漲German real estate booms as people seek security

Prices surged 10 percent during first half of 2012.

http://www.news-press.com/viewart/20130210/RE/302100027/German-real-estate-booms-people-seek-security

Buying a home in Berlin is widely viewed as one of the safest investments a German, or any European, can make.
That is why some real estate experts are worried the market could get overheated.
Home prices in Germany’s largest cities are booming. Building permits and home ownership rates are climbing fast. And the percentage of foreigners snapping up second homes in Germany is on the rise.
In Berlin, Frankfurt, Munich and four other red-hot markets, prices surged an average of 10 percent during the first half of 2012, according to Deutsche Bank. German central Bundesbank data show increases of 9 percent in 2011 in the country’s urban centers and 5 percent the year before. Things may not be as frothy as Las Vegas, Phoenix or Miami during the peak of the U.S. boom, but it is bordering on breathtaking in a country where home prices declined or stagnated from 2000 through 2009.
The rate at which home prices are rising in Germany is not sustainable in the long term, says Steffen Sebastian, the chairman of the University of Regensburg’s Institute for Real Estate Finance. However, Sebastian adds, there won’t be a repeat in Germany of the Spanish and Irish financial crises, where real estate markets disintegrated and economies were brought close to collapse after overextended homebuyers and banks were hit by the Great Recession of 2008.
“When we talk about bubbles of course the market in Germany cannot be compared with the U.S. market,” he said. “Usually the other bubbles are driven by excessive use of leverage by borrowing money but in Germany borrowing was always quite heavily regulated and this is not going to change.”
The boom is a consequence of the European debt crisis.

Written by

The Associated Press

Feb 9, 2013