Investment Market monthly Germany

Savills World Research
Germany Investment
Investment Market
monthly
Germany
February 2015
The facts at a glance
Also in in February investment activity remains subdued
Commercial investment
market
Residential portfolio
investment market
Figure of the month –
€22m
■The rolling transaction volume of
■The rolling transaction volume of
■Almost €22m was the average
the past twelve months summed up
to €37.0bn, representing a decrease
of 5.8% compared to the figure of
last month (Feb 2014 – Jan 2015).
the past twelve months summed
up to €17.0bn, representing a plus
of 37.8% compared to the figure of
last month (Feb 2014 – Jan 2015).
■With a share of 42% Office
■The number of transacted
dominated the transaction activity
of the past twelve months followed
by Retail (23%) and Industrial /
Logistics (8%).
residential units in the past twelve
months summed up to 304,800 and
was therefore 29.9 % above the
figure of last month.
size of a deal on the commecial
investment market (single asset
and portfolio transactions) in the
past twelve months. In December
2012 the average size was at some
€15m. Since then, this number
continually increased.
savills.de/research
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Investment Market monthly | Germany
February 2015
Commercial investment market
Overview
GRAPH 1
GRAPH 2
Transaction volume
Transaction volume by deal size
9
monthly transaction volume (left axis)
rolling transaction volume of past twelve months (right axis)
45
8
40
7
35
6
30
5
25
4
20
3
15
30%
2
10
20%
1
5
10%
0
0%
<25m
25<50m
50<100m
100<250m
>250m
100%
02/14
04/14
06/14
08/14
10/14
12/14
1.88
2.15
7.53
2.82
4.34
2.77
2.46
2.79
2.44
2.08
2.64
3.06
0
4.25
02/15
80%
70%
60%
€ bn
€ bn
90%
50%
40%
02/14
04/14
06/14
08/14
10/14
Source: Savills
Source: Savills
GRAPH 3
GRAPH 4
Transaction volume by type of use*
Transaction volume by location*
02/15
Frankfurt
12%
Other
16%
Development
land
3%
Berlin
11%
Office
42%
Hotel
8%
12/14
Other
50%
Munich
9%
Industrial /
Logistics
8%
Hamburg
9%
Retail
23%
Source: Savills / * last twelve months
Stuttgart
2%
Cologne
3%
Düsseldorf
4%
Source: Savills / * last twelve months
The commercial investment market
The month in brief
•
In February 2015, approx. €1.9bn was invested in the commercial real estate market in total. In comparison: In the
same month last year (February 2014), the transaction volume was around €4.2bn. The average monthly transaction
volume in the past twelve months (Feb 2014 – Jan 2015) was at €3.3bn.
•
In February, 115 single asset transactions with an investment volume of approx. €1.5bn took place. In comparison:
On average of the past twelve months 137 transactions with an investment volume of €2.2bn took place.
•
In addition to that, 7 portfolio transactions with an investment volume of approx. €0.4bn took place. In comparison:
On average of the past twelve months 13 transactions with an investment volume of €1.1bn took place.
savills.de/research
02
Investment Market monthly | Germany
February 2015
Commercial investment market
Buyer and seller groups
GRAPH 5
GRAPH 6
Transaction volume by nationality of buyer*
Transaction volume by nationality of seller*
Other
30%
Other
38%
Germany
39%
Germany
41%
Switzerland
2%
France
5%
UK
10%
France
3%
Netherlands
5%
USA
12%
Source: Savills / * last twelve months
Source: Savills / * last twelve months
TABLE 1
TABLE 2
Top 10 buyer groups*
Top 10 seller groups*
Volume
(€m)
Number of
properties
#
Buyer
1
Open-ended special fund
7,251
2
Other asset manager
3
UK
6%
USA
9%
Volume
(€m)
Number of
properties
#
Seller
261
1
Developer
6,693
246
4,591
258
2
Other asset manager
4,768
225
Private-equity fund
4,414
126
3
Open-ended special fund
3,885
121
4
Listed property company
4,301
186
4
Closed-ended fund
3,317
171
5
Insurance company / Pension fund
3,323
120
5
Private-equity fund
2,996
142
6
Closed-ended fund
2,878
110
6
Private investor / Family office
2,410
163
7
Corporate
2,756
363
7
Corporate
2,218
202
8
Private investor / Family office
2,659
278
8
Listed property company
1,892
121
9
Developer
2,262
300
9
Bank
1,824
43
10
Open-ended public fund
692
33
10
Open-ended public fund
1,452
45
Source: Savills / * last twelve months
Source: Savills / * last twelve months
savills.de/research
03
Investment Market monthly | Germany
February 2015
Commercial investment market
Transactions in detail
TABLE 3
Top 20 transactions*
Date
Property /
Portfolio
Location(s)
(Main) Type of
property
Volume
(€m)
Area
(sq m)
Februar 15
Portfolio
(107 properties)
n/a
Retail
ca. 286.
229,000
Februar 15
Hotel Le Méridien
München
Hotel/gastronomy
ca. 158
Februar 15
Axel-Springer-Haus
Gebäudeteil C
Hamburg
Office
ca. 131
Februar 15
Sofitel Hamburg
Alter Wall
Hamburg
Februar 15
Riem-Tower
Februar 15
Seller
Buyer
Eurocastle Investment
Limited
i.a. PATRIZIA Immobilien
Kapitalanlagegesellschaft
26,181
insolvency administrator
Deka Immobilien Investment
GmbH
55,000
Axel Springer AG
City of Hamburg
Mixed-use property
27,400
unknown Private Investor /
Family Office (Europe)
Art-Invest Real Estate GmbH
& Co KG
München
Office
21,000
WÖHR + BAUER
WealthCap Wealth Management Capital Holding GmbH
Artecom
Ismaning
Office
28,366
Deka Immobilien Investment
GmbH
publity AG
Februar 15
Stammsitz
Bankhaus Metzler
Frankfurt am
Main
Office
n/a
B. Metzler seel. Sohn & Co.
Holding AG
Tishman Speyer
Februar 15
Schlosscarree
Braunschweig
Mixed-use property
25,000
Dr. Gott Vermögensverwaltungs-GmbH
Volksbank Brawo
Februar 15
Bahnhofstraße 36
Bielefeld
Retail
10,400
unknown Investor
F&C REIT Asset Management
Februar 15
W1 - Fachmarktzentrum
Hamburg
Retail
10,300
HBB
KGAL GmbH & Co. KG
Februar 15
Hamburger Allee
25
Hannover
Office
19,645
HSBC Trinkaus Real Estate
GmbH
WealthCap Wealth Management Capital Holding GmbH
Februar 15
Fleet Office 1
Hamburg
Office
BPE Becken Projektentwicklung GmbH
Hamburg Trust Grundvermögen und Anlage GmbH
Februar 15
Siemens-Areal
Frankfurt am
Main
Industrial
property
Siemens Kapitalanlagegesellschaft mbH
Nassauischen Heimstätte,
formart
Februar 15
Alte Spinnerei
Bayreuth
Retail
unknown Investor
HTB Hanseatische Fondshaus GmbH
Februar 15
FortySeven&Co
Frankfurt am
Main
Office
3,950
Max Baum Immobilien, Competo Capital Partners GmbH
Zurich Financial Services Ltd
Februar 15
Wendenschloßstraße 142
Berlin
Office
23,900
unknown Investor
Beos GmbH
Februar 15
Sonnengarten (4
properties)
Nürnberg
Mixed-use property
10,000
P&P Gruppe Bayern GmbH
unknown Institutional Investor
Februar 15
Gruber Straße 60
Poing
Warehouses/Logistic property
29,600
unknown Other Asset
Manager
Avnet
Februar 15
Große Straße 94
Osnabrück
Retail
5,000
dbi-Immobiliengruppe
ALTE LEIPZIGER Lebensversicherung AG
Februar 15
Portfolio
(2 properties)
Bonn, Würselen
Mixed-use property
unknown Investor
Sirius Facilities GmbH
ca. 37
9,300
n/a
ca. 27
ca. 25
ca. 22
14,206
36,569
Source: Savills / * only published transactions are shown, measured by volume
savills.de/research
04
Investment Market monthly | Germany
February 2015
Residential portfolio investment market
Overview and transactions in detail
TABLE 4
Top 5 residential portfolio transactions*
Date
Name of portfolio
Location(s)
Volume
(€m)
Februar 15
Gagfah acquisition (93.8%)
i.a. Berlin, Bielefeld, Bonn
135,525
ca. 8,136
Februar 15
i.a. Berlin, Bielefeld, Bonn,
Dresden, Düsseldorf, Erfurt
907
Februar 15
Hamburg, Osnabrück
Februar 15
Februar 15
Number of units
Seller
Buyer
i.a. Lansdowne Partners,
Sun Life Financial, DAWM
Deutsche Annington Immobilien GmbH
ca. 70
unknown Investor
Wertgrund Immobilien AG
805
ca. 51
BPD Immobilienentwicklung
GmbH
Industria GmbH
Bremen
143
ca. 18
Viva Immobilien AG
APO Immobilien-Kapitalanlagegesellschaft mbH
n/a
249
Altenaer Baugesellschaft
unknown Investor
Source: Savills / * only published transactions are shown, measured by volume
GRAPH 7
GRAPH 8
Transaction volume
16.0
7.0
14.0
6.0
12.0
8.35
8.0
5.0
10.0
06/14
Source: Savills
0.94
0.16
08/14
0.90
04/14
1.33
02/14
1.01
0.0
1.18
1.0
10/14
12/14
0.42
4.0
0.86
2.0
0.65
6.0
0.19
3.0
1.04
8.0
3.68
4.0
2.0
€ bn
9.0
€ bn
Transaction volume by type of investor*
monthly transaction volume (left axis)
rolling transaction volume of past twelve months (right axis)
18.0
Purchases
Sales
Net investments
Listed property company
Open-ended special fund
Housing association
Other
Closed-ended fund
Sovereign wealth fund
Corporate
Bank
Open-ended public fund
Leasing company
Private investor / Family office
Public administration
Insurance company / Pension fund
Private-equity fund
Developer
Other asset manager
-12.0 -9.0
-6.0
-3.0
0.0
3.0
€ bn
6.0
9.0
12.0
02/15
Source: Savills / * last twelve months
The Residential portfolio investment market
The month in brief
•
In February 2015, approx. €8.3bn was invested in 12 residential portfolios. In comparison: In the same month last
year (February 2014), the transaction volume was around €3.7bn. In the past twelve months (Feb 2014 – Jan 2015)
an average transaction volume of €1.0bn was invested in 18 residential portfolios.
•
The number of sold residential units in February 2015 summed up to approx. 138,400. In comparison: In the past
twelve months, 19,600 units have been sold per month on average.
•
With a net investment volume of €10.4bn, the investor group of ‘Listed property company’ was the most active
during the last twelve months, followed by the investor groups of ‘Open-ended special fund’ (€1.0bn) and ‘Housing
association’ (€0.2bn).
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05
Investment Market monthly | Germany
February 2015
Savills Germany
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