Investment Market monthly Germany February 2015

Transcription

1 Savills World Research Germany Investment Investment Market monthly Germany The facts at a glance Also in in February investment activity remains subdued Commercial investment market The rolling transaction volume of 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). With a share of 42% Office dominated the transaction activity of the past twelve months followed by Retail (23%) and Industrial / Logistics (8%). Residential portfolio investment market The rolling transaction volume of 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). The number of transacted residential units in the past twelve months summed up to 304,800 and was therefore 29.9 % above the figure of last month. Figure of the month 22m Almost 22m was the average 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 01

2 Commercial investment market Overview GRAPH 1 Transaction volume monthly transaction volume (left axis) rolling transaction volume of past twelve months (right axis) GRAPH 2 Transaction volume by deal size 100% 90% 80% 70% 60% 50% 40% <25m 25<50m 50<100m 100<250m >250m % % /14 04/14 06/14 08/14 10/14 12/14 02/ % 0% 02/14 04/14 06/14 08/14 10/14 12/14 02/15 Source: Savills Source: Savills GRAPH 3 Transaction volume by type of use* GRAPH 4 Transaction volume by location* 16% Frankfurt 12% Development land 3% Hotel 8% Office 42% 50% Berlin 11% Munich 9% Industrial / Logistics 8% Hamburg 9% Retail 23% Stuttgart 2% Düsseldorf 4% Cologne 3% The commercial investment market The month in brief In, 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

3 Commercial investment market Buyer and seller groups GRAPH 5 Transaction volume by nationality of buyer* GRAPH 6 Transaction volume by nationality of seller* 30% Germany 41% 38% Germany 39% Switzerland 2% France 5% UK 10% USA 12% France 3% Netherlands 5% UK 6% USA 9% TABLE 1 Top 10 buyer groups* TABLE 2 Top 10 seller groups* # Buyer Number of properties # Seller Number of properties 1 Open-ended special fund 7, Developer 6, asset manager 4, asset manager 4, Private-equity fund 4, Open-ended special fund 3, Listed property company 4, Closed-ended fund 3, Insurance company / Pension fund 3, Private-equity fund 2, Closed-ended fund 2, Private investor / Family office 2, Corporate 2, Corporate 2, Private investor / Family office 2, Listed property company 1, Developer 2, Bank 1, Open-ended public fund Open-ended public fund 1, savills.de/research 03

4 Commercial investment market Transactions in detail TABLE 3 Top 20 transactions* Date Property / Portfolio Location(s) (Main) Type of property Area (sq m) Seller Buyer Portfolio (107 properties) n/a Retail ca ,000 Eurocastle Investment Limited i.a. PATRIZIA Immobilien Kapitalanlagegesellschaft Hotel Le Méridien München Hotel/gastronomy ca ,181 insolvency administrator Deka Immobilien Investment Axel-Springer-Haus Gebäudeteil C Hamburg Office ca ,000 Axel Springer AG City of Hamburg Sofitel Hamburg Alter Wall Hamburg 27,400 unknown Private Investor / Family Office (Europe) Art-Invest Real Estate & Co KG Riem-Tower München Office 21,000 WÖHR + BAUER WealthCap Wealth Management Capital Holding Artecom Ismaning Office 28,366 Deka Immobilien Investment publity AG Stammsitz Bankhaus Metzler Frankfurt am Main Office n/a B. Metzler seel. Sohn & Co. Holding AG Tishman Speyer Schlosscarree Braunschweig 25,000 Dr. Gott Vermögensverwaltungs- Volksbank Brawo Bahnhofstraße 36 Bielefeld Retail 10,400 unknown Investor F&C REIT Asset Management W1 - Fachmarktzentrum Hamburg Retail 10,300 HBB KGAL & Co. KG Hamburger Allee 25 Hannover Office ca ,645 HSBC Trinkaus Real Estate WealthCap Wealth Management Capital Holding Fleet Office 1 Hamburg Office 9,300 BPE Becken Projektentwicklung Hamburg Trust Grundvermögen und Anlage Siemens-Areal Frankfurt am Main Industrial property n/a Siemens Kapitalanlagegesellschaft mbh Nassauischen Heimstätte, formart Alte Spinnerei Bayreuth Retail ca ,206 unknown Investor HTB Hanseatische Fondshaus FortySeven&Co Frankfurt am Main Office 3,950 Max Baum Immobilien, Competo Capital Partners Zurich Financial Services Ltd Wendenschloßstraße 142 Berlin Office 23,900 unknown Investor Beos Sonnengarten (4 properties) Nürnberg ca ,000 P&P Gruppe Bayern unknown Institutional Investor Gruber Straße 60 Poing Warehouses/Logistic property 29,600 unknown Asset Manager Avnet Große Straße 94 Osnabrück Retail 5,000 dbi-immobiliengruppe ALTE LEIPZIGER Lebensversicherung AG Portfolio (2 properties) Bonn, Würselen ca ,569 unknown Investor Sirius Facilities Source: Savills / * only published transactions are shown, measured by volume savills.de/research 04

5 Residential portfolio investment market Overview and transactions in detail TABLE 4 Top 5 residential portfolio transactions* Date Name of portfolio Location(s) Number of units Seller Buyer Gagfah acquisition (93.8%) i.a. Berlin, Bielefeld, Bonn 135,525 ca. 8,136 i.a. Lansdowne Partners, Sun Life Financial, DAWM Deutsche Annington Immobilien i.a. Berlin, Bielefeld, Bonn, Dresden, Düsseldorf, Erfurt 907 ca. 70 unknown Investor Wertgrund Immobilien AG Hamburg, Osnabrück 805 ca. 51 BPD Immobilienentwicklung Industria 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 Transaction volume monthly transaction volume (left axis) rolling transaction volume of past twelve months (right axis) /14 04/14 06/14 08/14 10/14 12/14 02/ GRAPH 8 Transaction volume by type of investor* Listed property company Open-ended special fund Housing association 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 asset manager Purchases Sales Net investments Source: Savills The Residential portfolio investment market The month in brief In, 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 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). savills.de/research 05

6 Savills Germany Savills is present in Germany with around 160 employees with seven offices in the most important estate sites Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart. Today Savills provides expertise and market transparency to its clients in the following areas of activity: D HH B Our services Purchase and sale of single assets and portfolios Corporate Finance Valuation Leasing of office and retail buildings Leasing and sale of industrial and warehouse properties Corporate Real Estate Services C F S M Savills Germany Please contact us for further information Marcus Lemli CEO Germany +49 (0) [email protected] Andreas Wende Investment +49 (0) [email protected] Marcus Mornhart Office Agency +49 (0) [email protected] Karsten Nemecek Corp. Finance - Valuation +49 (0) [email protected] Draženko Grahovac Corp. Finance - Valuation +49 (0) [email protected] Matthias Pink Research +49 (0) [email protected] Savills is a leading global real estate service provider listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth. It is a company that leads rather than follows and now has over 600 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East with more than 27,000 employees worldwide. Savills is present in Germany with around 160 employees with seven offices in the most important estate sites Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart. This bulletin is for general informative purposes only. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The bulletin is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research. Savills March 2015 Connecting people & property savills.de/research 06