Alexander Happ

Yesterday, my colleague Sebastian Grimm and I had a full day of exciting investor meetings in London. As always, it was very interesting to get an outside perspective on the German housing market. The most burning questions for investors at the moment are: ❓ What coalition is most likely to be formed after the federal elections in February and what impact would this have on the housing market, particularly on further rent regulation? ❓ What is the future of the rental price brake? Is it being repealed? Is a rental price brake 3.0 coming? ❓ Who are the current buyers of residential real estate and at what yields are they buying? ❓ What rent increases can be expected in the future? ❓ Where will future value increases come from? More from a return to yield compression or from an improvement in operating performance? All these questions show that interest in German residential real estate investments is increasing again. Thanks for having us and for your great company Thomas Rothaeusler. 🙏 The picture shows the fantastic view from the new Deutsche Bank office. #JLL #BetterTogether #StrongerTogether #SeeABrighterWay #Residential #Investment #ValueandRiskAdvisory #VRA #Research #DebtAdvisory

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Join me next week at EXPO REAL (Messe München) for the following session on operating trends in US and European real estate - what can we expect in 2025 🔮 Planning & Partnerships Forum – Halle A1 American Afternoon   Tuesday, 8 October 2024   16.00 – 16.50 Changing real estate landscape with a shift towards more operational models in living and alternative sectors: trends from a debt and equity perspective Sebastian Cave Heitman Mark Gibbard Savills Investment Management Thomas J. Livelli, Jr. EQT Exeter Boris Olujic Apollo Global Management, Inc. #exporeal2024 #operationalrealestate #opre #realestate #trends #operatingmodels #europeanrealestate

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Half time on the German #commercial #real estate #investment market! The slight upturn in the investment markets that was already evident at the start of the year continued to accelerate in Q2. As a result, the total commercial investment #volume in H1 2024 amounted to €12.2 billion. The key #takeaways of our BNP Paribas Real Estate analysis: ✅ Commercial investment volume up 34% y-o-y amounting to € 12.2 bn ✅ Half year result at the level of 2011-2013 ✅ 78% (€9.5 bn) generated by #single #deals ✅ #Retail most important asset class with €3.6 bn. invested followed by #logistics (€2.8 bn) and #office investments (€2.2 bn) ✅ #Berlin with highest investment (€2.03 bn) volume among the German top markets ✅ #Prime yields have further stabilised ✅ Foreign %investors’ share climbing to 38% ✅ approx. 520 commercial investment deals signed in H1 Going foward: 👉We expect gradual #improvement of the investment market framework conditions in the weeks and months to come leading to an #uptick in investment market activity towards the end of the year. 👉Investment volume is like to rise 25% to 30% y-o-y 👉 First - yet moderate - #yield #compressiom cannot be ruled out by the end of 2024 Want to find out more? Check out our updated market research #dashboards: https://lnkd.in/ebHhvyAy #beyondbuildings #realestateresearch #commercialrealestate #realestateinvestmentvolume #primeyields Infogram Lars Giesen

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It is evident most cities fail to provide inhabitants an integral solution to the marketplace housing problems across the board. Berlin’s situation will not get solved by implementing expropriation rights from private investors as it just points out failure from Government to provide housing. More important is the wrong signal displayed to the investors and developers, which in turn will mean less production of that particular thing. Lower stock with the same demand means pricing increases also… As far as I can understand, one solution would be to allow for more construction and try to balance fundamentals of supply and demand on large populated areas. Alternatively, Governments should steer new demand to alternative areas by implementing new measures to make those more attractive. In any case, I suspect many activists complaining will not be happy because it implies more of that “thing”. To be continued. #housing #socialhousing #property #investment #realestate

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This years EXPO REAL (Messe München) is now wrapped🇩🇪 It was great to catch up with familiar faces and good opportunity to connect with a diverse range of real estate industry professionals. Interesting discussions and fresh perpectives. • • • • #realestate #propertyinvestment #munich #realestatedevelopment #realestateinvestment #realestatedevelopment

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Germany's painful move towards 21st century digitisation In Germany, a nation traditionally slow on the uptake of digital solutions in public administration, the adoption of online building applications marks a significant pivot. However, the journey towards a fully digital construction permitting process is ... (Read more below) @Bundesbauministerium Klara Geywitz #digitalisierung #Digitaler #Bauantrag

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German rent control law extended through 2029 In a significant move aimed at stabilizing the housing market, the German government has extended the Mietpreisbremse, or rent control law, through 2029. This legislation caps rent increases in high-demand urban areas to no more than 10% above the local comparative rent.  (Read more below...) #mietpreisbremse #rentbrake Deutscher Mieterbund ZIA German Property Federation IW Medien GmbH (Institut der deutschen Wirtschaft Köln Medien GmbH) Michael Voigtländer Haus & Grund Deutschland e.V. Kai H Warnecke

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𝗖𝗼𝘂𝗻𝘁𝗱𝗼𝘄𝗻 𝘁𝗼 #𝗘𝗫𝗣𝗢𝗥𝗘𝗔𝗟 2024 - 𝗢𝗻𝗹𝘆 𝗮 𝗳𝗲𝘄 𝗱𝗮𝘆𝘀 𝘁𝗼 𝗴𝗼! We’re counting down the days until EXPO REAL and can’t wait to meet you in Munich from October 7th to 9th. VUCA: Volatility, Uncertainty, Complexity, and Ambiguity are shaping the real estate market. What strategies lead to success despite uncertainty? Join us for a discussion and hear from experts who will share their insights and approaches for resilience and success. Prepare for engaging discussions and valuable insights into the challenges and opportunities in the real estate market. Don’t miss our panel "VUCA: Volatility, Uncertainty, Complexity, and Ambiguity": 📅 𝗪𝗵𝗲𝗻? October 7, 2024 🕚 3-3:50pm 📍 𝗪𝗵𝗲𝗿𝗲? #EXPOREAL | Hall B2, Room B22 Our expert panel includes: Olivier Elamine, CEO I alstria office REIT-AG Christian Müller, Principal I ECE Real Estate Partners  Jolette Persson, VP International Investments I W P. Carey & Co. Limited Be there and let's shape the future together!   https://lnkd.in/ec4bKVXp JLL, JLL Germany, Capital Markets at JLL​, Value and Risk Advisory at JLL

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German Residential Investment Market - Q4 2024: Large-scale transactions drive annual investment growth to €10 billion in 2024 with further rises anticipated in 2025.   For more details, please get in touch with us. Michael Bender Dr. Sören Gröbel Sebastian Grimm   #JLL #OneJLL #SeeABrighterWay #BetterTogether #StrongerTogether #Germany #Residential #Investment #Valuation #ValueandRiskAdvisory #VRA #Research #DebtAdvisory #HousingMarket

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Honored to contribute to the EPRA (European Public Real Estate Association) Insight panel discussion alongside Marc Oursin, Serge Fautré, Sven Bosman, Bernd Stahli, and Jana Sehnalova. It was an engaging conversation about the challenges and opportunities shaping the real estate sector. Here’s what I shared: 🔹 Sustainability and energy innovation: At Montea, we’re doubling down on renewable energy projects, with plans to reach 135 MWp in solar capacity and 100 MWh in battery storage by 2027. These initiatives go beyond meeting current needs—they’re about driving real change toward a sustainable future. 🔹 Investment priorities: We continue to focus on attractive in-house developments, value-add projects, and energy initiatives. This strategy ensures we stay profitable while maintaining a long-term vision for growth. 🔹 Balancing growth and discipline: Our Track27 growth plan sets bold goals: €3.5 billion in portfolio value by 2027 and a 6% annual EPS growth, all while keeping our cost of debt below 2.5%. It’s about staying ambitious while navigating an unpredictable market. 🔹 Opportunities ahead: Logistics real estate remains a strong market with high rent reversion potential, and new areas like data centers are emerging as exciting growth avenues. Conversations like these remind me how dynamic and resilient our industry is—and why I’m so proud to be part of it. EPRA (European Public Real Estate Association), thank you for the invitation and the opportunity to share our insights during the panel discussion. #Montea #EPRAInsight #Sustainability #Innovation #Track27 #RealEstateLeadership Inna Maslova

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The German investment market shows diverging development trends in the 3rd quarter: While the wait for the upswing in commercial real estate continues, the housing market picked up again after a number of major deals. An increasing number of #portfolio sales made a significant contribution to this development. In the portfolio market, the #residential segment has once again taken the lead in all types of use. After a weak start to the year, six apartment packages, which were traded partly well above the €100 m mark, were registered between July and September. In the commercial sector, the portfolio share stabilized at the mid-year level of 22%. The basis continues to be formed by larger #logistics portfolios and a growing number of small-volume #retail portfolios. A further expected interest rate cut by the ECB will contribute to increased planning security for financiers and #investors. In the short term, these will do little to change the persistently high long-term financing costs and significant refinancing gaps. It remains to be seen whether this will also translate in a further increase in the number of forced sales. Potential buyers, on the other hand, can calculate with slightly positive leverage. DE: https://lnkd.in/eAVExC_p EN: https://lnkd.in/e6_qqFew

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"We need the Generalists" – I totally agree. I recently came across an interesting article on "Generalists" in the real estate market by Ferdinand Lohff in the "Immobilien Zeitung". Here's a (translated) quote: "I am firmly convinced: In a dynamic world, it is the generalist who will ultimately be more successful than the specialist." Considering myself a generalist, I couldn't agree more with Mr. Lohff 😉 Honestly, I faced significant challenges in the past. With a background in real estate, I spent several years in real estate investment before embarking on a new chapter in my career in IT. The beginning was tough – a new environment, new working methods, and 0% experience in IT projects. However, I quickly acquired the classic project management & business analysis skills, and to this day, I still benefit the most from having delved into numerous aspects of the real estate lifecycle, from planning to sales. Analyzing the diverse requirements of various stakeholders, breaking down silos, and building bridges to ensure smooth end-to-end processes – that's my strength. I'm confident that especially in the real estate industry, there are still many interdisciplinary bridges to be built! Do you agree with me?

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Deka Immobilien has sold an #office property in a prime location in Paris's eighth arrondissement. For the buyer, CDC Investissement Immobilier, the #property asset management subsidiary of Caisse des Depots. The asset also has excellent environmental credentials and benefits from an exceptional geographical location. The property comes from the #portfolio of the open-ended property fund Deka-Immobilien Europa. The parties have agreed not to disclose the sale price. The Ville I'Evêque office #building comprises 4,900m2 of leasable space with a spacious roof terrace and 75 parking spaces in an underground car park. The property is located in the heart of the Central Business District of #Paris, and thus boasts excellent #infrastructure. The building, which was originally constructed in 1977 and refurbished in 1996, was acquired by Deka in 2000. From 2021 to 2023, Deka carried out extensive core renovation work after the law firm Willkie Farr & Gallagher LLP moved out of the premises. The property was repositioned on the market and leased to the law firm Simmons & Simmons LLP on a long-term lease at significantly higher rents. The property has been rated "Very Good" by #BREEAM, the British certification for sustainable construction and has obtained high-performance certification from HQE #Sustainable Building. The successful repositioning enabled the fund management of Deka-ImmobilienEuropa to generate a substantial profit for investors. In addition to further cash inflows into the fund, the proceeds from the sale will help to maximise purchase opportunities for investors in an altered market environment.

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How will the extended Mietpreisbremse affect housing investors? In a significant move aimed at stabilizing the housing market, the German government has extended the Mietpreisbremse, or rent control law, through 2029. How will this affect investors' views of the German housing market? https://lnkd.in/d3WihHGS #Mietpreisbremse #rentbrake Deutscher Mieterbund Lukas Siebenkotten @Dr. Andreas Mattner ZIA German Property Federation Michael Voigtländer Haus & Grund Deutschland e.V. Kai H Warnecke #Wohnungsmarkt

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German residential yields have #peaked and started compressing locally! Initial yields for German resi have experienced a marked correction over the last two and a half years. In 2024, yields have started to bottom out and there are first signs of a renewed pricing turnaround. How so? ➡️ A massive supply-and-demand mismatch is building pressure and is pushing residential rents across all market types – small and large cities, new-built and existing stock. ➡️ Despite the recent uptick in inflation, the interest rate environment has become much more favourable and the outlook for 2025 remains for further easing. ➡️ Investor interest is returning notably: Q4 2024 has seen more than 4 bn € of transactions. Lübke Kelber AG expects investor demand to remain high as many net-sellers of the last two years return to the market on the net-buyer side (notably #REOCs and #REITs). At the same time, #institutional #investment managers return to the playing field after having stood at the side lines for the last 24 months. ➡️ In times of high (geo-political) uncertainty, investor demand is focussed on the low-risk end of the spectrum – (German) residential is a highly income secure asset class. Combined, market fundamentals point to decent value growth in 2025 for #residential property in #Germany. The map below indicates the current pricing level for multifamily for 111 markets in Germany. 🔎 Lübke Kelber AG #Germanrealestate

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Understanding the space requirements of life science companies in each of their growth stages is paramount for developing the right real estate! Read more about it in my guest commentary @ CHEManager #lifescience #berlin

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Investments in #Living are most sought-after in current market environment. Institutional investors are desperately trying to either enter the market or expand existing business in Germany. In order to decide whether investment opportunities are attractive or not it is key to understand #regulations in specific #residential #markets! Together with Hogan Lovells Germany, Cushman & Wakefield have just recently published a new report on exiting regulations and their geographical spread throughout #Germany. Thanks a lot for that relevant intel! You can download the report via the link below! #living #residential #regulatory #investment #realestate #cushwake Cushman & Wakefield, Hogan Lovells, Stefanie Kern, LL.M., Kerstin Schoening, Maximilian Merkel, Helge Zahrnt MRICS, Karl Klaffke, Nicole Hock, Verena Saskia Bauer

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🔥 RICS Built Environment European Summit „We are in a reshape phase“ 🔥 Fireside chat with Prof. Dr. Sven Bienert MRICS REV and David Carlin we’re tackling one of the most significant challenges in the journey to net-zero real estate: retrofitting existing buildings. Prof. Dr. Sven Bienert MRICS REV and David Carlin highlighted that while creating new sustainable structures is relatively straightforward, addressing the current building stock presents a much bigger challenge. Energy intensity is a key driver in this effort, and finding solutions to reduce it will be essential for decarbonizing the built environment. This is where the real work lies as we move toward a climate-positive future. RICS RICS in Europe

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