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Investing in German real estate: a practical guide

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Bibliographic Details
Other Authors:	Hackelberg, Florian (Editor), Hennig, Dirk (Editor)
Format:	Book
Language:	English
Published:	Freiburg ; Munich ; Stuttgart Haufe Group 2021
Edition:	1st edition
Subjects:	Immobilienanlage Deutschland Immobilienmarkt / (DE-627)091366704 / (DE-STW)12031-1 Kapitalanlage / (DE-627)09136986X / (DE-STW)12280-1 Investmentfonds / (DE-627)091369088 / (DE-STW)12281-6 Grundstücksrecht / (DE-627)091364647 / (DE-STW)12028-4 Immobilienfinanzierung / (DE-627)091366666 / (DE-STW)18750-2 Immobilienbewertung / (DE-627)526549556 / (DE-STW)29662-2 Deutschland / (DE-627)091354749 / (DE-STW)18012-3 Aufsatzsammlung
Links:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032653358&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Physical Description:	380 Seiten Diagramme, Illustrationen, Karten
ISBN:	9783648146576

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adam_text	TABLE OF CONTENTS FOREWORD ................................................................................................................................... 13 FOREWORD FROM THE EDITORS ..................................................................................................... 15 I. FUNDAMENTALS-BASICSOFTHEGERMAN REAL ESTATE MARKET ................................. 17 1 MACROECONOMIC STRUCTURE OFTHE GERMAN REAL ESTATE MARKET .......................... 19 1.1 GERMAN MACROECONOMIC KEY INDICATORS ................................................................. 19 1.2 GEOGRAPHIC STRUCTURE OFTHE GERMAN REAL ESTATE MARKET ...................................... 22 1.3 GERMAN REAL ESTATE INDICATORS ................................................................................ 25 1.4 GERMAN REAL ESTATE INVESTMENT STRUCTURE .............................................................. 28 1.5 CONCLUSION: ATTRACTIVENESS AND COMPLEXITY ............................................................ 31 BIBLIOGRAPHY .......................................... 31 2 REAL ESTATE INVESTMENT TRENDS AND STRATEGY ........................................................ 33 2.1 INTRODUCTION .............................................................................................................. 33 2.1.1 GERMANY * S STABLE INVESTMENT FRAMEWORK ................................................. 33 2.1.2 POLYCENTRIC REALESTATE MARKETS ................................................................. 34 2.1.3 FOREIGN INVESTMENT ...................................................................................... 36 2.1.4 DEMAND SHIFT TOWARDS NICHE MARKETS ........................................................ 36 2.2 REAL ESTATE INVESTMENT STRATEGIES ........................................................................... 40 2.2.1 RISK PROFILES WITH CURRENT YIELD EXPECTATIONS ........................................... 40 2.2.2 STRATEGIES FOR EXISTING ESTATES ..................................................................... 41 2.2.3 EARLIER ENTRY INTO THE REAL ESTATE VALUE CHAIN ............................................. 43 2.2.4 COUNTERCYCLICAL INVESTMENT STRATEGY .......................................................... 44 2.3 DEAL SOURCING ............................................................................................................ 45 2.3.1 MAJOR BUYERS AND SELLERS ............................................................................ 45 2.3.2 ACQUISITION STRATEGIES .................................................................................. 47 2.3.3 LOCAL PARTNERS: INVESTMENT MANAGERS ...................................................... 50 2.3.4 COLLABORATION: JOINT VENTURES AND CLUB DEALS ........................................... 51 2.4 CONCLUSION .................................................................................................................. 52 BIBLIOGRAPHY .............................................................................................................. 52 TABLE OF CONTENTS II. MARKETS - GERMAN REAL ESTATE MARKET SECTORS ...................................................... 57 3 THE HOUSING MARKET IN GERMANY ............................................................................. 59 3.1 THE PROVIDER STRUCTURE IN THE GERMAN HOUSING MARKET ....................................... 59 3.2 RENTAL ACCOMMODATION IN GERMANY - THE MOST COMMON FORM OF HOUSING, HIGH QUALITY AND STABLE DEMAND ............................................................ 61 3.3 HOUSING CONSTRUCTION IN GERMANY AND DEMAND FOR NEW HOUSING ........................................................................................ 67 3.4 GERMAN RENT CONTROL ............................................................................................... 69 3.4.1 GERMAN CAPPING LIMIT ORDINANCE (SECTION 558 (3) OFTHE GERMAN CIVIL CODE (BGB)) ........................................................................... 69 3.4.2 RENTAL PRICE BRAKE (MIETPREISBREMSE) ........................................................ 69 3.4.3 BERLIN RENT PRICE CAP .................................................................................... 70 3.5 PRICE DEVELOPMENTS IN THE SALE OF RESIDENTIAL REAL ESTATE .................................... 71 3.6 CONCLUSION .................................................................................................................. 76 BIBLIOGRAPHY .............................................................................................................. 77 4 INVESTING IN GERMAN OFFICES .................................................................................... 79 4.1 INTRODUCTION .............................................................................................................. 79 4.2 GERMANY IS NOT PARIS ................................................................................................. 79 4.3 SMALLER IS LIQUID ......................................................................................................... 80 4.4 GDP GROWTH IS NOT ALONE .......................................................................................... 83 4.5 LOW YIELDS: SMALL MARGINS OF ERROR ........................................................................... 85 4.6 CO-WORKING REVISITED ............................................................................................... 87 4.7 SUSTAINABILITY MATTERS ............................................................................................... 88 4.8 THE WORLD ACCORDING TO COVID .................................................................................. 91 4.9 SUMMARY .................................................................................................................... 93 BIBLIOGRAPHY .............................................................................................................. 94 5 RETAIL PROPERTY INVESTMENT MARKET ....................................................................... 95 5.1 INTRODUCTION .............................................................................................................. 95 5.2 DEFINITION AND TYPES OF RETAIL .................................................................................. 95 5.2.1 LARGE-SCALE RETAIL .......................................................................................... 96 5.2.2 SMALL-SCALE RETAIL .......................................................................................... 98 5.2.3 COMMERCIAL BUILDINGS ................................................................................ 98 5.2.4 RETAIL AREA DEFINITION .................................................................................. 98 5.2.5 STRUCTURE AND ASPECTS OF RENTAL CONTRACTS ................................................. 99 5.3 RETAIL PROPERTY MARKET STRUCTURE ............................................................................. 102 5.3.1 ECONOMIC FRAMEWORK AND CONSUMER MARKETS ......................................... 102 5.3.2 PURCHASING POWER INDEX ............................................................................. 103 5.3.3 RETAIL LOCATIONS AND LOCATION FACTORS .......................................................... 105 6 TABLE OF CONTENTS 5.4 DEVELOPMENT OFTHE RETAIL PROPERTY INVESTMENT MARKET ....................................... 106 5.4.1 DEVELOPMENTOF RETAIL RENTS ....................................................................... 107 5.4.2 DEVELOPMENTOF PRIME YIELDS ..................................................................... 108 5.4.3 TRANSACTION VOLUMES .................................................................................. 109 5.5 CHALLENGES FOR THE RETAIL SECTOR AND CHANGING SHOPPING BEHAVIOUR ................. 110 5.6 SUMMARY AND OUTLOOK ............................................................................................. 112 BIBLIOGRAPHY .............................................................................................................. 112 6 THE LOGISTICS AND INDUSTRIAL PROPERTY INVESTMENT MARKET .................................. 115 6.1 INTRODUCTION .............................................................................................................. 115 6.2 DEFINITION AND TYPES OF LOGISTIC AND INDUSTRIAL PROPERTIES .................................... 116 6.2.1 TRANSHIPMENT CENTRES ................................................................................ 118 6.2.2 DISTRIBUTION PROPERTIES ................................................................................ 119 6.2.3 FULFILMENT CENTRES ........................................................................................ 120 6.2.4 CORPORATE REAL ESTATE WAREHOUSE AND PRODUCTION .................................... 121 6.3 THE GERMAN LOGISTICS INVESTMENT MARKET .............................................................. 123 6.3.1 THE LOGISTICS MARKET .................................................................................... 123 6.3.2 STRUCTURE OF THE GERMAN LOGISTICS MARKET ................................................. 124 6.3.3 INVESTMENT MARKET ...................................................................................... 127 6.3.4 DEVELOPMENTOF LOGISTICS RENTS ................................................................... 129 6.3.5 RENT CONTRACT CONDITIONS AND DURATIONS .................................................... 131 6.4 TRENDS IN THE LOGISTICS REAL ESTATE SECTOR .............................................................. 132 6.5 SUMMARY AND OUTLOOK ............................................................................................. 133 BIBLIOGRAPHY .............................................................................................................. 133 7 HOTEL INVESTMENT MARKET .......................................................................................... 137 7.1 INTRODUCTION .............................................................................................................. 137 7.2 SUPPLY AND DEMAND IN THE GERMAN HOTEL MARKET ................................................. 137 7.3 GERMAN HOTEL INVESTMENT MARKET ........................................................................... 141 7.4 TYPES OF HOTELS .......................................................................................................... 145 7.5 DEFINITIONS OFTHE MOST IMPORTANT KPIS FOR INVESTORS IN HOTELS ............................ 147 7.6 HOTEL-SPECIFIC KPIS AND GERMAN MARKET CHARACTERISTICS ....................................... 149 7.7 OPERATOR MODELS ........................................................................................................ 152 7.8 SUMMARY AND OUTLOOK ............................................................................................. 158 HOTEL DATA AND ADDRESSES ........................................................................................ 159 BIBLIOGRAPHY .............................................................................................................. 159 7 TABLE OF CONTENTS 8 NURSING HOME INVESTMENT MARKET ......................................................................... 161 8.1 INTRODUCTION ............................................................................................................... 161 8.2 TYPES OF CARE PROVISION AND PROPERTIES IN THE SENIOR HOUSING SEGMENT ........... 161 8.2.1 INPATIENT CARE/NURSING HOMES ................................................................... 162 8.2.2 ASSISTED LIVING ................................................................................................ 166 8.2.3 SELECTED ASPECTS OF RENTAL CONTRACTS .......................................................... 167 8.3 DEMOGRAPHICS ............................................................................................................. 168 8.4 MARKET AND LOCATION ANALYSIS FOR NURSING HOMES ................................................. 169 8.5 STRUCTURAL REQUIREMENTS FOR NURSING HOMES .......................................................... 171 8.6 REGULATORY FRAMEWORK .............................................................................................. 172 8.7 CONSOLIDATION AND CONCENTRATION IN THE NURSING HOME OPERATOR MARKET ......... 173 8.8 TRANSACTION MARKET AND PRIME YIELD DEVELOPMENT ............................................... 173 8.9 OPPORTUNITIESAND RISKS OF THIS ASSET CLASS ............................................................ 174 8.10 SUMMARY AND OUTLOOK .............................................................................................. 175 ORGANIZATIONS ............................................................................................................ 176 MARKET REPORTS DATABASES ........................................................................................ 176 BIBLIOGRAPHY .............................................................................................................. 176 III. FRAMEWORK - GERMAN REGULATORY REAL ESTATE FRAMEWORK ................................. 179 9 LEGAL REAL ESTATE INVESTMENT FRAMEWORK ............................................................ 181 9.1 INTRODUCTION .............................................................................................................. 181 9.2 ACCESSIBILITY ................................................................................................................ 181 9.3 ACQUISITION STRUCTURE ................................................................................................. 181 9.4 RELEVANT LEGAL ASPECTS FOR RISK ASSESSMENT .......................................................... 182 9.4.1 PROPERTY ......................................................................................................... 182 9.4.2 PUBLIC LAW ..................................................................................................... 187 9.4.3 LEASES ........................................................................................................... 190 9.5 ACQUISITION PROCESS ................................................................................................... 195 10 TAX ASPECTS OF REAL ESTATE INVESTMENTS IN GERMANY ........................................... 199 10.1 OVERVIEW .................................................................................................................... 199 10.2 INCOME TAX (EINKOMMENSTEUER) AND CORPORATE INCOME TAX (KORPERSCHAFTSTEUER) ............................................................ 200 10.2.1 RESIDENT COMPANIES AND INDIVIDUALS ........................................................ 200 10.2.2 NON-RESIDENT COMPANIES AND INDIVIDUALS ................................................. 205 10.3 WITHHOLDING TAX REGIME ........................................................................................... 205 10.4 TRADE TAX (GEWERBESTEUER) ........................................................................................ 207 10.4.1 EXTENDED TRADE TAX DEDUCTION (ERWEITERTEGEWERBESTEUERKURZUNG) ....... 208 10.5 REAL ESTATE TRANSFER TAX (GRUNDERWERBSTEUER) ........................................................ 208 10.6 VALUE-ADDED TAX (UMSATZSTEUER) ............................................................................. 212 10.7 LAND TAX (GRUNDSTEUER) ............................................................................................. 213 8 TABLE OF CONTENTS 10.8 GERMAN ANTI-HYBRID CONSIDERATIONS ....................................................................... 215 10.9 MANDATORY REPORTING OF CROSS-BORDER TAX ARRANGEMENTS .................................... 216 10.9.1 GENERAL REMARKS .......................................................................................... 216 10.9.2 REPORTABLE ARRANGEMENTS ........................................................................... 217 10.9.3 REPORTABLE PERSONS ...................................................................................... 217 10.9.4 PROCEDURESAND DEADLINES FOR REPORTING ................................................... 218 10.9.5 SANCTIONS FOR BREACHES OF THE REPORTING OBLIGATION .................................. 218 10.10 TAX SUMMARY ............................................................................................................ 219 11 REAL ESTATE ACCOUNTING ............................................................................................ 221 11.1 INTRODUCTION .............................................................................................................. 221 11.2 COMPONENTSOF ACCOUNTING AND THEIR FUNCTIONS ................................................... 221 11.3 ACCOUNTINGAND VALUATION PRINCIPLES ....................................................................... 224 11.3.1 ALLOCATION TO FIXED ASSETS OR CURRENT ASSETS ............................................... 224 11.3.2 ACQUISITION OR PRODUCTION COSTS ................................................................. 226 11.3.3 DEPRECIATION AND APPRECIATION ................................................................. 229 11.4 CONCLUSION AND MEANINGFULNESS OF THE VALUATIONS ................................................. 231 BIBLIOGRAPHY .............................................................................................................. 232 12 REAL ESTATE INVESTMENT TRUST (REITS) IN GERMANY FROM THE PERSPECTIVE OF INVESTORS .......................................................................................... 233 12.1 INTRODUCTION .............................................................................................................. 233 12.2 TWO MAJOR TYPES OF REIT INVESTOR ............................................................................. 233 12.2.1 SPECIALISTS * (DEDICATED REAL ESTATE INVESTORS * ) VIEW .................................. 234 12.2.2 GENERALISTS * (EQUITY FUNDS MANAGERS * ) VIEW ............................................... 237 12.3 INVESTORS * VIEW ON THE GERMAN REIT ....................................................................... 237 12.3.1 QUALIFYING ACTIVITIES .................................................................................... 238 12.3.2 RESIDENTIAL REAL ESTATE CONSTRUCTED BEFORE 2007 DOES NOT QUALIFY FOR REIT STATUS .................................................................................. 238 12.3.3 TRADING OF PROPERTIES: DISPOSALS LIMITED TO 50% OF THE AVERAGE INVESTMENT PORTFOLIO WITHIN FIVE YEARS ....................................... 238 12.3.4 GEARING: LIMITED TO 45 % OF THE IMMOVABLE PROPERTY (VALUED AT IAS 40 FAIR VALUE METHOD) .......................................................... 239 12.3.5 PAYOUT RATIO ................................................................................................. 239 12.3.6 TAXATION OF PROFIT AT REIT LEVEL ................................................................... 239 12.3.7 TAXATION AT SHAREHOLDER LEVEL ..................................................................... 240 12.3.8 POSSIBLE DOUBLE TAXATION FOR INVESTORS PAYING CORPORATION TAX ............... 240 12.4 THE GERMAN REIT SECTOR ........................................................................................... 241 12.5 CASE STUDY: HAMBORNER REIT AG ............................................................................ 244 12.5.1 ABSTRACT AND OUTLOOK ................................................................................. 247 BIBLIOGRAPHY .............................................................................................................. 248 9 TABLE OF CONTENTS 13 ESG IN GERMAN REAL ESTATE INVESTMENTS ................................................................ 249 13.1 POLITICAL AND REGULATORY BACKGROUND ..................................................................... 250 13.1.1 SUSTAINABLE DEVELOPMENT GOALS .................................................................. 250 13.1.2 EU ACTION PLAN ON FINANCING SUSTAINABLE GROWTH .................................... 252 13.1.3 THE EUROPEAN GREEN DEAL ........................................................................... 255 13.1.4 EU TAXONOMY REGULATION ........................................................................... 255 13.1.5 EU DISCLOSURE REGULATION ........................................................................... 256 13.1.6 GERMAN ENERGY REGULATIONS ....................................................................... 257 13.2 MARKET TRENDS AND VALUE DRIVERS ............................................................................. 259 13.2.1 STAKEHOLDERS * DEMANDS ............................................................................... 259 13.2.2 MARKET TOOLS AND INDUSTRY INITIATIVES (I.E. VOLUNTARY REQUIREMENTS) ....... 262 13.3 OVERVIEW OF ESG MEASUREMENT AND KEY PERFORMANCE INDICATORS (KPI) ........... 264 13.3.1 MEASUREMENT METHODOLOGY OF ESG CRITERIA ............................................. 266 13.3.2 ENVIRONMENTAL, SOCIAL AND GOVERNANCE CRITERIA ....................................... 266 13.4 IMPLEMENTATION IN INVESTMENT PROCESSES (ESG DUE DILIGENCE) ............................ 273 13.4.1 TRANSACTIONSAND PROJECT DEVELOPMENT .................................................... 273 13.4.2 CAPEX INVESTMENTS ...................................................................................... 274 13.4.3 CHALLENGES ................................................................................................... 274 13.4.4 BEST PRACTICE GUIDANCE ................................................................................ 275 13.5 IMPLEMENTATION IN CONTRACTSAND LEGAL DOCUMENTATION ..................................... 277 13.5.1 GENERAL CONSIDERATIONS ............................................................................... 277 13.5.2 COMMON UNDERSTANDING OF THE PARTIES .................................................... 278 13.5.3 CLAUSES ON DATA EXCHANGE ........................................................................... 278 13.5.4 ADAPTATION TO NEW REGULATORY REQUIREMENTS AND/OR MARKET TRENDS .... 279 13.5.5 RECOMMENDATIONS FOR DIFFERENT LIFE-CYCLE PHASES .................................... 280 13.6 OUTLOOK ........................................................................................................................ 282 IV. MANAGEMENT - GUIDELINES FOR INVESTING IN GERMAN REAL ESTATE .......................... 283 14 REAL ESTATE MERGERS & ACQUISITIONS ......................................................................... 285 14.1 REAL ESTATE M&A PROCESSES ........................................................................................ 285 14.1.1 INTRODUCTION ................................................................................................. 285 14.1.2 AUCTION AND OFF-MARKET PROCESS .................................................................. 286 14.2 BEST PRACTICES ............................................................................................................ 291 14.2.1 AVOID NDA BREACHES .............................................. 291 14.2.2 UNDERSTAND BUY-SIDE TRANSACTION COSTS .................................................... 291 14.2.3 PAY ATTENTION TO POTENTIAL BROKER FEES ...................................................... 292 14.2.4 UNDERSTAND THE TRANSACTION AND COMMUNICATE WITH THE SELL-SIDE ......... 293 14.2.5 AVOID EXITING THE PROCESS RIGHT BEFORE SUBMITTING INDICATIVE OFFERS ........ 293 14.2.6 STAND BY YOUR INDICATIVE OFFER ..................................................................... 294 14.3 CONCLUSION .................................................................................................................. 294 BIBLIOGRAPHY ............................................................................................................................. 295 10 TABLE OF CONTENTS 15 FINANCING REAL ESTATE IN GERMANY ......................................................................... 297 15.1 SOURCES OF CAPITAL ..................................................................................................... 297 15.2 TYPES OF SECURITY ....................................................................................................... 298 15.2.1 LAND CHARGE AND MORTGAGE ......................................................................... 298 15.2.2 OTHER SECURITY ............................................................................................... 301 15.3 LONG-TERM DEBT FINANCING ........................................................................................ 301 15.3.1 CHARACTERISTICS ............................................................................................. 301 15.3.2 MORTGAGE LOANS ........................................................................................... 303 15.3.3 LINEAR-PAYBACK MORTGAGE LOAN ................................................................. 311 15.3.4 INTEREST-ONLY LOANS ...................................................................................... 314 15.3.5 BUILDING SOCIETIES ........................................................................................ 316 15.4 CONCLUSION .................................................................................................................. 317 BIBLIOGRAPHY .............................................................................................................. 318 16 REAL ESTATE VALUATION IN GERMANY ........................................................................... 319 16.1 INTRODUCTION .......................................... 319 16.2 BASIS OF VALUATION ....................................................................................................... 319 16.2.1 VALUE DEFINITION AND CONCEPT .......................................... 319 16.2.2 PURPOSE OF VALUATION .................................................................................. 320 16.3 VALUATION FRAMEWORK IN GERMANY ........................................................................... 321 16.3.1 IMMOBILIENWERTERMITTLUNGSVERORDNUNG .................................................. 322 16.3.2 COMMITTEE OF VALUATION EXPERTS (GUTACHTERAUSSCHUSS FUR GRUNDSTUCKSWERTE, GAA) .................................... 324 16.3.3 STANDARD LAND VALUE (BODENRICHTWERTE, BRW) ........................................... 325 16.3.4 VALUATION EXPERTSAND ORGANIZATIONS .......................................................... 325 16.3.5 VALUATION PROCESS ........................................................................................ 325 16.3.6 FUNDAMENTALS FOR DETERMINING THE VALUE OF LAND ..................................... 326 16.4 VALUATION METHODOLOGIES ......................................................................................... 327 16.4.1 MARKET APPROACH ......................................................................................... 327 16.4.2 INCOME APPROACH ........................................................................................ 328 16.4.3 COST APPROACH ............................................................................................. 332 16.4.4 NON-STANDARDIZED VALUATION METHODS ...................................................... 333 16.4.5 DERIVATION OF THE MARKET VALUE ................................................................... 335 16.5 FUNDAMENTALSFOR DETERMINING THE MORTGAGE VALUE ............................................. 335 16.6 PRACTICAL VALUATION ASPECTS TO CONSIDER IN THE INVESTMENT PROCESS ..................... 336 16.6.1 NATIONAL VS. INTERNATIONAL VALUATION METHODOLOGIES ................................ 336 16.6.2 USE OFTHE VALUATION REPORT AND RELATED REQUIREMENTS ............................ 337 16.6.3 CLEAR DEFINITION OF VALUATION SUBJECT: ASSET VS EQUITY .............................. 337 11 TABLE OF CONTENTS 16.6.4 QUALIFICATIONS OF THE VALUER ......................................................................... 338 16.6.5 PLAUSIBILITY OF THE VALUATION AND REASONABLE VALUATION ASSUMPTIONS ................................................................................ 338 16.7 CONCLUSION .................................................................................................................... 339 REAL ESTATE DATA AND ADDRESSES ............................................................................... 339 BIBLIOGRAPHY .............................................................................................................. 340 17 FINANCIAL DUE DILIGENCE IN THE GERMAN REAL ESTATE MARKET ................................... 343 17.1 INTRODUCTION ............................................................................................................... 343 17.2 DEFINITION, TIMING AND GOALS OF FDDS IN REAL ESTATE .............................................. 343 17.3 CONTEXT OF FDD SERVICES ............................................................................................ 345 17.3.1 BUY-SIDE FINANCIAL DUE DILIGENCE ................................................................ 345 17.3.2 VENDOR FINANCIAL DUE DILIGENCE ................................................................... 346 17.3.3 VENDOR ASSISTANCE ........................................................................................ 347 17.4 FINANCIAL DUE DILIGENCE IN AN ASSET DEAL - ANALYSIS OF THE PROPERTY NET OPERATING INCOME ............................................................................... 348 17.4.1 SUBJECT AND GOAL OF ASSET DEAL FDD ............................................................ 348 17.4.2 CONSIDERATIONS REGARDING THE TYPE OF USE ................................................. 349 17.4.3 ASSESSMENT OF DATA ...................................................................................... 351 17.4.4 ANALYSISOF RENTAL INCOME ........................................................................... 352 17.4.5 ANALYSIS OF SERVICE CHARGES AND SERVICE CHARGE LEAKAGE .......................... 353 17.4.6 ANALYSISOF QUALITY OF EARNINGS ................................................................... 355 17.4.7 NOI PROJECTIONS ............................................................................................ 356 17.4.8 OBLIGATIONS IN AN ASSET DEAL ....................................................................... 357 17.5 FINANCIAL DUE DILIGENCE IN A SHARE DEAL - SUPPORTING THE DEAL CONSIDERATIONS AND SPA ............................................................................................ 358 17.5.1 CONSIDERATIONS FOR REAL ESTATE DEALS ........................................................... 358 17.5.2 ASSESSMENT OF DATABASE ............................................................................. 360 17.5.3 REVIEW OF THE BALANCE SHEET -QUALITY OF NET ASSETS ................................ 362 17.5.4 IMPACT OFTHE FDD ON THE SALE AND PURCHASE AGREEMENT ........................ 365 17.6 CONCLUSION .................................................................................................................. 368 BIBLIOGRAPHY .............................................................................................................. 369 THE EDITORS AND AUTHORS ......................................................................................................... 371 12
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language	English
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physical	380 Seiten Diagramme, Illustrationen, Karten
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spellingShingle	Investing in German real estate a practical guide Immobilienanlage (DE-588)4120474-8 gnd
subject_GND	(DE-588)4120474-8 (DE-588)4011882-4 (DE-588)4143413-4
title	Investing in German real estate a practical guide
title_auth	Investing in German real estate a practical guide
title_exact_search	Investing in German real estate a practical guide
title_full	Investing in German real estate a practical guide Florian Hackelberg/Dirk Hennig (eds.)
title_fullStr	Investing in German real estate a practical guide Florian Hackelberg/Dirk Hennig (eds.)
title_full_unstemmed	Investing in German real estate a practical guide Florian Hackelberg/Dirk Hennig (eds.)
title_short	Investing in German real estate
title_sort	investing in german real estate a practical guide
title_sub	a practical guide
topic	Immobilienanlage (DE-588)4120474-8 gnd
topic_facet	Immobilienanlage Deutschland Aufsatzsammlung
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