Surprise for Christmas – €20bn Invested in German Indirect Real Estate
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Dear property professional,
we have just published the Q1 edition of our Real Estate News looking at FY 2016 net capital inflows into German indirect property investment vehicles:
- €20.3bn invested in FY2016*
- Listed Real Estate: Back to Zero (almost)
- Inst. Open-End Funds: Back to Records
- Public Open-End Funds: Back to Normal
*) including Closed End Funds
The complete newsletter can be downloaded …
Summary:
In Q4 2016 indirect real estate vehicles accounted for net capital inflows of €6.5bn up 36% yoy. Due to the incredibly strong final quarter FY 2016 inflows reached yet another record exceeding the previous year, also the previous record for inflows, by 5%. 9m figures had still been 6% below the year ago period. The FY2016 record is therefore surprising. (Chart 1 & 2)
Listed RE inflows were soft again in Q4 2016 at € 0.5bn up 11% yoy. Nonetheless, our number almost entirely consists of €0.5m of capital issued by Vonovia to conwert shareholders as part of the takeover offer. As a consequence deals exceeding €100m were absent in Q4. (Chart 2 & 3)
Q4 2016 was the best ever quarter for net inflows into institutional OEFs by a wide margin. Net inflows totalled €4.9bn up more than 60% on the previous record quarter (Q4 2015). Apparently Q4 seasonality is getting stronger every year for institutional OEFs. (Chart 2 & 4)
