b e r l i n

C o l o g n e

D u s s e l D o r f

f r a n k f u r t

H a m b u r g

m u n i C H

s t u t t g a r t

A guide to investing in Germany

A guide to investing in Germany Introduction | 3

IntroductIonInvestInG In Germany

Germany is one of the largest Investment Markets in Europe, with an average commercial transaction volume of more than €25 bn (2007-2012). It is a safe haven for global capital and offers investors a stable financial, political and legal environment that is highly attractive to both domestic and international groups.

This brochure provides an introduction to investing in German real estate. Jones Lang LaSalle has 40 years experience in Germany and today has ten offices covering all of the major German markets. Our full-service real estate offering is unrivalled in Germany and we look forward to sharing our in-depth market knowledge with you.

Timo Tschammler MSc FRICSInternational DirectorManagement Board GermanyOffice and Industrial, Jones Lang LaSalle

Germany enjoys a thriving, robust and mature real estate market which is one of the cornerstones of the German economy. Knowledge of the details of the law, the real estate market and its players has been one of Clifford Chance’s core competences for decades and forms the basis of the most experienced, integrated and largest real estate legal practice in Germany. We will help you achieve your goals and minimise legal risks during the whole life cycle of your real estate investments, wherever your investment strategy takes you.

Cornelia ThalerPartnerHead of Real Estate Germany, Clifford Chance

HAMBURG

DÜSSELDORFCOLOGNE

FRANKFURT

STUTTGART

MUNICH

BERLIN

30

MIN FLIGHT TIME

1HR FLIGHT TIME

1HR 30MIN FLIGHT TIME

2HR FLIGHT TIME

PORTUGAL

Lisboa (Lisbon)Setúbal

Selfoss Egilsstadir

AkureyriSaudharkrokur

Keflavik Reykjavik

Borgarnes

ísafördur

ICELAND

SERBIA

KOSOVO

UNITED KINGDOM

FRANCE

SWITZERLAND

SPAIN

ITALY

NETHERLANDS

DENMARK

NORWAY

SWEDEN

FINLAND

ESTONIA

LATVIA

LITHUANIA

BELARUS

POLAND

SLOVAKIA

AUSTRIA

SLOVENIA

CROATIA

HUNGARYROMANIA

BOSNIA &HERZEGOVINA

BULGARIA

MACEDONIA

ALBANIA

GREECE

CZECH REPUBLIC

UKRAINEBELGIUM

IRELAND

LONDON

PARIS

MADRID

BERN

ROME

AMSTERDAM

COPENHAGEN

OSLO

STOCKHOLM

HELSINKI

TALLINN

RIGA

VILNIUS

MINSK

WARSAW

BRATISLAVA

BUDAPEST

BUCHAREST

BELGRADE

SARAJEVO

PRESTINASOFIA

SKOPJE

ATHENS

TIRANA

VIENNA

LJUBLJANA

ZAGREB

PRAGUE

KIEV

BRUSSELS

LUXEMBOURG

DUBLIN

BELFAST

EDINBURGH

HAMBURG

DÜSSELDORF

COLOGNE

FRANKFURT

STUTTGART

MUNICH

BERLIN

b e r l i n

C o l o g n e

D u s s e l D o r f

f r a n k f u r t

H a m b u r g

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German Overview | 5

overvIew ofGermany

comPetItIve advantaGes of Germany

Germany is the strongest economy in Europe and one of the largest worldwide. It plays a leading role in the European Union (EU) and benefits from the customs duty exemptions that this membership provides. This membership allows Germany to take advantage of free trade between the community’s 27 member states. Germany accounts for 20% of Europe’s GDP (EU-27) and is home to 16% of the total European Union population. The German economy is both highly industrialised and diversified – with equal focus placed on services and production.

The capital city of Germany is Berlin, however Germany is a Federal Republic with sixteen “Bundesländer”. Every “Bundesland” has state legislatures, political institutions and administration. The federal structure ensures the division of authority between the Federal Government and the “Länder”. For this reason there are some differences between the administrative / legislative protocols of the Länder, such as Building Codes or certain tax levels. From an economic perspective, this federal structure presents investors with a range of opportunities due to the variety of conditions found across the German regions and cities.

German manufacturing is internationally renowned for its quality output and leading-edge design and technology. German chemical, automotive, and machinery & equipment manufacturing industries are recognised globally. Germany’s

main trading partners include not only European countries such as France, the UK, Italy, and the Netherlands, but international markets such as the United States, China and Russia.

“Made in Germany” is a pseudonym for quality. This reputation has been built on the consistent innovation shown by German companies, making them global leaders in the development of new technologies. German dominance in the development of new technologies continues to this day; in 2012 Germany had almost twice as many patents approved as France and Great Britain combined.

Germany is the leading global force in high-tech solutions with German Engineering being a globally demanded commodity. This dominance looks set to continue with 11% of all university graduates having an engineering degree.

Environmental research and technologies are also an area in which Germany will continue to lead. Germany is already established as a global pioneer in developing renewable and environmental technologies and this trend looks set to continue.

Germany places strong emphasis on sustainability of the environment and encourages big companies take part in “Corporate-Sustainability” for a healthy world. National targets are aiming to reduce CO2 emissions by 80% to 60% in 2050.

QualIty of lIvInG survey

rank city country

1 Vienna Austria

2 Zurich Switzerland

3 Auckland New Zealand

4 munich Germany

5 Vancouver Canada

6 düsseldorf Germany

7 frankfurt Germany

8 Geneva Switzerland

Source: MERCER Ranking 2012

German economy overvIew

10Germany has the largest GDP and population in Europe with four cities having a population of greater than 1 million.

First Class Infrastructure. Germany is Europe’s number one logistic market. A first-class transportation and communications network assures just-in-time delivery.

Germany has nine major international airports: Frankfurt/M, Munich, Düsseldorf, Berlin, Hamburg, Cologne, Leipzig, Hannover and Stuttgart.

Germany has highly developed economic and political legislation, providing the necessary legal framework for the protection of investments.

Germany, based on a 2013 survey of more than 26,000 people in 25 countries, is the world’s most popular country.

Economic diversity; manufacturing and the provision of services provide two distinct, yet complementary grounds from which the strong and stable German economy is anchored. The manufacturing sector is one of the largest

and strongest in the world. Small and medium-sized enterprises (SME) are also an important part of the German economy with almost 60 % of all employees are working in SME’S.

Germany is one of the big three global exporters (alongside China and the US). This supply-side strength is one of the main drivers in making Germany one of the top targets for international investors.

Germany has one of the lowest unemployment rates in Europe and worldwide. Alongside this, Germany benefits from an excellent standard of workforce, due to the quality of education and vocational training available.

The renewable energy sector in Germany is the most innovative and successful in the world.

Liquid Markets. Due to Germany’s federal nature, it has many strong cities; this variety brings with it opportunities for diversification (There are 70 cities with more than 100,000 inhabitants).

the variety of opportunities and competitive occupational costs make germany an excellent destination for investment.

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A guide to investing in Germany Legal Overview | 7

leGalovervIew

1.0 ownershIPIn Germany, ownership title is one of the fundamental individual rights, protected by the constitution. The owner of an asset such as real estate has the unlimited rights of use, enjoyment of the fruits of their asset (rents, natural resources, interest payments etc), disposal, letting, and the right to bequeath to someone.

The most common form of real estate ownership title is full freehold title. Of lesser importance is condominium ownership (Wohnungseigentum), or quasi-ownership forms such as hereditary building rights (Erbbaurechte) or usufruct rights (Nießbrach). The ownership title of real estate assets are always registered in the land register, as are the most important encumbrances which can rest on real property (such as mortgages).

1.1 full freehold ownershIPFull freehold ownership is the ownership over a plot of land. As a matter of law, immovable fixtures, most importantly buildings, are considered an integral part of the land. Thus, whoever is registered as the owner of the freehold in the land register, also owns the buildings on the land. Full freehold ownership can be charged either for financing purposes with mortgages or with liens permitting/prohibiting certain conduct (e.g. cable rights, right of way etc).

Ownership title is transferred from one owner to the next through the registration of ownership title in the land register. Registration of the ownership title is based on an agreement between the purchaser and the vendor. This agreement must always be notarised before a notary; if not notarised, an agreement to transfer real estate is void under German law, and a land register will refuse to transfer ownership title. The transfer of ownership title is usually affected some weeks after the commercial closing between the parties has taken place. There are certain legal safeguards in place to ensure that both the purchaser and the vendor of real estate can enter into and execute a transaction involving real estate, despite being unable to close the transaction themselves.

1.2 condomInIum ownershIPCondominium ownership is the result of the separation of individual units in a building. Residential properties are commonly held in this way, especially in larger German cities. However, this form of ownership is not common for commercial purposes, such as offices (which are usually owned in full freehold ownership).

Condominium ownership consists of the ownership of a specific part of the building, usually the rooms of the apartment (Sondereigentum), and the co-ownership, together with all other condominium owners, of the communal parts of the building (Gemeinschaftseigentum), such as elevators, staircases and gardens.

The relationship between the condominium owners is governed by a contract, which governs how decisions relating to the whole of the real estate are reached, and how costs are shared. In larger condominiums, there will be condominium administrator in charge of managing the affairs of the condominium owners.

Condominium ownership is freehold ownership, albeit of only a part of a building, and as such can be let and sold on in the same way.

1.3 heredItary buIldInG rIGhtsHereditary buildings rights are a type of quasi-ownership rights to real estate. They are similar to freehold ownership insofar as they entitle the owner to use a plot of land. They can be sold, bequeathed and charged with mortgages and liens. But a hereditary building right is only temporary, and after the term of the hereditary building right has passed, the right ceases to exist and the usage rights are, with all other rights, conferred back to the full freehold owner.

Hereditary ownership rights are bought about by the agreement between the full freehold owner and the beneficiary of the hereditary building right. The right needs to be registered in the land register; for the hereditary building right, an additional land register page is formed to register all changes in title to this quasi-ownership right.

Typically a hereditary ownership right lasts for 99 years, but it is possible to extend this. Hereditary building rights are used by entities which, while allowing third parties to use and redevelop a plot of land on a very long-term basis, hesitate to sell full freehold ownership. The most prominent examples are German municipalities and the Christian churches, both of which make use of hereditary building rights regularly.

A guide to investing in Germany Leasing Overview | 9

leasInGovervIew

Commercial buildings and properties are often let through commercial lease agreements. Commercial leases are governed by special provisions of the German Civil Code. This law leaves most matters up for agreement between the parties, but provides fall-back provisions on which the parties can rely if they do not choose to deviate from the general rule of the law. Some of these provisions are pro-landlord, others are more pro-tenant. In general, German lease law can be said to have a slight bias towards the tenant, more than for example in the UK, but less than in France.

A German lease agreement will always contain provisions on the following issues:

1.1 rent objectThis needs to be clearly defined to avoid problems.

1.2 duratIonUnder German law, the parties are free to agree to a fixed term, or can leave the duration of a lease agreement unspecified. In the latter case, a commercial lease is generally terminable with six to nine months’ notice. If a fixed term is agreed upon, the term is subject to market practice. Retail properties tend to be let for 10-15 years, whereas office buildings usually are let for an initial term of 5-10 years, and shorter terms thereafter. Other usages can result in different market-standard terms. Contractual renewal options are common, but not a matter of statutory law; they must be agreed upon by both parties.

The term of a commercial lease can, as a matter of law, not exceed 30 years; after that time, both parties can terminate the lease, even if the contract stipulates a longer period. In practice, there is a legal requirement that leases with a duration of more than one year must meet “written form” requirements. This does not only mean that all material parts of the agreement which form the lease agreement must be in writing, but furthermore that all parts of the lease must form one “deed”. There are different ways to comply with these requirements. If a lease does not comply with the legal requirements of written form, it remains valid and in force, but after one year may be terminated by either party as if the lease had an unspecified term, i.e. six to nine months’ notice.

1.3 rentThe rent can, and is, freely agreed between the parties of commercial leases. All the usual permutations of rent calculations can be found in Germany (fixed rent, turnover rent, mix of both etc.), including all methods of incentivising tenants (rent-free periods etc.).

The rent review mechanism in Germany links changes in rent to inflation (VPI – the German consumer price index). Often this mechanism involves a hurdle rate at which point the change in rent will be triggered; once triggered the passing rent will be amended to reflect the change in VPI. Frequently however, the change in VPI is not fully incorporated in the new rent. For instance a standard rental increase may outline that after a given change in VPI, then the rent will be affected by 90% of this change. It should be noted that rental adjustments, while possible in principle, must allow for increase as well as decrease of rent, reflecting the current market situation, to be valid. The only exception is if a rent step-up plan is explicitly agreed upon in advance. But “upward-only” rent reviews are not permissible in German law.

Rent usually consists of the true compensation for the usage of the property, as well as a prepayment by the tenant on costs the landlord has vis-a-vis third parties (e.g. waste disposal, utilities, ground rent etc.). Unless the lease explicitly provides for such costs to be borne by the tenant, the landlord must carry them. It is standard to refer to certain legal provisions listing the most important kinds of ancillary costs. However, in some markets tenants refuse to carry certain costs (e.g. ground tax). In this case, the landlord must deduct these expenses from his income to calculate the true net rent.

1.4 maIntenance and rePaIrsUnless otherwise agreed between the parties, the obligation to perform and pay for maintenance and repairs is upon the landlord. However, it is common for the tenant to take over the execution and costs of certain maintenance and repair works, whereas the landlord will be responsible only for structural issues (Dach und Fach). Alternatively, a landlord can reach an agreement where the tenant will be responsible even for these structural issues; however this is less common. German courts will closely scrutinise such agreements and are not shy of holding such provisions invalid if agreed upon due to overwhelming market power of the landlord.

1.5 sublettInG / assIGnmentSubletting is permissible under German law, but usually subject to agreement between the parties which restrict the tenant’s possibilities of sub-letting. The unilateral assignment of a lease by the tenant to a third party is, unless specifically allowed and provided for in the lease agreement, not possible under German law. If not specifically allowed and provided for, it always requires the consent of the landlord.

However, in the event of a sale the lease will follow the land, i.e. the purchaser of the real estate becomes landlord replacing

the vendor. There are only few exceptions to this rule; most notably, the original landlord will remain responsible for any rent security provided to them by tenants. In the worst case, the tenant can claim back the rent security from the original landlord even if they no longer own the property and have passed the security on to the acquirer of the property. As a result, there are usually specific agreements relating to such security in purchase agreements.

1.6 acQuIsItIon oPtIonsAgreements between tenants and landlord which entitle one party to ask for the property to be sold are not uncommon. However, they do require valid notarisation.

1.7 taxGerman commercial lease agreements regularly are subject to VAT, provided that the tenant is an entity which can reclaim VAT. There are certain types of tenants which are not, such as doctors or banks. This can lead to complications in the tax treatment of the property which require specialist advice by tax experts.

standard rental terms office retail logistics

Rents 2/m²/month 2/m²/month 2/m²/month

Typical lease term 5-10 years 5-10 years (High Street) 3-5 years for existing properties and 7-10 years for new space

Frequency of rent payable

Monthly in advance Monthly in advance Monthly in advance

Typical rent deposit (expressed in months)

3-6 months Negotiable Negotiable

Basis of rent increase at review

VPI with hurdle rates VPI with hurdle rates VPI with hurdle rates

Frequency of rent increases

Annual Indexation Annual Indexation Annual Indexation

A guide to investing in Germany Environmental Overview | 11

envIronmentalovervIew

Green buIldInGs – sustaInabIlIty In GermanyGermany is pursuing an ambitious program of transforming the real estate industry from one of the largest consumers of fossil fuels to an entity governed by the principles of sustainability. The Energieeinsparverordnung 2009 (EnEV 2009) is a piece of legislation which deals with energy consumption and energy efficiency of buildings. Under this regulation, old and inefficient heating systems must be replaced by efficient new ones and air conditioning systems must be regularly inspected by experts. Furthermore, all buildings must have energy certificates (Energieausweis), which must be presented when selling or letting a building.

These regulations will be made tougher in the coming years, with the aim of tightening the obligations. New buildings will have to observe ambitious energy efficiency standards; it is also possible that these stringent new regulations could be extended to existing buildings as well. The new regulations will oblige property owners to state the energy consumption and efficiency of their building when advertising their buildings for purchase or rental purposes. As of 2021, all newly constructed buildings must be so-called minimal-energy buildings, i.e. require zero energy for heating, or even produce energy. Buildings built by public entities will have to achieve this by 2019.

The objective of these activities is to reduce the carbon footprint of buildings, both new and existing. These changes will have important implications on the allocation of the cost burden between landlords, tenants and (via subsidies or tax breaks) the government. Recent laws allow landlords to increase rent as a result of energy efficiency measures, such as added insulation, new heat-insulating windows, more efficient heating systems etc. However, these increases are limited to 11% of the rent. In addition, the tenant’s right to reduce the rent as a result of the disturbances and nuisances related to the construction work associated with such measures is now limited to only those construction measures which exceed three months.

All of these measures have led to the rise of certificates confirming compliance with applicable energy-efficiency laws, and even stricter standards, in German commercial real estate. For instance, it is now extremely rare for trophy office buildings to be built without such certificates. Common certificates are the German “Deutsches Gütesiegel Nachhaltiges Bauen” (DGNB) and “Bewertungssystem Nachhaltiges Bauen” (BNB), but other certificates such as the US “Leadership in Energy and Environmental Design” (LEED) certificate or the UK’s BREEAM are also present in the German market. These certificates are becoming increasingly important in minds of many institutional investors. This trend of sustainability in real estate is set to continue.

contamInatIon of land or buIldInGsWhen land becomes polluted or a building becomes contaminated, the responsibility to remediate this usually lies with the owner. However, if the polluter can be determined, they too can be held responsible. Property tenants are usually not held liable, unless they caused the pollution. Under German law, a property owner cannot relieve itself from clean-up liability by selling or abandoning the land (concept of “eternal land-owners clean-up liability”). Indemnification clauses in agreements with property purchasers only allocate liability between the contract parties and significantly not in relationship to the authorities.

Action to clean up can be brought either by the authorities, or by certain private parties (mainly property owners and neighbours). The procedure can take time and involves exact evaluation of the issues, agreement of possible remedies, planning and execution of remediation work and monitoring of the results. Usually, environmental / technical experts are involved. The process regularly is carried out in co-operation between the authorities and the party responsible for clean-up.

In most German states, if contamination is found it must be reported to the authorities. There is no legal obligation by the owner to actively search for contamination of the land or buildings. However, for some contaminants (such as asbestos), best management practices adopted by market participants, and also workplace safety and insurance requirements have led to thorough investigations of the majority of commercial buildings. There is no automatic obligation to remove contaminants (e.g. asbestos, PCB). Whether or not contaminants can remain in the building depends on the result of an assessment of the danger posed in each individual case.

envIronmentally materIal facIlItIesBuildings or industrial facilities which may have an adverse impact on the environment and the surroundings, especially local neighbours, require permitting under special environmental laws. These deal with environmental hazards and nuisances such as noise, air pollution, waste disposal, wastewater discharge, and many others. Environmental regulation is comprehensive and complex in Germany, as can be expected in a developed, mature industrialised nation; much of it is determined by EU law. Specialised authorities of the Federal States are responsible for the permitting process and compliance monitoring of such facilities, which are governed under the German Federal Emission Protection Act (Bundes-Imissionsschutzgesetz) and many other environmental laws. Depending on the kind of facility, the permitting process can be very time-consuming and elaborate and involve several public hearings. Smaller installations are subject to lesser requirements. Non-industrial real property usually is not subject to these permitting requirements.

A guide to investing in Germany Key Issues Around Tax | 13

key Issuesaround tax

acQuIsItIon

real estate transfer tax• The transfer of German real estate by way of an asset deal is

subject to German Real Estate Transfer Tax (“rett”).

• The transfer of shares/interest in entities holding German real estate is generally also subject to RETT if, inter alia, a) 95% or more of the shares/interest are directly or indirectly transferred to, or are unified in the hand of, a single purchaser or b) upon a transaction a taxpayer holds an economical participation of at least 95%, directly or indirectly, in a German real estate holding entity. Moreover, if German real estate is held by a partnership, RETT is triggered, if within five years more than 95% of the interest in such partnership are directly or indirectly transferred to new partners. However, structures to mitigate RETT might be available.

• The RETT rate depends on the German Federal State in which the property is located and currently ranges between 3.5% to 5.5%.

• It is market standard that RETT is borne by the purchaser. However, parties may also negotiate a deviating provision in a sale and purchase agreement.

value added tax• The transfer of leased German real estate constitutes (in most

cases) a sale of an ongoing business which is not subject to German Value Added Tax (“vat”) provided, inter alia, the purchaser continues the leasing business of the seller. In such case the purchaser assumes the VAT position of the seller regarding the real estate (including VAT correction obligations, if any).

• In any other case, the sale and transfer of German real estate as well as shares in companies owning German real estate is generally VAT exempt. However, the possibility to opt for VAT might be available in order to allow a deduction of input VAT or to avoid any correction of input VAT in connection with the real estate acquisition in an asset deal.

• The current standard VAT rate is 19%.

ownershIP and oPeratIon of German real estate

Income taxatIon• In the case of corporate ownership, rental revenues derived

from German real estate are subject to German Corporate Income Tax (“cIt”) at an effective standard rate of 15.825% (including solidarity surcharge). In the case of an individual ownership, German Income Tax (“GIT”) with an individual (progressive) income tax rate up to 47.475% (including solidarity surcharge) on the rental income would apply. In the case of ownership through a partnership structure, income taxation would depend on the relevant partners (companies or individuals).

• Expenses and costs economically incurred in relation to German real estate (including e.g. depreciation deduction of in general up to 3% p.a. on the acquisition costs of the building) should in principle be deductible for CIT and GIT purposes.

• Interest expenses should generally also be tax deductible. However, the tax deductibility of net-interest expenses is limited under the so-called Interest Barrier Rules (“IBR”) to generally 30% of the tax EBITDA of the relevant year. However, no limitation would apply, inter alia, if the net-interest expenses are less than €3.0m p.a. Other IBR exemptions might be available in the single case.

wIthholdInG tax• In principle, no German Withholding Taxation (“WHT”) should

apply to (non-profit linked) interest payments and rental revenues. However, in certain circumstances the German tax authorities may order the application of WHT at a rate of 26.375% (including solidarity surcharge).

• Dividends paid by a German corporation are generally subject to German WHT at a rate of 26.375% (including solidarity surcharge). The rate might be reduced in case a double tax treaty is applicable and might even be reduced to 0% under the European Parent-Subsidiary Directive, if applicable. However, such reductions of WHT are subject to substantial requirements.

trade tax• Any commercial trade or business is in principle subject to

German Trade Tax (“TT”), if and to the extent the business is operated in Germany through a German permanent establishment or a German permanent representative (“German PE”).

• Generally, TT is levied on the business income calculated based on the profits determined for CIT or GIT purposes. However, certain adjustments are required to determine the TT base (i.e. certain add-backs and deductions are made for TT purposes). This applies in particular to interest expenses. Special TT exemption for real estate companies may also be available on a case by case basis.

• The TT rates currently range from approximately 7% to 17% depending on the municipality in which the PE is located.

• Non-German resident companies merely leasing German real estate should generally not be subject to TT provided they do not act through a German PE.

vat• The leasing and letting of German real estate is subject to

VAT, but generally exempt from VAT. However, the possibility to opt for VAT is available under certain circumstances and commonly made use of provided the tenants use the property for businesses subject to VAT.

land tax• In general, German real estate owners are subject to Land

Tax in Germany. However, it is almost standard that Land Tax is borne by the tenant as an ancillary cost provided the respective lease agreement comprises such a pass-through provision.

• The Land Tax rates range between 1% and 2% of a special property value determined under German Valuation Tax Act (reflecting values as of the year 1964), which is generally substantially lower than the current fair market value of the property.

exIt

caPItal GaIn taxatIon• Capital gains realised in connection with the direct

sale of a German real estate (i.e. asset deal) should in principle be subject to GIT or CIT (as the case may be) at the standard rates mentioned above. If the capital gain is connected to a German PE, TT also applies.

• If the seller is a corporation, generally 95% of a capital gain from the sale of the shares in a corporation (i.e. share deal) holding German real estate would be exempt from CIT. If the seller is an individual holding the shares as a private asset, a capital gain from the sale of shares in a corporation would generally be subject to GIT at a

flat rate of 26.375% (including solidarity surcharge). If the individual holds the shares as a business asset, 40% of the capital gain would be exempt from GIT; the remaining amount would be subject to the individual progressive income tax rate of the seller (and consequently only 60% of the expenses would be deductible). If the capital gain is connected to a German PE, also TT applies.

• In case of non-German residents, Germany may have waived its right to tax capital gains realised from the sale of shares in companies holding German real estate under an applicable double taxation treaty.

A guide to investing in Germany Berlin | 15

cIty focus:berlIn

Berlin is the capital of Germany and seat of the German government. It is also the largest city in Germany with 3.4 million inhabitants. The wider Metropolitan Region Brandenburg/Berlin comprises over 5.8 million inhabitants with a forecasted population growth of 7.1 % until 2030.

The capital benefits from one of the most modern traffic and transport infrastructure systems in Europe, with long-distance, regional-trains and the international airport completing the network. Berlin’s geographical location makes it attractive for those companies looking to do business in central and eastern Europe.

SME’s are the backbone of the economy in Berlin, making it an extremely competitive business location. The city’s

workforce is highly qualified, due to the proximity of excellent universities and this is a major driver in the decision of companies to locate here.

Berlin is always strongly rated in location and quality of life rankings. The largest companies in the area include: Deutsche Bahn, Vivantes, Siemens, Lufthansa, BVG and Deutsche Telekom.

As Berlin continues to grow it provides ever new offerings for business, living and retail accommodation. The project “Berlin Adlerhof – City of Science, Business and Media” is a new district being created on 420 hectares of land in southeastern Berlin. So far the scheme has proved popular with forward looking companies and residents alike.

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Adenauerplatz

Uhlandstr.

Savignyplatz

Kurfürstendamm

Wittenbergplatz

Ausburger Str.

Weinmeisterstr.

Bhf. Alexanderplatz

Hackescher Markt

Stadtmitte

Französische Str.

Bhf. Friedrichstraße

Lewisham

straße

Kantstraße Budapester StraßeKurfürstenstraße

Kleiststraße

Lietzenburger Straße

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Kurfürstendamm

Tauenzien-Straße

Wilm

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Wilm

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Friedrich StraßeFriedrich Straße

HackescherHackescherMarktMarkt

Alexanderpl.

Alexanderpl.

€140 / 73%

€260 / 60%

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BERLIN

KONRADSHÖNEHAKENFELDE

NIEDERSCHÖNHAUSENPANKOW

HEINERSDORF

GESUNDBRUNNEN

WEIßENSEE

Hansaviertel

Moabit

TEGEL

HASELHORST

SPANDAU

SIEMENSSTADT

CHARLOTTENBURG-NORD

FlughafenBerlin-Tegel

(Otto-Lilienthal)

WILHELMSTADT

WESTEND

HALENSEE

CHARLOTTENBURG KREUZBERG

TIERGARTEN

TIERGARTEN

FRIEDRICHSHAIN

FENNPFUHL

Kreuzberg

MARZAHN

LICHTENBERG

FRIEDRICHSFELDE

KARLSHORST

GRÜNAU

Bohnsdorf

FlughafenBerlin-Schönefeld (BBI)

RudowBuckow

BRITZ

ALTGLIENICKE

ALT-TREPTOW

PLÄNTERWALD

RUMMELSBURG

Mitte

PRENZLAUERBERG

HANSAVIERTEL

MOABIT

WEDDING

REINICKENDORF

MITTE

WILMERSDORF

SCHMARGENDORF

GRUNEWALD

Tiergarten

WilmersdorfLICHTERFELDE

LANKWITZ0 1 2 Kilometer

STEGLITZ

MARIENDORF

FRIEDENAUTEMPLEHOF

Charlottenburg

SCHÖNEBERG

SCHÖNEBERG

Outercity North€5.00 - 9.00

Outercity West€5.00 - 10.00

Innercity West€8.00 - 17.00

Outercity South€5.00 - 9.00

Outercity East€6.00 - 11.00

Innercity East€7.50 - 16.00

Areal AirportBerlin Brandenburg

€9.50 - 17.50

Areal PotzdamerLeipziger Platz€15.00 - 21.00

Mitte 1A€13.00 - 22.00

Charlottenburg 1A€11.00 - 21.00

A111

A100

A100

A102

A113

A113

A115

A104

A103

A105

the caPItal of Germany

berlIn: Office Space Market Areas with Rental Bands (2/sq m/month)

berlIn: Retail High Streets with Key Data (2/sq m/month)

% is percentage of Chain Stores in each location

Logos of companies that occupy significant space in the city

A guide to investing in Germany Berlin | 17

berlIn Is the maIn hot sPot for InternatIonal retaIlersBerlin is the centre for innovation, creativity and academic research in Germany; it is also a fashion capital and tourist hotspot in Europe. There can be no doubt that Berlin is one of the most interesting retail locations in Europe. The range of products on offer is unique with some 10 km of prime shopping locations, covering more than 870,000 m² of space across 8 top areas. In addition, Berlin’s tourist appeal is a strong magnet for national and international retail formats. Berlin is not only the most frequently visited city in Germany – it is also among the top three most visited cities in Europe.

In spite of – or maybe because of – its size, Berlin is constantly on the move. Alexanderplatz Square has been transformed rapidly, with sales space doubling over the past five years. Hackescher Markt has turned from an insider’s tip to an internationally accepted top location. Friedrichstraße has also found its own niche. The street is now uniquely positioned as a premium location with a strong tourist appeal. As one of the symbols of Berlin, Kurfürstendamm remains in the focus of developers. While a nationwide comparison shows that Berlin does not have the highest rents and the highest footfall, the German capital clearly remains the No. 1 in terms of internationality, variety and brand diversity.

sustaIned PoPulatIon GrowthAt year-end 2011, Berlin’s population exceeded the 3.5 million mark for the first time since Reunification as the result of an influx of almost 40,000 inhabitants per annum. Berlin’s Senate expects further population growth to 3.756 million inhabitants up to 2030. Immigration to Berlin is predominantly from the young, who tend to move into the city centre. In addition to the traditionally fashionable locations such as Prenzlauer Berg and Kreuzberg, there is increasing demand for locations in the less well developed areas in the Mitte district such as Wedding and Moabit due to the comparatively cheaper rental levels.

With the influx of young people, birth rates continue to stay high in certain districts. These young families also often attempt to stay in the city centre, which gives rise to natural increases in population in these districts such as Friedrichshain-Kreuzberg and Mitte. Rents for new-build apartments in city centre locations range between €10.00 and €14.00 per sq m. Since 2006 rental levels have grown 37%, this is largely due to increasing demand and a scarcity of supply.

GrowInG demand from busIness servIcesStrong economic growth during the last two decades has driven employment growth. Berlin is the capital of Germany and traditionally demand for office space has been largely driven by government related companies and institutions. However this trend has been changing as businesses see Berlin as an increasingly attractive office location. Berlin’s youthful, stylish and contemporary atmosphere has most recently attracted strong interest from the booming TMT sector. Recently Amazon, eBay, Groupon and Zalando have taken a large amount of office space. We expect that this trend will continue and this sector will further bolster office demand in the coming years. Representatives of industrial companies, which have had little presence in Berlin for some time, have recently started to rent more office space. Demand is concentrated around the prime locations of Mitte, Innerstädtisch Ost and Charlottenburg.

It should be noted that Berlin has an extremely large amount of undeveloped land, a consequence of this is that land prices are relatively low in comparison with other cities.

Platform for transPort to eastern euroPeThe large population in Berlin and its surrounding area make it an attractive location for warehouses, discounter and retail orientated companies. By German standards however, it is by no means an industrial hotspot, in fact there is relatively little industrial space in the area. Rather Berlin is, due to its excellent infrastructure, a trade hub connecting Eastern and Western Europe.

cIty focus:berlIn

Berlin is the centre for innovation, creativity and academic research, it is also a fashion

capital and tourist hotspot

A guide to investing in Germany Cologne | 19

cIty focus:coloGne

Cologne is, with 1 million inhabitants Germany’s fourth largest city (after Berlin, Hamburg and Munich) and North Rhine - Westphalia’s biggest city. The wider “Rhine-Ruhr” Metropolitan Region comprises more than 10 million inhabitants. Cologne is a growing city with a forecast population growth of around 3.1% until 2025.

Cologne benefits greatly from its centrality and accessibility to the markets of central and western Europe. Cologne has a long tradition as an axis of trade and as such attracts a wide variety of tenants from across the business sector spectrum. Leading enterprises from the industrial, automotive, media, chemical, pharmaceutical and engineering sectors are located in Cologne.

Because of the centrality and good accessibility Cologne is a successful European economic and globalised area attracting large companies including Ford, Bayer, Stadtwerke Köln, Rewe, AXA and RWE Power.

Cologne plays host to a number of TV stations, record labels and publishing houses underlining the great importance the city places on the media and creative industries in Germany. All sectors of the media industry are represented in Cologne, for example WDR, the largest broadcasting station in continental Europe is headquartered in Cologne.

The local employment structure is characterised by a strong service sector with a focus on insurance companies, financial institutions, industry and professional associations as well as retailers. Cologne is also a transportation hub benefiting from excellent infrastructure.

Cologne: Retail High Streets with Key Data

UU

U

U

U

U

U

Friesenplatz

Magnusstraße

Zeughausstraße Komodienstraße Komodienstraße Trankgasse

Burgmauer

Tunisstraße

N

euköllner Straße

Unt

er G

olds

chm

ied

Gro

ße S

andk

aul

Mar

spfo

rten

gass

e

Qua

term

arkt

Cäcilienstraße Pipinstraße

Pipinstraße

Flei

schm

enge

rgas

se

Schaafenstraße Marsilstein Lungengasse

Rudolfplatz Hahnenstraße

Neumarkt

Hoh

enst

aufe

nrin

g H

absb

urge

rrin

g H

ohen

zolle

rnri

ng

Limburger Straße

Ehrenstraße

Breite Straße

Mittelstraße

Neumarkt Schildergasse

Hoh

e St

raße

Friesenplatz

Rudolfplatz

Appellhofplatz/BreiteStraße

Neumarkt

Heumarkt

Mauritiuskirche0 1 2 Meter

€105 / 68%

€225 / 81%

€250 / 88%

€120 / 56%

€85 / 53%

€80 / 56%

PulheimAuweilerEsch/Auweiler

Bocklemünd/Mengenich

Brauweiler

Widdersdorf

Lövenich

VogelsangBickendorf

Müngersdorf

Weiden

Buschbell

Marsdorf

Junkersdorf

Frechen

Hürth

Rondorf

Konraderhoehe

MeschenichImmedndorf Godorf

Hahnwald

Raderthal

Klettenberg

Sülz

Lindenthal

Braunsfeld

Neuehrenfeld

Neusdadt-Nord

Nippes

Bilderstöckchen

Mauenheim

Weidenpesch

LongerichNiehl

Merkenich Leverkusen

Flittard

Rhein

Stammheim

Höhenhaus

Mülheim

Dünnwald Hardt

Dellbrück

Köln

Bensberg

Rath/Heumar

Brück

Rath

Neubrück

Ostheim

Gremberghoven

Finenberg

UrbachFlughafenKöln/Bonn(Konrad Adenauer)

GrengelWahnheide

Elsdorf

Wahn

Porz

Langel

Sürth

Weifl

EnsenRodenkirchen

Westhoven

Poll

Vingst

KalkDeutz

Buchforst

Höhenburg

BuchheimMerheim

Holweide

Eil

Rösrath

BergischGladbach

Schwarzbroich

Riehl

Neusdadt-Süd

Altsdadt-Nord

Altsdadt-Süd

Zollstock

Zollstock

RaderbergBayenthal

Marienburg

Meschenich

Gleuel

Berrenrath

Köln

Widdersdorf

Ossendorf

Pesch

Volkhoven/Weiler

LindweilerHeimersdorf

Seeberg

0 2 4 Kilometer

Kalk/Mülheim€7.00 - 13.00Deutz/Messe

€9.50 - 20.00

Rodenkirchen€7.00 - 10.50

Rhinebank-West€13.00 - 22.00

City Centre€9.50 - 20.50

OtherLocations

€6.00 - 11.50

OtherLocations

€6.00 - 11.50

OtherLocations

€6.00 - 11.50

OtherLocations

€6.00 - 11.50

PeripherieWest

€7.00 - 9.50

Ossendorf/Nippes

€6.50 - 10.50

Ehrenfeld/Braunsfeld€6.50 - 13.00

Lindenthal/Sülz

€7.50 - 12.50

Porz/Gremberghoven/Airport

€8.50 - 11.50Bayenthal/Marienburg€9.00 - 15.00

A57

A1

A555

A559A4 A3

A59

A4

Germany’s fourth larGest cIty

coloGne: Office Space Market Areas with Rental Bands (2/sq m/month)

coloGne: Retail High Streets with Key Data (2/sq m/month)

% is percentage of Chain Stores in each location

Logos of companies that occupy significant space in the city

A guide to investing in Germany Cologne | 21

tourIsm & retaIlCologne is also something of a cultural metropolis, attracting millions of tourists each year with its historic sights and numerous high profile events like Carnival or Christopher Street Day. Tourists and residents alike can indulge in a 3 km long shopping tour through downtown Cologne. No other German city offers a comparable circuit. All major shopping streets form an almost closed loop. Schildergasse and Hohe Strasse are among the most frequented shopping streets in Germany. Retail premises in the prime locations of Cologne command among the highest rental levels in Germany. However, when compared to other cities, there are only a small number of shopping malls in Cologne. The retail landscape here continues to be characterised by highly functional street level locations.

Cologne’s population is continuing to grow with population growth at its highest in locations close to the city centre. The central areas are still relatively affordable and are particularly attractive for newcomers; this includes the large numbers of students who come to the city to study.

In the city centre, rental prices have now reached €11.00 to €15.00 per sq m, whilst in peripheral locations, new-build apartments are already being offered from €8.00 per sq m. Rents have been rising again in Cologne since 2009 and have increased by around 10%.

GrowInG offIce marketSince 2005 office employment has grown by more than 13% to almost 290,000 office workers. Cologne has developed as an attractive office location and office employment is expected to grow further in the coming years with a continued focus on business services, trade and media companies.

loGIstIcsThe logistic market in the Cologne Region benefits from the relatively high purchasing power of the population and well-established infrastructure with several motorways, harbours and the second largest freight airport in Germany.

cIty focus:coloGne

Cologne is, with 1 million inhabitants Germany’s fourth largest city (after Berlin, Hamburg and Munich) and North Rhine-Westphalia’s

biggest city. The wider “Rhine-Ruhr” Metropolitan Region comprises more than 10 million inhabitants.

A guide to investing in Germany Düsseldorf | 23

cIty focus:düsseldorf

With 593,000 inhabitants and a further 11.6 million inhabitants located within one hour’s drive by car, it is one of the most dynamic and influential business locations in Germany. Düsseldorf is also a growing city with population growth forecasted to be 3.5 % per annum until 2025.

Düsseldorf is one of the most important German commercial centres, playing a leading role in exporting goods from Germany to foreign trade partners. Due to this strong track record in exporting goods, Dusseldorf has attracted internationally oriented service providers such as bank, insurers, logisticians, media experts

and tax consultants. The largest companies are: E.ON, Metro, C&A Fashion, Henkel, Rheinmetall and Vodafone. Furthermore, many international nations are represented in Düsseldorf such as Fujifilm (Japan), HSBC (UK), L’Oreal (France), TATA Steel (India), Huawei (China) and Statkraft (Norway). Due to this, 40 consulates and 33 foreign chambers of commerce are also based here.

Düsseldorf, is the state capital of North Rhine-Westphalia region and is home to all ministries of the provincial government.

sseldor etail igh Streets with Ke ata

USteinstr. U

Oststr.

U

Heinrich-HeineAllee

Man

nesm

annu

fer

Rath

ausu

fer

Kas

erne

nstr

aße

Kas

erne

nstr

aße

Bre

ite S

traß

e B

reite

Str

aße

Heinric h - Hei

ne-A

llee

Benrather Straße

Haroldstraße Haroldstraße Graf-Adolf-Platz Graf-Adolf-Straße

Karlstra

ße

Ber

liner

Alle

e

Berliner Allee

Tonhallestraße

Osts

traß

e

Osts

traß

e

Osts

traß

e

Immermannstraße

Flinger Straße

Mittelstraße

Kön

igsa

llee

Kön

igsa

llee

Schadowstraße

€230 / 80%

€145 / 75%

€255 / 83%

€275 / 66%

0 100 200 Meter

BoesinghovenLank-Latum

Struemp Ilverich

Langstkierst

Wittlaer

Kaiserwerth

Lohausen

Stockum Unterrath

Mörsenbroich

DerendorfGolzheim

LärickMeerbusch

A57Kaarst

HeerdtNiederkassel

Oberkassel

Altstadt

Karlstadt

Hafen

HammUnterbilk

Stadtmitte

Friedrichstadt

BilkOberbilk

FleheVolmerswerth

Wersten

HimmelgeistItter

HolthausenReisholz

Benrath

Hassels

Hilden

Kalstert

Haan

Unterfeldhaus

Erkrath

Unterfbach

Vennhausen

Gerresheim

Grafenberg

Ludenberg

Rath

Ratingen

Ratingen

Oberkassel Pemplefort

Stadtmitte

Altstadt

Karlstadt

Hafen

Düsseldorf

Friedrichstadt

Oberbilk

Kalkum

Hubberath Mettmann

Neuss

Holzheim

Eller

Lierenfeld

Pemplefort

Düsseltal

Düsseldorf

FlingernSüd

FlingernNord

Lichtenbroich

Flughafen DüsseldorfInternational

0 2 4 Kilometer

A52

A46

A57

A44

A52

A3

A46

A59

U

UU

Seestern€9.50 - 13.50

Linksrheinisch€7.00 - 13.50

Harbour€13.50 - 21.50

Neuss€7.00 - 10.00

City-South€8.00 - 11.00

City-East€9.50 - 12.50

Grafenberg/East€9.00 - 13.50

OtherLocations

City€9.00 - 27.50

Kennedydamm€12.50 - 19.50

Banking District€17.50 - 27.50

Banking District€17.50 - 27.50

North€8.00 - 15.00

City-South€8.00 - 11.00

City€9.00 - 27.50

South€8.00 - 11.50

Government District€11.50 - 17.50

Government District€11.50 - 17.50

Airport€11.00 - 16.00

Ratingen€8.00 - 13.50

one of the most dynamIc and InfluentIal busIness locatIons

düsseldorf: Office Space Market Areas with Rental Bands (2/sq m/month)

düsseldorf: Retail High Streets with Key Data (2/sq m/month)

% is percentage of Chain Stores in each location

Logos of companies that occupy significant space in the city

A guide to investing in Germany Düsseldorf | 25

düsseldorf – a retaIl metroPolIsDüsseldorf is a retail metropolis and one of the top 3 retail locations in Germany. In recent times it has benefited from the growing interest of international retailers looking to expand, attracting these groups due to its mix of luxury, consumer and fashionable locations.

Düsseldorf is a famous city for fashion industries. Major companies like Peek & Cloppenburg are headquartered here. The Königsallee or “The Kö” has one of the highest rents for retail space in Germany and a strong draw for tourists. Königsallee is by far the most heavily frequented luxury shopping location in Germany. Several fashion stores have recently reopened following major refurbishing exercises. Construction work on the landmark project Kö-Bogen will be finished this year. Some additional 19,000 sq m of new retail space will be created in this prominent location between Königsallee and Schadowstrasse.

resIdentIal marketDüsseldorf’s population is continuing to grow, largely due to inward migration. Following population growth of 0.4% in 2011, a similar level of growth was registered in North Rhine-Westphalia’s state capital by mid-2012, which means that the city’s population continues to increase. With the growth in the numbers of households exceeding population growth, the trend for smaller households in Düsseldorf continues. The average asking rent for accommodation in Düsseldorf is €9 per sq m/month, which equates to a rise of more than 6% compared with the same

period in 2011. Asking rents for new-build apartments are currently around €12.50 per sq m. Rents in Düsseldorf have been rising since 2008 (c.18%). New developments have had a great effect on the Düsseldorf rental market over the long-term. Taking this increase into account and the fact that the rising trend is currently slowing down in Düsseldorf, there has been rather a moderate rental price increase since 2004, which has been at approximately the same rate as inflation. Further rental price development in Düsseldorf remains to be seen and is dependent on the large number of project developments.

offIce marketDemand for office space in the region is bolstered by the general importance of the service sector. The share of people employed in this sector in Düsseldorf is extremely high, at over 80%. In addition to the strong service sector Düsseldorf as the capital of Northrhine-Westfalia is well known as the so-called “Desk of the Ruhr-Area” which mean there is a significant share of office space demand coming from local and regional government.

loGIstIc Platform for euroPeDüsseldorf has an advantageous geographic location for trade – Benelux, France and the remainder of Germany are all easily accessible. Excellent infrastructure is fundamental to Düsseldorf’s role as a trade hub for western and central European business.

cIty focus:düsseldorf Düsseldorf is one of the top 3 retail locations

in Germany… it has benefited from the growing interest of international retailers

looking to expand

A guide to investing in Germany Frankfurt am Main | 27

cIty focus:frankfurt am maIn

Frankfurt am Main is located in the centre of Germany and with approximately 680,000 inhabitants is the fifth largest German city, after Berlin, Hamburg, Munich and Cologne. The wider Metropolitan Region Rhein-Main comprises over 5.6 million inhabitants and it is the second largest region in Germany. Frankfurt is also a growing city with a forecasted growth of around 1% p.a.

Frankfurt is the financial centre of Germany and a global financial centre. It is home to The European Central Bank, The German Federal Bank and The German Stock Exchange as well as several large commercial banks like Deutsche Bank and Commerzbank.

fIrst class InfrastructureFrankfurt benefits from first class logistics and connectivity, Frankfurt Central Station is one of the largest train stations in Europe and Frankfurt Airport, accessible in just 15 minutes from the City Centre, is amongst the busiest airports in the world. In addition to this, the “Frankfurter Kreuz” is one of the most used motorways in Europe.

The Frankfurt Trade Fair is the second largest exposition in the world. It brings together companies from more than 150 countries and has the largest revenue of any trade fair of worldwide €538 million. Frankfurt is home to more than 70 consulates, 100 chambers of commerce and industry and other foreign representations.

Frankfurt is also well known for offering its residents a high quality of life. The city is also called a “green city” as more than 50% of the inner city is made up of protected “green” areas.

2

Frankfurt: Retail High Streets with Key Data

S

S

U

U

U

U

EschenheimerTor

Hauptwache

AlteOper

Konstablerwache

Bockenheimer Anlage

Reu

terw

eg

Hochstraße

Bleichsraße

Stiftstraße Stephenstraße

Gro

ße E

sche

nhei

mer

Str

aße

Roßm

arkt

Bör

sens

traß

e

Bör

sens

traß

e

Taubenstraße

Junghofstraße

Neu

e M

ainz

er S

traß

e

Neue M

ainzer Straße

Große Gallusstraße

Korn

mar

kt

Berliner Straße

Battonnstraße

Kur

t-Sc

hum

ache

r-St

raße

Kon

rad-

Ade

naue

r-St

raße

Gr. Bockenheimer

Zeil

Schi

llers

traß

e

Bieber-gasse

Goethestraße Steinweg

€220 / 70%

€290 / 81%

€165 / 68%

€240 / 76%

€160 / 100%

€120 / 54%

Königstein Kronberg

Schwalbach

BadSoden

Eschborn

Sossenheim

Rödelheim

Hausen

Bockenheim

GinnheimDornbusch

Westend-Nord Nordend-

Ost

Innenstadt

Nordend-West

Westend-Süd

Nied

Gallusviertel

Gutleutviertel

Bahnhofsviertel

Sachsenhausen-Nord

Niederrad

Griesheim

Schwanheim

Sachsenhausen-Süd

Frankfurtam Main

Oberrad

FechenheimOffenbacham Main

Riederwald

Seckbach

Bornheim

Bischofsheim

Bergen-Enkheim

Frankfurt

BadVilbel

BerkersheimFrankfurter

Berg

Preungesheim

Eckenheim

EschersheimHeddernheim

Kalbach

Oberrad

Ostend

Altstadt

Gravenbruch

Heusenstamm

Meu-Isenburg

KelsterbachSindlingen

Hattersheim

Okriftel

Flughafen

Unterliederbach

ZeilsheimHöchst

Steinbach

Oberhoechstadt/Ts. OberurselNiederursel

Praunheim

A66

A3

A66

A648

A661

A5

Merton-Viertel€8.50 - 12.00

Eschborn€7.50 - 14.50

Rödelheim€9.00 - 12.00

West€9.50 - 17.50

North€10.00 - 12.50 East

€8.00 - 15.00

City€11.00 - 28.00

Kaiserlei€8.00 - 11.50

Banking District€21.00 - 34.00

Sachsenhausen€11.50 - 17.00

Westend€15.00 - 30.00City-West

€12.00 - 17.50

Niederrad€9.00 - 14.50

OtherLocations

Central Station Area€9.00 - 22.00

0 2 4 Kilometer

a Global fInancIal centre

frankfurt am maIn: Office Space Market Areas with Rental Bands (2/sq m/month)

frankfurt am maIn: Retail High Streets with Key Data (2/sq m/month)

% is percentage of Chain Stores in each location

Logos of companies that occupy significant space in the city

A guide to investing in Germany Frankfurt am Main | 29

cIty focus:frankfurt am maIn

hIGh InternatIonal ProfIle backs retaIl busInessFrankfurt combines a metropolitan profile (it is known as “the World’s Smallest Metropolis”) with idyllic and traditional characteristics. The attractiveness of the city is reflected in the key retail and tourism indices. The centrality indices of Frankfurt (113.9) shows that it has an above-average appeal and benefits from a strong influx of purchasing power from surrounding areas. This contributes to consistently strong levels of retail demand and is further bolstered by Frankfurt’s cultural offerings.

The most important prime locations are concentrated around the city centre, such as Zeil, Grosse Bockenheimer Strasse and Goethestrasse. The attractive retail offering range from consumption oriented, highly frequented shopping streets to chic luxury destination shopping locations. The consumption-oriented stores are concentrated in the east of the city centre, with the higher quality locations found primarily towards the west.

contInued PoPulatIon Growth In the cIty on the maInPopulation growth continued in 2012. Growth is steady, with around 5% more people living in the city than 5 years ago. Within Frankfurt’s city limits, the highest population growth has been experienced in its environs, which are 11% more populated than 5 years ago. Large development zones here include the Am Riedberg site, which attracted not only more than 6,000 new residents by year end 2012, but also Goethe-University’s natural science faculties and numerous research institutes in Science City.

The main cause of population growth is the high level of inward migration. The Federal Institute for Research on Building, Urban Affairs and Spatial Development (BBSR) residential market forecast estimates that the city of Frankfurt requires some 3,300 new apartments every year until 2025 to be able to provide sufficient residential space for the growing population. As in other major German cities, Frankfurt’s rental history shows that rents have not always been rising. But if the upwards spiral in rents continues at the same rate as in the last few years, it is likely that the average asking price for apartments will reach €12.00 per sq m by the end of 2013.

offIce demand hIGhly concentrated by fInancIal busInessFrankfurt is the German centre of the banking and finance industry and is in competition with other global financial centres like London and Paris. Several hundred national and international banks, in addition to many financial service advisors, dominate the office market. As a result Frankfurt has the highest share of office employment in Germany (53%), a total of more than 315,000 are working in offices and the long term average trend shows that banks, financial and business services account for almost half of the total demand. The Frankfurt office market is the most volatile market in Germany, and as a consequence offers the largest scope for opportunity. The market consists of an office stock of around 12 million sq m. The Frankfurt office market is the only established high-rise office market in Germany and traditionally the market with the highest prime rents. The market structure is characterised by a concentrated prime Banking District, together with the other two major sub-markets City and Westend. Frankfurt is home to a large number of blue chip corporate tenants, including DekaBank, McKinsey & Co, Schroder IM, Societe Generale and UBS.

loGIstIcs – In the heart of GermanyThanks to its central geographic location and transport infrastructure, the Frankfurt/Rhein-Main region is probably the most accessible region in the whole of Germany and Europe. It is home to the Rhein-Main Airport, the largest airport in Continental Europe, and is located near to the junction of the A3 and A5 motorways, the two main north-south links.

Frankfurt’s infrastructure underpins the economic potential of the region. As an industrial location, the Frankfurt/Rhein-Main region has the second highest density of industrial companies in Germany (second behind the Ruhr area). The most important industrial sectors are the chemical/pharmaceutical industry, the automotive industry and the logistics sector. Frankfurt airport is another main driver for the logistics market and several air freight related companies are located in the surrounding area. The depth of demand for logistics space in this area means that rents for logistic space are around 25% higher compared to other logistic sub-markets.

Home to The European Central Bank, The German Federal Bank and The

German Stock Exchange – Frankfurt is the financial powerhouse of Europe.

A guide to investing in Germany Hamburg | 31

cIty focus:hamburG

With 1.8 million inhabitants, Hamburg is the second largest city in Germany after Berlin. The wider Metropolitan Region comprises over 5 million inhabitants with approximately 300,000 people commuting to Hamburg each day. Hamburg is a growing city with forecasted population growth of around 1% p.a. until 2025.

Hamburg is called a gateway to the world, because of its port, which is one of the most important in Europe. Hamburg is home to foreign trade professionals and internationally oriented service providers, such as bankers, insurers, logisticians, media experts and legal and tax consultants.

Hamburg consistently achieves top positions in quality of life. The largest companies are: Airbus, Asklepios Kliniken, Hochbahn, Otto Group, Union and BDF Beiersdorf.

Many of the companies in Hamburg are involved in foreign trade as Hamburg is a hub for external trade with the Baltic Sea region and consequently the rest of the world. In addition to this, around 100 consulates are based in Hamburg, as well as the International Tribunal for the Law of the Sea. The inner city continues to grow and offers space for working, living and retail. Of particular note, is HafenCity, Europe’s largest inner-city development project. The project is developing a complete new urban district on a site that covers 157 hectares.

Ha burg etail High Streets ith e ata

S

S

U

U

U

U

U

U

U

Jungfernstieg

Stadhausbrücke

Gänsemarkt

Rathaus

Mönckebergstr.

Steinstr.

HamburgHbf

Hbf.-Nord

0 100 200 Meter

Valentinskamp Gänsemarkt Neuer

Jun

gfer

nstie

g

Stadthausbrücke

Domstr

aße

Steinstraße Steinstraße

Lombardsbrücke

Walltortunnel Glockengießerwall

Walltortunnel Steintorw

all

Ferd

ina

ndstor

Binnenalster

Ballindam

m

Hoh

e B

leic

hen

Poststraße

Neuer Wall

Große Bleichen

Gerhofstr. Jungfernstieg

Bergstr.

Mönckebergstraße

Spitalerstraße

€160 / 47%

€100 / 35%

€100 / 53%

€180 / 66%

€180 / 66%

€230 / 70%€105 / 68%

€215 / 88%

€255 / 77%

Dulsberg Wandsbek

Tonndorf

Jenfeld

Horn

Billstedt

Billbrook

Marienthal

Eilbek

Uhlenhorst

Hohenfelde

SanktGeorg

Hammerbrook

Rothenburgsort

Borgfelde

HafenCity

AltstadtNeustadt

KleinerGrasbrook

Steinwerder

Altona-Altstadt

Altona-Nord

Eimsbüttel

Sternschanze

Rotherbaum

Winterhude

Eppendorf

Hoheluft-Ost

Hoheluft-West

Stellingen

Bahrenfeld

Barmbek-Süd

Barmbek-Nord

Steilshoop

Wellingsbüttel

Ohlsdorf

Hummelsbüttel

Fuhlsbüttel

NiendorfWilhemsburg

Neuland

Heimfeld

Heimfeld

Eiflendorf Harburg

Wilsdorf

Lurup

Osdorf

Grofl-Flotbek

Nienstedten Othmarschen Ottensen

WaltershofFinkenwerder

GutMoor

LangenhornFlughafen HamburgAirport

Alsterdorf

Lokstedt

GroflBorstel

Sasel

Bramfeld

Farmsen-Berne

Rahlstedt

SanktPauli

0 2 4 Kilometer

A253

A255

A7

A24

Airport/Grofl Borstel€7.00 - 10.00

City North€6.00 - 11.00

HamburgNorth-East€5.00 - 8.00

Barmbek/Bramfeld

€7.00 - 13.00

Wandsbek€6.00 -10.50

Eppendorf/Harvestehude/Rotherbaum€12.00 - 19.00

Altona-Ottensen-Bahrenfeld€8.00 - 13.00

Harburg-southof the river Elbe€6.50 - 12.00

Harbour fringe€11.00 - 21.50

St. Pauli€10.00 - 19.00

City Centre€12.50 - 24.00

East of Alster/St.Georg €9.00 - 16.00

City South(outer zone) €5.00 - 10.00

City South (corearea) €7.00 - 13.00

Billbrook/Billwerder/Billstedt/Bergedorf

€5.00 - 10.50

HafenCity €16.00 - 22.50

Hamburg-West€6.00 - 10.50

Hamburg-south of theriver Elbe €6.50 - 12.00

Eimsbüttel€8.00 -11.50

Winterhude/Uhlenhorst€9.00 - 12.50

a Gateway to the world

hamburG: Office Space Market Areas with Rental Bands (2/sq m/month)

hamburG: Retail High Streets with Key Data (2/sq m/month)

% is percentage of Chain Stores in each location

Logos of companies that occupy significant space in the city

A guide to investing in Germany Hamburg | 33

a retaIl metroPolIs for the northHamburg is an attractive retail location and because of its polycentric structure the city offers various interesting shopping areas. The core retail areas are located in the city centre, totalling around 320,000 sq m of retail space. The best known retail streets are Jungfernstieg, Neuer Wall, Spitalerstraße and Mönckebergstraße and these are amongst the most prestigious retail destinations in Germany.

hIGh demand for aPartmentsHamburg offers residents a high quality of life, based on large and plentiful open spaces and recreational areas (approximately one seventh of Hamburg’s urban areas are green recreation areas), a low population density and a varied cultural offering.

Hamburg City Council estimates the population will have grown to 1.9 million inhabitants by 2030. The proportion of inward migration from abroad has increased significantly and accounts for around one third of all arrivals. This is due to Hamburg’s consistently sound economic performance, which appeals in particular to workers from Eastern and Southern Europe.

Depending on location, rents for new-build apartments in Hamburg range between €10.00 and €16.00 per sq m. Due to the high demand for apartments, the Hamburg rental market has experienced the strongest uplift of all major German cities since 2007. Since the first half of 2007, rents have risen by 40%, which

equates to an average rise of 8% p.a. Although supply has begun to increase, it has been too slowly to have had a noticeable effect on rents, a trend that looks likely to continue.

many dIfferent servIce sector comPanIes drIve the offIce marketHamburg has a diverse economic makeup, with major industries including the shipping industry, aviation, and life sciences. The service sector also plays an important role in Hamburg. Hamburg is also a leading media location and the second biggest banking location in Germany. Hamburg has a total office stock of around 15 million sq m and is the third largest behind Berlin and Munich. In comparison to the other major German office markets Hamburg has a traditionally low vacancy rate, relatively stable levels of demand and moderate rental levels.

a centre for the loGIstIcs sectorThe logistics market benefits from the advantageous geographic location of Hamburg – with the North Sea and Baltic Sea both easily accessible. Hamburg’s harbour is the second biggest seaport in Europe after Rotterdam and this excellent infrastructure underpins Hamburg’s role as a trade hub. Goods from the Nordic countries as well as from Asia and the Baltics pass through Hamburg making space for warehousing and logistics highly demanded.

cIty focus:hamburG

The second largest city in Germany, centred around one of the most important

deep water ports in Europe

A guide to investing in Germany Munich | 35

cIty focus:munIch

With 1.4 million inhabitants, Munich is the third largest city after Berlin and Hamburg in Germany with the wider metropolitan region comprising 5.5 million inhabitants. It is a growing city with forecast population growth of 10.9% making it one of the fastest growing cities in Germany. Munich has the lowest unemployment rate of any German city at 4.7%, it also has the highest purchasing power in comparison to all other major cities in Germany.

Munich attracts a strong mixture of companies, playing host to a multitude of sizes and industries. The city is the number one location for insurance in Germany. Other important industries are services, automobile industry, science, medicine, environmental science and communication-technology.

Munich is on top in economic location rankings, has a hub of knowledge and a high quality of life. Notable occupiers include BMW, MAN, Allianz, Munich RE and Bosch.

Muni h Retail igh Streets ith Ke Data

0 100 200 Meter

S

S

S

U

U

U

U

Marienplatz

Karlplatz

Odeonplatz

Isator

Karlstraße

Sophienstraße

Otto

stra

ße

Lenbach

platz

M

aximiliansplatz

Elisenstraße Lenbachplatz

Maximiliansplatz

Bayerstraße Sonnenstraße Sonnenstraße

Sonn

enst

raße

K

arlsp

latz

Frauenstraße Isartorplatz

Thom

as-W

imm

er-R

ing

Kar

l-Sc

harn

agl-R

ing

Fr

anz-

Jose

f-St

rauß

-Rin

g

Thierschstraße

Sendlinger Stra

ße

Wei

nstr

aße,

The

atin

erst

raße

Neuhauser Straße Kaufingerstr.

Tal

Die

ners

traß

e, R

esid

enzs

tr.

Maximilianstraße

€255 / 65%

€350 / 69%€350 / 69%

€130 / 57%

€160 / 52%

€260 / 42%

€260 / 65%

Dachau

Rothschwaige

Karlsfeld

Neu-Esting

Olching

Gröbenzell

Puchheim

Germering

Gräfelfing

Planegg

Planegg

Martinsried

Martinsried

Stockdorf

Gauting

Grünwald

Unterhaching

BezirkMitte

BezirkWest

BezirkOst

München

München

Oberscheiflheim Garchingb. München

Ismaning

Kircheimb. München

Heimstetten

Ottendichl

Riem

Haar

Neubiberg

Ottobrunn

0 2 4 Kilometer

A95

A995

A8

A99

A94

A99

A9A92

A99

A99

A8

Periphery West€8.50 - 12.50

Olympiapark€10.50 - 17.00

Arabellapark€12.00 - 17.00

Moosfeld/Riem€8.00 - 14.50

Periphery East€8.50 - 12.50

Bogenhausen€15.50 - 26.50

West€10.50 - 16.50

Westend€11.00 - 18.00

South€8.50 - 14.50

City Centre€15.00 - 31.00

North-Schwabing

€12.00 - 18.00

PeripheryNorth

€8.50 - 12.50

PeripheryNorth

€8.00 - 12.00

Neuperlach€8.50 - 12.50

North€9.00 - 15.50

East€10.00 - 16.00

the thIrd larGest cIty In Germany

munIch: Office Space Market Areas with Rental Bands (2/sq m/month)

munIch: Retail High Streets with Key Data (2/sq m/month)

% is percentage of Chain Stores in each location

Logos of companies that occupy significant space in the city

Munich | 37A guide to investing in Germany

munIch’s PrIme retaIl locatIonsMunich is a unique city offering a high quality of life. Its location is attractive because of its proximity to the Alps and the short distance to Italy. The local market for retail property is equally attractive and Munich commands the highest rents and multiples in Germany. It consistently ranks among the most important European metropolitan centres. Investors and retailers compete for the best investment opportunities and shop locations. Prime locations fetch store rents of up to €300 per sq m and this is the highest found in Germany. The prime streets – Kaufingerstrasse and Neuhauser Strasse, Theatinerstrasse, Weinstrasse and Residenzstrasse – are among Germany’s most popular shopping streets. In addition, the Maximilianstrasse is one of Germany’s most prominent luxury shopping miles. In summary these retail streets have a total retail space of 290,000 sq m.

munIch a younG and GrowInG cIty Munich, the Bavarian state capital and Germany’s third largest city, continues to boom. Munich grew by 30,000 inhabitants in 2012. The reason for this is that many of the new arrivals to come to Munich over the last decade have been young people. This youthful influx has not only driven down the average age (41.2 years, as opposed to the national average of 43.5 years), meaning that population has risen due to increasing in birth rates and the corresponding fall in mortality rates.

Munich is set to grow to 1.6 million inhabitants by 2030, meaning that Munich will have the highest population density of all major German cities. As a result of this growing population, average rents have been rising and now sit at around €14.00 per sq m. The highest prices are achieved in the southern part of Munich city centre around Lehel and in the historic city-centre, as well as in the northeast of the city along the river Isar.

offIce marketThe office market in Munich is the largest in Germany (20 million sq m office stock) and has the highest take up volumes (on average) compared with the other main German office markets. Munich is Germany‘s most important location for the IT and Biotech sector and is considered a centre for innovation. It has a diversified economic structure and a mixture of large international-oriented and medium sized companies. Munich is a HQ-Location for six DAX-Companies and for many IT and insurance companies, and is the leading education and research location in Germany. This breadth of demand has meant that despite the economic slowdown in the last years office employment grew above average to a total of around 465,000 office workers for the city.

Platform for transPort to north and south euroPeAs the south-east logistic region of Germany it is an attractive location for warehouses, retail oriented companies and local industry. It benefits from excellent infrastructure with several motorway and railway connections making Munich a fundamentally important trade reloading point between northern and southern Europe.

cIty focus:munIch

Munich is a unique city offering an exceptionally high quality of life; the city is known for its safe, clean, wealthy and cosmopolitan lifestyle

Stuttgart | 39A guide to investing in Germany

cIty focus:stuttGart

The city of Stuttgart is the capital of the state of Baden-Wurttemberg. It has a population of around 613,000 and is the sixth largest city in Germany. The wider Stuttgart Metropolitan Region hosts more than five million inhabitants with more than 200,000 commuters into Stuttgart. The population is anticipated to increase by 2.6% until 2025.

Stuttgart is one of the most significant economic cities because of its central location and is renowned as an innovative high-tech centre. Key industries are the automobile industry (Daimler, Porsche), electronics industry (Bosch) and the IT sector (Hewlett Packard, IBM) as well as finance and insurance sectors. Furthermore, there is a broad mix of companies from the small firm sector in the manufacturing as well as in the service industry. The export share of Stuttgart’s manufacturing accounts for about 50%.

Stuttgart achieves top positions in location rankings for quality of life. It was also awarded “The securest major city in Europe”. Stuttgart has two universities, universities of applied sciences and renowned research institutions such as Max-Planck and Fraunhofer.

In the past years Stuttgart saw a strong economic development, especially in the high tech segment. Stuttgart has a diversified economic structure with a mixture of SMEs and large-scale enterprises.

Stuttgart 21 is one of the largest German urban development projects currently under construction. It is located north of the city centre and is a railway and urban development project. The main train station will be transformed from a terminus to an underground through station. Part of this process is the redesign of around 134 hectares of inner city railway areas that will provide space for urban development.

Stuttgart etail High Streets with Ke ataS

S

U

U

U

U

U

U

U

U

U

U

U

U

U

Hbf.

Staatsgalerie

Arnulf-Klett-Platz

Charlottenplatz

Schloflplatz

Keplerstr.

Rosenberg-/Seidenstr.

BerlinerPlatz

BerlinerPlatz

Stadtmitte

Rotebühlplatz

RathausOlgaeck

Lieserhalle

Eugensplatz

0 100 200 Meter

Hegelplatz

Holzgartenstraße Buch

senstraße

Rosenburgstraße

Seidenstraße Berliner Platz

Fritz-Elsas-Straße

Eberh ardstraß e

Siberburgstraße

Theo

dor-

Heuss

-Stra

ße

Schloßstraße

Schloßstraße Planie

Planie

Charlottenstraße

Kron

prin

zstr

aße

Schm

ale St

raße

Kienestraße Kienestraße

Holzstr

aß

e

Konr

ad-A

dena

uer-

Stra

ße

Alex

ande

rstr

aße

Olga

stra

ße

Schillerstraße

Frie

dric

hstr

aße

Calw

er S

traße

Köni

gstr

aße

Köni

gstr

aße

Stiftstr.Schulstr.

Hirsch

stra

ße

€240 / 72%

€180 / 70%

€160 / 74%

€85 / 56%

€80 / 39%

1

Schoeckingen

Hirschlanden

Ditzingen

Hoefingen

Leonberg Gerlingen

Warmbronn

Sindelfingen

Böblingen

Leinfelden-Echterdingen

Fasanenhof

Vaihingen

Moehringen

Hoffeld

BirkachOstfildern

Kemnat

Plieningen

Flughafen Stuttgart Neuhausenauf denFildernBernhausen

Denkendorf

Wendlingenam Neckar

Plochingen

Wernau(Neckar)

BotnangStuttgart-Mitte

Frauenkopf

Wangen

Hedelfingen

Esslingenam Neckar

Obertürkheim

Stettenim Remstal

Struempfelbach

Fellbach

Münster

Zuffenhausen

Stuttgart-West

Rathaus

NeueVorstadt

ObererSchlossgarten

Stuttgart-Ost

Stuttgart-Ost

Stuttgart-Ost

Stuttgart-Ost

Stuttgart-süd

Diemershalde

KernerviertelEuropaviertel

HauptbahnhofStuttgart-

NordHegna

Aldingenam Neckar

Remseckam Neckar

Pattonville

MühlhausenKornwestheim

NeuwirtshausMünchingen

Korntal-Münchingen

Stuttgart

Stammheim

Stuttgart

SchnaitStuttgart-Nord

U

U

U

U

U

U

UU

U

U

U

A81

A8

A831

A81

A8

A8/81

0 2 4 Kilometer

Stuttgart-West€9.50 - 14.50

Stuttgart-West€9.50 - 14.50

Stuttgart-South

€9.00 - 14.00

Stuttgart-South€9.00 - 14.00

Stuttgart-East€8.00 - 11.00

Stuttgart-East€8.00 - 11.00

City€12.00 - 18.50

Unter-/Obertürkheim€6.00 - 9.00

Bad Cannstatt€8.00 - 11.00

Zuffenhausen€6.50 - 9.00

Stuttgart-North€10.00 - 14.50

Stuttgart-North€10.00 - 14.50

Feuerbach€8.50 -11.50

Weilimdorf€6.50 -10.50

Degerloch€10.50 -

14.50

Möhringen€8.00 -11.50

Leinfelden-Echterdingen€8.00 - 11.50

Fasanenhof€6.00 - 10.50

Airport€9.00 -12.00

Plieningen€9.00 -10.50

Vaihingen€8.00 -13.00

Wangen-Hedelfingen€6.50 - 10.50

one of the most sIGnIfIcant economIc cItIes

stuttGart: Office Space Market Areas with Rental Bands (2/sq m/month)

stuttGart: Retail High Streets with Key Data (2/sq m/month)

% is percentage of Chain Stores in each location

A guide to investing in Germany Stuttgart | 41

sustaIned PoPulatIon GrowthThe strong population growth of 2011 weakened slightly during the course of 2012, but remains high at 0.9% p.a. As in other major cities, population growth is closely linked to the economic climate, as people are drawn by the creation of new jobs. Thus, the global interdependence of the Stuttgart economy has a direct effect on residential market demand. An above-average proportion of new arrivals are single person households, for example in Vaihingen in the South.

offIce-market In stuttGartThe strong economic growth during the last years has affected headline rents in Stuttgart. By the end of 2012 prime rents were €18.50 per sq m in comparison to €18.00 per sq m in 2011. For the year 2013 the market expects a rent level of over €19.00 per sq m.

stuttGart as a hot sPot for InternatIonal retaIlersStuttgart is an attractive retail location with high demand from occupiers and investors alike. The city offers various shopping areas, but the core retail areas are located in the city centre. Königsstraße, Calwer Straße and Hirschstraße are the best known retail streets in Stuttgart. An extensive variety of shops attracts consumers to the city centre and the up and coming areas like Marienstraße, both of which offer first class shopping facilities. Both centrality index and purchasing power in Stuttgart are well above the German average.

a centre for the loGIstIcs sectorThe logistic market benefits from Stuttgart’s advantageous location. The metropolitan region around Stuttgart is one of the most successful economic-areas in Europe. With 155,000 companies, it is the top-selling industrial-region in Germany and one of the most successful in Europe. The industries that the region is famous for include the automotive, manufacturing, electrical engineering and IT.

cIty focus:stuttGart

A key German city with a world leading manufacturing industry

Logos of companies that occupy significant space in the city

A guide to investing in Germany Contact | 43

make contactjones lanG lasalle

make contactclIfford chance

timo tschammlerInternational Director,Offices and Industrial

Tel: +49 69 2003 1110Email: timo.tschammler@eu.jll.com

marcus luetgeringRegional Director,Office Investment

Tel: +49 89 2900 8858Email: marcus.luetgering@eu.jll.com

steve collinsInternational Director (Washington DC), International Capital Group (Americas)

Tel: +1 202 7195 626Email: steve.collins@am.jll.com

fadi moussaliRegional Director (Dubai), International Capital Group (Middle East and North Africa)

Tel: +971 4 4266955Email: fadi.moussalli@eu.jll.com

helge scheunemannNational Director,Head of Research Germany

Tel: +49 350 011 225Email: helge.scheunemann@eu.jll.com

joerg ritterInternational Director,Retail Investment

Tel: +49 69 2003 2316Email: joerg.ritter@eu.jll.com

fraser bowenRegional Director,Pan-European Office Capital Markets

Tel: +44 207 399 5535Email: fraser.bowen@jll.com

alistair meadowsInternational Director (Singapore), International Capital Group (Asia Pacific)

Tel: +65 6494 3878Email: alistair.meadows@ap.jll.com

matthew richardsRegional Director (London), International Capital Group (Europe, Middle East and Africa)

Tel: +44 207 399 5458Email: matthew.richards@eu.jll.com

willi weisNational Director, Head of Industrial Investment Germany

Tel: +49 69 2003 1026Email: willi.weis@eu.jll.com

dr. david elshorstPartner, Real Estate

Tel: +49 69 7199 1965Email: david.elshorst@cliffordchance.com

dr. christian keilichPartner, Real Estate

Tel: +49 69 7199 1053Email: christian.keilich@cliffordchance.com

thomas reischauerPartner, Real Estate

Tel: +49 69 7199 1527Email: thomas.reischauer@cliffordchance.com

reinhard scheer-hennings, M.C.J.

Partner, Real Estate

Tel: +49 211 4355 5794Email: reinhard.scheer-hennings@cliffordchance.com

jörn stobbe, FRICS

Partner, Real Estate

Tel: +49 69 7199 4245Email: joern.stobbe@cliffordchance.com

christian trenkel, Maître en droit

Partner, Real EstateTel: +49 89 21632 8314Email: christian.trenkel@cliffordchance.com

dr. Gerold m. jaegerPartner, Real Estate

Tel: +49 69 7199 1539Email: gerold.jaeger@cliffordchance.com

stefan löchnerPartner, Real Estate

Tel: +49 69 7199 1526Email: stefan.loechner@cliffordchance.com

thorsten sauerheringPartner, Tax

Tel: +49 69 7199 1709Email: thorsten.sauerhering@cliffordchance.com

dr. horst schlemmingerPartner, Real Estate

Tel: +49 89 21632 8310Email: horst.schlemminger@cliffordchance.com

cornelia thalerPartner, Real Estate

Tel: +49 69 7199 1357Email: cornelia.thaler@cliffordchance.com

b e r l i n

C o l o g n e

D u s s e l D o r f

f r a n k f u r t

H a m b u r g

m u n i C H

s t u t t g a r t

A guide to investing in Germany