Immobilien in Deutschland

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  • 1. Feri Wealth Management GmbH Direct Investments in German Real Estate Dr. Jrgen Schfer Berlin, October 27, 2006

2. Feri Real Estate Services for both private and institutional clients Real estate andreal estate funds Real estate locations Feri Real Estate Services Rents and property prices Market research, forecast & rating

  • general investment strategy
  • single investment strategy
  • portfolio (re-)development
  • management
  • portfolio disinvestments

Strategy development & consultancy

  • portfolio and single investments
  • funds, listed and other non-listed vehicles
  • external service providers
  • investment and disinvestment processes
  • performance measurement and controlling

Selection, management & reporting 3. ... while covering a variety of property investments ... Indirect property investments Properties i.e. offices, hotels, multi-family,retail Direct property investments Property developments i.e. offices, hotels, multi-family, retail Funds closed-ended funds, property equities- and REIT-fund, fund of funds Property equities equities, REITs Derivates i.e. index certificates, futures on REITs Property investments 4. What happens in German Real Estate markets? G-REIT Demand ... Supply ... Further, ... ... for office, retail and residential property is increasing ... from foreign, private and institutional investors is high ... creates rising property prices and falling initial yields ... is driven by adjustments ... is often represented by portfolio offers ... comes from private and institutional investors as wellas from the government ... banks are again financing property investments withlow equity participation ... a relatively low interest rate level can be expected forthe near future 5. Office property market Germany Source: Feri Rating & Research GmbH (3. quarter 2006) Rental development Rental forecast Development Forecast Development Forecast Development Forecast 6. Residential property market Germany Source: Feri Rating & Research GmbH (3. quarter 2006) Rental development Rental forecast Development Forecast Development Forecast Development Forecast 7. Retail property market Germany Rental forecast Development Forecast Source: Feri Rating & Research GmbH (3. quarter 2006) Development Forecast Development Forecast Rental development 8. Which urban areas carry a high potential at low risks? Source: Feri Rating & Research GmbH (3. quarter 2006) The German office property map shows ... ... in comparison with otherEuropean countries a gooddiversification of attractiveproperty locations and ... nevertheless a clear develop- ment of winning cities. 9. Which parts of Germany represent favourable residential investment opportunities? The German residential property map shows ... ... that people do not move toplaces where apartments areempty but ... inhabitate regions where theyfind a working place. Source: Feri Rating & Research GmbH (3. quarter 2006) 10. What are the best places for retail property investments? The German retail property map shows ... ... that excellent retail space canbe found inner-city and outer- city. Source: Feri Rating & Research GmbH (3. quarter 2006) 11. Conclusion

  • property ownersshould check, whether a sale is profitable
  • property investorsshould search for locations that are not in the focus of foreign, private and institutional investors
  • property yieldsare still attractive in relation to many other countries
  • intense competitionbetween investors that target German property leads to a demand for expertise in investment selection

12. Contact details Feri Wealth Management GmbH Haus am Park Rathausplatz 8-10 D-61348 Bad Homburg v.d.H. Germany These information are provided by the Feri Wealth Management GmbH. The data, analyses, forecasts and concepts containted in this presentation are for your information only and without responsibility. No responsibility is taken for the correctness of these information. The presentation must not be perceived as a fiscal, legal or other kind of consultancy and does not provide a basis for the administration of assets or the recommendation and consultancy concerning the disposition of assets. The performance in the past is not a guarantee for future performance. The share price as well as the generated return may rise or fall, which is not guaranteed. The presentation has to be kept in confidence. Without the prior sanction of Feri Wealth Management GmbH, this presentation may only be used for internal purposes.Dr. Jrgen Schfer Partner Head of Real Estate Phone +49 (6 172) 9 16 - 3119 Fax +49 (6 172) 9 16 - 1119 E-Mail [email_address] - -