New Business Report. Real Estate Financing. Germany 1ˢᵗ half of 2017 Published in October 2017
|
|
- Randolph James
- 6 years ago
- Views:
Transcription
1 New Business Report Real Estate Financing Germany 1ˢᵗ half of 2017 Published in October 2017
2 New business figures and loan portfolios for commercial real estate financing by German banks Rally in the German real estate investment market continues Germany s expanding economy and the prevailing highly favourable monetary environment have ensured that the rally in the German real estate investment markets has continued. The good first quarter performance with a total investment volume of 12.6 billion was actually overtaken in the second quarter with a volume of 13.2 billion. At 25.8 billion, the first half year s transaction volume was an increase of 47% compared to the same period in 2016; the only superior performance to date was in the first half of Scarcity of available product continued to increase, and there would certainly have been a higher potential transaction volume on the demand side had there been an adequate and sufficient supply on the market. The strength of demand in the commercial real estate investment market is also evident from the fact that in most transactions, in addition to the eventual purchaser, there have typically been in excess of 10 other interested parties involved (who went home empty-handed). It also shows that not all portfolio owners are under pressure to sell, that banks are continuing to examine deals in great detail (scrutinising the sustainability of loans), and that investors are also behaving cautiously. ume. Prime yields in all use classes remained stable at very low levels over the second quarter of Momentum was sustained in the market for commercially-traded residential investments, with a transaction volume of 6.2 billion in the first six months, which is a yearon-year increase of 40%. Whilst just a few years ago portfolios tended to be broad-based and of varying quality, the portfolios now being traded are more clearly focused and in some cases, specifically packaged for particular purchaser groups, for which there are also higher asking prices. The total investment volume of both com- Commercial property and commercially-traded residential property transaction volume in billion As at: July 2017; source: JLL In the first half of the year, the five largest transactions were portfolio deals, of which the largest was the sale of the German component of a portfolio of 74 logistic properties by Blackstone to CIC with a volume of around 1.9 billion. The geographical focus was on the Big 7 real estate strongholds, which accounted for almost half of the total investment vol- New Business Report Real Estate Financing October
3 mercial real estate and commercially-traded residential properties in the first half of 2017 was 32 billion, which is a significant increase of 45% compared to the first half of New business is slightly down year-on-year In order to assess the situation in the German commercial real estate financing market on a quantitative basis, JLL has compiled and evaluated both actual and planned new business figures and existing loan portfolios. In addition to the financing of commercial properties, commercial real estate lending also includes the financing of commer-cially-traded residential property to legal entities as borrower. This analysis comprises a selection of nationally-active German banks whose reports include a detailed breakdown of figures allowing comparisons to be made. The banks analysed here account for almost 70% of all new business volume in the German market. New business figures refer to volumes in Germany, while loan portfolio figures reflect the total volume in Germany and abroad. These figures do not include the raising of funds through capital market products such as issuing new shares and bond issues billion of new business was awarded over the review period; however, there was an average decrease in new business volume of 8% across all 13 participating banks* compared to the first half of The volume was lower in the case of six banks, two remained at around the same level and five banks reported an increase in new business New commercial real estate financing business in Germany by selected banks Bank H in bn H in bn Change H1 2017/H Plan 2017 compared to 2016 DG Hyp 2) % Helaba 1) % HSH Nordbank 2) % pbb Deutsche Pfandbriefbank % Bayern LB % Berlin Hyp 2) % Berliner Sparkasse 4) % Deutsche Hypo 2) % Münchener Hypo 2) 6) % Deutsche Postbank 5) % WL Bank 3) % DekaBank % Aareal Bank % Total % 1) Medium and long-term new business 2) Excluding prolongations 3) Value only for financing secured on commercial properties 4) Contracted new business excluding prolongations 5) New business also includes qualified prolongations, i.e. new financing agreements at the end of the term of existing loans; but not merely interest rate adjustments at the end of the fixed contract terms 6) Reporting has been changed Source: JLL, bank information, financial reports, press releases *Until further notice, the Hypovereinsbank is no longer taking part in this survey. For comparison purposes, the volume from the first half of 2016 is also not included in the calculations. New Business Report Real Estate Financing October
4 awarded. All banks remained below the 3 billion mark, and the highest volume of new business amongst the banks under review was placed by DG HYP with 2.6 billion. DG HYP participated in the financing of the Galileo project at the Technical University of Munich campus, and also financed the purchase of the NH Hotel in Weinheim by Deutsche Fondsvermögen (DFV). The assessment of the current business situation has been stable to slightly improved over the past six months. However, future expectations for the medium-term are more subdued, a sentiment that had already been identified in the second and third quarter DIFI (German Real Estate Finance Index) reports published by ZEW and JLL. The pressure on margins had long since extended to include all use classes and risk categories. Banks are still reacting to the tension brought about by the increasing regulatory requirements (including capital backing requirements) and the highly competitive environment, with the latter responsible for keeping margins at a low level on an international comparison. In order to bring the tight margins into line with rising administration costs, banks business models are not just being reconsidered theoretically as in the past, but action is also being taken. One example is the strategic partnership between Mountstreet and the Aareal Bank, with the objective of improving the operational basis and realising income potential. This approach is also being considered by other market players. Meanwhile, the ongoing Pfandbrief mortgage bond issues are keeping the cost of funds for banks low. Nonetheless, there are increasing numbers of banks which are no longer making regular issues because of the pressure to invest and increased levels of liquidity. Loan portfolios for commercial real estate financing (Germany and abroad) by selected banks 1) Values only for financing secured on commercial properties; 2) Loan portfolios excluding open external commitments; 3) Reporting has been changed Source: JLL, bank information, annual reports, press releases New Business Report Real Estate Financing October
5 Slight increase in loan portfolios Despite the falling volume of new business awarded in the first six months of this year, banks aggregate loan books have increased. In the case of eight participants, loan portfolios have increased and three respondents reported a decrease. Helaba, Aareal Bank and pbb Deutsche Pfandbriefbank still have the largest loan books. At the end of 2016, the total volume was billion and this has increased slightly by 1.4% to its current level of billion. Although there has been a reduction in new business, it has still been sufficient to overcompensate for repayments. It is likely that there will be a growth in syndication activity by banks, but this is difficult to quantify accurately. Nonetheless, there has been no noticeable deterioration in loan book quality. The trend towards falling yields is not necessarily causing banks to adjust their lending guidelines or relax their criteria when granting loans. This points to robust LTV ratios in the event of possible value corrections. Overall conditions and subdued outlook Germany has close links to the global economy and has thus observed politically turbulent times over the past six months. The formal separation of the UK from the EU has begun and there are clearly noticeable nationalistic tendencies across Europe (for example, as shown by the elections in The Netherlands, France and the UK) and it remains unclear how relations with the USA will develop in future. Even if the precise effects of individual events are unclear, all five of Germany s principal trading partners are involved. In spite of this, the German real estate investment market and activities of lenders have held their ground in the current environment. The new business forecast for the full year 2017 compared to 2016 has changed in the case of four banks compared to the survey one year ago. Seven banks report that new business volume in 2017 will be similar to 2016, five report that it will be lower (including the two banks with the largest new business volumes recently), and just one expects that new business volume will be higher. Germany is likely to remain in investor focus as an investment destination. The German real estate investment volume in 2017 will be at around the same level as However, most banks surveyed as part of the DIFI expect a continuation of the subdued financing environment. Any gaps in financing tend to be filled by equity capital or alternative, and in some cases foreign debt finance providers. JLL expects that interest rates will remain low and are unlikely to be increased by the European Central Bank as long as there continues to be financial difficulties in a number of EU countries and in a number of banks, and there is no significant rise in inflation. New Business Report Real Estate Financing October
6 Contacts Kontakt Anke Herz Name Title/Function Team Leader Debt Advisory City Frankfurt tel (0) (0) Helge Scheunemann Head of Research Germany Hamburg +49 (0) jll.de Alle Informationen rund um JLL und unsere Dienstleistungen jll.de/research Alle Research-Berichte zu aktuellen Marktzahlen und Spezialthemen jll.de/immo Gewerbeimmobilienangebote zur Miete und zum Kauf deutschlandweit jll.de Information regarding JLL and our services jll.de/research All research reports on current market figures and special topics Copyright JONES LANG LASALLE SE, Dieser Bericht wurde mit größtmöglicher Sorgfalt erstellt und basiert auf Informationen aus Quellen, die wir für zuverlässig erachten, aber für deren Genauigkeit, Vollständigkeit und Richtigkeit wir keine Haftung übernehmen. Die enthaltenen Meinungen stellen unsere Einschätzung zum Zeitpunkt der Erstellung dieses Berichtes dar und können sich ohne Vorankündigung ändern. Historische Entwicklungen sind kein Indiz für zukünftige Ergebnisse. Dieser Bericht ist nicht für den Vertrieb oder die Empfehlung zum Kauf oder Verkauf einer bestimmten Finanzanlage bestimmt. Die in diesem Bericht zumlasalle Ausdruck gebrachten Meinungen und Empfehlungen berücksichtigen nicht individuelle Kundensituationen, -ziele oder -bedürfnisse und sind nicht für die Empfehlung einzelner Copyright JONES LANG SE, Wertpapiere, Finanzanlagen Strategienoreinzelner Kunden Dermeans Empfänger dieses Berichtes mussofseine unabhängigen hinsichtlich einzelner No part of this publication mayoder be reproduced transmitted in any bestimmt. form or by any without prior written consent Joneseigenen Lang LaSalle. It is based Entscheidungen on material that we believe to be reliable.wertpapiere Whilst every oder Finanzanlagen treffen. Jones Lang LaSallewe übernimmt keine Haftung für odernoindirekte Schäden, die aus Unvollständigkeiten oder Fehlern effort has been made to ensure its accuracy, cannot offer any warranty thatdirekte it contains factual errors. We would likeungenauigkeiten, to be told of any such errors in order to correct them. in diesem Bericht entstehen.
Investment Market Overview. Germany 3 rd quarter 2017 Published in October 2017
Investment Market Overview Germany 3 rd quarter 2017 Published in October 2017 Strong investment demand pushes yields down further Experience has shown that political conflicts tend to have only a temporary
More informationInvestment Market Overview. Germany 1 st quarter 2018 Published in April 2018
Investment Market Overview Germany 1 st quarter 2018 Published in April 2018 Good start to a challenging investment year The global economy continues to boom, and Germany now finally has a government again.
More informationNew Business Report Real Estate Financing
New Business Report Real Estate Financing Germany Full year 2015 Published in June 2016 New business figures and loan portfolios of commercial real estate financing by German banks JLL New Business Report
More informationExecutive summary. Rethinking treasury. How CFOs and corporate treasurers are rising to the risk management challenge
Executive summary Rethinking treasury How CFOs and corporate treasurers are rising to the risk management challenge 2 Foreword In a more connected, complex and fast-paced world, where businesses must cope
More informationAnnual accounts press conference 2010: Turnaround program already saved around EUR 45 million in 2009
Page 1 / 5 Annual accounts press conference 2010: Turnaround program already saved around EUR 45 million in 2009 - Orders on hand up 10 percent year-on-year - Cash flow increased, capital employed decreased
More informationBanks and insurers in Switzerland
Banks and insurers in Switzerland Analysis of the economic importance of the Swiss financial sector Key facts at a glance Study by order of the Swiss Bankers Association (SBA) and Swiss Insurance Association
More informationHSBC Evolve. Where execution meets intelligence
HSBC Evolve Where execution meets intelligence SMARTER EXECUTION AT YOUR FINGERTTIPS AT HSBC, WE UNDERSTAND THE ROLE DIGITAL INNOVATION PLAYS IN TRANSFORMING BUSINESS. Take your trading to the next level
More informationThe impact of the aging of populations on consumption and savings
The impact of the aging of populations on consumption and savings R & A Group Research & Asset Management AG Bodmerstrasse 3 CH-8002 Zürich Phone +41-44-201 07 20 Fax +41-44-201 07 22 e-mail info@ragroup.ch
More informationDR. KALLIWODA E Q U I T Y R E S E A R C H August, 10, 2004
1 COMPANY UPDATE DR. KALLIWODA E Q U I T Y R E S E A R C H August, 10, 2004 VALOR COMPUTERIZED SYSTEMS Rating: Unchanged BUY Software / Technology Last price: 2,30 Fair value: 4,35 VALOR going ahead in
More informationLife after the end of genderspecific
w w w. I C A 2 0 1 4. o r g Life after the end of genderspecific pricing in Europe Adele Groyer & Anil Patel Life after the end of gender-specific pricing in Europe Adèle Groyer & Anil Patel ICA 2014 Why
More informationHypo Vorarlberg Bank AG
Third Supplement dated 8 November 2017 to the Prospectus dated 27 July 2017 as supplemented by the First Supplement dated 5 September 2017 and the Second Supplement dated 10 October 2017 This document
More informationHealth Insurance and Pilot Tax Incentive Programme in China. Flora Shao Hong Kong, 19 June 2018
Health Insurance and Pilot Tax Incentive Programme in China Flora Shao Hong Kong, 19 June 2018 Agenda 01 Background 02 Tax Deductible Health Insurance 03 Implications and Considerations ASHK Health Seminar
More informationU.S. $4,000,000,000 NOTE ISSUANCE PROGRAMME UNCONDITIONALLY AND IRREVOCABLY GUARANTEED
SUPPLEMENT NO. 2 DATED 6 JUNE 2008 in accordance with 6(2) and 16 of the German Securities Prospectus Act to the published Base Prospectus relating to Principal Protected Notes and Derivative Notes dated
More informationPricing Parameters in Motor Insurance in CEE some high level observations. Michael Theilmeier Vienna February 2017
Pricing Parameters in Motor Insurance in CEE some high level observations Michael Theilmeier Vienna February 2017 Key observations 1. There is a wide variety of parameters used today in many cases doubtful
More informationResearch findings of the survey into THE UK COMMERCIAL PROPERTY LENDING MARKET De Montfort University Nicole Lux
Research findings of the survey into THE UK COMMERCIAL PROPERTY LENDING MARKET 2016 De Montfort University Nicole Lux Trends in value of outstanding debt Loan originations Structure of outstanding loan
More informationThe Bright Future of Life Insurance. 4. Weiterbildungstag der DGVFM Hannover, 1. Juni 2017 Dr. Jürgen Bierbaum ALTE LEIPZIGER Lebensversicherung a.g.
The Bright Future of Life Insurance 4. Weiterbildungstag der DGVFM Hannover, 1. Juni 2017 Dr. Jürgen Bierbaum ALTE LEIPZIGER Lebensversicherung a.g. AGENDA 1 The Demand for Life Insurance 2 New Capital
More informationDG HYP INVESTOR PRESENTATION. Situation as at: 30 June 2016
DG HYP INVESTOR PRESENTATION Situation as at: 30 June 2016 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP
More informationemployees Your partner for developing modern and inspiring company pension and fringe benefit systems for your employees in Germany
Your partner for developing modern and inspiring company pension and fringe benefit systems for your employees in Germany Implementation of a company pension plan plus fringe benefits for employees in
More informationPricing Parameters in Motor Insurance in CEE some high level observations. Michael Theilmeier FIAR May 2017
Pricing Parameters in Motor Insurance in CEE some high level observations Michael Theilmeier FIAR May 2017 Key observations 1. There is a wide variety of parameters used today in many cases doubtful if
More informationDG HYP INVESTOR PRESENTATION. Situation as at: 30 June 2017
DG HYP INVESTOR PRESENTATION Situation as at: 30 June 2017 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP
More informationExpected Loss Credit Rating Methodology
Expected loss credit rating methodology used for fedafin s credit rating assignments to real estate secured debt instruments and mortgage collateralized asset backed securities. Mortgage Credit Rating
More informationDR. KALLIWODA E Q U I T Y R E S E A R C H May, 29, 2005 Rating: Unchanged BUY
DR. KALLIWODA E Q U I T Y R E S E A R C H May, 29, 2005 Rating: Unchanged BUY Coverage: Since Q1 2004 VALOR COMPUTERIZED SYSTEMS Last Price: 2,67 Software / Technology Fair Value: 4,45 1 COMPANY REPORT
More informationAnnex16 Report (Program RAIDJP_ANNEX16) Depreciation Shortage in the last year. SAP Japan / Globalization Product Management - Japan November 2013
Annex16 Report (Program RAIDJP_ANNEX16) Depreciation Shortage in the last year SAP Japan / Globalization Product Management - Japan November 2013 Agenda Symptom Correction of Annex16 Report (Program RAIDJP_ANNEX16)
More informationGermany Adopts Final Version of Regulation on Attribution of Profits to Permanent Establishments
URL: http://www.deloitte-tax-news.de/german-tax-legal-news/germany-adopts-final-version-ofregulation-on-attribution-of-profits-to-permanent-establishments.html 31.10.2014 German Tax and Legal News Germany
More informationCOMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main
COMMERZBANK AKTIENGESELLSCHAFT Frankfurt am Main Supplements as of 24 March 2016 in accordance with 16 of the German Securities Prospectus Act (WpPG) Seventh Supplement to the Base Prospectus relating
More informationDetailed Specifications to the Market Models. (Xetra T7 - Release 6.0)
Detailed Specifications to the Market Models (Xetra T7 - Release 6.0) TABLE OF CONTENTS 1. Introduction... 4 2. Trading parameters... 5 2.1. Trading procedures... 5 2.1.1. Trading procedure for equities...
More informationStart-up-Barometer Deutschland. Germany. Januar 2019 January 2019
Start-up-Barometer Deutschland Germany Januar 2019 January 2019 Design of the study The EY Start-up-Barometer Germany is being issued since 2014, effective 2015 twice per year Sources: Press releases of
More informationSolvency II Update Tokyo, 16 October Dr. Winfried Heinen
Solvency II Update Tokyo, 16 October 2008 Dr. Winfried Heinen Agenda The Solvency II Project: Reminder & Current State A Look at the Framework Directive Pillar 1 Central Idea SCR QIS4 Technical Specifications
More informationRetail City Profile. Retail Market Heidelberg. Heidelberg Full year 2017 Published in September 2017
Retail City Profile Heidelberg ull year 2017 Published in September 2017 Retail Market Heidelberg Hauptstrasse reaches 5,500 passers-by per hour urther good development of employment and low unemployment
More informationKeynote speech at Deutscher Bankentag 2017
Keynote speech at Deutscher Bankentag 2017 Session: The single market for financial services: ambition and reality 06.04.2017 Berlin 1 Guten morgen meine sehr geehrten Damen und Herren, Ich danke Herrn
More informationThe value of audit after the audit reform
The value of audit after the audit reform Mathieu Meyer, Ernst & Young GmbH Managing Partner Audit Germany The better the question. The better the answer. The better the world works. EU Audit reform -
More informationBreakout 1: The Swiss retirement system
Breakout 1: The Swiss retirement system Outlook and tips for your own retirement provision Dr. Veronica Weisser Head Swiss Macro and Sectors Analysis UBS Chief Investment Office WM www.ubs.com/vorsorgeforum
More informationResults Q IMPORTANT NOTE: The Results Q do not yet include the asset transfer to FMS-WM as of Oct 1, 2010
Results Q3 21 IMPORTANT NOTE: The Results Q3 21 do not yet include the asset transfer to FMS-WM as of Oct 1, 21 Investor Relations Presentation November 16, 21 HRE Group Overview Q3 21 pre-tax loss reduced
More informationRetail City Profile. Retail Market Ulm. Ulm Full year 2017 Published in September 2017
Retail City Profile Ulm Full year 2017 Published in eptember 2017 Retail Market Ulm Hirschstrasse reaches 5,600 passers-by per hour Prime multiplier rises to 19.5 Above-average centrality index of 142.8
More informationErste Group Bank AG. EUR 30,000,000,000 Debt Issuance Programme. Prospectus Supplement No. 5
Prospectus Supplement No. 5 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) EUR 30,000,000,000 Debt Issuance Programme This supplement
More informationÜbertragung von Wertpapieren auf die The Royal Bank of Scotland plc nach dem Niederländischen Verfahren
Übertragung von Wertpapieren auf die The Royal Bank of Scotland plc nach dem Niederländischen Verfahren Am 6. Februar 2010 hat die ABN AMRO Bank N.V. (eingetragen bei der niederländischen Handelskammer
More informationSAP Insurance Analyzer 1.0
Application Help SAP Insurance Analyzer 1.0 SAP Accounting for Insurance Contracts PUBLIC Document Version: 1.0 2013, May 30 Application Help SAP Insurance Analyzer 1.0 1 Copyright 2013 SAP AG. Alle Rechte
More informationWirtschaftliche Untersuchungen, Berichte und Sachverhalte. Markus Demary
Wirtschaftliche Untersuchungen, Berichte und Sachverhalte Markus Demary Cologne, January 17, 2019 Contents Abstract 2 1 The IW Financial Expert Survey 3 2 Financial market forecasts 3 2.1 Sentiment among
More informationGold Resource Corporation Reports First Quarter Net Income of $0.10 Per Share, Maintains 2018 Production Outlook
Gold Resource Corporation Reports First Quarter Net Income of $0.10 Per Share, Maintains 2018 Production Outlook 01.05.2018 GlobeNewswire COLORADO SPRINGS, Colo., May 01, 2018 (GLOBE NEWSWIRE) -- Gold
More informationImpact of regulatory requirements
Impact of regulatory requirements Study Munich 12 September 2014 Agenda 1 Introduction 2 Costs resulting from Regulatory Initiatives 3 Banking Market and Bank Business 4 Banks POV on Regulation 5 Conclusion
More information3. Where do we want to be better in our core business? a.) UNIQA Austria Increase profitability. b.) Raiffeisen Insurance. Increase productivity.
Group Press briefing on annual results FY 2012 April 11, 2013 Andreas Brandstetter, CEO Hannes Bogner, CFO Our long-term growth strategy 2.0 Presented in May 2011 Doubling the number of customers from
More informationMT4 turbo - Trade Terminal
MT4 turbo - Trade Terminal 1. Overview of the Trade Terminal... 2 1.1 Opening the Trade Terminal... 2 1.2 Components of the Trade Terminal... 2 2. Market watch... 3 2.1 Placing buy/sell orders... 3 2.2
More informationParliaments and the New Economic and Budgetary Governance Questionaire
Parliaments and the New Economic and Budgetary Governance Questionaire 2016 Deutscher Bundestag Seite 2 Parliaments and the New Economic and Budgetary Governance Questionaire Aktenzeichen: Abschluss der
More informationRomedius Troberg. Smart Beta. Alternative Concepts in Passive Portfolio Management. Anchor Academic Publishing. disseminate knowledge
Romedius Troberg Smart Beta Alternative Concepts in Passive Portfolio Management Anchor Academic Publishing disseminate knowledge Troberg, Romedius: Smart Beta: Alternative Concepts in Passive Portfolio
More informationDeutsche Pfandbriefbank AG Munich, Federal Republic of Germany. Euro 50,000,000,000 Debt Issuance Programme (the Programme )
Pursuant to article 16 para. 3 of the German Securities Prospectus Act investors who have already agreed to purchase or subscribe for Notes issued under the Programme (as defined herein) before this First
More informationSupplement dated 21 December 2016
This document constitutes a supplement (the "Supplement") (i) to the base prospectus dated 28 April 2016 for the issuance of and (ii) to the base prospectus dated 24 August 2016 for the issuance of Interest
More informationErste Group Bank AG. Credit Linked Notes Programme. Prospectus Supplement No. 2
Prospectus Supplement No. 2 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Credit Linked Notes Programme This supplement (the "Supplement')
More informationSupplement No. 1 dated 1 October 2015 to the Base Prospectus dated 7 May 2015
Supplement No. 1 dated 1 October 2015 to the Base Prospectus dated 7 May 2015 (incorporated as a stock corporation in Frankfurt am Main, Germany) Euro 2,000,000,000 Debt Issuance Programme This document
More informationLuxembourg Office Market
Research Report Luxembourg Office Market Q4 2017 - 2 - Research Report Luxembourg Office Market Q4 2017 Occupier market Another year with take-up above 200,000 sq.m. The closing quarter was similar to
More informationAnnouncement: Moody's reviews ratings of German Landesbanken Global Credit Research - 01 Jul 2011
Announcement: Moody's reviews ratings of German Landesbanken Global Credit Research - 01 Jul 2011 Frankfurt am Main, July 01, 2011 -- Moody's Investors Service has today initiated, or continued, reviews
More informationSecretariat Promotion and website Gifts
Financial report of the ER-WCPT for the year 2017 The financial organisation of the ER-WCPT used two bank accounts and a business credit card in the Sparkasse Köln/Bonn in Germany. The first account is
More informationWirtschaftliche Untersuchungen, Berichte und Sachverhalte. Second Quarter 2018 Markus Demary
Wirtschaftliche Untersuchungen, Berichte und Sachverhalte Second Quarter 2018 Markus Demary Cologne, April 24, 2018 Contents Abstract 2 1 The IW Financial Expert Survey 3 2 Current forecasts 3 2.1 Interest
More informationLuxembourg Office Market
Research Report Luxembourg Office Market Q1 2018 - 2 - Research Report Luxembourg Office Market Q1 2018 Occupier market An apparently quiet quarter The first quarter of the year has been apparently quieter
More informationdiscussion papers FS IV 91-4 Trade Performance of the Main EC Economies Relative to the USA and Japan in 1992-Sensitive Sectors Kirsty S.
discussion papers FS IV 91-4 Trade Performance of the Main EC Economies Relative to the USA and Japan in 1992-Sensitive Sectors Kirsty S. Hughes January 1991 ISSN Nr. 0722-6748 Forschungsschwerpunkt Marktprozeß
More informationHOTEL LENDING SURVEY 2018 EUROPEAN. Peter Szabo Associate. Simon Hultén Analyst. HVS.com HVSHWE.com
2018 EUROPEAN HOTEL LENDING SURVEY Peter Szabo Associate Simon Hultén Analyst HVS.com HVSHWE.com HVS London and HVS Hodges Ward Elliott 7-10 Chandos Street, London W1G 9DQ Highlights The headwinds from
More informationINVESTOR RELATIONS CONTACT AND SERVICE GLOSSARY
INVESTOR RELATIONS CONTACT AND SERVICE GLOSSARY A Ad hoc publicity Obligation of issuers of securities to immediately report and publish any information that might have a bearing on the price of their
More informationReal Estate Markets Germany Dr. Thomas Beyerle, London 22nd of September
Real Estate Markets Germany 2015 Dr. Thomas Beyerle, London 22nd of September German economy Why invest in Germany? 2 2015 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
More information(Incorporated as a stock corporation in the Republic of Austria under registered number FN m)
Prospectus Supplement No. 3 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Equity Linked Notes Programme This supplement (the "Supplement")
More information(Incorporated as a stock corporation in the Republic of Austria under registered number FN m)
Prospectus Supplement No. 2 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Equity Linked Notes Programme This supplement (the "Supplement")
More informationVorarlberger Landes- und Hypothekenbank Aktiengesellschaft
First Supplement dated 7 November 2016 to the Prospectus dated 3 August 2016 This document constitutes a supplement (the "First Supplement") for the purposes of Article 13 of the Luxembourg Law on Prospectuses
More informationFinal Terms. EUR 10,000, per cent. Mortgage Pfandbriefe due 12 December issued pursuant to the. 25,000,000,000 Offering Programme
MiFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ELIGIBLE COUNTERPARTIES ONLY TARGET MARKET Solely for the purposes of each manufacturer's product approval process, the target market assessment
More informationRating Action: Moody's assigns Counterparty Risk Ratings to 26 German banks
Rating Action: Moody's assigns Counterparty Risk Ratings to 26 German banks 19 Jun 2018 Ratings are assigned following 6 June 2018 update to Moody's Banks rating methodology Frankfurt am Main, June 19,
More informationRAIFFEISEN BANK INTERNATIONAL AG. EUR 25,000,000,000 Debt Issuance Programme
First Supplement dated 08 November 2017 to the Debt Issuance Programme Prospectus dated 13 October 2017 relating to the EUR 25,000,000,000 Debt Issuance Programme This document constitutes a supplement
More information(Incorporated as a stock corporation in the Republic of Austria under registered number FN m)
Prospectus Supplement No. 1 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) EUR 30,000,000,000 Debt Issuance Programme This supplement
More informationStrong full-year result with PBT of EUR 204 mn - Increase of pay-out ratio for Annual Press Briefing 7 March 2018
Strong full-year result with PBT of EUR 204 mn - Increase of pay-out ratio for -2019 Annual Press Briefing 7 March 2018 Andreas Arndt CEO/CFO Deutsche Pfandbriefbank AG Strong full-year result with PBT
More informationThe consolidation process in the German banking sector gained momentum last year.
Bank office report 2016 Development of the bank office network in 2016 Development of the bank office network in 2016 I Number of credit institutions (see Annex 1) The consolidation process in the German
More informationBAYER AKTIENGESELLSCHAFT (incorporated in the Federal Republic of Germany) as Issuer and as Guarantor for Notes issued by
First Supplement to the Debt Issuance Programme Prospectus dated March 19, 2014 Dated May 21, 2014 This document constitutes a supplement (the Supplement) within the meaning of Article 16(1) of Directive
More information1Q2018 Results Presentation 10 May2018
1Q2018 Results Presentation 10 May2018 Agenda About IREIT Global Key Highlights Portfolio Summary European Market Review Looking Ahead Appendix : Overview of Tikehau Capital 2 About IREIT Global About
More informationLuxembourg Office Market
Research Report Luxembourg Office Market Q3 2017 - 2 - Research Report Luxembourg Office Market Q3 2017 Occupier market A quieter Q3 due to lower deal size We recorded a lower than usual transaction flow
More informationSupplement. under the Euro 50,000,000,000 Debt Issuance Programme. and
This document constitutes a supplement (the "Supplement") to the seventeen base prospectuses dated 24 June 2013, 17 May 2013 (two prospectuses), 31 May 2012, 16 May 2012, 20 May 2011, 14 June 2010, 20
More informationSAP Insurance Analyzer 1.0
Application Help SAP Insurance Analyzer 1.0 Solvency Management PUBLIC Document Version: 1.0 2013, May 30 Application Help SAP Insurance Analyzer 1.0 1 Copyright 2013 SAP AG. Alle Rechte vorbehalten. Weitergabe
More informationDeutsche Pfandbriefbank AG Munich, Federal Republic of Germany. Euro 50,000,000,000 Debt Issuance Programme (the Programme )
Pursuant to article 16 para. 3 of the German Securities Prospectus Act investors who have already agreed to purchase or subscribe for Notes issued under the Programme (as defined herein) before this Eighth
More informationLandesbank Hessen-Thüringen Girozentrale (the Issuer )
Landesbank Hessen-Thüringen Girozentrale (the Issuer ) 1st Supplement dated 6 July 2015 to the Prospectus dated 13 May 2015 (the Prospectus ) relating to the Helaba Euro 35,000,000,000 Debt Issuance Programme
More informationstrong for entrepreneurs InteRIM RePoRt as of 30 June 2013
strong for entrepreneurs InteRIM RePoRt as of 30 June 2013 key figures InCoMe statement January June 2013 January June 2012 Net income before restructuring 249 195 Net income before taxes 98 19 Group net
More informationeuromicron AG Lowering PT after weak 9M/12 Update BUY Target price: November 26, 2012
November 26, 2012 Europe Germany Technology Update BUY Target price: 27.40 Overview Industry: Country ISIN: Reuters: Bloomberg: Website: Technology Germany DE000A1K0300 EUCAn.DE EUCA GR www.euromicron.net
More informationERSTE 5. Erste Group Bank AG. Structured Notes Programme. Group
Prospectus Supplement No. 1 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Structured Notes Programme This supplement (the "Supplement")
More informationIFRS consolidated group 9M 2012 interim results HSH NORDBANK AG HAMBURG 6 DECEMBER 2012
IFRS consolidated group 9M interim results HSH NORDBANK AG HAMBURG 6 DECEMBER Agenda 1. Key financial data 9M -. 2. Appendix 6 December 2 Key financials at a glance 9M - 9M - 2011 % Net interest and commission
More informationStarragHeckert shareholders approve capital increase
M e d i a r e l e a s e NOT FOR DISTRIBUTION IN THE UNITED STATES, JAPAN, AUSTRALIA OR CANADA. 90 th ordinary Annual General Meeting on 9 April 2011 StarragHeckert shareholders approve capital increase
More informationIssuer Profile. Data basis as of 31 December 2017 Only for qualified, professional institutional investors not for direct distribution into retail
Issuer Profile Data basis as of 31 December 2017 Only for qualified, professional institutional investors not for direct distribution into retail In a nutshell DEUTSCHE HYPO Is one of the oldest and most
More informationERSTE 5. Erste Group Bank AG. Warrants Programme. Group
Prospectus Supplement No. 1 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Warrants Programme This supplement (the "Supplement")
More informationERSTE 5M. Erste Group Bank AG. Equity Linked Notes Programme. Group
Prospectus Supplement No. 4 Erste Group Bank AG (Incorporated as a stock corporation in the Republic of Austria under registered number FN 33209 m) Equity Linked Notes Programme This supplement (the "Supplement')
More informationJuli 2006: Weitere Verbesserung der wirtschaftlichen Einschätzung in EU und Eurogebiet
IP/06/1080 Brüssel, 31. Juli 2006 Juli 2006: Weitere Verbesserung der wirtschaftlichen Einschätzung in EU und Eurogebiet Der Indikator der wirtschaftlichen Einschätzung (ESI) hat im Juli sowohl in der
More informationJLL Irish Property Index - Capital Values Q3 04 Q1 05 Q3 03 Q2 04 Q4 03 Q4 04 Q1 04
J44-A1-Document 1 Issues relating to the nature and functioning of the commercial real estate market in the period prior to 2008 in the context of the Banking Crisis in Ireland The size and nature of the
More informationSAMPLE. The UK Commercial Property Lending Market Research Findings 2012 Year-End
The UK Commercial Property Lending Market Research Findings 2012 Year-End Commercial Property Lending Market: Year-End 2012 Bill Maxted Trudi Porter May 2013 Department of Corporate Development Faculty
More informationAnalyst/Investor Presentation October 5, 2010 Transfer of assets as key milestone for re-positioning
Analyst/Investor Presentation October 5, 2010 Transfer of assets as key milestone for re-positioning Disclaimer The following presentation provides provisional information and only a rough picture of the
More informationOffice Leasing and Investment Germany
MARKET REPORT 217/218 Accelerating success. Office Leasing and Investment Germany Market Data Office Leasing TOP 7 BERLIN DÜSSELDORF FRANKFURT HAMBURG COLOGNE MUNICH STUTTGART STOCK OF OFFICE SPACE 9.52
More informationInterim Report. 30 September DG HYP. The innovative real estate bank. Member of the Cooperative Financial Services Network
Interim Report 30 September 2006 Member of the Cooperative Financial Services Network DG HYP. The innovative real estate bank. Overview Business development 1 Jan to 9/12 9/12 30 Sep 2006 of 2005 of 2004
More information010 Mid-Yea r. The UK Commercial Property Lending Market Research Findings 2009 Year End
010 Mid-Yea r 01 The UK Commercial Property Lending Market Research Findings 2009 Year End [ AN EXTRACT FROM The UK Commercial Property Lending Market: Year-End 2009 Research Findings Bill Maxted Trudi
More informationInvestor Presentation The Helaba Group. Frankfurt / Main, March 2018
Investor Presentation The Helaba Group Frankfurt / Main, March 2018 Agenda 2 1. Helaba Business Model 2. Helaba as Sparkassen Central Bank 3. Business Development 4. Asset Quality 5. Funding Helaba at
More informationThe Jungheinrich share
The Jungheinrich share Price performance outdoes German stock price indices Jungheinrich share greatly improved in stock market ranking Stable dividend guaranteed despite high special burdens Higher ratio
More informationInterim financial report 30 June 2011
Interim financial report 30 June 2011 Member of the Cooperative Financial Services Network Overview Contents Business development 1 Jan to 1 Jan to 30 Jun 2011 30 Jun 2010 Development of originated new
More informationSUCCESS REAL ESTATE GROWTH SUSTAINABILITY ASSET MANAGEMENT INVESTORS RENOVATION ASSET MANAGEMENT GROWTH INVESTORS USTAINABILITY
GROWTH ASSET MANAGEMENT S DEVELOPMENT RENOVATION KWG KOMMUNALE WOHNEN AG Company Presentation Agenda 1. Investment Case 2. Market Environment 3. KWG Kommunale Wohnen AG An Overview 4. Business Model 5.
More informationAcademic perspective on the history and future of REITs in Germany
Academic perspective on the history and future of REITs in Germany MIT Forums in Real Estate German REITs: A transatlantic Real Estate Investment Concept? 14th October 25, Munich Martin Becker ebs Department
More informationCross-Border Pension Issues. New York University International Tax Program March 23, Dr. Rosemarie Portner, LL. M.
New York University International Tax Program March 23, 2012 Dr. Rosemarie Portner, LL. M. Agenda Why worry about cross-border pension issues? What is the concern? Selected practice issues Double taxation
More informationConference Call HSH Nordbank, Interim Results as per 30 September Hamburg/Kiel, 9. December 2011
Conference Call HSH Nordbank, Interim Results as per 30 September 2011 Hamburg/Kiel, 9. December 2011 Agenda 1. Group Results IFRS 9M 2011 2. Appendix Page 1 Highlights 9M 2011 Business Performance Positive
More informationDeutsche Pfandbriefbank AG Munich, Federal Republic of Germany. Euro 50,000,000,000 Debt Issuance Programme (the Programme )
Pursuant to article 16 para. 3 of the German Securities Prospectus Act investors who have already agreed to purchase or subscribe for Notes issued under the Programme (as defined herein) before this Second
More informationAgenda. About IREIT Global. Key Highlights. Portfolio Summary. Economy & Real Estate Review. Looking Ahead. Appendix : Overview of Tikehau Capital
4Q 2017 and FY 2017 Results Presentation 14 February 2018 Agenda About IREIT Global Key Highlights Portfolio Summary Economy & Real Estate Review Looking Ahead Appendix : Overview of Tikehau Capital 2
More informationMSC ITN, English reading version, November 2015
Die hier veröffentlichte englische Übersetzung des Marie Skłodowska-Curie- Musterarbeitsvertrages für Innovative Training Networks ITN (Variante: European Training Networks ETN) für Early Stage-Researchers
More information/pulse/ Italy Capital Markets Q1 2015
/pulse/ Italy Capital Markets Q1 2015 The macroeconomic context The year 2015 begun following the global abundance of liquidity and a general improvement in debt conditions observed throughout 2014. Specifically,
More informationBusiness is moving along... *without one time exceptionals from SFAS 143 and changes of accounting principles ECKERT & ZIEGLER, MAV 200D + 38D 11
C Company report. «Empfänger», «Ansprechpartner» Buy Medical Share price: 9.10 Last Rating: Buy Last Report: 10 August 2004 S&P-Rating: - Eckert & Ziegler 09 November 2004
More information