Skip to main content
SpringerLink
Log in

REOCs and REITs

  • Chapter
  • First Online:
Understanding German Real Estate Markets

Part of the book series: Management for Professionals ((MANAGPROF))

  • 1825 Accesses

Abstract

This chapter considers the German market for listed real estate companies. First, a distinction is made between German listed real estate operating companies and Real Estate Investment Trusts. These are then ordered into the investment spectrum and the German and European market for listed real estate companies is analyzed. Finally, success factors and value drivers that can support the success and the future of German real estate companies on the capital market are presented.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution

Institutional subscriptions

Notes

  1. 1.

    Rehkugler and Sotelo (2009).

  2. 2.

    Sebastian and Schätz (2010).

  3. 3.

    Exceptions are listed in §16.2 to §16.6 of REITG.

  4. 4.

    Sotelo (2006).

  5. 5.

    EPRA (2009b).

  6. 6.

    EPRA (2010).

  7. 7.

    BVI (2006).

  8. 8.

    EPRA (2009a).

  9. 9.

    EPRA (2009b).

  10. 10.

    EPRA (2009a).

  11. 11.

    Schäfers et al. (2008).

  12. 12.

    Schäfers et al. (2008).

  13. 13.

    Schäfers et al. (2008).

  14. 14.

    Schäfers et al. (2008).

  15. 15.

    Schäfers et al. (2008).

  16. 16.

    Schäfers et al. (2008).

  17. 17.

    Schäfers et al. (2008).

  18. 18.

    Feri Eurorating Services (2008), Rehkugler and Goronczy (2009), Cometis (2009), Kohl (2009) and Kohl and Schäfers (2010).

  19. 19.

    Healy and Palepu (2001), Bushman and Smith (2003), Callahan and Smith (2004) and Lang et al. (2009).

  20. 20.

    Kohl (2009) and Kohl and Schäfers (2010).

  21. 21.

    EPRA (2009c).

  22. 22.

    Kohl and Schäfers (2010).

References

  • Bushman, R. M., & Smith, A. J. (2003). Transparency, financial accounting information, and corporate governance. FRBNY Economic Policy Review, 9, 65–87.

    Google Scholar 

  • BVI (2006). Offene Immobilienfonds jetzt auch in Frankreich – der BVI gratuliert, http://www.bvi.de/de/presse/pressemit-teilungen/presse2006/pm110106/pm110106.pdf. 11 Januar 2006.

  • Callahan, C. M., & Smith, R. E. (2004). Firm performance and management’s discussion and analysis disclosures: An industry approach (SSRN Working Paper), pp. 1–61.

    Google Scholar 

  • Cometis, A. G. (2009). Immobilienbewertung – Investorenwunsch und Börsenwirklichkeit. Cometis. Wiesbaden.

    Google Scholar 

  • EPRA (2009b). Global REIT survey, September 2009. Brussels.

    Google Scholar 

  • EPRA (2009c). Best practices recommendations, July 2009. Brussels.

    Google Scholar 

  • EPRA (2010). Monthly Statistical Bulletin, December 2010. Brussels.

    Google Scholar 

  • EPRA (2011). Historical data request. http://www.epra.com/indices.jsp. Accessed 24.01.2011.

  • Feri Eurorating Services, A.G. (2008). 1. Feri-Transparenz-Rating für Immobilienaktiengesellschaften. Press release from 15 July 2008.

    Google Scholar 

  • Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31, 405–440.

    Article  Google Scholar 

  • Kohl, N. (2009). Corporate governance and market valuation of publicly traded real estate companies: A theoretical and empirical analysis. Dissertation. Universität Regensburg.

    Google Scholar 

  • Kohl, N., & Schäfers, W. (2010). Corporate governance and market valuation of publicly traded real estate companies: Evidence from Europe. Journal of Real Estate Finance and Economics. doi:10.1007/s11146-010-9236-5.

  • Lang, M., Lins, K. V., & Maffett, M. (2009). Transparency, liquidity, and valuation: International evidence (SSRN Working Paper), pp. 1–48.

    Google Scholar 

  • Rehkugler, H., & Goronczy, S. (2009). Transparenz von Immobilienaktiengesellschaften – Messung durch einen neuen Index der. DVFA FINANZ BETRIEB, 10, 590–597.

    Google Scholar 

  • Rehkugler, H., & Sotelo, R. (2009). Verbriefte Immobilienanlagen als Kapitalmarktprodukte – eine Einführung. In H. Rehkugler (Ed.), Die Immobilie als Kapitalmarktprodukt (pp. 4–35). Munich: Oldenbourg.

    Google Scholar 

  • REITG (2008). Gesetz über deutsche Immobilien-Aktiengesellschaften mit börsennotierten Anteilen (REIT-Gesetz – REITG), REIT law from 28 May 2007 that is changed through Article 37 of the law of 19 December 2008 (BGBI. I. S. 2794).

    Google Scholar 

  • Schäfers, W., Heller, N. J., Körner, J., & Puhl, O. (2008). Erfolgsfaktoren beim Börsengang von German Real Estate Investment Trusts (G-REITs). In S. Bone-Winkel, W. Schäfers, & K.-W. Schulte (Eds.), Handbuch real estate investment trusts (pp. 143–164). Köln: R. Müller.

    Google Scholar 

  • Sebastian, S., & Schätz, A. (2010). Real estate equities – real estate or equities? Brussels: EPRA Research.

    Google Scholar 

  • Sotelo, R. (2006). Regel schaffen Werte – Rekonstruktion von Finanzierungstheorie als ein Ergebnis der Gegenstandsorientierung der Immobilienökonomie. In S. Bone-Winkel (Ed.), Stand und Entwicklungstendenzen der Immobilienökonomie – Festschrift zum 60. Geburtstag von Karl-Werner Schulte (pp. 41–54). Köln: R. Müller.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. IVG Immobilien AG, Bonn, Germany

    Wolfgang Schäfers

  2. IRE|BS International Real Estate Business School, University of Regensburg, Regensburg, Germany

    Kai-Magnus Schulte

Authors
  1. Wolfgang Schäfers
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Kai-Magnus Schulte
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. , DB Research, Deutsche Bank AG, Taunusanlage 12, Frankfurt, 60325, Germany

    Tobias Just

  2. Von-Melle-Park 5, Hamburg, 20146, Hamburg, Germany

    Wolfgang Maennig

Rights and permissions

Reprints and permissions

Copyright information

© 2012 Springer-Verlag Berlin Heidelberg

About this chapter

Cite this chapter

Schäfers, W., Schulte, KM. (2012). REOCs and REITs. In: Just, T., Maennig, W. (eds) Understanding German Real Estate Markets. Management for Professionals. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-23611-2_22

Download citation

Publish with us

Policies and ethics

Search

Navigation