Global REIT Survey 2011 - EPRA
Global REIT Survey 2011 - EPRA
Global REIT Survey 2011 - EPRA
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Global</strong> <strong>REIT</strong> <strong>Survey</strong> <strong>2011</strong>REPORTINGGermany (G-<strong>REIT</strong>)1 General introductionEnacted year Citation <strong>REIT</strong> typeG-<strong>REIT</strong> 2007 Law on German real estatejoint stock companies withpublicly quoted shares (RealEstate Investment Trust law –<strong>REIT</strong> law).Corporate type.After intensive three-year political discussions, Germany implemented theGerman Real Estate Investment Trust (G-<strong>REIT</strong>) in 2007 in order to meet themarket demands inspired by the introduction of the <strong>REIT</strong> in other Europeancountries. The G-<strong>REIT</strong> is a joint stock company with specific rules laid outby the <strong>REIT</strong> law.Sector summary (end of July <strong>2011</strong>)Listing CountryNumber ofCompaniesSector Performance-12 Months %Sector Mktcap €bn% of <strong>Global</strong><strong>REIT</strong> MKTGermany 4 14,6 1,3 0,2%German <strong>REIT</strong>sCompany Name Market cap (€m) Sector typeAlstria Office <strong>REIT</strong>-AG 726 Office,Others,Residential,RetailPrime Office AG 310 OfficeHamborner <strong>REIT</strong> AG 239 Office,Residential,RetailFair Value <strong>REIT</strong>-AG 43 Logistic,Office,Others,RetailThe <strong>REIT</strong> law came into force on June 01, 2007 with retroactive effect as ofJanuary 01, 2007. The <strong>REIT</strong> law is supported by changes in various tax laws,such as the German Income Tax Act and the Investment Tax Act. The <strong>REIT</strong>law has been amended by the Tax Amendment Act 2009 (Jahressteuergesetz2009). One of the major changes was that shareholders may benefitfrom the privileged taxation generally applicable for dividend income if suchdividends are sourced by pre-taxed profits of the G-<strong>REIT</strong> and certain furtherrequirements are fulfilled.The tax authorities published on July 10, 2007 an administrative guidanceaccording to which upon registration as a <strong>REIT</strong> with the Commercial Register,tax exemption is to be assumed to start with the beginning of the yearof registration, and therefore upon application, no tax prepayments are tobe assessed.Up to now three <strong>REIT</strong>s are listed, and 6 companies are registered at theFederal Central Tax Office (Bundeszentralamt für Steuern) as pre-<strong>REIT</strong>s. Thelisted companies, alstria office <strong>REIT</strong>-AG, Hamborner <strong>REIT</strong> AG and Fair Value<strong>REIT</strong>-AG, have together a market capitalisation of approx. EUR 0.7 billion.The Squaire – IVG (Franfurt) The Squaire at Frankfurt Airport is one of the most spectacularbuildings in Europe: 660m long, the 140,000 sqm office and retail space has nine floorsand ‘New York City’ concept.« back to content page2
Change language