MIPIM 2023 Digital Edition

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Investing in Austria The strategist Quarter Fund: 6B47 launches „Althan Quarter“ as German “6B47 Stadtquartiere I” fund. Sebastian G. Nitsch, CEO of 6B47 Real Estate Investors, on entering the world of institutional investment products. „Urban quarters are in line with the sign of the times and focus in particular on risk diversification, sustainability and location quality.“ The interview was conducted by: Michael Neubauer 22 ImmoFokus
With „6B47 Stadtquartiere I“, 6B47 is entering the world of institutional investment products. Is the fund because, apart from a few deals, nothing is happening on the transaction market at the moment? Sebastian G. Nitsch: No. The fund was strategically planned for a long time. Initial considerations were made long before the war in Ukraine. With the ‚6B47 Stadtquartiere I‘ fund, we are expanding our business activities in the direction of investment management - an essential logical step for 6B47. Why a fund focusing on „urban quarters“ in particular - doesn‘t that restrict you? The strategic orientation of the neighborhood fund is in line with the sign of the times and focuses in particular on risk diversification, sustainability and location quality. We are bringing the „Althan Quarter“ into the fund as a seed investment, which already meets all the strategic objectives from the outset. What is the target fund volume? The planned fund volume of our first real estate special AIF is 800 million Euros. Why was the fund approved in Germany? Our target group is investors from Germanspeaking countries. The service KVG model we use for our fund, has already been established in Germany for years. Moreover, the number of potential future investors in Germany is simply higher than in Austria. But of course, we will also offer Austrian institutional investors a stake in our fund. We are very well positioned when it comes to ESG and EU taxonomy. Oliver Julian Huber joined our team at the beginning of the year million Euros with that, that‘s a different product. For the Real Estate Club, condominium projects are the most suitable. These are of no interest to institutional investors. In other words, you will go on as before … Absolutely. Absolutely. We have seen in recent years that if we can sell something for a two-and-a-half percent return but, on the other hand, get 16, 17, or 18 Euros in rent - we would rather build rental apartments. I have the feeling that there is no objective scientific analysis of the fact that too few condominiums „We will significantly expand our quarters pipeline. Our „neighborhood share“ is already 58 percent of our total floor space.“ Sebastian G. Nitsch, Real Estate Investors AG Fotos: @Rizar.Photo Why as an open-end fund? To be able to successively add further neighborhood projects with a high residential share in the Core and Core Plus risk classes to the portfolio. This means the investments will focus mainly on prime locations in Austrian and German metropolitan areas. We will significantly expand our quarters pipeline. We already have a “neighborhood share” of around 58 percent of our total floor space, which will probably be around 75 percent or higher in just a few years‘ time. Can we see quarters as a new asset class? Until now, quarters was not considered as a separate asset class. Now it is an asset class in its own right and is particularly attractive for institutional investors for reasons of risk diversification. And as far as I can assess the market at the moment, we are the only providers who can already come up with a high-class quarter as a seed investment. as Head of Corporate Sustainability & ESG. His main task is to develop our strategic focus on sustainability for the entire Group in all countries and also to forge this ahead at the project level. He is also the contact person for topics such as EU taxonomy, ESG reporting and building certification. Does this mean the end for the 6B47 Real Estate Club? The Real Estate Club was founded to give investors the opportunity to make very transparent real estate investments together with a professional investor. This direction has not changed. You have to look at the Real Estate Club in asset class-specific terms. Our Real Estate Club is what brought us here. We value it very much and have had 13 years of good experience. It always depends a little bit on the asset class and the size. If I have a large international fund and say we‘re building a pipeline of three hundred have been built. Some developers may now change their minds because the return on sales is now three and a half percent, but the rent is 15 Euros - roughly corresponding to a capitalization of five thousand Euros per square meter. However, I currently achieve a higher average price per square meter in individual apartment sales. Given the troubled situation - war in Ukraine, high interest rates, sharply rising construction costs - is this an ideal time for the fund? Of course we have asked ourselves this question. The fund offers the historic opportunity to leave the neighborhood as a neighborhood and not to sell off the separate sections individually. Were individual sales up for discussion? In times like these, you calculate and think through every scenario. Despite a large number <strong>MIPIM</strong> | <strong>2023</strong> 23
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Page 5 and 6: Worte füllen keine Hilfspakete. Ih
Page 7 and 8: Investing in Austria Join us at MIP
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Page 11 and 12: Staying power in times of uncertain
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Bringen Sie Work und Life nachhalti
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1 We have all become more cautious
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