The German real estate market has changed dramatically over the last two years; big international investors have snapped up supermarkets and small shopping centres (besides residential and logistic portfolios). Prior to that, potential purchasers comprised small groups of doctors, dentists and architects building their pension schemes by investments in two or three shop units. Local German developers have seen their retail real estate rise in value by 30% or more in no time.
With the investors come consultants, mainly international property advisers and law firms, accompanied by international banks financing the venture – and herein lies a potential conflict. The requirements of the international investment community and their finance providers are well known and sophisticated – but typically they do not match the expectations and experience of domestic German developers, property owners and their local advisers. Many of these developers are very experienced entrepreneurs but their operations are run in a relatively informal way.
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