Some EUR 13.bn of commercial real estate investment deals took place in Germany in the first half of 2008, down 53% on the year-earlier period, according to the latest figures from consultant Atisreal. Portfolio sales accounted for some EUR 5.8bn or 45% of the total, a decline of 64% compared with the previous year. The share of single-asset deals also contracted, falling 46% compared with the same period in 2007.

Some EUR 13.bn of commercial real estate investment deals took place in Germany in the first half of 2008, down 53% on the year-earlier period, according to the latest figures from consultant Atisreal. Portfolio sales accounted for some EUR 5.8bn or 45% of the total, a decline of 64% compared with the previous year. The share of single-asset deals also contracted, falling 46% compared with the same period in 2007.

'The continuing turbulence on the financial markets is also clearly being felt in Germany's investment markets,' said Piotr Bienkowski, head of Atisreal Germany. 'There is still strong German and international investor interest in German property, but financing conditions are acting as a brake on transactions,' he added.

Whereas office property was the most favoured investment category in the first half of 2007, retail assets topped the charts in the first six months of 2008, accounting for 39% of total deals compared with 31% for offices. The shift is largely due to the sale of the Arcandor portfolio for EUR 2bn which distorted the overall picture.