At PropertyEU's latest investment briefing on Germany, the panel was asked how it would spend a theoretical €500 mln.

At PropertyEU's latest investment briefing on Germany, the panel was asked how it would spend a theoretical €500 mln.

Marcus Cieleback (Patrizia Immobilien) would look at office, retail and residential value adds across Germany and not just in the seven largest hubs. Any city of more than 100,000 residents in a good location with assets that can be repositioned is worth looking at. ‘We don’t believe there’s anywhere in Germany where you can invest and then wait for yield plays to generate a return,’ he said.

Jan Linsin (CBRE) wants a good diversified portfolio for his money. Resi in some of the bigger eastern cities could be a good bet, as vacancy levels on modern family housing are quite low.

Thomas Landschreiber (Corestate Capital) would go for value add products in joint ventures and preferred equity deals with developers, and invest in new developments and niche products like student accommodation.

Philip La Pierre (Union Investment) would, ‘probably still play the Frankfurt office market for €200 mln,’ with the remainder going on logistics (including new developments) for €100 mln and €200 mln on high street retail in B locations.