Cushman & Wakefield's valuation team in Germany is expanding its focus on German open-ended property funds (GOEFs) in recognition of the fact that many have portfolios spread across two or more continents.
Since the new Capital Investment Code (KAGB) came into force about three years ago, there have been some major changes regarding open-ended property funds, said Martin Belik, head of the valuation department at Cushman & Wakefield in Germany. 'The traditional committees of experts have been replaced by valuers, who act as natural persons or legal entities. This has led to new opportunities for global (valuation) platforms.'
At present a range of new property funds is being established, which are frequently active not only in Germany but across Europe or even worldwide. Belik argues that international valuation teams can provide these property funds with up-to-date expertise for the local market. Belik believes this is a good moment to expand his department because in many cases these funds operate from Germany, use German valuation standards and prefer a central contact in Germany.
A global property company like Cushman & Wakefield can consult the appropriate valuer for every property fund in the countries and regions where the properties are located, he said. The global platform offers about 2,000 local valuers.
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What to find out about the latest news and trends in the German real estate market? Don't miss PropertyEU's annual
Outlook 2017: Europe & Germany investment briefing
Date: 6 December 2016
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What is the outlook for the German market in 2017? Will it continue to benefit from its safe-haven status and from the fall-out of Brexit, or will upcoming elections cause jitters among investors?
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