Fewer new investment opportunities were launched at Expo this year than in previous fairs, agents reported.
Many commented on the lack of new product versus dry powder to be spent.
Marcus Lemli, head of Savills Germany, said: ‘We’re seeing fewer new deals kicking off in Q4 2021. In previous years people came out of the summer period with the intention to sell in the last quarter.
‘I think people will take more time to look at their assets more closely, more strategically, re-assessing risk in their portfolios. Selling is no longer necessarily an obvious decision about taking profits as it was in a period of constant yield compression and rising rents. Now the picture is more mixed, less uniform.’
One of the few new opportunities being talked about at the Munich trade fair stands is a circa €400 mln logistics portfolio of German assets, managed by Garbe.
Brokers said the 11 assets from a fund owned by UBS Asset Management would be formally coming to the market shortly via BNP Paribas Real Estate.
Matthias Leube, head of Colliers Germany, said he still expected Q4 to be ‘really busy - it is always busy’.
Colliers is predicting total investment volumes in the country will reach almost €60 bn, which is lower than the last two years.
In France, office transaction volumes have fallen in 2021, with relatively few very large deals brought to the market. An exception is the residential market which is growing rapidly.
The largest French residential transaction is the €2.5 bn CDC Habitat portfolio which was offered to investors via participation in a new fund.
‘We expect to see €6 bn- €7 bn of residential deals in France this year - which is huge compared to the past,’ said Cushman & Wakefield’s head of French capital markets, Nils Vinck.
