Germany's 'Big 6' are a force to be reckoned with. Such is the strength of investor interest in cities such as Munich, Berlin and Frankfurt that the deal volume in Munich last year outstripped that of the whole of Italy.

Germany's 'Big 6' are a force to be reckoned with. Such is the strength of investor interest in cities such as Munich, Berlin and Frankfurt that the deal volume in Munich last year outstripped that of the whole of Italy.

Munich chalked up deals of around €5 bn last year, compared with €4.5 bn for Italy, according to Frank Nickel, executive chairman of C&W's EMEA corporate finance group. 'There is no one German market,' says Nickel. 'There are at least six big markets. German offerings have become easier to buy and more transparent and that is helping to drive the market,' he says.

For Nickel, German retail is a top pick, especially secondary shopping centres. The residential sector also offers good opportunities, particularly in the multi-family domain.

A growing trend in Germany this year has been the heightened interest on the part of Asian investors scouting out opportunities. 'Interest on the part of Asian investors is significantly up on last year,' says Nickel. 'Typically, they have very deep pockets and prefer to do a deal on their own rather than take part in a club deal.'