TAILIEUCHUNG - BNP paribas real estate guide to investing in germany

There are are a number of advantages to directly evaluating the portfolio of property holdings of REIT and private investors, rather than at the mutual funds of REITs (see . Kallberg, Liu and Trzcinka (2000), Hartzell, M¨uhlhofer and Titman (2010) for studies of REIT mutual fund performance). As we are able to observe the individual property characteristics, we can design benchmarks that are better able to capture the particular characteristics of portfolio manager holdings. Knowing the timing of individual property transactions allows us to more accurately compute portfolio weights across time. Additionally, as is the case in exploring individual holdings in mutual funds in Daniel et al | BNP PARIBAS REAL ESTATE Real Estate jor a changing world BNP PARIBAS REAL ESTATE GUIDE TO investing . IN GERMANY Q1 2012 IN COLLABORATION WITH Freshfields Bruckhaus Deringer 2 INVESTING IN GERMANY - Q1 2012 About BNP Paribas Real Estate . BNP Paribas Real Estate is the market leader in commercial real estate services across Europe with 658 million of gross turnover 156 million of gross operating profit and 3 400 employees. We manage 31 million m2 13 billion Occupier services 10 One transaction every 16 minutes 3 900 commercial real estate transactions completed in 2011 BNP PARIBAS REAL ESTATE I Real Estate for a changing world Q1 2012 - INVESTING IN GERMANY I 3 Contents INTRODUCTION Germany by numbers p. 4 Foreword by Mathieu Brummer p. 5 GERMANY OVERVIEW Top 10 reasons to invest in Germany p. 6 Real-life tips for success p. 10 Germany s Big Six p. 16 INVESTOR TOOLKIT Need to know Key legal and technical terms p. 28 Need to know Tax clinic p. 36 FUTURE GERMANY Hot Spots p. 40 HBNP PARIBAS REAL ESTATE Investing in Germany was edited with the contribution of Freshfields Bruckhaus Deringer LLP. Publisher and copyright BNP Paribas Real Estate GmbH Translation Clive Winter Siegburg Realisation Konzeption Design Quass von Deyen I Voss I Schneider GbR Cologne Status Q1 2012 Circulation 2 500 All rights reserved. This Guide is protected in its entirety by copyright. No part of this publication may be reproduced translated transmitted or stored in a retrieval system in any form or by any means without the prior permission in writing of BNP Paribas Real Estate .

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