A guide to investing in Germany - JLL
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berlin
Cologne
Dusseldorf
frankfurt
Hamburg
M u n i ch
A guide to investing
Stuttgart in Germany
Saudharkrokur
Akureyri
Borgarnes
Keflavik
Reykjavik
Selfoss ICELAND Egilsstadir
A guide to investing in Germany Introduction | 3
b e r l i n
FINLAND
E
Introduction
TIM
HT NORWAY
LIG
C o l o g n e
HELSINKI
RF
2H
SWEDEN TALLINN
OSLO
ESTONIA
investing in germany
STOCKHOLM
IME
TT
D u s s e l d o r f FL
IGH
N
MI
30 RIGA
R
1H LATVIA
f r a n k f u r t EDINBURGH
TT
IME LITHUANIA
IGH DENMARK
FL
R
1H
COPENHAGEN VILNIUS
BELFAST
MINSK
IRELAND
H a m b u r g DUBLIN
E
BELARUS
T TIM
IGH
FL
IN HAMBURG
M
Germany is one of the largest Investment Markets in Europe, with an average commercial UNITED KINGDOM
30
WARSAW
M u n i ch
AMSTERDAM
BERLIN KIEV
transaction volume of more than €25 bn (2007-2012). It is a safe haven for global capital and
NETHERLANDS POLAND
LONDON
DÜSSELDORF
offers investors a stable financial, political and legal environment that is highly attractive to both
BRUSSELS
COLOGNE UKRAINE
BELGIUM
S t u t t g a r t
domestic and international groups.
PRAGUE
FRANKFURT
LUXEMBOURG CZECH REPUBLIC
PARIS SLOVAKIA
STUTTGART BRATISLAVA
This brochure provides an introduction to investing in German real estate. Jones Lang LaSalle FRANCE
MUNICH
AUSTRIA
VIENNA
BUDAPEST
has 40 years experience in Germany and today has ten offices covering all of the major German
HUNGARY
BERN ROMANIA
SWITZERLAND
markets. Our full-service real estate offering is unrivalled in Germany and we look forward to
SLOVENIA
LJUBLJANA CROATIA BUCHAREST
sharing our in-depth market knowledge with you.
ZAGREB
BELGRADE
BOSNIA &
HERZEGOVINA SERBIA
SARAJEVO BULGARIA
ITALY SOFIA
PRESTINA
Timo Tschammler MSc FRICS KOSOVO
SKOPJE
HAMBURG MACEDONIA
International Director ROME TIRANA
PORTUGAL MADRID ALBANIA
Management Board Germany
Lisboa (Lisbon) GREECE
SPAIN
Office and Industrial, Jones Lang LaSalle
Setúbal
ATHENS
BERLIN
Germany enjoys a thriving, robust and mature real estate market which is one of the DÜSSELDORF
cornerstones of the German economy. Knowledge of the details of the law, the real estate market COLOGNE
and its players has been one of Clifford Chance’s core competences for decades and forms the
basis of the most experienced, integrated and largest real estate legal practice in Germany.
We will help you achieve your goals and minimise legal risks during the whole life cycle of your FRANKFURT
real estate investments, wherever your investment strategy takes you.
Cornelia Thaler
Partner
Head of Real Estate Germany, Clifford Chance
STUTTGART
MUNICH
German Overview | 5
Overview of
Germany
German economy overview
Germany is the strongest economy in Europe and one of the
largest worldwide. It plays a leading role in the European Union
(EU) and benefits from the customs duty exemptions that this
membership provides. This membership allows Germany to take
main trading partners include not only European countries such
as France, the UK, Italy, and the Netherlands, but international
markets such as the United States, China and Russia.
10 1
COMPETITIVE ADVANTAGES
OF GERMANY
The variety of opportunities and competitive occupational costs make Germany an excellent destination for investment.
Germany has the largest GDP and population in Europe with
four cities having a population of greater than 1 million.
and strongest in the world. Small and medium-sized
enterprises (SME) are also an important part of the
German economy with almost 60 % of all employees are
2 First Class Infrastructure. Germany is Europe’s number working in SME’S.
advantage of free trade between the community’s 27 member “Made in Germany” is a pseudonym for quality. This reputation one logistic market. A first-class transportation and
states. Germany accounts for 20% of Europe’s GDP (EU-27) and is has been built on the consistent innovation shown by German communications network assures just-in-time delivery. 7 Germany is one of the big three global exporters (alongside
home to 16% of the total European Union population. The German companies, making them global leaders in the development of China and the US). This supply-side strength is one of the
economy is both highly industrialised and diversified – with equal new technologies. German dominance in the development of new 3 Germany has nine major international airports: main drivers in making Germany one of the top targets for
focus placed on services and production. technologies continues to this day; in 2012 Germany had almost Frankfurt/M, Munich, Düsseldorf, Berlin, Hamburg, international investors.
twice as many patents approved as France and Great Britain Cologne, Leipzig, Hannover and Stuttgart.
The capital city of Germany is Berlin, however Germany combined. 8 Germany has one of the lowest unemployment rates in
is a Federal Republic with sixteen “Bundesländer”. Every 4 Germany has highly developed economic and political Europe and worldwide. Alongside this, Germany benefits
“Bundesland” has state legislatures, political institutions and Germany is the leading global force in high-tech solutions with legislation, providing the necessary legal framework for from an excellent standard of workforce, due to the quality
administration. The federal structure ensures the division of German Engineering being a globally demanded commodity. the protection of investments. of education and vocational training available.
authority between the Federal Government and the “Länder”. This dominance looks set to continue with 11% of all university
For this reason there are some differences between the graduates having an engineering degree. 5 Germany, based on a 2013 survey of more than 26,000 9 The renewable energy sector in Germany is the most
administrative / legislative protocols of the Länder, such people in 25 countries, is the world’s most popular country. innovative and successful in the world.
as Building Codes or certain tax levels. From an economic Environmental research and technologies are also an area
perspective, this federal structure presents investors with in which Germany will continue to lead. Germany is already Economic diversity; manufacturing and the provision of
6 10 Liquid Markets. Due to Germany’s federal nature, it has
a range of opportunities due to the variety of conditions found established as a global pioneer in developing renewable and services provide two distinct, yet complementary grounds many strong cities; this variety brings with it opportunities
across the German regions and cities. environmental technologies and this trend looks set to continue. from which the strong and stable German economy is for diversification (There are 70 cities with more than
anchored. The manufacturing sector is one of the largest 100,000 inhabitants).
German manufacturing is internationally renowned for its Germany places strong emphasis on sustainability of the
quality output and leading-edge design and technology. environment and encourages big companies take part in
German chemical, automotive, and machinery & equipment “Corporate-Sustainability” for a healthy world. National targets
manufacturing industries are recognised globally. Germany’s are aiming to reduce CO2 emissions by 80% to 60% in 2050.
Quality of Living Survey
Rank City Country
1 Vienna Austria
2 Zurich Switzerland
3 Auckland New Zealand
4 Munich Germany
5 Vancouver Canada
6 Düsseldorf Germany
7 Frankfurt Germany
8 Geneva Switzerland
Source: MERCER Ranking 2012
A guide to investing in Germany Legal Overview | 7
Legal
overview
1.0 Ownership 1.2 Condominium ownership
In Germany, ownership title is one of the fundamental individual Condominium ownership is the result of the separation of
rights, protected by the constitution. The owner of an asset individual units in a building. Residential properties are
such as real estate has the unlimited rights of use, enjoyment commonly held in this way, especially in larger German cities.
of the fruits of their asset (rents, natural resources, interest However, this form of ownership is not common for commercial
payments etc), disposal, letting, and the right to bequeath to purposes, such as offices (which are usually owned in full
someone. freehold ownership).
The most common form of real estate ownership title is full Condominium ownership consists of the ownership of a specific
freehold title. Of lesser importance is condominium ownership part of the building, usually the rooms of the apartment
(Wohnungseigentum), or quasi-ownership forms such as (Sondereigentum), and the co-ownership, together with all other
hereditary building rights (Erbbaurechte) or usufruct rights condominium owners, of the communal parts of the building
(Nießbrach). The ownership title of real estate assets are always (Gemeinschaftseigentum), such as elevators, staircases and
registered in the land register, as are the most important gardens.
encumbrances which can rest on real property (such as
mortgages). The relationship between the condominium owners is governed
by a contract, which governs how decisions relating to the whole
of the real estate are reached, and how costs are shared. In larger
1.1 Full freehold ownership condominiums, there will be condominium administrator in
Full freehold ownership is the ownership over a plot of land. charge of managing the affairs of the condominium owners.
As a matter of law, immovable fixtures, most importantly
buildings, are considered an integral part of the land. Thus, Condominium ownership is freehold ownership, albeit of only a part
whoever is registered as the owner of the freehold in the land of a building, and as such can be let and sold on in the same way.
register, also owns the buildings on the land. Full freehold
ownership can be charged either for financing purposes with
mortgages or with liens permitting/prohibiting certain conduct
1.3 Hereditary building rights
(e.g. cable rights, right of way etc). Hereditary buildings rights are a type of quasi-ownership
rights to real estate. They are similar to freehold ownership
Ownership title is transferred from one owner to the next insofar as they entitle the owner to use a plot of land. They can
through the registration of ownership title in the land register. be sold, bequeathed and charged with mortgages and liens.
Registration of the ownership title is based on an agreement But a hereditary building right is only temporary, and after the
between the purchaser and the vendor. This agreement must term of the hereditary building right has passed, the right ceases
always be notarised before a notary; if not notarised, an to exist and the usage rights are, with all other rights, conferred
agreement to transfer real estate is void under German law, back to the full freehold owner.
and a land register will refuse to transfer ownership title.
The transfer of ownership title is usually affected some weeks Hereditary ownership rights are bought about by the agreement
after the commercial closing between the parties has taken between the full freehold owner and the beneficiary of the
place. There are certain legal safeguards in place to ensure that hereditary building right. The right needs to be registered in the
both the purchaser and the vendor of real estate can enter into land register; for the hereditary building right, an additional land
and execute a transaction involving real estate, despite being register page is formed to register all changes in title to this
unable to close the transaction themselves. quasi-ownership right.
Typically a hereditary ownership right lasts for 99 years, but it
is possible to extend this. Hereditary building rights are used by
entities which, while allowing third parties to use and redevelop
a plot of land on a very long-term basis, hesitate to sell full
freehold ownership. The most prominent examples are German
municipalities and the Christian churches, both of which make
use of hereditary building rights regularly.
A guide to investing in Germany Leasing Overview | 9
Leasing
overview
Commercial buildings and properties are often let through 1.4 Maintenance and repairs the vendor. There are only few exceptions to this rule; most
commercial lease agreements. Commercial leases are governed notably, the original landlord will remain responsible for any
Unless otherwise agreed between the parties, the obligation
by special provisions of the German Civil Code. This law leaves rent security provided to them by tenants. In the worst case, the
to perform and pay for maintenance and repairs is upon the
most matters up for agreement between the parties, but provides tenant can claim back the rent security from the original landlord
landlord. However, it is common for the tenant to take over the
fall-back provisions on which the parties can rely if they do not even if they no longer own the property and have passed the
execution and costs of certain maintenance and repair works,
choose to deviate from the general rule of the law. Some of security on to the acquirer of the property. As a result, there are
whereas the landlord will be responsible only for structural
these provisions are pro-landlord, others are more pro-tenant. usually specific agreements relating to such security in purchase
issues (Dach und Fach). Alternatively, a landlord can reach an
In general, German lease law can be said to have a slight bias agreements.
agreement where the tenant will be responsible even for these
towards the tenant, more than for example in the UK, but less
structural issues; however this is less common. German courts
than in France.
will closely scrutinise such agreements and are not shy of holding 1.6 Acquisition options
such provisions invalid if agreed upon due to overwhelming
A German lease agreement will always contain provisions on the Agreements between tenants and landlord which entitle one
market power of the landlord.
following issues: party to ask for the property to be sold are not uncommon.
However, they do require valid notarisation.
1.1 Rent object 1.5 Subletting / Assignment
Subletting is permissible under German law, but usually subject 1.7 Tax
This needs to be clearly defined to avoid problems.
to agreement between the parties which restrict the tenant’s
German commercial lease agreements regularly are subject to
1.3 Rent possibilities of sub-letting. The unilateral assignment of a lease
by the tenant to a third party is, unless specifically allowed and VAT, provided that the tenant is an entity which can reclaim VAT.
1.2 Duration The rent can, and is, freely agreed between the parties There are certain types of tenants which are not, such as doctors
provided for in the lease agreement, not possible under German
Under German law, the parties are free to agree to a fixed term, of commercial leases. All the usual permutations of rent or banks. This can lead to complications in the tax treatment of
law. If not specifically allowed and provided for, it always requires
or can leave the duration of a lease agreement unspecified. In the calculations can be found in Germany (fixed rent, turnover rent, the property which require specialist advice by tax experts.
the consent of the landlord.
latter case, a commercial lease is generally terminable with six mix of both etc.), including all methods of incentivising tenants
to nine months’ notice. If a fixed term is agreed upon, the term (rent-free periods etc.).
However, in the event of a sale the lease will follow the land,
is subject to market practice. Retail properties tend to be let for i.e. the purchaser of the real estate becomes landlord replacing
10-15 years, whereas office buildings usually are let for an initial The rent review mechanism in Germany links changes in rent
term of 5-10 years, and shorter terms thereafter. Other usages to inflation (VPI – the German consumer price index). Often this
can result in different market-standard terms. Contractual mechanism involves a hurdle rate at which point the change
renewal options are common, but not a matter of statutory law; in rent will be triggered; once triggered the passing rent will Standard Rental Terms Office Retail Logistics
they must be agreed upon by both parties. be amended to reflect the change in VPI. Frequently however, Rents 2/m²/month 2/m²/month 2/m²/month
the change in VPI is not fully incorporated in the new rent.
The term of a commercial lease can, as a matter of law, not For instance a standard rental increase may outline that after
exceed 30 years; after that time, both parties can terminate the a given change in VPI, then the rent will be affected by 90% of this Typical lease term 5-10 years 5-10 years (High Street) 3-5 years for existing properties
lease, even if the contract stipulates a longer period. In practice, change. It should be noted that rental adjustments, while possible and 7-10 years for new space
there is a legal requirement that leases with a duration of more in principle, must allow for increase as well as decrease of rent, Frequency of Monthly in advance Monthly in advance Monthly in advance
than one year must meet “written form” requirements. This reflecting the current market situation, to be valid. The only rent payable
does not only mean that all material parts of the agreement exception is if a rent step-up plan is explicitly agreed upon in
which form the lease agreement must be in writing, but advance. But “upward-only” rent reviews are not permissible Typical rent deposit 3-6 months Negotiable Negotiable
furthermore that all parts of the lease must form one “deed”. in German law. (expressed in months)
There are different ways to comply with these requirements. Basis of rent increase VPI with hurdle rates VPI with hurdle rates VPI with hurdle rates
If a lease does not comply with the legal requirements of written Rent usually consists of the true compensation for the usage of at review
form, it remains valid and in force, but after one year may be the property, as well as a prepayment by the tenant on costs the
terminated by either party as if the lease had an unspecified landlord has vis-a-vis third parties (e.g. waste disposal, utilities, Frequency of rent Annual Indexation Annual Indexation Annual Indexation
term, i.e. six to nine months’ notice. ground rent etc.). Unless the lease explicitly provides for such increases
costs to be borne by the tenant, the landlord must carry them.
It is standard to refer to certain legal provisions listing the most
important kinds of ancillary costs. However, in some markets
tenants refuse to carry certain costs (e.g. ground tax). In this
case, the landlord must deduct these expenses from his income
to calculate the true net rent.
A guide to investing in Germany Environmental Overview | 11
environmental
overview
Green Buildings – Sustainability in Germany Contamination of land or buildings
Germany is pursuing an ambitious program of transforming the The objective of these activities is to reduce the carbon footprint When land becomes polluted or a building becomes
real estate industry from one of the largest consumers of fossil of buildings, both new and existing. These changes will have contaminated, the responsibility to remediate this usually lies
fuels to an entity governed by the principles of sustainability. important implications on the allocation of the cost burden with the owner. However, if the polluter can be determined, they
The Energieeinsparverordnung 2009 (EnEV 2009) is a piece of between landlords, tenants and (via subsidies or tax breaks) the too can be held responsible. Property tenants are usually not
legislation which deals with energy consumption and energy government. Recent laws allow landlords to increase rent as held liable, unless they caused the pollution. Under German law,
efficiency of buildings. Under this regulation, old and inefficient a result of energy efficiency measures, such as added insulation, a property owner cannot relieve itself from clean-up liability by
heating systems must be replaced by efficient new ones and air new heat-insulating windows, more efficient heating systems selling or abandoning the land (concept of “eternal land-owners
conditioning systems must be regularly inspected by experts. etc. However, these increases are limited to 11% of the rent. clean-up liability”). Indemnification clauses in agreements with
Furthermore, all buildings must have energy certificates In addition, the tenant’s right to reduce the rent as a result of property purchasers only allocate liability between the contract
(Energieausweis), which must be presented when selling or the disturbances and nuisances related to the construction work parties and significantly not in relationship to the authorities.
letting a building. associated with such measures is now limited to only those
construction measures which exceed three months.
These regulations will be made tougher in the coming years,
with the aim of tightening the obligations. New buildings will All of these measures have led to the rise of certificates
have to observe ambitious energy efficiency standards; it is also confirming compliance with applicable energy-efficiency laws,
possible that these stringent new regulations could be extended and even stricter standards, in German commercial real estate.
to existing buildings as well. The new regulations will oblige For instance, it is now extremely rare for trophy office buildings
Environmentally material facilities
property owners to state the energy consumption and efficiency to be built without such certificates. Common certificates
of their building when advertising their buildings for purchase or are the German “Deutsches Gütesiegel Nachhaltiges Bauen” Buildings or industrial facilities which may have an adverse
rental purposes. As of 2021, all newly constructed buildings must (DGNB) and “Bewertungssystem Nachhaltiges Bauen” (BNB), impact on the environment and the surroundings, especially local
be so-called minimal-energy buildings, i.e. require zero energy but other certificates such as the US “Leadership in Energy and neighbours, require permitting under special environmental
for heating, or even produce energy. Buildings built by public Environmental Design” (LEED) certificate or the UK’s BREEAM laws. These deal with environmental hazards and nuisances such
entities will have to achieve this by 2019. are also present in the German market. These certificates are as noise, air pollution, waste disposal, wastewater discharge,
becoming increasingly important in minds of many institutional and many others. Environmental regulation is comprehensive
investors. This trend of sustainability in real estate is set to and complex in Germany, as can be expected in a developed,
continue. mature industrialised nation; much of it is determined by EU
law. Specialised authorities of the Federal States are responsible
for the permitting process and compliance monitoring of
such facilities, which are governed under the German Federal
Action to clean up can be brought either by the authorities, or by Emission Protection Act (Bundes-Imissionsschutzgesetz) and
certain private parties (mainly property owners and neighbours). many other environmental laws. Depending on the kind of
The procedure can take time and involves exact evaluation of the facility, the permitting process can be very time-consuming
issues, agreement of possible remedies, planning and execution and elaborate and involve several public hearings. Smaller
of remediation work and monitoring of the results. Usually, installations are subject to lesser requirements. Non-industrial
environmental / technical experts are involved. The process real property usually is not subject to these permitting
regularly is carried out in co-operation between the authorities requirements.
and the party responsible for clean-up.
In most German states, if contamination is found it must be
reported to the authorities. There is no legal obligation by
the owner to actively search for contamination of the land or
buildings. However, for some contaminants (such as asbestos),
best management practices adopted by market participants,
and also workplace safety and insurance requirements have
led to thorough investigations of the majority of commercial
buildings. There is no automatic obligation to remove
contaminants (e.g. asbestos, PCB). Whether or not contaminants
can remain in the building depends on the result of an
assessment of the danger posed in each individual case.
A guide to investing in Germany Key Issues Around Tax | 13
Ownership and operation of German real estate
key issues
Income Taxation Trade Tax
• In the case of corporate ownership, rental revenues derived • Any commercial trade or business is in principle subject to
from German real estate are subject to German Corporate German Trade Tax (“TT”), if and to the extent the business
around tax Income Tax (“CIT”) at an effective standard rate of 15.825%
(including solidarity surcharge). In the case of an individual
ownership, German Income Tax (“GIT”) with an individual
is operated in Germany through a German permanent
establishment or a German permanent representative
(“German PE”).
(progressive) income tax rate up to 47.475% (including
• Generally, TT is levied on the business income calculated
solidarity surcharge) on the rental income would apply.
based on the profits determined for CIT or GIT purposes.
In the case of ownership through a partnership structure,
However, certain adjustments are required to determine the
income taxation would depend on the relevant partners
TT base (i.e. certain add-backs and deductions are made for
(companies or individuals).
Acquisition TT purposes). This applies in particular to interest expenses.
• Expenses and costs economically incurred in relation to Special TT exemption for real estate companies may also be
Real Estate Transfer Tax German real estate (including e.g. depreciation deduction available on a case by case basis.
of in general up to 3% p.a. on the acquisition costs of the
• The transfer of German real estate by way of an asset deal is • The TT rates currently range from approximately 7% to 17%
building) should in principle be deductible for CIT and GIT
subject to German Real Estate Transfer Tax (“RETT”). depending on the municipality in which the PE is located.
purposes.
• The transfer of shares/interest in entities holding German real • Non-German resident companies merely leasing German real
• Interest expenses should generally also be tax deductible.
estate is generally also subject to RETT if, inter alia, a) 95% or estate should generally not be subject to TT provided they do
However, the tax deductibility of net-interest expenses is
more of the shares/interest are directly or indirectly transferred not act through a German PE.
limited under the so-called Interest Barrier Rules (“IBR”)
to, or are unified in the hand of, a single purchaser or b) upon to generally 30% of the tax EBITDA of the relevant year.
a transaction a taxpayer holds an economical participation of at However, no limitation would apply, inter alia, if the
least 95%, directly or indirectly, in a German real estate holding VAT
net-interest expenses are less than €3.0m p.a.
entity. Moreover, if German real estate is held by a partnership, Other IBR exemptions might be available in the single case. • The leasing and letting of German real estate is subject to
RETT is triggered, if within five years more than 95% of the VAT, but generally exempt from VAT. However, the possibility
interest in such partnership are directly or indirectly transferred to opt for VAT is available under certain circumstances and
to new partners. However, structures to mitigate RETT might be Withholding Tax commonly made use of provided the tenants use the property
available. for businesses subject to VAT.
• In principle, no German Withholding Taxation (“WHT”) should
• The RETT rate depends on the German Federal State in which apply to (non-profit linked) interest payments and rental
the property is located and currently ranges between 3.5% to revenues. However, in certain circumstances the German Land Tax
5.5%. tax authorities may order the application of WHT at a rate of
26.375% (including solidarity surcharge). • In general, German real estate owners are subject to Land
• It is market standard that RETT is borne by the purchaser. Tax in Germany. However, it is almost standard that Land
However, parties may also negotiate a deviating provision in • Dividends paid by a German corporation are generally subject Tax is borne by the tenant as an ancillary cost provided the
a sale and purchase agreement. to German WHT at a rate of 26.375% (including solidarity respective lease agreement comprises such a pass-through
surcharge). The rate might be reduced in case a double tax provision.
treaty is applicable and might even be reduced to 0% under
Value Added Tax the European Parent-Subsidiary Directive, if applicable. • The Land Tax rates range between 1% and 2% of a special
However, such reductions of WHT are subject to substantial property value determined under German Valuation Tax Act
• The transfer of leased German real estate constitutes (in most
requirements. (reflecting values as of the year 1964), which is generally
cases) a sale of an ongoing business which is not subject
substantially lower than the current fair market value of the
to German Value Added Tax (“VAT”) provided, inter alia, the
property.
purchaser continues the leasing business of the seller. In such
case the purchaser assumes the VAT position of the seller
regarding the real estate (including VAT correction obligations,
if any).
• In any other case, the sale and transfer of German real estate Exit
as well as shares in companies owning German real estate is
generally VAT exempt. However, the possibility to opt for VAT Capital Gain Taxation
might be available in order to allow a deduction of input VAT or
to avoid any correction of input VAT in connection with the real • Capital gains realised in connection with the direct flat rate of 26.375% (including solidarity surcharge). If the
estate acquisition in an asset deal. sale of a German real estate (i.e. asset deal) should in individual holds the shares as a business asset, 40% of
principle be subject to GIT or CIT (as the case may be) at the capital gain would be exempt from GIT; the remaining
• The current standard VAT rate is 19%. the standard rates mentioned above. If the capital gain is amount would be subject to the individual progressive
connected to a German PE, TT also applies. income tax rate of the seller (and consequently only 60%
of the expenses would be deductible). If the capital gain is
• If the seller is a corporation, generally 95% of a capital
connected to a German PE, also TT applies.
gain from the sale of the shares in a corporation (i.e. share
deal) holding German real estate would be exempt from • In case of non-German residents, Germany may have
CIT. If the seller is an individual holding the shares as a waived its right to tax capital gains realised from the sale
private asset, a capital gain from the sale of shares in a of shares in companies holding German real estate under
corporation would generally be subject to GIT at a an applicable double taxation treaty.
A guide to investing in Germany Berlin | 15
Berlin: Retail High Streets with Key Data (2/sq m/month)
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The capital benefits from one of the most modern traffic Deutsche Bahn, Vivantes, Siemens, Lufthansa, BVG and Straße
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long-distance, regional-trains and the international airport
completing the network. Berlin’s geographical location As Berlin continues to grow it provides ever new offerings % is percentage of Chain Stores in each location
makes it attractive for those companies looking to do for business, living and retail accommodation. The project
business in central and eastern Europe. “Berlin Adlerhof – City of Science, Business and Media”
Berlin: Office Space Market Areas with Rental Bands (2/sq m/month)
is a new district being created on 420 hectares of land in PANKOW
SME’s are the backbone of the economy in Berlin, making southeastern Berlin. So far the scheme has proved popular KONRADSHÖNE
NIEDERSCHÖNHAUSEN
HEINERSDORF Moabit
it an extremely competitive business location. The city’s with forward looking companies and residents alike. HAKENFELDE
A105
REINICKENDORF
Hansaviertel Mitte
TEGEL Flughafen
BERLIN Berlin-Tegel Mitte 1A
(Otto-Lilienthal) WEIßENSEE €13.00
Outercity North
€5.00 - 9.00 - 22.00
WEDDING
A111 TIERGARTEN
Logos of companies that occupy significant space in the city Areal Potzdamer Kreuzberg
GESUNDBRUNNEN PRENZLAUER Leipziger Platz
HASELHORST
CHARLOTTENBURG-NORD BERG €15.00 - 21.00
SIEMENSSTADT
FENNPFUHL
MOABIT MARZAHN
SPANDAU LICHTENBERG
WILHELMSTADT FRIEDRICHSHAIN
A100 MITTE
Innercity East
HANSAVIERTEL €7.50 - 16.00
Outercity West WESTEND
€5.00 - 10.00
TIERGARTEN
FRIEDRICHSFELDE
RUMMELSBURG
CHARLOTTENBURG KREUZBERG
HALENSEE Outercity East
Innercity West €6.00 - 11.00
€8.00 - 17.00 ALT-TREPTOW
SCHÖNEBERG
A115 WILMERSDORF KARLSHORST
GRUNEWALD
SCHMARGENDORF
PLÄNTERWALD
A104
Buckow ALTGLIENICKE GRÜNAU
TEMPLEHOF
Tiergarten Rudow A113
FRIEDENAU A100 Outercity South Bohnsdorf
€5.00 - 9.00
Charlottenburg
Flughafen
Berlin-Schönefeld (BBI)
Charlottenburg 1A A103 A102
€11.00 - 21.00 SCHÖNEBERG STEGLITZ Areal Airport
Berlin Brandenburg
€9.50 - 17.50
BRITZ
Wilmersdorf MARIENDORF
LICHTERFELDE
A113
0 1 2 Kilometer
LANKWITZ
A guide to investing in Germany Berlin | 17
city Focus:
BERLIN
Berlin is the main hot spot for With the influx of young people, birth rates continue to stay high
international retailers in certain districts. These young families also often attempt to
stay in the city centre, which gives rise to natural increases in
Berlin is the centre for innovation, creativity and academic population in these districts such as Friedrichshain-Kreuzberg
research in Germany; it is also a fashion capital and tourist and Mitte. Rents for new-build apartments in city centre locations
hotspot in Europe. There can be no doubt that Berlin is one of the range between €10.00 and €14.00 per sq m. Since 2006 rental
most interesting retail locations in Europe. The range of products levels have grown 37%, this is largely due to increasing demand
on offer is unique with some 10 km of prime shopping locations, and a scarcity of supply.
covering more than 870,000 m² of space across 8 top areas.
In addition, Berlin’s tourist appeal is a strong magnet for national
and international retail formats. Berlin is not only the most Growing demand from business services
frequently visited city in Germany – it is also among the top three
Strong economic growth during the last two decades has driven
most visited cities in Europe.
employment growth. Berlin is the capital of Germany and
traditionally demand for office space has been largely driven
In spite of – or maybe because of – its size, Berlin is constantly on
by government related companies and institutions. However
the move. Alexanderplatz Square has been transformed rapidly,
this trend has been changing as businesses see Berlin as an
with sales space doubling over the past five years. Hackescher
increasingly attractive office location. Berlin’s youthful, stylish
Markt has turned from an insider’s tip to an internationally
and contemporary atmosphere has most recently attracted
accepted top location. Friedrichstraße has also found its own
strong interest from the booming TMT sector. Recently Amazon,
niche. The street is now uniquely positioned as a premium
eBay, Groupon and Zalando have taken a large amount of
location with a strong tourist appeal. As one of the symbols
office space. We expect that this trend will continue and this
of Berlin, Kurfürstendamm remains in the focus of developers.
sector will further bolster office demand in the coming years.
While a nationwide comparison shows that Berlin does not have
Representatives of industrial companies, which have had little
the highest rents and the highest footfall, the German capital
presence in Berlin for some time, have recently started to rent
clearly remains the No. 1 in terms of internationality, variety
more office space. Demand is concentrated around the prime
and brand diversity.
locations of Mitte, Innerstädtisch Ost and Charlottenburg.
Sustained population growth It should be noted that Berlin has an extremely large amount of
undeveloped land, a consequence of this is that land prices are
At year-end 2011, Berlin’s population exceeded the 3.5 million relatively low in comparison with other cities.
mark for the first time since Reunification as the result of an
influx of almost 40,000 inhabitants per annum. Berlin’s Senate
expects further population growth to 3.756 million inhabitants Platform for Transport to Eastern Europe
up to 2030. Immigration to Berlin is predominantly from the
The large population in Berlin and its surrounding area make
young, who tend to move into the city centre. In addition to the
it an attractive location for warehouses, discounter and retail
traditionally fashionable locations such as Prenzlauer Berg and
orientated companies. By German standards however, it is by
Kreuzberg, there is increasing demand for locations in the less
no means an industrial hotspot, in fact there is relatively little
well developed areas in the Mitte district such as Wedding and
industrial space in the area. Rather Berlin is, due to its excellent
Moabit due to the comparatively cheaper rental levels.
infrastructure, a trade hub connecting Eastern and Western
Europe.
Berlin is the centre for innovation, creativity
and academic research, it is also a fashion
capital and tourist hotspot
A guide to investing in Germany Cologne | 19
Cologne:Retail
Cologne: RetailHigh
High Streets
Streets with
with KeyKey
DataData
(2/sq m/month)
Trankgasse U
usstraße Komodienstraße Komodienstraße
Zeugha
city Focus: Burgmauer
Fries
enpl
atz U Friesenplatz
Appellhofplatz/Breite U
Straße
cologne
Lim
Magnus raße
Tunisstraße
burg
st
er S
traß
hmied
€85 / 53%
e
€105 / 68%
nring
Unter Goldsc
Breite Straße
Marspfortengasse
zoller
Ehrenstraße
€225 / 81%
ße
Hohe Stra
Hohen
Rudolfplatz Mittelstraße
Germany’s fourth largest city U
Rudol €80 / 56% €120 / 56%
ng Habsburgerring
Q uatermarkt
fplatz
Neumark Schilderg
t asse
Große Sandkaul
Cologne is, with 1 million inhabitants Germany’s fourth Because of the centrality and good accessibility Cologne
Hahne
nstraße €250 / 88%
largest city (after Berlin, Hamburg and Munich) and North is a successful European economic and globalised Neuma
rkt Neumarkt
U
Rhine - Westphalia’s biggest city. The wider “Rhine-Ruhr” area attracting large companies including Ford, Bayer, Marsilstein Cäcilien Heumarkt
straße
ergasse
Metropolitan Region comprises more than 10 million Stadtwerke Köln, Rewe, AXA and RWE Power. raße
staufenri
Schaafenst Lunge U
ngasse
Neuköllner Straße
inhabitants. Cologne is a growing city with a forecast Pipinstraße Pipinstraße
population growth of around 3.1% until 2025. Cologne plays host to a number of TV stations, record labels
meng
Hohen
and publishing houses underlining the great importance the
Fleisch
0 1 2 Meter
Cologne benefits greatly from its centrality and accessibility city places on the media and creative industries in Germany. Mauritiuskirche
to the markets of central and western Europe. Cologne All sectors of the media industry are represented in U
has a long tradition as an axis of trade and as such attracts Cologne, for example WDR, the largest broadcasting station % is percentage of Chain Stores in each location
a wide variety of tenants from across the business sector in continental Europe is headquartered in Cologne.
spectrum. Leading enterprises from the industrial,
The local employment structure is characterised by a COlogne: Office Space Market Areas with Rental Bands (2/sq m/month)
automotive, media, chemical, pharmaceutical and
engineering sectors are located in Cologne. strong service sector with a focus on insurance companies, Volkhoven/Weiler Seeberg
Heimersdorf
Merkenich Leverkusen Schwarzbroich
Other
financial institutions, industry and professional associations Auweiler
Lindweiler Locations
Esch/Auweiler A57 €6.00 - 11.50
as well as retailers. Cologne is also a transportation hub Pulheim
Pesch
Longerich
Niehl Flittard
Dünnwald Hardt
benefiting from excellent infrastructure. Ossendorf/ Rhein
Nippes
Bergisch
€6.50 - 10.50 Gladbach
Stammheim
Bocklemünd/Mengenich Weidenpesch Höhenhaus
Ossendorf
Other
Locations
€6.00 - 11.50 Dellbrück
Mauenheim
Mülheim
Brauweiler
Widdersdorf
Bilderstöckchen
Widdersdorf
Logos of companies that occupy significant space in the city Vogelsang Nippes
Köln Bickendorf
Köln
Neuehrenfeld
Riehl Holweide
Lövenich
Buchheim
Ehrenfeld/ Neusdadt- Merheim
Braunsfeld Bensberg
Nord
€6.50 - 13.00 Buchforst
Müngersdorf
A4
Peripherie Altsdadt-
Höhenburg
West Braunsfeld Nord Deutz Kalk/Mülheim
Brück
Weiden
€7.00 - 9.50 Deutz/Messe
Kalk €7.00 - 13.00
Neusdadt-City Centre Rath/Heumar
Süd €9.50 - 20.50 €9.50 - 20.00
Altsdadt- Vingst
Buschbell Lindenthal Süd
Rhinebank-West Neubrück
Marsdorf Lindenthal/ €13.00 - 22.00
Sülz Ostheim
A559
€7.50 - 12.50 A4 Rath
A3
Junkersdorf Poll
Sülz Gremberghoven Eil
Zollstock Raderberg A59
Frechen Bayenthal Westhoven
A1 Zollstock
Porz/Gremberghoven/
Klettenberg Bayenthal/ Airport Rösrath
Marienburg €8.50 - 11.50
€9.00 - 15.00 Marienburg
Hürth
Ensen
Raderthal Rodenkirchen
Gleuel Finenberg
Weifl
Rondorf
Berrenrath Rodenkirchen
A555
Other €7.00 - 10.50 Urbach
Flughafen
Konraderhoehe Porz
Locations Köln/Bonn
(Konrad Adenauer)
€6.00 - 11.50 Hahnwald
Other Elsdorf
Meschenich Sürth Locations Grengel
0 2 4 Kilometer Immedndorf Wahnheide
Godorf €6.00 - 11.50 Wahn
Meschenich LangelA guide to investing in Germany Cologne | 21
city Focus: Cologne is, with 1 million inhabitants Germany’s fourth largest city
(after Berlin, Hamburg and Munich) and North Rhine-Westphalia’s
cologne biggest city. The wider “Rhine-Ruhr” Metropolitan Region comprises
more than 10 million inhabitants.
Tourism & Retail In the city centre, rental prices have now reached €11.00 to
€15.00 per sq m, whilst in peripheral locations, new-build
Cologne is also something of a cultural metropolis, attracting
apartments are already being offered from €8.00 per sq m.
millions of tourists each year with its historic sights and
Rents have been rising again in Cologne since 2009 and have
numerous high profile events like Carnival or Christopher Street
increased by around 10%.
Day. Tourists and residents alike can indulge in a 3 km long
shopping tour through downtown Cologne. No other German
city offers a comparable circuit. All major shopping streets Growing office market
form an almost closed loop. Schildergasse and Hohe Strasse
are among the most frequented shopping streets in Germany. Since 2005 office employment has grown by more than 13% to
Retail premises in the prime locations of Cologne command almost 290,000 office workers. Cologne has developed as an
among the highest rental levels in Germany. However, when attractive office location and office employment is expected
compared to other cities, there are only a small number of to grow further in the coming years with a continued focus on
shopping malls in Cologne. The retail landscape here continues business services, trade and media companies.
to be characterised by highly functional street level locations.
Logistics
Cologne’s population is continuing to grow with population growth
at its highest in locations close to the city centre. The central The logistic market in the Cologne Region benefits from
areas are still relatively affordable and are particularly attractive the relatively high purchasing power of the population and
for newcomers; this includes the large numbers of students who well-established infrastructure with several motorways,
come to the city to study. harbours and the second largest freight airport in Germany.A guide to investing in Germany Düsseldorf | 23
sseldor Retail
Düsseldorf: etail High
ighStreets
Streetswith
with KeDataata
Key (2/sq m/month)
city Focus:
Berl
Tonh
iner
e
raß
alles
Alle
Heinrich-Heine wst
Düsseldorf
ße
Allee ado
Sch
stra
e
tra ß
U
€230 / 80% €255 / 83%
Ost
e
eine-Allee
Königsallee
Straße
Flinger
er
-H
Heinric h
suf
hau
Kasernenstraße
Rat
Breite Straße
Mittelstraße
€145 / 75%
e
raß
tst
Os
Benrather Straße Im
m
Königsallee
r
er
Breite Straße
U
ufe
Steinstr. m
an
ann
U ns
one of the most dynamic and influential business locations Oststr. tra
sm
ße
€275 / 66%
nne
e
er Alle
Ma
With 593,000 inhabitants and a further 11.6 million and tax consultants. The largest companies are: E.ON,
Berlin
e
raß
inhabitants located within one hour’s drive by car, it is one Metro, C&A Fashion, Henkel, Rheinmetall and Vodafone.
Kasernenstraße
tst
of the most dynamic and influential business locations in Furthermore, many international nations are represented
Os
Germany. Düsseldorf is also a growing city with population in Düsseldorf such as Fujifilm (Japan), HSBC (UK), L’Oreal e
aß
growth forecasted to be 3.5 % per annum until 2025. (France), TATA Steel (India), Huawei (China) and Statkraft ls
tr
r
(Norway). Due to this, 40 consulates and 33 foreign Ka
Haroldstraß
Düsseldorf is one of the most important German chambers of commerce are also based here. e Haroldstraße
commercial centres, playing a leading role in exporting 0 100 200 Meter Graf-Adolf-Pla
tz
raße
goods from Germany to foreign trade partners. Due to Düsseldorf, is the state capital of North Rhine-Westphalia Graf-Adolf-St
this strong track record in exporting goods, Dusseldorf region and is home to all ministries of the provincial % is percentage of Chain Stores in each location
has attracted internationally oriented service providers government.
such as bank, insurers, logisticians, media experts Düsseldorf: Office Space Market Areas with Rental Bands (2/sq m/month)
Boesinghoven Wittlaer
Kalkum Ratingen Oberkassel Pemplefort
Lank-Latum €8.00
A52 - 13.50
Langstkierst
Altstadt City
Kaiserwerth Ratingen U
Struemp Ilverich Airport Banking District €9.00 - 27.50
Logos of companies that occupy significant space in the city €11.00 Ratingen
€17.50 - 27.50
Karlstadt
- 16.00 Stadtmitte
Lichtenbroich U
Lohausen U
A44 Flughafen Düsseldorf
International
Stockum Unterrath
Government District
Hafen
€11.50 - 17.50
Rath
North
€8.00 - 15.00
Düsseldorf
Mörsenbroich Oberbilk
Seestern City-South
€9.50 - 13.50 Golzheim Derendorf
€8.00 - 11.00
Friedrichstadt
Ludenberg
Lärick Kennedydamm
Meerbusch Hubberath Mettmann
€12.50 - 19.50
A3
Düsseltal
A52
Niederkassel
Heerdt Linksrheinisch Pemplefort Grafenberg Grafenberg/East
€7.00 - 13.50 Oberkassel City €9.00 - 13.50
€9.00 - 27.50
Banking District Flingern
Altstadt Nord Gerresheim
Harbour €17.50 - 27.50 Other
A57 €13.50 - 21.50 Locations
Karlstadt Stadtmitte
Kaarst
Hafen Flingern
Süd
Government District City-East
€11.50 - 17.50 Friedrichstadt Düsseldorf €9.50 - 12.50
Lierenfeld
Unterbilk
Hamm Vennhausen
Oberbilk
Bilk Erkrath
City-South Eller
€8.00 - 11.00 Unterfbach Unterfeldhaus
Neuss
€7.00 - 10.00
A46
Flehe
Volmerswerth
Wersten South
€8.00 - 11.50
Haan
Hassels
A46 Reisholz
A59
Holthausen
Himmelgeist
Hilden
Holzheim Itter Benrath
0 2 4 Kilometer A57 Kalstert
NeussA guide to investing in Germany Düsseldorf | 25
city Focus:
Düsseldorf Düsseldorf is one of the top 3 retail locations
in Germany… it has benefited from the
growing interest of international retailers
looking to expand
Düsseldorf – a retail metropolis period in 2011. Asking rents for new-build apartments are
currently around €12.50 per sq m. Rents in Düsseldorf have been
Düsseldorf is a retail metropolis and one of the top 3 retail
rising since 2008 (c.18%). New developments have had a great
locations in Germany. In recent times it has benefited from the
effect on the Düsseldorf rental market over the long-term.
growing interest of international retailers looking to expand,
Taking this increase into account and the fact that the rising trend
attracting these groups due to its mix of luxury, consumer and
is currently slowing down in Düsseldorf, there has been rather
fashionable locations.
a moderate rental price increase since 2004, which has been
at approximately the same rate as inflation. Further rental price
Düsseldorf is a famous city for fashion industries. Major companies
development in Düsseldorf remains to be seen and is dependent
like Peek & Cloppenburg are headquartered here. The Königsallee
on the large number of project developments.
or “The Kö” has one of the highest rents for retail space in
Germany and a strong draw for tourists. Königsallee is by far the
most heavily frequented luxury shopping location in Germany. Office Market
Several fashion stores have recently reopened following major
refurbishing exercises. Construction work on the landmark project Demand for office space in the region is bolstered by the general
Kö-Bogen will be finished this year. Some additional 19,000 sq m of importance of the service sector. The share of people employed
new retail space will be created in this prominent location between in this sector in Düsseldorf is extremely high, at over 80%.
Königsallee and Schadowstrasse. In addition to the strong service sector Düsseldorf as the capital
of Northrhine-Westfalia is well known as the so-called “Desk of
the Ruhr-Area” which mean there is a significant share of office
Residential Market space demand coming from local and regional government.
Düsseldorf’s population is continuing to grow, largely due to inward
migration. Following population growth of 0.4% in 2011, a similar Logistic Platform for Europe
level of growth was registered in North Rhine-Westphalia’s state
capital by mid-2012, which means that the city’s population Düsseldorf has an advantageous geographic location for
continues to increase. With the growth in the numbers of trade – Benelux, France and the remainder of Germany are
households exceeding population growth, the trend for smaller all easily accessible. Excellent infrastructure is fundamental
households in Düsseldorf continues. The average asking rent to Düsseldorf’s role as a trade hub for western and central
for accommodation in Düsseldorf is €9 per sq m/month, which European business.
equates to a rise of more than 6% compared with the sameA guide to investing in Germany Frankfurt am Main | 27
Frankfurt: Retail
Frankfurt HighRetail
am Main: Streets
Highwith Keywith
Streets DataKey Data (2/sq m/month)
Eschenheimer U
Tor
city Focus:
e
hsraß
Bockenheimer Anlag
e Bleic
2
Konrad-Adenauer-Straße
aße
Frankfurt am Main
Stif Stephenstraße
Reuterweg
aße str tstr
hstr ben aße
Hoc Ta
u
e
r Straß
Alte
traße
straße
Oper
henheime
U
€120 / 54%
Schillers
€220 / 70%
Börsen
Konstablerwache
Große Esc
Gr. B
ocke
€160 / 100%
aße
nhe S U
ime
r
Str
Bieber-gasse
S Zeil
zer
Goet Hauptwache
ain
hest
raße
€290 / 81%
eM
U
Neu
Steinw
€240 / 76% eg
a global financial centre
ße
nstra
Jung
hofs
traß €165 / 68%
e
Kurt-Schumacher-Straße
Börse
Frankfurt am Main is located in the centre of Germany and First class infrastructure
Ne
with approximately 680,000 inhabitants is the fifth largest
Frankfurt benefits from first class logistics and connectivity,
nmarkt
ue
traße
German city, after Berlin, Hamburg, Munich and Cologne. Battonns
Ma
kt
Frankfurt Central Station is one of the largest train
ar
inz
The wider Metropolitan Region Rhein-Main comprises over ße
ßm
e
stations in Europe and Frankfurt Airport, accessible in just stra Straß
Kor
er
llus iner
Ro
5.6 million inhabitants and it is the second largest region in Berl
Str
15 minutes from the City Centre, is amongst the busiest e Ga
ß
aß
Germany. Frankfurt is also a growing city with a forecasted Gro
airports in the world. In addition to this, the “Frankfurter
e
growth of around 1% p.a.
Kreuz” is one of the most used motorways in Europe.
Frankfurt is the financial centre of Germany and a global
The Frankfurt Trade Fair is the second largest exposition
financial centre. It is home to The European Central Bank, % is percentage of Chain Stores in each location
in the world. It brings together companies from more than
The German Federal Bank and The German Stock Exchange
150 countries and has the largest revenue of any trade fair
as well as several large commercial banks like Deutsche Frankfurt am Main: Office Space Market Areas with Rental Bands (2/sq m/month)
of worldwide €538 million. Frankfurt is home to more than
Bank and Commerzbank.
70 consulates, 100 chambers of commerce and industry and Oberhoechstadt/Ts. Oberursel
Kalbach
Niederursel
other foreign representations. Königstein Kronberg
Frankfurter
Bad Bergen-
Enkheim
Merton-Viertel Berg
Vilbel
Steinbach €8.50 - 12.00 Berkersheim
A5
Frankfurt is also well known for offering its residents a high Frankfurt
Schwalbach
quality of life. The city is also called a “green city” as more than Heddernheim Eschersheim
50% of the inner city is made up of protected “green” areas. Preungesheim
Eschborn
€7.50 - 14.50 Eckenheim
Praunheim
Bad Dornbusch
Soden Ginnheim
Eschborn
Seckbach A66
Logos of companies that occupy significant space in the city A661 Bischofsheim
North
Hausen East
€10.00 - 12.50 Nordend- Bornheim
West €8.00 - 15.00
Rödelheim Bockenheim
€9.00 - 12.00
Westend-
West Nord Nordend-
A66 €9.50 - 17.50 Ost Riederwald
Rödelheim
City
Sossenheim
€11.00 - 28.00
Westend-Süd
A648 Innenstadt
Offenbach
Unterliederbach Westend Banking District Ostend am Main
€15.00 - 30.00 Fechenheim
City-West €21.00 - 34.00
Nied €12.00 - 17.50 Altstadt
Kaiserlei
€8.00 - 11.50
Gallusviertel Bahnhofsviertel Oberrad
Höchst
Zeilsheim Sachsenhausen-
Nord
Gutleutviertel Oberrad
Central Station Area Sachsenhausen
Griesheim €9.00 - 22.00 €11.50 - 17.00
Niederrad
Other
Locations Frankfurt
Niederrad am Main
Schwanheim €9.00 - 14.50
Sachsenhausen-
Süd
Kelsterbach
Sindlingen
Hattersheim
A3
Gravenbruch
Okriftel
Heusenstamm
Meu-Isenburg
0 2 4 Kilometer FlughafenYou can also read
