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German RE ECM Volume Ahead of 2013

Pls find below our thoughts on current German real estate ECM activity:

– Announced German real estate ECM volume runs at 1.7bn 204ytd
– ECM volume is split in EUR1.5bn equity and EUR0.2bn convertible placements
– 2014 ytd volume represents an increase of 20% over the same period in 2013
– 2014ytd German RE ECM volume is already above the long term average of EUR1.2bn p.a.
– 2014 is dominated by placements so far (LEG/Dt. Ann with a total of EUR 0.9bn)
– Two deals (Dt. Ann/Estavis) still have to be executed, Dt Ann closing announced for Q4
– Combined German residential stock overhang  is still at EUR5.1bn

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