One result of the HPBA Off-Market Study, which was based on a survey of 700 market players, is that about 35% of the participants are prepared to pay a mark-up of 5% to 6% compared to bidding procedures, with others prepared to pay even higher mark-ups. One quarter totally rejects such mark-ups. The main benefit of off-market deals, says HPBA managing director John Amram, is having greater deal security without wasting resources. However, notes one expert, more complex deals attain off-market higher prices than structured processes. He also notes that off-market deals are not an alternative for every institutional investor. In addition, he doubts the survey’s figure of 40 billion euros for the volume of off-market transactions. The volume determined by the study is differentiated according to whether the transactions have been made public. As published off-market transactions could also have been included in the on-market volume, the actual off-market volume is likely to be even bigger, says Amram.