THE
ENTIRE
STUDY
“With off-market transactions, it is a question of an overall package comprising the price, the inclusion of tax and financing aspects, and deal security. This presupposes true expertise and a high degree of reliability.”
Marcus Bartenstein
CEO, Empira
Overview of the most important points of the 4th HPBA Off-Market Study.
01 Participants
Fund managers are the most active group of investors in the off-market segment.
02 Proportion of off-market transactions purchases
The market players are positioning themselves more clearly for or against off-market transactions.
03 Proportion of off-market transactions sales
13 per cent of all sellers do not participate in bidding processes.
04 Price delta
The range for price mark-ups and mark-downs with off-market transactions remains large.
05 Transactions – Existing properties purchases
Residential real estate is overtaking office properties as the strongest off-market asset class.
06 Transactions – Existing properties sales
More and more plots of land are being sold off-market.
“If you have already been able to realise a number of transactions in a region, the chances are great that at some point in the future you will be offered a property at this location off-market. The question of off-market success is a question of cultivating networks.”
Gert Waltenbauer
CEO, KGAL
07 Volume of off-market transactions
The off-market segment continues to be characterised by strong growth momentum.
08 Volume of on-market transactions
Buyers and sellers are also more optimistic about on-market transactions.
09 Transaction success – Part 1
The proportion of market players with a one hundred per cent success rate is four times as great in the off-market segment as it is on-market.
10 Transaction success – Part 2
The average deal security with off-market transactions is 27.5 percentage points higher than with on-market models.
11 Joint ventures and distress sales
Significantly fewer distress sales – joint ventures becoming more popular.
12 Proportion of share deals
Approximately six out of ten transactions are concluded in the form of a share deal.
01 Participants
Fund managers are the most active group of investors in the off-market segment.
02 Proportion of off-market transactions purchases
The market players are positioning themselves more clearly for or against off-market transactions.
03 Proportion of off-market transactions sales
13 per cent of all sellers do not participate in bidding processes.
04 Price delta
The range for price mark-ups and mark-downs with off-market transactions remains large.
05 Transactions – Existing properties purchases
Residential real estate is overtaking office properties as the strongest off-market asset class.
06 Transactions – Existing properties sales
More and more plots of land are being sold off-market.
“If you have already been able to realise a number of transactions in a region, the chances are great that at some point in the future you will be offered a property at this location off-market. The question of off-market success is a question of cultivating networks.”
Gert Waltenbauer
CEO, KGAL
07 Volume of off-market transactions
The off-market segment continues to be characterised by strong growth momentum.
08 Volume of on-market transactions
Buyers and sellers are also more optimistic about on-market transactions.
09 Transaction success – Part 1
The proportion of market players with a one hundred per cent success rate is four times as great in the off-market segment as it is on-market.
10 Transaction success – Part 2
The average deal security with off-market transactions is 27.5 percentage points higher than with on-market models.
11 Joint ventures and distress sales
Significantly fewer distress sales – joint ventures becoming more popular.
12 Proportion of share deals
Approximately six out of ten transactions are concluded in the form of a share deal.
“Since the first HPBA Off-Market Study four years ago the topic has become firmly anchored in the expert discussions on the German real estate investment markets. In the meantime many market players have adopted a clear stance: a significant proportion of buyers and sellers categorically rule out bidding processes. Other actors are reliant on on-market models for compliance reasons. Above all I would like to thank our high-calibre panel for their important assessments – in 2020 our survey respondents accounted for a significant proportion of the off-market segment.”
John Amram
founder and managing director, HPBA
The key information on the panel
13 Assets under management
14 Primary capital sources
13 Assets under management
14 Primary capital sources
The full study is
to be found here
The graphics in their entirety
are to be found here
Do you have any
questions or suggestions?
We look forward to hearing from you.
The full study is
to be found here
The graphics in their entirety
are to be found here
Do you have any
questions or suggestions?
We look forward to hearing from you.
