Investment Banking

Real Estate

The global real estate markets are subject to constant change. Property owners and investors are faced with a variety of challenges and increasingly complex issues. Changing legal and economic conditions are full of risk but above all they are full of opportunities. For this reason, active accounting management increasingly demands innovative financing techniques and instruments. As for real estate investment products, the change is magnified by a trend toward indirect investment products that correspond to the increasingly individual investment preferences of institutional and private investors. All in all, the targeted search for strategic optimisation potential relating to real estate-related economic issues, in the private as well as the public sector, is playing an increasingly important role.

Our Real Estate team offers individual solutions tailored to client-specific requirements, and participates actively in discussions and in the organisation of the real estate markets and their structural changes.

Real Estate Competence

The Real Estate team members are competent advisors for complex real estate transactions with a particular focus on providing support for privatisation plans in the public sector:

• Both direct and indirect forms of investment (in listed and unlisted vehicles) are increasingly considered an interesting alternative to rising real estate yields.
• New investment vehicles are launched on the international markets (e.g. REITs) with development of derivative instruments that are in more and more demand.
• Foreign investors are interested in investments in the real estate markets of German-speaking countries, for reasons such as the opportunity to profit from the positive market outlook.
• Owners of public and private real estate are reviewing their real estate strategies: Companies are focusing increasingly on their core business and are selling larger real estate portfolios (or planning to) as the public sector distances itself further from owning real estate, for budget relief reasons.

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Our real estate transaction services at a glance

• Valuation of real estate portfolios/companies and preparation of fairness opinions
• Transaction advice for purchases/sales of real estate companies and portfolios (asset or share deals)
• Strategic analysis and optimisation of business concepts and segment analysis (holding/developing inventory, project developments) of real estate companies
• Advising companies on mobilising real estate assets (true sale, sale and lease back, joint venture, fund concepts)
• Advice during the preparation stage and support for capital market transactions (IPOs, capital increases, hybrid/convertible bonds)
• Design and placement of real estate-based investment products

Track Record

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Privatisation Competence

Sal. Oppenheim has comprehensive experience with privatisation dating back many years. This is reflected in our understanding of individual local interest and cultural specifics. Sal. Oppenheim applies an individual stakeholder approach to privatisations, with great success. This involves providing tailored privatisation concepts at federal, state and municipal level.

In this context, Sal. Oppenheim has excellent connections with decision makers at all levels of public administration and in politics. Our professionals have many years of experience in the real estate, public infrastructure, public banking, energy and utilities, as well as regional public transport sectors.

Our privatisation services at a glance

• Preliminary examinations and expert opinions, or “feasibility studies”
• Market testing
• Advice and support for any necessary (preliminary) structuring
• Structuring sales processes for public sector assets (e.g. implementing structured competitive auction procedures in line with the special requirements of public procurement law)
• Moderation parallel to the process

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