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Article
Publication date: 25 April 2008

Ulrich Schacht and Jens Wimschulte

Germany is the biggest real estate market in Europe. Although some established vehicles for indirect property investments are available, the German real estate market is…

Abstract

Purpose

Germany is the biggest real estate market in Europe. Although some established vehicles for indirect property investments are available, the German real estate market is dominated by direct investments and lags behind its international peers in capital market integration. The purpose of this study is to examine whether the recent launch of German REITs may improve this situation.

Design/methodology/approach

Existing indirect property investment vehicles and the new G‐REIT are analysed and compared along the dimensions of transparency, liquidity and risk/return characteristics. In addition, potential capital flows into G‐REITs are investigated and economic implications derived.

Findings

The study identifies the limitations of existing German indirect real estate investment vehicles and demonstrates the superior characteristics of the new G‐REIT. Substantial short‐term capital flows from existing vehicles to G‐REITs are, however, unlikely. Instead the temporary exit tax will foster an economically beneficial reallocation of capital by private companies and public authorities through property sales to new domestic and international investors via G‐REITs.

Originality/value

The results indicate that G‐REITs have the potential to attract substantial funds in the medium term and facilitate a more integrated and developed German property and capital market.

Details

Journal of Property Investment & Finance, vol. 26 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 25 April 2008

Robin Goodchild

Abstract

Details

Journal of Property Investment & Finance, vol. 26 no. 3
Type: Research Article
ISSN: 1463-578X

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Book part
Publication date: 31 July 2008

John Linarelli

It is impossible to provide anything other than a glimpse of such a complex figure as Nietzsche in the span of a review of a book on his influence (if any) on economics…

Abstract

It is impossible to provide anything other than a glimpse of such a complex figure as Nietzsche in the span of a review of a book on his influence (if any) on economics. Here I provide a summary of his life and major works. I have had to omit some works from the discussion, and also suppress a good deal of biographical detail. Some Nietzsche scholarship, especially that outside the analytical philosophical tradition, consider events in Nietzsche's life as important to understanding his philosophy, and look for explanations of his philosophy in his life, such as the lack of a father figure and the search for male role models in Wagner and Schopenhauer, and the effect of his chronic illness on his philosophy. If I consider these interpretive issues, I do so only tangentially.

Details

A Research Annual
Type: Book
ISBN: 978-1-84663-904-3

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