tag:blogger.com,1999:blog-5201956805588182019Fri, 01 May 2026 07:04:56 +0000real estategermanyreitsustainabilityalstriagreen buildingsdebttransparencyCMBSGermany. Open Ended FundsHamburgofficevaluationDGNBcredit crunchequityfinanceinvestmentinvestorrealrenttheoryAltepostCSRGRESBIFRSIPDIRMIS-LEED-INGOpen Ended FundsRICSaccountingcapitalcovered bondcrisisdistress saleseuropefuturegamegermangovernancegrowthincreaselisted companiesmarketrefurbishmentrelationrental growtshareholderssharestransactions2030AsiaBVIBundesverband Deutscher Investment-GesellschaftenColliersDickenEIRISISSLEEDMIPIMMundsburgOhnsorgSRITheaterallianzawardbuildingcarrycorporateenvironmentequilibriumexcusesfrankfurtgdpgreeninflowinsiderinsuranceinterest ratesiphonelifeliquidationmisleadingnashneedsoutflowpatiencepfandbriefprocessratingreal timeresponsiblerightright offeringright offeringfsalesstatistictradetradingyieldsOfficial blog of alstria office REIT-AG. German Real estate blog. Office. Germany. Real Estate. Hamburg. REIThttp://alstria.blogspot.com/noreply@blogger.com (Anonymous)Blogger47125tag:blogger.com,1999:blog-5201956805588182019.post-6095407620841374842Fri, 16 Jan 2015 16:10:00 +00002015-01-16T17:10:31.090+01:00accountingcarrygovernanceHamburgIFRSinterest ratesinvestmentreal estatetradeyields A real estate analyst recently wrote that “In the real estate industry especially, buy and hold investment approaches are in essence simple spread businesses. Spread means the difference between rental yields (in our example we took gross rental yield based on in place rents) and the cost of interest-bearing debt (CoD).” This vision of real estate is as far as reality as one can be, and http://alstria.blogspot.com/2015/01/dead-wrong.htmlnoreply@blogger.com (Anonymous)2Hamburg, Germany53.5510846 9.9936817999999952.9475631 8.702788299999991 54.1546061 11.28457529999999tag:blogger.com,1999:blog-5201956805588182019.post-5940795433299651951Sat, 25 Oct 2014 16:45:00 +00002014-10-25T18:47:16.671+02:00buildingCSRenvironmentgreengreen buildingsGRESBinvestorIRreal estatereitrelationresponsiblesustainabilityWe have been asked by a number of investor the reason why we have decided not to submit our data to GRESB this year (the data itself is available on our website www.alstria.com/sustainability ). In order to better explain our position we have used the following presentation. We are obviously happy to discuss, so please feel free to send us feedback. The gresb conundrum from alstriahttp://alstria.blogspot.com/2014/10/the-gresb-conundrum.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-9194414495754680170Wed, 11 Jun 2014 13:03:00 +00002014-06-11T15:03:22.220+02:00alstriacapitalcrisisequityeuropegermangermanyincreaseinvestmentinvestorrealreal estatereittransactionsvaluation It has been a while since I have not written anything on alstria’s blog. I started from time to time, but never get to finish the work. This morning however, when I read the piece about the German real estate, that was featured in the daily newsletter of Property Investor Europe (which is usually the first think I read in the morning), I knew I would get through.   The “Expert view”, http://alstria.blogspot.com/2014/06/this-time-it-is-different.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-6274236907757062122Tue, 08 Jan 2013 11:05:00 +00002013-01-10T09:29:03.038+01:00CSREIRISGRESBinsiderreal estateshareholdersSRIsustainabilitytradingtransparency What if one equity research firm was to send to a company it covers a questionnaire asking specifically for nonpublic information. This would be done in order to provide its clients with a “more accurate picture” of the company that what is achievable through public disclosure. How would the company react? And how would the compliance department of the research firm react? You think no http://alstria.blogspot.com/2013/01/responsable-investment-insider-trading-EIRIS-GRESB-sustainability.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-5106592032920991416Fri, 21 Dec 2012 08:37:00 +00002012-12-21T09:37:38.229+01:00allianzcovered bonddebtequityeuropeinsurancelifepfandbriefreal estatereit The say on the street is that there is a funding gap in the European property market. The say is also that new players are coming along to fill, or benefit from this gap. These new players are called debt funds, or insurance companies. Reports are piling up announcing the raise of new funds, or the billions that this or this insurance company is planning to invest in the new http://alstria.blogspot.com/2012/12/life-insurance.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-4204854821926251488Tue, 20 Nov 2012 13:32:00 +00002012-12-28T11:05:41.076+01:00Bundesverband Deutscher Investment-GesellschaftenBVIgermangermanyinflowmisleadingOpen Ended Fundsoutflowreal estatestatistictheorytransparency A short mathematical problem for my eight years old son to solve: ·       At 30/09/2011, the total NAV (Net Asset Value)of the German open ended funds was 85.151 mEUR. ·       At 30/09/2012 (a year later) the total NAV  ofthe German open ended funds was 83.173 mEUR Assuming that over the period the asset value http://alstria.blogspot.com/2012/11/adding-numbers.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-8375696974184182836Wed, 23 May 2012 14:26:00 +00002012-05-23T16:28:11.921+02:00DGNBgreen buildingsIPDlisted companiesmarketMIS-LEED-INGreal estatereitsustainabilitytransparency IPD has started an interesting new index in the French market, called the IPD Green Real estate index. It basically analyses the performance of Green buildings and compares it with both recent non-green buildings as well as with the general IPD index (http://aox.ag/KdpWzJ)   As far as I know, this is the first time such an indicator is put together. This is more than welcome initiative http://alstria.blogspot.com/2012/05/green-lanterns.htmlnoreply@blogger.com (Anonymous)2tag:blogger.com,1999:blog-5201956805588182019.post-1745209638457140407Thu, 26 Apr 2012 14:43:00 +00002012-04-27T09:42:23.033+02:00gamegermanyOpen Ended Fundstheory An interesting development in the life of the open-ended fund industry has hit the news today.  In a press release published today (http://aox.ag/IGAUNd), SEB ImmoInvest is trying to achieve what none of its peers dared to try before. Move from a bank run situation back to a stabilized situation.  They are doing so by pointing on to shareholders the actual consequence http://alstria.blogspot.com/2012/04/its-wonderful-life.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-356701232596328889Fri, 20 Apr 2012 10:53:00 +00002012-04-20T12:54:33.521+02:002030Colliersfutureneedsofficereit An interesting white paper published recently by Collier International went un-noticed, while I believe it deserve some attention and reading by anyone who is interested in the European office market. The white paper is the third issue of a series called “Generation Y: Space planning and the future of workplace design”. Below this (un)inspiring title lies an interesting tentative calculationhttp://alstria.blogspot.com/2012/04/forward-looking-statement.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-9172497755508450683Tue, 17 Apr 2012 08:05:00 +00002012-04-17T19:37:17.604+02:00IPDrealreal estaterentrental growtvaluation Following the publication of our latest annual reports we had a number of discussions with some analysts and investors (as we did last year for that matter) with respect to the write-off in value that we have published on our short leased assets. We usually argue that from our perspective we would offer a lower price for a vacant building than we would for the same asset with a one year leasehttp://alstria.blogspot.com/2012/04/point-of-view.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-6846672319876283733Tue, 10 Apr 2012 07:34:00 +00002012-04-10T09:34:32.770+02:00alstriaDGNBofficereal estatereal timesustainability I have been trying to figure out how to improve the utility management process of the company for quite a while now. This topic is important for us for a number of reasons, and I am deeply convinced that we need to find the right way to address this while time is still on our side. Not only managing utilities is the main way to improve sustainability credential of an asset, but utilities http://alstria.blogspot.com/2012/04/to-go-please.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-5604171188619705945Thu, 16 Feb 2012 10:24:00 +00002012-02-16T14:36:27.519+01:00AltepostawardHamburgMIPIM This is probably not really worth a press release, but i though I could take a few minutes to write about it on our blog. Our AltePost development project has been selected to run for the MIPIM award in two categories this year. As the best Refurbished Building, and the Best German Project. It is a very nice recognition for what was a five year hard work for our team as well as our http://alstria.blogspot.com/2012/02/more-than-thousand-words.htmlnoreply@blogger.com (Anonymous)0Hamburg, Deutschland53.556866 9.99462253.2550405 9.362908 53.8586915 10.626336tag:blogger.com,1999:blog-5201956805588182019.post-4113915898969981789Fri, 30 Sep 2011 15:29:00 +00002011-09-30T21:02:13.181+02:00alstriaCMBScredit crunchcrisisdebt European leaders might or might not be putting together CDO² in order to save (or kill for that matter) the Eurozone. The ECB might or might not become a large hedge fund. European banks might be under-capitalized (from what we can see it is fair to say that at least their real estate loan book is nowhere close where it would need to be). The US are facing huge budgets constrains while US http://alstria.blogspot.com/2011/09/i-love-it-when-plan-comes-together.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-7172098106199894495Sat, 27 Aug 2011 08:42:00 +00002011-08-27T13:52:42.850+02:00alstriaexcusesinvestoriphoneIRrelationsharesYou do not have enough time to read alstria's blog? You can access it now from your iphone via alstria's app. It available following this link http://itunes.apple.com/us/app/alstria-reit-ag/id451830672 or look for alstria in the appstore directly on your iphone... A preview of what the app does is available at the following link: http://alstria.webuda.com/ So from now on, there is no http://alstria.blogspot.com/2011/08/no-excuses.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-5762364778718942415Fri, 22 Jul 2011 17:16:00 +00002011-07-23T10:46:30.266+02:00alstriacorporategovernanceISSreitrightright offeringshares ISS is one of the leading corporate governance solutions to the global financial community. Their home page claims that they want to “enable the financial community to manage the governance risk for the benefit of shareholders”. As part its governance approach ISS is currently conducting a review of its voting policies and have launched a public consultation available on their website (http://alstria.blogspot.com/2011/07/what-is-wrong-with-rights.htmlnoreply@blogger.com (Anonymous)2tag:blogger.com,1999:blog-5201956805588182019.post-2465707374655269986Mon, 30 May 2011 15:33:00 +00002011-06-03T22:28:48.709+02:00gdpgermanygrowthmarketofficerentThe Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken, or vdp) have started a new (welcomed) initiative publishing a German office building rent index. The first result of this index are available on the vdp website (you will find the press release http://aox.ag/mfaQxW , and the index itself http://aox.ag/kkFoxR - theses links are for the English version but the same http://alstria.blogspot.com/2011/05/inconvenient-truth.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-2987668928593732030Fri, 06 May 2011 15:34:00 +00002011-06-03T22:28:29.262+02:00equilibriumgamegermanyGermany. Open Ended Fundsnashreal estatetheoryA number of open ended funds are offering their unit holders a very nice opportunity to make good usage of game theory and figure out what to do next. Some funds (see related article in the Immobilien Zeitung -in German- http://aox.ag/lvAZK1 ), are asking their current unit holders, what would be their behavior if the funds were to reopen for redemption. The underlying idea, is that http://alstria.blogspot.com/2011/05/nash-equilibrium.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-7943855774031839494Mon, 18 Apr 2011 12:55:00 +00002011-06-03T22:28:14.794+02:00Social media is clearly not yet an accepted way of communicating in a publicaly listed environment. alstria’s short experience in the matter, is that very little (real estate ?) stakeholders actually look at twitter, blogs, LinkedIn and other social media. Still you never know how thinks might develop in the future. So we might want to keep the social media experiment up for a while. More http://alstria.blogspot.com/2011/04/control-freaks.htmlnoreply@blogger.com (Anonymous)2tag:blogger.com,1999:blog-5201956805588182019.post-5372709405986905364Mon, 04 Apr 2011 09:05:00 +00002011-04-04T11:05:33.104+02:00DGNBgreen buildingsHamburgMundsburgofficerefurbishmentreitSome pictures of the Mundsburg Construction site. http://alstria.blogspot.com/2011/04/real-life.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-30291283449142145Fri, 01 Apr 2011 15:08:00 +00002011-06-03T22:27:50.004+02:00capitalequityincreasereitright offeringfshareholdersIn a recent paper, signed by Joseph Harvey, President and CIO of Cohen and Steers (disclaimer, Cohen and Steers is as far as I know one of our shareholder), the investment manager argues about the merits of allowing European REIT to execute capital increase excluding subscription rights. (The document can be read at the following address http://bit.ly/flBlrP) Having executed a recent capital http://alstria.blogspot.com/2011/04/good-bad-and-ugly.htmlnoreply@blogger.com (Anonymous)1tag:blogger.com,1999:blog-5201956805588182019.post-4457613149187719765Thu, 09 Dec 2010 03:34:00 +00002011-06-03T22:27:33.309+02:00Asiafrankfurtreal estatereitrental growtI have put on a paper some thoughts while I was in roadshow in Asia, following meeting with investors and investment analysts. As a disclaimer, I am writing this in the middle of a jetlagged night, and I clearly do not pretend to know what I am talking about here. 1- In China, it seems that it is more reasonable to invest into less known secondary cities, than in the majors. Rational being thathttp://alstria.blogspot.com/2010/12/japaneses-whispers.htmlnoreply@blogger.com (Anonymous)1tag:blogger.com,1999:blog-5201956805588182019.post-371805598820267386Sat, 04 Dec 2010 21:40:00 +00002011-06-03T22:27:06.005+02:00CMBScredit crunchdebtdistress salesfinancerealA recent article in PropertyEU (http://bit.ly/dXPKja) and other real estate newsletters report on the last IPD/IPF conference where a number of commentator have indicated that the solvency II directive will increase insurance companies willingness to lend to real estate. This might as well be true, but between you and me Solvency II will have potentially more far reaching implication for the realhttp://alstria.blogspot.com/2010/12/same-player-shoot-again.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-7799231534374265420Wed, 24 Nov 2010 13:38:00 +00002010-11-24T14:38:58.412+01:00alstriaHamburgOhnsorgreitsustainabilityTheaterPicture from the construction site of the New Ohnsorg Theater. http://alstria.blogspot.com/2010/11/real-life.htmlnoreply@blogger.com (Anonymous)0tag:blogger.com,1999:blog-5201956805588182019.post-8355768824720204470Fri, 12 Nov 2010 15:55:00 +00002011-06-03T22:26:47.386+02:00distress salesgermanyGermany. Open Ended Fundsliquidationpatiencereal estatetransactionsWe had the question on alstria’s quaterly call this week. Listening to other German real estate companies call, and reading a number of analyst note, it seems that there is a growing number of (non German) market participant who expect “distressed sales” coming from the German open ended funds (mainly of the ones which said they will liquidate). Is German open ended funds liquidation ahttp://alstria.blogspot.com/2010/11/hold-your-fire.htmlnoreply@blogger.com (Anonymous)2tag:blogger.com,1999:blog-5201956805588182019.post-2128300295830091411Thu, 28 Oct 2010 06:54:00 +00002011-06-03T22:26:31.675+02:00DickengermanyGermany. Open Ended Fundsinvestmentreal estatetransparencyvaluationAnyone interested in real estate investment is aware of the „difficult“ times the German open ended fund industry is going through. As you can expect the German press is full of article trying to figure out what happened, what a solution would be (may I naively suggest listing?) and whether or not it is safe to invest in them again. In the last few days there were a number of article which http://alstria.blogspot.com/2010/10/little-dorrit.htmlnoreply@blogger.com (Anonymous)0