Why structured broker pitch is becoming increasingly important

Der Verkaufsprozess eines institutionellen Immobilieninvestors folgt klaren strategischen, economic and regulatory goals. The claim to the commissioned broker houses is correspondingly high. A structured pitch process serves several purposes:

• Transparency to the investment committee

• Comparability of the providers

• Minimization of subjective decision factors

• Documentation towards internal and external exams (z. B. The auditor, Auditors)

Gerade bei Portfoliotransaktionen oder bei der Veräußerung von Landmark-Assets mit hoher Außenwirkung ist ein dokumentierter Auswahlprozess unerlässlich.

This is how a broker pitch works with scoring

A pitch with scoring follows a multi -stage process:

up) Pre-Selection: Long List & Short List

Based on market knowledge, Track Record and specific requirements (z. B. Usage class, Region, Buyer target group) a long list of potential brokers is created. After a first screening round, a short list is invited (mostly 3-5 houses) zum Pitch.

b) Pitch-Phase: Presentations & Q&A

All candidates receive an identical briefing with frame data of the object, Desired Pricing Range, schedule, desired buyer typology and ESG information. The pitch usually lasts 60-90 minutes and includes:

• Market- and buyer analysis

• Marketing strategy

• Specific schedule

• References & Team presentation

• Honorary structure (Fix / Depending on the success / Hybrid)

• Dealing with ESG criteria

c) Evaluation using a scoring model

The actual heart of the structured pitch process is the evaluation based on a standardized criteria catalog. A typical scoring matrix can be structured as follows:

Depending on the corporate policy, the matrix can be easily adjusted. Is important: Ideally, the evaluation is carried out by a committee of investment, Asset- and transaction managers, um eine multiperspektivische Einschätzung zu gewährleisten.

Typical challenges in the pitch process

Despite all structuring, certain challenges remain:

• Subjectivity despite scoring: Sympathie und persönliche Erfahrung beeinflussen Entscheidungen – daher sollte das Scoring stets von mehreren Personen durchgeführt werden.

• Complexity in hybrid asset classes: For mixed-use real estate or niche products (z. B. Light industrial with ESG component) ist besondere Expertise gefragt.

• Broker with local VS. global focus: International players often score through reach, Local experts through networks. Der Pitch sollte diese Unterschiede berücksichtigen.

Best practices for institutional investors

• Predefined templates: Einheitliche Bewertungsbögen und Pitch-Briefings erhöhen die Vergleichbarkeit.

• Comprehensible documentation: All decisions should be justified in writing, um interne Prüfungen zu bestehen.

• Demination workshops: Kurze Reviews mit dem beauftragten Makler zur Feinjustierung der Strategie erhöhen die Effektivität der Zusammenarbeit.

• Lessons Learned: Pitch-Ergebnisse sollten regelmäßig evaluiert werden – auch im Vergleich zur tatsächlichen Verkaufsperformance.

Transparency beats gut feeling

In an industry, which increasingly regulated, Data drives and reputation -sensitive acts, are structured broker pitches with scoring more than one add-on. For institutional investors, this not only means greater security when choosing the marketing partner, sondern auch ein professionelles Signal gegenüber internen Stakeholdern und Investoren.

You would like to establish or optimize your own scoring model? Sprechen Sie uns an – wir begleiten Sie durch den gesamten Prozess.

Der Beitrag Makler-Pitch & Scoring: How institutional investors systematically select the best marketing partners erschien zuerst auf AGILE Real Estate.

Why is cash flow modeling so decisive?

A professionally set -up cash flow model provides a resilient financial projection over the entire investment period - from acquisition to management to exit. It shows all payment currents, underneath:

• Tenant (incl. Indexing, Relays)

• Operating- and maintenance costs

• Capex measures and value increase potential

• Financing costs (Borrowing structure, Interest rates, Repayment)

• Tax and if necessary. Fund food

These models are the basis for:

• Investment decisions at the investment committee level

• Financing advertisements and banking discussions

• Due diligence processes

• Reporting to investors, Advisory boards or supervisory bodies

• Scenario analyzes (z. B. Zinsanstieg, Vacancy, Construction costs)

Our services in the area of ​​cash flow modeling

As a real estate Investment Advisor with deep knowledge of market and methodical excellence, we offer you:

Tailor -made cash flow models in Excel

• Transparent, Modular built, clearly documented

• Scalable as desired: From the single object to the portfolio

• Consideration of all relevant taxes, Fees, Risk bumps

• Support with sensitivity- and scenario analyzes („What-If“-Analysen)

Integrated connection to external systems

• Seamless interfaces to databases, ERP systems (z. B. SAP RE, Wonted, DATEV, iX-Haus)

• Automated import of actual figures or market parameters

Use in financing- and sales processes

• Creation of cash flow forecasts for banks, Mezzanine, Co-investors

• Foundation basis for term sheets, Investor memos or IMS

• Support in investors- and financing pitches

For whom our model is particularly relevant?

• family offices & Institutional investors mit Buy-and-Hold- or Value-Add strategy

• Project developer, that must represent capital service and exit forecasts

• Financier & Bank, need the resilient forecasts for credit decisions

• Investment Committees, The comprehensible scenarios and decision -making bases request

• Joint Venture Partner, need transparency and governance

Our methodical know-how-your competitive advantage

We combine years of experience in structuring complex real estate projects with sound investment- and financial expertise. Our models are based on best practices from private equity, Projektentwicklung und Asset Management – und sind stets auf Ihre Anforderungen abgestimmt.

transparency, Flexibility and precision -these are the basic principles of our Excel models. They allow them to, Chancen und Risiken Ihrer Investments frühzeitig zu erkennen und aktiv zu steuern.

You would like to raise your investment decisions to a new level?

We would be happy to present you reference models and show you, How our cash flow can be integrated into your existing system landscape - whether as a single mandate, im Rahmen eines Transaktionsprozesses oder als langfristiger Partner für Ihre Investmentsteuerung.

Contact us for a non -binding initial interview - we look forward to it, Ihr Projekt kennenzulernen.

Der Beitrag Cash Flow modeling with Excel-a central building block of successful real estate investment strategies erschien zuerst auf AGILE Real Estate.

The pressure on the housing market: A challenge with potential

According to a current analysis, round is missing throughout Germany 550.000 Apartments, Especially in the segment of the affordable living space in metropolitan areas. At the same time there are many places Hundreds of thousands of square meters of office space empty - for example in Hamburg alone, 753.000 m². Der Wandel des Arbeitsmarktes durch Homeoffice und Desk-Sharing verstärkt diesen Trend weiter.

What is an acute problem for municipalities and those seeking housing, can be an economic option for real estate owners: The conversion of empty office properties in residential units is not just a solution with social added value, sondern auch ein Weg zu stabileren und zukunftsfähigen Mieteinnahmen.

Why the conversion is worthwhile - economical and ecological

1. Reduced construction costs through inventory use

An essential advantage is the existing building fabric: Entity, Covering, Development - a lot is already available and thus saves material- and construction costs. This often makes conversions compared to new buildings significantly cheaper and more resource -saving. Most of the so -called “gray energy” Is already bound. That means: fewer emissions, shorter construction times, geringerer Planungsaufwand.

2. Sustainability and ESG conformity

The use of existing buildings supports climate goals and improves the ESG record of a property. In a market, in which sustainability is increasingly also relevant to financing, this is a strategic advantage - especially with a view to investors, Banken und institutionelle Partner.

3. Higher cash flow through market -friendly residential rent

In tense apartment markets significantly more stable rental income realize as with classic office space, whose rental price development has been stagnated or declining since the pandemic. Vor allem kleinere Wohneinheiten bieten ein gutes Rendite-Risiko-Verhältnis.

From the idea to implement: The structured process of conversion

A successful red-revelopment project begins with a detailed analysis and does not end with the construction, but with the stable operation. The typical course of the project comprises five central phases:

1. Start with the location- and object evaluation

Start with a objectified assessment of your location:
How high is the local demand for living space? Which target groups (z. B. Student, Family, Senior citizen) dominate the market? Which building law restrictions apply? And very crucial: The property is structurally suitable for living use?

Typical criteria:

• Depth of building ≤ 14 Meter: Important for natural exposure

• Flexible floor plan structure: z. B. Support construction instead of load -bearing walls

• Number and location of stairwells and elevators

• Exposure and ventilation potential

• Fire protection and soundproof status

• Technical building equipment (TGA): z. B. central heating, ventilation, Electric

An experienced project advisor or architect can already provide a sound assessment here in a first inspection - often combined with a coarse investment framework und der Skizzierung potenzieller Wohnungsanzahlen.

2. Cash flow modeling: Realistically calculate profitability

A crucial step for owners and investors is the economic assessment of conversion. A detailed helps Cash Flow Modell, that both the conversion costs, die zeitlichen Abläufe als auch die geplanten Mieteinnahmen und Betriebskosten berücksichtigt.

Typical entrance variables:

• Bau- and planning costs per square meter

• Eligible shares and possible grants

• Financing structure (Own/debt)

• Planned rents by target groups

• Rental period and vacancy reserves

• Depreciation models (AfA, Special AFA near social housing)

Key figures, which derive from it:

• Net netfangeenite (Net Initial Yield)

• Capital value (NPV)

• Internal interest foot (IRR)

• Break-even time

• Dynamic amortization

Especially in the case of inventory objects: A moderate, aber realistische Miete ist meist erzielbarer als bei teuren Neubauten – was die Wirtschaftlichkeit trotz eventueller baulicher Herausforderungen oft verbessert.

3. Create legal certainty - speak to authorities at an early stage

The German planning- and building authorization law places high demands on changes in use. It is all the more important, Early in the dialogue with building authorities, City planners and possibly. Denkmalschutzbehörden zu gehen.

Dabei helfen u. maid.:

• §34 BauGB (Insert in the area)

• §13a BauGB (Accelerated methods indoors)

• Current state regulations on standards for conversions (z. B. Schleswig-Holstein or Hamburg)

• Exemptions from the parking space evidence or deviations in window ratings

The goal should be a legally secure renovation, der keine bösen Überraschungen während oder nach der Bauphase bringt.

4. Use funding and tax lever

The state supports conversion with various Funding instruments, Especially in the area of ​​affordable living or energetic renovation. Funding opportunities exist on several levels:

• Federal level: z. B. KfW funding loan, BEG-Programme

• State programs: Grants for conversions, Label funding

• Local level: Refraining law or development aids

• Tax: Special depreciation for social housing (§7b EStG), Monument, Investment deduction amounts

Is important: Funding are early to apply for and usually bound to certain standards or rental boundaries. Therefore, they should be integrated into the planning early - not in the first place, wenn die Baukosten bereits fixiert sind.

5. Marketing or operation: Sustainable use for stable yields

After the successful renovation of your office property in living space, the decision is due: Keep or sell stock? Both paths offer different opportunities - is crucial, what goal you pursue with the property: short -term liquidity, langfristiger Cashflow oder Portfoliooptimierung.

Option A: Existing development and renting

If you keep your property in the stock, Benefit from regular, calculable rental income. Especially in tense apartment markets, living space can be found in well -connected locations rent sustainably and quickly – häufig mit geringeren Vermarktungskosten als bei Neubauwohnungen.

Particularly interesting:

• Micro-card or WG-capable apartments For students or young professionals

• Barrier units for seniors or people with a need for support

• Socially funded apartments, often in cooperation with providers or cities (z. B. With refined or guaranteed rental)

The long -term rental is particularly recommended:

• positivem Cashflow ab Tag 1

• Attractive location with rental price dynamics

• Protection against market cycles by diversified tenant structure

Option B: Sales in the renovated state

A reducent can also be a targeted one Value increase strategy serve: By renovating you increase usability, Reduce vacancy and create living space - a coveted goods, besonders für institutionelle Käufer oder Wohnbaugesellschaften.

Sales advantages:

• Realization of silent reserves through upgrading

• Higher purchase price factors for rented living space than for vacant office space

• Possibility of bundling of the project (z. B. Package sales of several converted objects)

A marketing concept should be developed for this strategy at an early stage - for example with target group analysis, Usage concept, Visualisierungen und Exit-Szenarien.

Option C: Cooperation with social providers or residential projects

Especially in urban locations and with smaller units it can make sense, Long -term partnerships with social providers, To enter into living initiatives or municipalities. These often not only take over the rental payments (z. B. About KDU services), sondern auch Teile der Verwaltung.

This option offers:

• Stable rental income with a minimum risk of vacancy

• publicity effect (ESG/sustainability)

• possibly. Access to additional funding or tax discounts

Obstacles and how to overcome them

Of course, conversion is not a sure -fire success. There are challenges, among other things, in:

• building law restrictions (Change in use, Fire protection, Parking of parking space),

• high demands on sound insulation and energy efficiency,

• der Notwendigkeit eines funktionalen Grundrisszuschnitts für Wohneinheiten.

But this is exactly where strategic planning and specialized advice start. With an interdisciplinary team of architects, Project developers, Financing- And tax experts can also be successfully implemented complex projects. An experienced partner can also help, realistische Förderkulissen zu identifizieren und Genehmigungsprozesse zu beschleunigen.

Perspectives: From the individual owner to institutional investor

Depending on the owners' structure, there are different strategies and goals for a redue:

• Private investors with vacant offices: can generate new rental income through conversion, Abschreibungen nutzen und die Vermögenssubstanz sichern.

• Family offices and existing holders: profitieren von der ESG-Wirkung und Portfoliodiversifikation – insbesondere in Regionen mit begrenztem Neubaupotenzial.

• Housing associations and cooperatives: Can activate empty areas, um sozialgebundene Wohnangebote zu schaffen – oft gefördert und mit langfristig planbaren Cashflows.

• Institutional investors: often develop entire quarters - e.g. B. In combination with mixed uses, Mobilitätskonzepten und neuer Infrastruktur.

Conclusion: Change as an opportunity for sustainable investments

The conversion of office space to living space is more than a short -term trend - it is one Strategic answer to several pressing questions at the same time: affordable living space, Climate protection, nachhaltige Stadtentwicklung und wirtschaftlich sinnvolle Nachnutzung.

For owners and investors, who want to set up their real estate portfolios resilienters, offer vacant commercial space a remarkable potential - provided, You recognize it and specifically implements it.

You want to know, What potential in your office property is?
We accompany you from the idea to implementation - neutral, open and with the aim, das Beste aus Ihrer Immobilie zu machen.

Der Beitrag Empty office space as an opportunity: How real estate owners can benefit from conversion into living space erschien zuerst auf AGILE Real Estate.

Particularly affected are particularly frequented city locations - exactly that locations, which were traditionally considered particularly valuable. But even in downtown Munich, Where with up to 340EUR/m² the highest commercial areas are called up in German -speaking countries, stand empty. In Frankfurt, owners in top locations require up to 270EUR/m², In Düsseldorf, the rental level is at a similar level. In Berlin, the commercial rents in popular districts even doubled within ten years. Diese Entwicklung geht jedoch längst nicht mehr mit stabilen Erträgen einher.

High frequency no longer guarantees stability

Kaufingerstrasse in Munich is considered the most visited shopping street in the entire roof room. In February 2025 she counted 1.8 million passers -by. Nevertheless, even retailers have to close - the relationship between sales to rent is no longer correct for many. Similar to Frankfurter Nordend: Coffee read, above 23 Established for years, gave, After a rent increase was announced by 70%. In Berlin-Prenzlauer Berg, For a long time synonym for flourishing gastronomy, Several traditional restaurants are currently being closed, Including the cult object "Watt". The reason: Auslaufende oder nicht verlängerte Mietverträge – wirtschaftlich nicht mehr tragbar.

These cases are not isolated cases, but part of a Germany -wide development. According to the trade association Germany (Hde) have been around since the beginning of pandemic 40.000 Retailers disappear from the market. A forecast assumes, that more in the next four years 46.000 Businesses will follow. The cause include rising rental costs, changed consumption behavior and the high loads due to inflation -related index rental contracts - a model, das im Gewerbesegment gängige Praxis ist.

Index rents and inflation: A risky combination

In contrast to residential conditions, commercial rental contracts often provide index clauses, which allow multiple adjustment per year. Especially in the inflation years 2022 and 2023 had to pay higher rents over 50% of the dealers. While at the same time the customer frequency sank in many districts, Numerous traders could no longer compensate for this additional burden - neither through price increases nor through sales growth. Insbesondere inhabergeführte Betriebe trifft das hart.

An analysis of the IHK Baden shows, that around 30% of all commercial inner city companies (retail, service, gastronomy) are so bad today, that they will no longer exist without a course correction within the next ten years. Particularly problematic: Auch größere Ketten sind betroffen – und deren Rückzug wirkt sich überproportional auf die umliegende Infrastruktur aus.

Macro effects on entire districts - also relevant for investors

The economic consequences go beyond individual rental relationships. Closes a big shop or department store, Often the entire environment breaks - smaller businesses lose their walk -in customers, Visiting events go back, All streets are desolate. This spiral from vacancy, Falling passers -by frequency and loss of attractiveness not only endangers the rental yield, sondern mittelfristig auch die Verkehrswerte von Objekten.

Even gentrified quarters such as the Maxvorstadt in Munich or Berlin-Prenzlauer Berg are not immune. In both layers, property prices have been stagnating for almost three years despite the sunken interest - a clear warning signal for investors, dass reine Lagequalität nicht mehr ausreicht.

Solution approaches: Moving partnerships and new usage concepts

The HDE and numerous IHKs now advise you on sales -based rental models. These enable flexibility: The business runs well, benefit landlords directly with. The economic burden for the tenant is reduced in weaker phases - this lowers the risk of default and stabilizes the cash flow. Also combinations of minimum rent plus sales component gain in importance. Because of the regulatory limitation “Active entrepreneurial management” this is especially for regulated real estate assets, nur eingeschränkt möglich.

In addition, landlords must rethink - strategic questions from investor perspective. The changed market logic requires new approaches to existing real estate. Anyone who invests or holds in inner -city trading sites today, must deal with the following central questions:

• Which types of use will be sustainable in the future?
  Classic retail loses the economic substance in many locations. Instead, other concepts gain relevance: Showrooms with online connection, Medical services, Local supply or specialized manufacture formats offer stability, Because they depend less on walk -in customers. Also hybrid use (sale + Advice + Shipment) wird zunehmend relevant.

• What mixed forms - for example from trade, gastronomy, Culture, Services or temporary use - can be realized?
  Mixed concepts provide frequency, create synergies and increase the quality of stay. The combination of day catering with co-working elements, Mikro-Kulturangeboten oder Pop-up-Flächen kann insbesondere in Vierteln mit hoher Fluktuation und junger Zielgruppe neue Impulse setzen.

• How sustainable is the previous usage concept under the new framework conditions?
  A well -founded usage analysis reveals weaknesses early: The tenant profile still fits the microlage? Is the object barrier -free, energy -efficient, ESG-compliant? The areas can be flexibly adapted to different formats?

• How high is the re-investment potential or. The capital requirement for conversion or repositioning?
  Not every conversion pays off - but targeted investments in substance, Area efficiency and third -party ability to improve the rentability and ensure long -term values. A location- und Mietpreisprognose ist hier zwingend.

• How can the risk of structural vacancies be reduced?
  Flexible Mietmodelle (z. B. sales -dependent rent, Relay models, temporary usage) verringern das Kündigungsrisiko und ermöglichen eine Anpassung an Marktschwankungen – ein entscheidender Vorteil in volatilen Phasen.

• What role does the ESG strategy play for commercial properties?
  Energy efficiency, Social usage concepts (z. B. Quartiersintegration) And governance issues are increasingly becoming the focus of institutional investors even in commercial properties. Who ignores ESG factors, riskiert zukünftig Bewertungsabschläge und eingeschränkten Zugang zu Finanzierungsmitteln.

• How does the location quality change through the decline in frequency anchors (z. B. Department stores)?
  The withdrawal of large retail chains can trigger negative spillover effects. A re -evaluation of the macro- and microlage - including accessibility, mobility, social environment - is essential, um Standortchancen realistisch einzuschätzen.

In terms of value and rental stability, in times of structural change, there are no longer any self -run. You set active management, Creative usage concepts and a resilient understanding of urban development ahead. Especially in B-layers or changing quarters, the rent from yesterday does not decide, sondern das Nutzungspotenzial von morgen über den Erfolg einer Investition.

Advice as a value protection instrument

Especially in a market environment, that changes dynamically, is crucial. Owners should have the current performance and the potential of their objects analyzed professionally - with a focus on rent structure, Usage concept, ESG conformity and marketability. Without such measures, rental problems threaten, Wertverluste und teure Umbaumaßnahmen ohne Strategie.

Accompany change proactively - recognize opportunities

The times, in which were decided solely by the success, Are over. Today it is about intelligent usage concepts, Fair rental structures and the ability, to react flexibly to structural market changes. For owners and investors, this change not only offers risks, sondern auch Chancen – wenn er aktiv begleitet wird.

Der Beitrag Commercial status and rising rents: What real estate investors should consider now erschien zuerst auf AGILE Real Estate.

Private investors remove real estate funds massively capital

In the period until March 2025 have private investors around 11,44 Dedicated billions of euros from European open real estate funds - an increase in 20 Percent compared to the previous year. In Germany alone 2024 more than five billion euros deducted from corresponding products. In January 2025 the volume of the returns reached a historical high. Die monatlichen Zuflüsse sind seit über einem Jahr durchgängig negativ.

Fund resolutions and liquidity bottlenecks

Due to the ongoing returns, several providers close their funds. For example, a British asset manager has its three real estate funds for private investors with a volume of 1,8 Billions of pounds dissolved. Other fund companies also, including international providers, Give products up, Since this has not reached the required size or profitability. In many cases it is exactly the private investors, die über Rückgabewünsche den Liquiditätsdruck erhöhen und damit eine Schließung erzwingen.

Returns decrease, Evaluation problems burden the trust

The returns of open real estate funds are very declining. Individual products have recently hardly achieved any earnings, In some there were significant depreciation on property values. The regular, but not up -to -date evaluation of real estate leads to this, that investors often deduct capital as a precaution, Before possible value corrections take place. Diese Verzögerung in der Preisbildung mindert das Vertrauen der Anleger zusätzlich.

Challenges in office properties and environmental requirements

Many of these funds for private investors invest in office- and retail properties, The consumer behavior that have come under pressure through home office trends and changing consumer behavior. There are also stricter energy efficiency- and environmental guidelines, die Investitionen in den Gebäudebestand erforderlich machen – was sich negativ auf die Rentabilität auswirkt.

outlook: The model of the open real estate fund for private investors is on the test bench

The persistent capital expulsions indicate a profound structural change. Classic open real estate funds with daily return options are increasingly under pressure. Investors increasingly prefer liquid, Transparent and diversified forms of investment. In the future, specialized funds with clear focus on sustainable or infrastructure could, Combined with innovative return rules, be more attractive. Voraussetzung ist jedoch ein stabilerer Markt und neues Vertrauen auf Anlegerseite.

Der Beitrag Crisis at real estate funds: Private investors pull billions - trust disappears, Market under pressure erschien zuerst auf AGILE Real Estate.

Der Beitrag Srri (Synthetic Risk and Reward Indicator) At real estate funds erschien zuerst auf AGILE Real Estate.

1. Discretionary real estate fund (Discretionary real estate funds)

At a Discretionary real estate funds the fund manager has extensive freedom of choice, how he creates the capital of investors. The fund manager makes decisions about the way, How the capital is invested, and definitely independent, Which properties bought, verkauft oder renoviert werden.

• Strategy and decision -making power: The fund manager defines the investment strategy and can adapt it depending on the market developments. He usually follows a certain goal, z. B. the acquisition of real estate in certain geographical regions or a certain market segmentation (z. B. Commercial real estate, Residential real estate, Logistical mobil). These decisions are based on market analyzes, Trends und der Einschätzung des Managers getroffen.

• flexibility: A discretionary real estate fund can also react faster to market changes, Since the fund manager does not have to wait for investors to be approved, To make investments. This is particularly advantageous, When there are opportunities on the market, die schnell genutzt werden müssen.

• Example: A real estate fund, which invests in office buildings in large European cities, could decide, to invest in the short term in aspiring markets such as the Baltic States, wenn er dort attraktive Renditen erwartet.

• Risk and reward: The fund manager bears the risk of decisions. When the strategy is implemented well, higher returns can be achieved, Since the manager can use his expertise. Andererseits könnten schlechte Entscheidungen zu Verlusten führen.

2. Non-discretionary real estate fund (non-discreetly real estate funds)

At a non-discreet real estate funds the fund manager's freedom of choice is severely restricted. The investors largely keep control of the decisions made. The fund manager usually only acts as Administrator, der Investitionen basierend auf den Anweisungen oder Genehmigungen der Investoren tätigt.

• Strategy and decision -making power: In a non-discretionary fund, investors or an investment committee give the fund manager clear instructions, How the capital should be created. For example, investors can determine exactly, In what type of real estate is to be invested, or even, in welchen geografischen Regionen der Fonds tätig sein soll.

• Role of the fund manager: The fund manager has the task, to implement the instructions of the investors, without making decisions independently. That means, that the fund manager has no flexibility, To react quickly to market opportunities or risks. Jede Investition oder Transaktion muss von den Investoren genehmigt werden.

• Example: A real estate fund, Define with the investor, that investments can only be made in new buildings of residential properties in Germany, and the fund manager must adhere to these requirements precisely. Der Fondsmanager könnte auch nur bei konkreten Anfragen oder zur Genehmigung von Immobilienkäufen und -verkäufen tätig werden.

• Risk and reward: In a non-discreet fund, investors have more control, but also more responsibility, Since they directly influence the strategies and decisions. The risk is more with the investors, da sie die Verantwortung für die strategischen Entscheidungen tragen.

Summary of the differences

Conclusion

The choice between one discretionary and one non-discretionary The real estate fund depends on the preferences and goals of the investor. A Discretiones Fonds offers more potential for active administration and a flexible reaction to opportunities and risks, While a Non-discretionary funds gives investors more control over the investment decisions, aber auch eine größere Verantwortung und möglicherweise weniger Flexibilität bedeutet.

Der Beitrag “Discretionary vs. Non-discretionary real estate fund: Differences, Advantages and risks erschien zuerst auf AGILE Real Estate.

The Federal Agency for Financial Service Supervision (Bafin) Has made new clarifications ( Download). These affect capital management companies in particular (Kvgs), The one to the investment network (Kagb) unterliegen.

Why is this leaflet relevant?

The leaflet defines the limits, within which investors may influence investment decisions, without this having to violate regulatory requirements. Dabei steht insbesondere die Abgrenzung zwischen zulässiger Einflussnahme und unzulässiger Steuerung durch Anleger im Fokus.

In this context, the Bafin clarifies, that the management of investment assets is exclusively the task of the KVG. Investors - including supervised banks and insurers - can express wishes or make suggestions, However, this must not lead to this, dass die KVG ihre unabhängige Entscheidungsbefugnis verliert.

Legal framework and documentation obligations

A central reference point of the leaflet is § 17 Kagb, according to which investment assets must always be managed by a KVG. Investors therefore have no direct control option, but only limited influence opportunities. Too extensive influence could even lead to this, that no investment assets within the meaning of § 1 Abs. 1 KAGB mehr vorliegt.

Bafin also emphasizes the need to document such influencing. The KVGs are obliged, to capture any permissible investor participation, To ensure and prove transparency, that she continues to make decisions independently. However, the documentation required for this should not cause a considerable additional effort, Since they are already under § 28 KAGB geregelt sind.

What does this mean for capital management companies and investors?

1. Capital management companies must preserve their autonomy: Every investor participation should be checked and documented critically, um aufsichtsrechtliche Verstöße zu vermeiden.
2. Investors have limited say: Influence is possible, but must not lead to it, dass die KVG ihre Position als unabhängiger Verwalter verliert.
3. Documentation as a security mechanism: Eine ordnungsgemäße Aufzeichnung schützt sowohl die KVG als auch die Anleger und ermöglicht eine transparente Nachverfolgbarkeit der Entscheidungen.

Conclusion

The draft of the Bafin comrade creates more clarity in terms of the permissible influence of investors on investment decisions. KVGs should check their internal processes, whether they meet the requirements. You can ensure by precise documentation, dass ihre Entscheidungsprozesse im Rahmen des KAGB bleiben und unangemessene Anlegerbeeinflussung vermieden wird.

Der Beitrag Bafin leaflet (Draft) To influence investors on investment/de-stewing decisions of capital management companies erschien zuerst auf AGILE Real Estate.

If a property is sold and an insolvency proceedings against the seller is then opened, this can lead to complex legal questions. The central question is: If the seller is entitled to open claims from real estate sales, And if so, How are these treated in the bankruptcy proceedings? Dieser Artikel beleuchtet die relevanten rechtlichen Grundlagen und mögliche Szenarien.

1. Legal basis

The treatment of claims in connection with real estate sales depends on the provisions of the bankruptcy code (Inso). Above all, crucial are:

• § 38 Inso (Insolvency claims): Any claim is an insolvency claim, which was created before the opening of the insolvency proceedings. Solche Forderungen müssen zur Insolvenztabelle angemeldet werden.
• 47 Inso (Submit rights): Assets, that do not belong to the bankruptcy estate, können vom Gläubiger ausgesondert werden.
• §§ 129 ff. Inso (Contestation): The insolvency administrator can contest legal transactions, die vor der Insolvenzeröffnung stattgefunden haben und die Gläubiger benachteiligen.

Der zeitliche Ablauf der Transaktionen und der Insolvenzverfahren ist entscheidend für die rechtliche Einordnung.

2. Time of sales and the claim

The legal treatment depends significantly on it, when the real estate sale took place and whether the claim from this sale (z. B. Payment of the purchase price) was created before or after the opening of the bankruptcy. The following scenarios result:

up) Sales and complete purchase price payment before the bankruptcy opening
The seller has already received the purchase price completely, Before the bankruptcy proceedings were opened against him, As a rule, there is no longer any claim. The purchase is complete, And the received payments are part of the seller's assets. However, the insolvency administrator can check, whether the payment is contestable, especially if:

• Payment has been made in the last three months before the bankruptcy is opened (§ 130 Inso, Contest for creditor disadvantage).
• The purchase price was inappropriate (§ 134 Inso, Contest for free performance).

b) Sale before the bankruptcy opening, Purchase price partially or not paid at all
In this case, the seller has an open claim against the buyer. This requirement is an insolvency claim according to § 38 Inso, Since it arose before the opening of the bankruptcy proceedings. The seller must:

• Die Forderung zur Insolvenztabelle anmelden.
• So calculate, that the claim is only proportionate (According to the bankruptcy rate) befriedigt wird.

c) Sale after the bankruptcy opening
If the sale takes place after the opening of the insolvency proceedings, the transaction is handled under the supervision of the insolvency administrator. Der Kaufpreis gehört in diesem Fall zur Insolvenzmasse und steht nicht direkt dem Verkäufer zur Verfügung.

3. Land register and security rights

A key factor is the land registry situation. The seller has agreed security rights, this can strengthen its position in the bankruptcy proceedings:

• Problem: If a resolution was entered, If the property remains legally secured until the purchase price payment. The seller can refuse to transfer the property, bis der Kaufpreis beglichen ist.
• Reservation: Some purchase contracts contain clauses, who grant the seller a right of withdrawal, If the buyer does not pay the purchase price. Dieses Recht kann im Insolvenzverfahren jedoch eingeschränkt sein.

Ohne solche Sicherungsrechte wird die Forderung auf den Kaufpreis wie eine einfache Insolvenzforderung behandelt.

4. Special regulations: Support and secretion

up) Separation (§ 47 Inso)
The seller has deposited the purchase price on a trust account or made another security agreement, Can these funds be separated from the bankruptcy mass. In diesem Fall hat der Verkäufer direkten Zugriff auf das Geld.

b) Secretion (§ 51 Inso)
If the seller is a basic lien (z. B. A land charge) has granted the property, he can be preserved as a secretion of a secretion. Dies gilt allerdings nur für den gesicherten Teil der Forderung.

5. Contestation according to the bankruptcy regulations

The insolvency administrator has the right, to contest certain transactions, To enlarge the bankruptcy estate. The following contestation of contestation is relevant in connection with real estate sales:

• Deckung congruent (§ 130 Inso): Payments, which have been made in the last three months before the bankruptcy opening, can be challenged, wenn sie Gläubiger benachteiligen.
• Free services (§ 134 Inso): The property was sold under the market value, kann dies angefochten werden.
• Intentional disadvantage (§ 133 Inso): If the sale took place with the destination, To disadvantage creditor, kann die gesamte Transaktion angefochten werden.

6. Recommendations for sellers

In order to secure claims from a real estate sale in the event of bankruptcy, Should sellers take some precautionary measures:

• Contractual fuses: Sicherungsrechte wie eine Auflassungsvormerkung oder Rücktrittsvorbehalte im Kaufvertrag können vor Zahlungsausfall schützen.
• Trust accounts: Paying the purchase price via a trust account can help, das Geld vor der Insolvenzmasse zu sichern.
• Examination of the buyer: The creditworthiness of the buyer should be checked before the sale is completed, um das Risiko eines Forderungsausfalls zu minimieren.
• Timely registration: Offene Forderungen sollten fristgerecht zur Insolvenztabelle angemeldet werden.

7. Conclusion

The bankruptcy of the seller after a real estate sale is a legal challenge. The rights of the seller depend heavily on the time of the sale, the type of claim and the agreed security rights. Legal advice from a specialist lawyer for insolvency law can help, Ansprüche geltend zu machen und die bestmögliche Position im Insolvenzverfahren zu sichern.

Der Beitrag Rights of the seller of a property in the bankruptcy proceedings after the sale erschien zuerst auf AGILE Real Estate.

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Der Beitrag AGILE Real Estate: A partner for real estate bankruptcy administrator erschien zuerst auf AGILE Real Estate.