Week in review: Real Estate Investment Trusts 2025

This week, I was in London for meetings. I used my stay to attend a professional event on real estate investment trusts (REITs) organized by the Capital Markets Unit of the Urban Land Institute (ULI).

When traveling abroad, I carefully plan my schedule to ensure that business meetings and professional events complement each other perfectly. Exchanging ideas with international market participants creates added value and new perspectives for my daily work.

The REIT seminar took place at the headquarters of the global auditing firm EY.

While the British market boasts a wide range and depth of capital markets, thanks to an open and reformed REIT regime, Germany plays a relatively minor role internationally. As things stand, there are only two active companies: Hamborner REIT AG and Fair Value REIT-AG.

According to press reports, Deutsche Konsum REIT-AG is at risk of losing its REIT status. Alstria office REIT-AG has already lost it following its takeover by Brookfield.

My assessment:

For the German market to catch up internationally, it needs more regulatory flexibility, tax clarity for foreign investors, and greater awareness of capital market viability.

In the UK, capital market viability with a broad ownership base, high liquidity, professional reporting, and stable index anchoring is already a reality.

To become internationally competitive, Germany should follow this example and specifically strengthen the capital market viability of the REIT segment.

Ronny Kazyska