Purpose – The purpose of this paper is to investigate the effect of energy consumption on the financial performance of German residential buildings in a large panel framework. The authors provide evidence that energy efficiency in the residential sector is a relevant factor affecting both...

Purpose: The purpose of this paper is to examine the changing risk structure of German open-end funds using semi variance based performance measures. Design/methodology: The analysis focuses on an appropriate benchmark and compares classical performance measures with LPM based measures....

In 2009 the Frankfurt based Eurex traded the first property future. Eurex is the international derivatives exchange and is jointly owned by Deutsche Börse AG and SWX Swiss Exchange. Consequently, returns on commercial property are now available in an exchange environment within Europe. The...

German real estate funds raise substantial amounts of resources within Germany and are active in the investments of these amounts in the real estate markets of Germany, Europe and beyond. The German “open-ended real estate funds” comprises two types: The one type, which in the following be...

German open-ended real estate funds have net asset values that sum up to €120 bln invested in Germany and abroad. To increase transparency in this dominant investment sector within Germany, IPD has extended the available performance fund indices and now publishes a fund indicator covering the...

Real estate investments have become international. Therefore also the returns have to be judged in an international comparative context. The question arises whether the returns of the German real estate market have justified the investments by domestic and foreign investors? The answer is: Yes...