In 2002 German open and closed real estate funds have bought Ã¢âÂ¬ 681mln. worth of Dutch commercial real estate. The open-end funds invested Ã¢âÂ¬ 171 mln. in seven objects, the closed funds invested Ã¢âÂ¬ 510 mln. in 38 objects in the Netherlands. This mostly concerns office investments. These conclusions are drawn from the first results of a research by the German real estate consultancy company Bulwien AG.
The research into the Dutch investments is part of a larger research into the investment behavior of German real estate funds. According to Bulwien, German open-end real estate funds have in total bought real estate objects worth Ã¢âÂ¬ 12.8 bln. in 2002, of which 60% (Ã¢âÂ¬ 7.8 bln) in 18 countries outside Germany. The most important investment country outside Germany is France with 36 objects, worth Ã¢âÂ¬ 3.4 bln. Second comes the UK with 11 objects worth Ã¢âÂ¬ 1.2 bln.
According to another research done last year, by EBS Immobilienakademie under assignment of Troostwijk Makelaars, German investors owned approx. Ã¢âÂ¬ 5.6 bln worth of real estate in the Netherlands. For the period of 2002 to 2004, Troostwijk/EBS assumed an annual investment volume of Ã¢âÂ¬ 500 mln. to Ã¢âÂ¬ 1.5 bln.