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Der Investmentmarkt Stuttgart 2012/2013

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Der Investmentmarkt Stuttgart 2012/2013

- Investmentmarkt Stuttgart
- Transaktionsvolumen / Renditeüberblick
- Nutzungsarten / Käufer-/ Verkäufergruppen
- Fazit & Prognose

Von Björn Holzwarth, Leiter gewerbliche Immobilien, und Simone Siefert, Research, bei Ellwanger & Geiger Privatbankiers

Published in: Real Estate
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Der Investmentmarkt Stuttgart 2012/2013

  1. 1. INVESTMENTMARKTBERICHT STUTTGART2012/2013
  2. 2. INHALT.Investmentmarkt Stuttgart 3Transaktionsvolumen/Renditeüberblick 4Nutzungsarten/Käufer-/Verkäufergruppen 5Fazit & Prognose 6Ansprechpartner 7
  3. 3. Auf dem Stuttgarter Investmentmarkt hat sich 2012 wiezum Halbjahr prognostiziert zum umsatzstärksten Jahr seit2007 entwickelt. Nachdem sich das Transaktionsvolumenin den Jahren 2008 bis 2011 bei zirka 500 Millionen Euro(Ausnahme 2009 mit 320 Millionen Euro) eingependelthatte, wurden im vergangenen Jahr 1,20 Milliarden Euroumgesetzt. Wird die Veräußerung des Wohnportfolios derLBBW Immobilien an die Patrizia Immobilien berücksichtigt,beläuft sich das Transaktionsvolumen auf rund 1,60 Milli-arden Euro. Im Vergleich zu 2011 bedeutet dies einenAnstieg um zirka 1,10 Milliarden Euro.Etwa 65 Transaktionen wurden 2012 getätigt, wobeirund 65 Prozent davon im einstelligen Millionenbereichvoll­zogen wurden. Der Fokus der Investoren lag 2012auf der Nutzungsart Handel mit rund 37 Prozent amTransaktionsvolumen. Dieser hohe Anteil geht vor allemauf die Übernahme der Quartiersentwicklung „Milaneo“durch Hamburg Trust zurück, die rund 78 Prozent derObjektgesellschaft für das Einkaufszentrum und die Tief-garage erworben haben. Die Nutzungsart Büro folgtemit einem Anteil von etwa 25 Prozent am Transaktions­volumen. In Geschäftshäuser wurden rund 18 Prozent desJahresvolumens investiert.Bei der Käufergruppe waren Immobilienfonds mit rund29 Prozent am Transaktionsvolumen am aktivsten, gefolgtvon den semi-institutionellen Investoren mit zirka 20 Pro-zent und Non Properties (Unternehmen deren Kernge-schäft nicht die Immobilie ist), die mit rund 19 Prozentebenfalls eine hohe Investitionsbereitschaft zeigten.Auf der Verkäuferseite waren Entwickler mit einem Anteilvon rund 63 Prozent am Transaktionsvolumen die domi-nierende Gruppe. Equity Fonds mit einem Anteil von zwölfProzent sowie die Gruppe der Non Properties folgten miteinem Anteil von etwa neun Prozent.Für vollvermietete Büroinvestments in Citylagen wurden2012 Faktoren von etwa 19 (zirka 5,25 Prozent Anfangs-rendite) aufgerufen. Für Geschäftshäuser in 1A-Lagekonnten im vergangenen Jahr Faktoren bis zu 22 (4,6 Pro-zent Anfangsrendite) erzielt werden. Die Spanne derFaktoren für langfristige vollvermietete Büroobjekte inCityrand- beziehungsweise peripheren Lagen lag zwischen13,25 und 15,5 (Anfangsrenditen rund 6,5 bis 7,5 Pro-zent). Für Fachmarktzentren wurden Faktoren zwischen11,75 und 13,25 bezahlt (Anfangsrendite etwa 7,5 bis8,5 Prozent).INVESTMENTMARKT STUTTGART.23
  4. 4. TRANSAKTIONSVOLUMEN/RENDITEÜBERBLICK.2007 2008 2009 2010 2011 2012Quelle: Research BANKHAUS ELLWANGER & GEIGER KG ©, Stand: 31.12.2012TRANSAKTIONSVOLUMEN STUTTGART* IN MILLIARDEN EURO1,800,500,320,540,501,20/ 1,60*** Inklusive Leinfelden-Echterdingen, **Inklusive Wohnportfolio LBBW* Inklusive Leinfelden-Echterdingen2007 2008 2009 2010 2011 2012Quelle: Research BANKHAUS ELLWANGER & GEIGER KG ©, Stand: 31.12.2012SPITZENRENDITEN FÜR GEWERBEIMMOBILIEN STUTTGART* IN %4,65,0 5,0 5,04,6 4,67,07,5 7,5 7,5 7,5 7,55,255,5 5,5 5,55,255,5Fachmarkt-zentrenBüroobjekteGeschäfts­-häuser
  5. 5. NUTZUNGSARTEN KÄUFER-/VERKÄUFERGRUPPEN.45VOLUMEN NACH NUTZUNGSARTEN IN %*BüroHandelGrundstücke/DevelopmentLogistik/Lager/ProduktionWohnenHotelSozialimmobilienGeschäftshäuser*ohne Betrachtung Wohnportfolio LBBWQuelle: Research BANKHAUS ELLWANGER & ­GEIGER KG ©, Stand: 31.12.201237 %25 %18 %12 %4 %2 %1%1%VOLUMEN NACH KÄUFERGRUPPEN IN %*Semi-institutionelleInvestorenImmobilienfondsBestandshalterEntwicklerVersicherungen/PensionskassenAusländische InvestorenPrivatSonstigeNon Properties29 %20 %19 %8 %8 %5 %5 %3 %3 %VOLUMEN NACH VERKÄUFERGRUPPEN IN %*Equity FondsEntwicklerImmobilienfondsSemi-institutionellePrivatSonstigeNon Properties63 %12 %9 %5 %5 %3 %3 %
  6. 6. Das für 2012 prognostizierte Transaktionsvolumen wurdeweit übertroffen, da einige Transaktionen im höherenzweistelligen sowie im dreistelligen Millionenbereich2012 vollzogen wurden. Ausländische Investoren agierten,wie schon in den vergangenen Jahren, sehr reserviert.Auch zukünftig werden vor allem konservativ ausgerichteteund eigenkapitalstarke Investoren zu den stärksten Käufer-gruppen gehören. Durch das geringe Angebot an Core-Immobilien ist davon auszugehen, dass weiterhin verstärktCore-plus- und Value-added-Produkte nachgefragt werden.Grundsätzlich wird sich der Standort Stuttgart aufgrundder vergleichsweise geringen Volatilität des Immobilien-marktes und dem gut ausgeprägten Wirtschaftsstandortauch zukünftig als Investitionsstandort empfehlen.Unter diesen Voraussetzungen erwarten wir für das Jahr2013 eine stabile Transaktionstätigkeit und rechnen auf-grund der sinkenden Angebotslage für 2013 mit einemTransaktionsvolumen zwischen 500 und 700 MillionenEuro.FAZIT & PROGNOSE.
  7. 7. 67IHRE ANSPRECHPARTNER.Im Investmentgeschäft zählen Erfahrung, eine strategisch ausgerichtete Arbeitsweise und äußersteVertraulichkeit. Nutzen Sie unseren Research, unsere Transaktionserfahrung und unser Know-how,wenn es um Ihre gewerblichen Immobilien geht.Unser Team in Stuttgart freut sich auf Ihren Anruf oder Ihren Besuch. Sie erreichen uns unter:Telefon 0711/2148-299 oder Telefax 0711/2148-290.Informationen im Internet: www.privatbank.deSimone SiefertResearchTelefon 0711/2148-375simone.siefert@privatbank.deBjörn HolzwarthLeiter gewerbliche ImmobilienTelefon 0711/2148-192Bjoern.Holzwarth@privatbank.deHAFTUNGSHINWEIS:Die Erstellung dieser Studie wurde mit größter Sorgfalt durchgeführt. Für die ­Richtigkeit der angegebenen Einschätzungen können dieELLWANGER & ­GEIGER ­Privatbankiers aber keinerlei ­Haftung ­übernehmen. Hierfür bitten wir um Verständnis.
  8. 8. BANKHAUS ELLWANGER & GEIGER KGReal EstateBörsenplatz 1, 70174 StuttgartTelefon 0711/2148-297, Telefax 0711/2148-290www.privatbank.de

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