Warum werden Immobilienunternehmen verkauft? Unsere Analyse der in Deutschland getätigten Veräußerungen von 2005-2016 zeigt: Die Hauptmotivation ist schlicht und einfach der finanzielle Nutzen.

1. Vendors´ reasons for the sale of real estate companies
2005–2016
EY Real Estate — M&A infographic
Dietmar Fischer, Partner
Tel. +49 (0) 6196 996 – 24547
dietmar.fischer@de.ey.com
Christina Angermeier, Manager
Tel. +49 (0) 6196 996 – 17882
christina.angermeier@de.ey.com
Dr. Dominique Pfrang, Manager
Tel. +49 (0) 6196 996 – 13740
dominique.pfrang@de.ey.com
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Asset, facility
and property
manager
Public
companies
Others* Property funds
and REITs
Financial
institutions and
insurances
Developer
*e.g. consulting firms, PropTechs, non-property companies
Source: Merger Markets 2016, Thomson Reuters 2016, EY Research 2016; n = 288.
All figures refer to the total number of real estate company transactions.
• Across all seller groups the monetization of company value has been one of the major
reasons for the sale of real estate companies
• Financial institutions and insurances tend to sell their stakes in real estate companies for
reasons of economic or strategic crises
• A stronger focus on core business functions has been a significant reason for asset, facility
and property managers as well as non-property companies (others) to carve out respective
parts of their value chain
Monetization of company
value was predominant
sales reason
Economic crises were
important
drivers of real estate
company sales
Increasing relevance of
strategic difficulties and
monetization as
sales reasons
2005–2008 2009–2011 2012–2016
Economic
difficulties 16%
29%
21%
Strategic
difficulties
7% 4%
9%
Monetization of
company value
63%
52%
59%
Focusing on
core business 15%14% 11%