avills CEO Germany Marcus Lemli, also Head of Investment Europe, said in a report that a large number of development sales and portfolio transactions ensured an exceptionally strong investment start into the year. Office asset investment dominated with over €2.4bn, 36% of total and up 62% on 1Q12. Retail once again slightly decreased market share to some €1.9bn in first quarter, but hotel investment saw the strongest growth of over 150%, boosted by the sale of a portfolio of 20 hotels worth € 300 m by Goldman Sachs to the Israeli Fattal Group. Industrial and warehouse investments totalled €450m up 36%y/y though allocations to development sites slipped 22% to €360m.

“The strong dynamics on the investment market seen in Q1 will continue throughout the year,” forecast Lemli. Cross-border investment is on the rise again in Germany with foreign buyers up to 40% of total in first quarter. This was led by European and North American investors, while REITs accounted for over half of North American investors. German Special Funds however represented the by far most active group of buyers, raising their capital most notably from pension schemes. The trend of a stronger focus on the top six cities observed last year continued in 1Q13.

In all of 2012, development pre-sales totalled 62 transactions for €2.3bn, and in first quarter 18 have already changed hands totalling €950m. “Investors are increasingly willing to buy properties prior to completion in order to achieve higher initial yields,” noted Savills German research head Matthias Pink. The report concluded that a total transaction volume at least on the level of 2012's €25bn is anticipated for 2013.

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