The project was concerned with the analysis of the institutional and regulatory framework for private equity (PE) funds and real estate investment trusts (REITs) in an international comparison. In the first part of the study our study identified factors that are important for the successful development of a PE market in Germany. The conditions in countries with a well-developed PE (USA, UK, the Netherlands and Sweden) market have been analysed and compared with the situation in Germany. Finally, a set of ten recommendations for public policy in Germany have been developed. They concentrate on the establishment of favorable conditions for PE investments.In the second part of the study we compared legal and tax regulations as well as the market development of Real Estate Investment Trust (REITs) and similar investment vehicles in the US, Canada, Australia, Japan, the Netherlands, Belgium and France. The German real estate investment market is analysed with respect to existing vehicles for indirect real estate investment, their regulation, taxation and their performance. Eventually Best Practice recommendations for a German REIT construct have been derived. In the final chapter we assessed the potential for a German REIT market

Selected Publications


Becker, Martin, Stephan Bone-Winkel, Matthias Meitner, Anne Schäfer, Ramon Sotelo, Arno Väth and Peter Westerheide (2005), Real Estate Investment Trusts (REITs), Gutachten für das Bundesministerium der Finanzen, Mannheim. Download

Tykvova, Tereza, Peter Westerheide and Bettina Zinser (2005), Private Equity im internationalen Vergleich, Gutachten für das Bundesministerium der Finanzen, Mannheim. Download