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Erbbaurecht als Anlageform für institutionelle Investoren
[Leasehold as an asset class for institutional investors]

Author

Listed:
  • Steffen Sebastian

    (Universität Regensburg)

  • Dominik Wagner
  • Carsten Fritz

Abstract

Zusammenfassung Das Erbbaurecht ist eine probate Alternative zum klassischen Volleigentum. Vorrangig von Kommunen und Stiftungen angewandt, ist diese Form der Grundstücksteilung in vielen entwickelten Ländern die typische Form des Immobilienerwerbs. Vor dem Hintergrund des niedrigen Zinsumfelds suchen institutionelle Investoren nach alternativen Anlagevehikeln mit zufriedenstellenden Rendite-Risiko-Verhältnissen. Diese Arbeit untersucht die Marktakzeptanz des deutschen Erbbaurechts sowie mögliche Einflüsse aus Großbritannien als einem der höchstentwickelten Märkte für Erbbaurecht. Unsere Analyse zeigt, dass das Erbbaurecht ein sinnvolles Nischenprodukt für institutionelle Investoren zur Generierung von Mehrwerten darstellt. Der individuelle Nutzen für Investoren mit deutschem Investmentfokus hängt jedoch stark von der konkreten Vertragsgestaltung ab. Der britische Markt stellt für deutsche Immobilienfonds aktuell aufgrund der höheren Liquidität und Transparenz des Marktes eine geeignetere Anlageallokation dar.

Suggested Citation

  • Steffen Sebastian & Dominik Wagner & Carsten Fritz, 2020. "Erbbaurecht als Anlageform für institutionelle Investoren [Leasehold as an asset class for institutional investors]," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 6(2), pages 81-110, October.
    • Handle: RePEc:spr:gjorer:v:6:y:2020:i:2:d:10.1365_s41056-020-00045-1
    DOI: 10.1365/s41056-020-00045-1
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    References listed on IDEAS

    as
    1. Richard Grover, 2014. "Leasehold enfranchisement and graphs of relativity," Journal of Property Investment & Finance, Emerald Group Publishing Limited, vol. 32(6), pages 642-652, August.
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    1. Sebastian, Steffen P. & Fritz, Carsten & Wagner, Dominik, . "Erbbaurecht als Anlageform für institutionelle Investoren," Beiträge zur Immobilienwirtschaft, University of Regensburg, Department of Economics, number 22, August.

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