2012 was another strong year for German equity capital markets, with cash equity placements totaling EUR1.5bn in the listed real estate space. While this was more than twice the long term average, 2012 still fell short of previous year’s EUR2.0bn placement record. However, 2012 also saw a resurgence of German convertible bond placements after years of low or no issuance. Six convertible bond issues with a total volume of EUR0.5bn – a record in its own right– propelled 2012 to the best ever year for combined German real-estate ECM issuance. In addition, Deutsche Wohnen and TAG executed the two largest-ever rights issues in the German listed property sector. Though the placement window was open for most of the year - except for a short period in May/June - there was no IPO in 2012. Two listings (IVG Immobilien Management REIT and Grand City Properties), complemented the listed universe however.
Source : Barkow Consulting