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Plans of the SPD to change the inheritance tax: Statement by lawyer Salma Louden

The SPD has presented proposals for inheritance tax reform, which are critically assessed by various experts. A statement by Salma Louden, lawyer at the law firm Bottermann Khorrami.

by Bottermann::Khorrami

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Dominik Barton, Geschäftsführender Gesellschafter (CEO), Barton Group

Comment

“A frontal attack on German SMEs”

Dominik Barton, Managing Partner (CEO), Barton Group, comments on the SPD's proposals for inheritance tax reform.

by Barton Group

Real Estate Regulatory Statements

Philip C. Hetzer, Geschäftsführender Gesellschafter, DAHLER Invest (Copyright DAHLER Invest)

Comment

“It seems strange that lower allowances should continue to apply to rented residential property than to business assets”

Philip C. Hetzer, Managing Partner, DAHLER Invest on the SPD's proposals for inheritance tax reform.

by DAHLER

Real Estate Regulatory Statements

Comment

Anyone who inherits a company does not receive a cash box, but responsibility

Statement by Ulrich Creydt, tax consultant and managing director of Ypsilon GmbH Steuerberatungsgesellschaft on the inheritance tax plans of the SPD.

by Ypsilon Group

Real Estate Regulatory Statements

Analyse Comment

Periscope Development analyzes construction turbo

Periscope Development has published a paper on the amendment to the Building Act and the 'Construction Turbo'. The reform is intended to speed up approval procedures and facilitate investments in housing. Managing Director Dr. Simon Kempf emphasizes opportunities for inner-city projects.

by Periskop

Real Estate Regulatory

Article Comment

Expert opinion on remaining useful lives of real estate: No changes, but no all-clear can be given

"However, it can be assumed that the tax authorities will look for other ways to limit the number of cases in which real estate buyers achieve a higher tax depreciation by means of residual useful life reports," says Ulrich Creydt, tax consultant and managing director of the Ypsilon Group.

by Ypsilon Group

Real Estate Regulatory

Article Comment Weekly

Netherlands reforms its pension funds – and creates billions of dollars in real asset opportunities

The Dutch law on the future of old-age provision changes the allocation logic of entire pension systems. This will lead to a fundamental change in Europe's largest funded pension system.

by Tobias Moroni | Institutional Investment Partners

Cases Regulatory

Comment Weekly

Master Regulation on SIU: Europe is redesigning the operating system of its capital markets

The document is extremely extensive, but the core message is clear: Europe should finally get a genuine, uniform capital market – and for this purpose, the supervisory and market infrastructure model will be radically standardised.

by Tobias Moroni | Institutional Investment Partners

Markets Regulatory

Article News

Tax changes in 2025/2026 for the real estate industry

The coalition wants to strengthen both a competitive and growing economy and cohesion in society.

by Michael A. Müller | PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

Real Estate Regulatory

Analyse Comment Weekly

Four reasons why infrastructure AIFs will continue to be the stability component of institutional portfolios in 2026

For institutional investors, the weights within real assets are shifting. Real estate remains a central portfolio element, with infrastructure increasingly supplementing it with a stability component.

by Tobias Moroni | Institutional Investment Partners

Cases Infrastructure Real Estate Regulatory

Article Comment

Ypsilon – EU Commission wants to fundamentally reform the three known ESG categories

The EU Commission is planning a fundamental reform of the ESG categories for fund products, replacing the previous Articles 6, 8 and 9 with new categories. The changes are to be applied from 2028 and aim to introduce stronger sustainability standards.

by Ypsilon Group

Energy Real Estate Regulatory

Comment Weekly

SFDR 2.0: Europe is slowly getting the hang of it!

Europe is finally daring to ask what a sustainable product actually is. The SFDR reform is nothing less than an attempt to bring order to a decade of regulatory chaos.

by Tobias Moroni | Institutional Investment Partners

Energy Infrastructure Real Estate Regulatory

Comment

The new three SFDR product categories mark a real system change

The new three SFDR product categories mark a real system change: instead of Art. 8/9 labels, which are susceptible to interpretation, there are now clear, quantitative criteria for transition, ESG basics and sustainable products – each with 70 percent minimum quotas and defined exclusions. ...

by Wüest Partner

Regulatory Statements

Comment Weekly

Solvency II and BESS investments: No infrastructure quota, but an infrastructure template – if you understand it, you can use it

While the German AnlV diverts capital flows, Solvency II tries to accompany them in a risk-appropriate manner. Reduced capital requirements are intended to open up capital in particular for infrastructure – keyword: qualified infrastructure.

by Tobias Moroni | Institutional Investment Partners

Cases Energy Infrastructure Regulatory

Analyse Comment

Article 8 funds do not result in a loss of returns – no significant performance differences compared to funds without a specific ESG orientation

SDFR category does not lead to clearly distinguishable return profiles. Current performance analysis contributes to the debate on the economic effects of sustainable fund concepts.

by REAX Advisory

Real Estate Cases Regulatory

Comment Weekly

From real estate quota to functional quota

Anyone who still asks for a real estate quota in the context of institutional real asset investments today may miss the development towards a supply and function quota.

by Tobias Moroni | Institutional Investment Partners

Real Estate Regulatory Statements

Comment Weekly

Why the new ESMA rules do not slow down open-ended credit funds, but enable them

At first glance, ESMA's new Regulatory Technical Standards seem technical, detailed and difficult to digest. But if you take a closer look, you will see that these rules are not a stumbling block, but an architecture of enablement.

by Tobias Moroni | Institutional Investment Partners

Regulatory Private Debt

Article Weekly

Convergence of governance: convergence of securities and real assets funds

Institutional investors are pushing for strong responsibility governance in real estate master fund mandates. The asset manager's legal responsibility should no longer be limited to merely advising KVG's portfolio management.

by Tobias Moroni | Institutional Investment Partners

Real Estate Regulatory

Article

Dealing with the “new” CVA risk under CRR III: Between supervisory purpose and expense driver

With the implementation of CRR III on 1 January 2025, credit valuation adjustment (CVA) risk will become a greater focus for banking supervision. For asset management companies that manage specialty AIFs using derivatives, this poses a separate challenge.

by Dr. Christian Maaß | ServiceInvest Kapitalverwaltungsgesellschaft mbH

Regulatory

Article

Real estate investments in the ELTIF shell – a new magic formula?

For years, asset managers in Germany could only launch open-ended real estate funds under the German Capital Investment Code (KAGB). With the ELTIF, an alternative is imminent. Robert Guzialowski from HANSAINVEST explains when the ELTIF will be ahead as a real estate fund.

by Robert Guzialowski | HANSAINVEST Hanseatische Investment-GmbH

Cases Real Estate Regulatory

Article

European Energy Performance Certificates before rescaling, harmonization of European EPCs

The new version of the European Building Directive (EPBD) brings about a fundamental change in the way energy performance certificates are handled. The recalibration of the so-called Energy Performance Certificates, or EPCs for short, plays a central role in this.

by Catella

Regulatory Real Estate

Article

Expropriation law would also affect private apartment buyers

The law on the transfer of residential real estate into public ownership has the potential to bring the Berlin residential real estate market to a complete standstill for years, says lawyer Uwe Bottermann.

by Bottermann::Khorrami

Cases Real Estate Regulatory

Interview Weekly

Energy transition in open-ended real estate funds – classification of the innovations in the Economic Development Act (StoFöG)

Open-ended real estate funds have been encountering legal grey areas in the integration of renewable energies for years. With the new Location Promotion Act (StoFöG), the legislator wants to eliminate these uncertainties.

by Tobias Moroni | Institutional Investment Partners

Regulatory Energy Infrastructure Real Estate

Weekly

Fund Risk Limitation Act: Conflict of Interest Directive for Service and Master AIFMs – and the interests of investors are already protected?

In future, investment management companies (KVG) that set up or manage funds on the initiative of third parties will have to explain to BaFin in detail how they identify, prevent, manage and disclose conflicts of interest.

by Tobias Moroni | Institutional Investment Partners

Cases Regulatory

Article

Systemic handling of regulatory data – Are capital management companies on an equal footing with CRR institutions?

In the increasingly data-driven world of finance, the topic of data management for AIFMs is increasingly coming into focus – both in terms of quality, availability and security as well as with regard to the strategic use of data.

by Dr. Christian Maaß | ServiceInvest Kapitalverwaltungsgesellschaft mbH

Cases Regulatory

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