Regulatory

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Article Weekly

Size – or structural consequence

It is becoming increasingly apparent that real estate funds are perceived as particularly viable institutionally in two forms in particular: as very large open-ended vehicles or as closed club structures.

by Tobias Moroni | Institutional Investment Partners

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Comment

Statement on the reform of the GEG to the GMG – Technology openness is right: Professional implementation is crucial

Alexander Ubach-Utermöhl, Managing Director of LAVA ENERGY, comments on the reform of the Building Energy Act and the Building Modernization Act and emphasizes the importance of technology openness in professional implementation. The abolition of the 65 percent requirement for renewable energies gives property owners new freedom of choice.

by LAVA energy

Energy Real Estate Regulatory Statements

Comment

“Hope that the knot in the renovation backlog will now slowly be loosened”

Ulrich Creydt, tax consultant and managing director of Ypsilon GmbH Steuerberatungsgesellschaft, comments on the Federal Government's reform plans for the Heating Act.

by Ypsilon Group

Real Estate Regulatory Statements

Salma Louden, Rechtsanwältin und Notarin bei Bottermann::Khorrami Bildquelle: Bottermann::Khorrami

Comment

Bottermann::Khorrami advises to pre-empt the reform of inheritance tax

Bottermann::Khorrami recommends not postponing planned asset transfers in view of a possible reform of inheritance tax. The Federal Constitutional Court is reviewing the tax privileges for business assets.

by Bottermann::Khorrami

Regulatory

Article Comment

Tax consulting firm Ypsilon: Cosmetic repairs are easier to claim for tax purposes

The Federal Ministry of Finance has clarified the tax treatment of building investments, which makes it possible to distinguish expenditure more clearly between maintenance and construction costs. New regulations allow tax deductions for energy-related measures and specified modernizations.

by Ypsilon Group

Real Estate Regulatory

Analyse Comment

Aengevelt: Framework conditions lead to a decreasing renovation rate for residential buildings.

The renovation rate for residential buildings is falling steadily, which jeopardizes the climate goals of the federal government. Aengevelt proposes a 'renovation light' to increase the renovation dynamics in the building sector.

by Aengevelt Immobilien

Cases Markets Real Estate Regulatory

Article Comment

“Aengevelt sees a need for tax action in the case of maintenance costs close to the acquisition.”

Aengevelt Immobilien criticizes the tax regulation for acquisition-related maintenance expenses, which slow down comprehensive modernization measures. The 15% limit is seen as a hindrance, especially with regard to energy-efficient renovations.

by Aengevelt Immobilien

Markets Real Estate Regulatory

Diskussion

Construction turbo meets the reality of the authorities: Acceleration alone is not enough

The construction turbo is intended to accelerate housing construction in Germany, but voluntary use by municipalities remains an obstacle. High construction and financing costs stand in the way of economic implementation.

by Becken

Markets Real Estate Regulatory

Article Weekly

Side letters as a place of institutional risk responsibility

Fund contracts are becoming more and more complex. At the same time, central questions of risk and responsibility are shifting: side letters have become the place where institutional investors try to anchor responsibility where it can no longer be clearly regulated in the contract.

by Tobias Moroni | Institutional Investment Partners

Cases Energy Infrastructure Private Equity Real Estate Regulatory

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

Comment News

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

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

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