Cases

Answers from theory and practice to the key questions of real asset investment. Investment cases and best-in-class approaches for investors, asset managers and other market players.

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Power, power, power instead of location, location, location
CommentWeekly

Power, power, power instead of location, location, location

The AI boom is changing the real estate economy: where grid capacity becomes scarce, secure access to electricity increases in value – and capitalizes on the price of land.

CasesEnergyInfrastructureMarketsReal Estate
Five asset classes, one data center
ArticleCommentWeekly

Five asset classes, one data center

The AI boom is devouring immense capital for data centers and infrastructure, for example, which is reflected in very different segments of the portfolio. For institutional investors, the question arises as to whether this allocation allows sufficient conclusions to be drawn about the actual risks.

CasesEnergyInfrastructurePrivate DebtReal Estate
AI beyond the hype: We need to talk
ArticleComment

AI beyond the hype: We need to talk

In this point of view, Viktor Weber illustrates that AI – especially the large language models – is inherently non-deterministic, i.e. error-prone, but that this must not mean that we can ignore the enormous potential of the new offerings.

CasesReal EstateStatements
Rethinking Project Development: Financing Becomes a Success Factor
ArticleComment

Rethinking Project Development: Financing Becomes a Success Factor

Today, good projects often fail not because of the market, but because of financing. Why the right capital structure is becoming a decisive success factor and how alternative forms of financing such as private debt open up new scope for action for project developers.

CasesPrivate DebtReal Estate
ArticleCommentWhitepaper

Valuations in phases of uncertainty: Why real estate values now need more classification than blanket judgments

Avison Young warns against blanket value discounts in volatile markets. Relevance only arises when uncertainty specifically influences a property's cash flows, financing, rentability, investment needs or market liquidity. The new publication provides classification.

CasesMarketsReal Estate
Secondaries: When a market emerges around long-term capital commitment
CommentWeekly

Secondaries: When a market emerges around long-term capital commitment

The global secondaries market reached record volumes in 2025, but it does not simply make private markets liquid. Instead, an infrastructure is being created for orderly entry and exit of long-term tied capital. Artificial intelligence is likely to accelerate this development even further.

CasesMarkets
What Ronald Coase could reveal about the future of private markets
CommentWeekly

What Ronald Coase could reveal about the future of private markets

Based on Coase's transaction cost theory, the article outlines how AI could change the structure of private markets. AI makes due diligence, matching, sales and secondaries more efficient – with possible effects on platform models and illiquidity discounts.

CasesMarkets
Why coordination is becoming more important than analysis again
AnalysisCommentWeekly

Why coordination is becoming more important than analysis again

Technology makes analyses cheaper, regulation makes unclear division of labor more expensive. As a result, coordination and responsibility are becoming increasingly important in the fund industry. Competitive advantage comes from the consistent organization of analysis, decision-making, accountability, and execution.

CasesMarkets
Not All Private Credit Is Equal: The Structural Case for Real Estate Debt
ArticleComment

Not All Private Credit Is Equal: The Structural Case for Real Estate Debt

Recent stress in private credit exposed the cost of opaque collateral and concentrated risk but was largely confined to corporate lending rather than private credit as a whole. With ~EUR 617bn of European CRE loans maturing in 2026-2028 and Basel IV driving bank retrenchment, it offers a core fixed-income allocation.

CasesPrivate DebtReal Estate
The more division of labor the fund world becomes, the more bank-like its governance becomes
CommentWeekly

The more division of labor the fund world becomes, the more bank-like its governance becomes

BaFin submits draft of KAGB amendments. Lending is not part of portfolio management and can be outsourced, if necessary with a KWG licence requirement. MiFID services remain permissible, but must be clearly assigned and transparently mapped in the licence notice.

CasesMarketsRegulatory
Measuring is important, but by no means everything – or: a mini-MBA in three steps
ArticleComment

Measuring is important, but by no means everything – or: a mini-MBA in three steps

In the current standpoint, Prof. Dr. Tobias Just uses Goodhart's Law, the Cobra Effect and three examples – AI in science, the "S" of real estate ESG and young people shaking their mobile phones – to show where key figures reach their limits.

CasesReal EstateStatements
That's the hammer: When civil courts start reading special funds sentence by sentence
CommentWeekly

That's the hammer: When civil courts start reading special funds sentence by sentence

The Higher Regional Court of Cologne (judgment of 25 April 2024) on redemption suspensions for open-ended special real estate funds clarifies: In case of doubt, contractual rather than market logic decides. The question of price is particularly relevant in the case of time-stretched returns. KVGs should specify their investment conditions.

CasesReal EstateRegulatory

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