Investment Strategy & Acquisition Criteria
Definition of investment objectives, preferred locations, asset classes, return expectations and risk parameters as the basis for a targeted search.
German Desk · Buy-Side Real Estate Advisory
Your Independent Buy-Side Advisor for German Real Estate Investments
Fox Capital provides independent buy-side real estate advisory services to international investors, family offices, private equity firms and institutional buyers seeking to acquire commercial real estate assets and portfolios in Germany.
We support our clients throughout the acquisition process – from investment strategy development and identifying suitable acquisition targets to off-market owner approaches, financing coordination, commercial due diligence and transaction execution.
Our services are provided under individually agreed advisory mandates, allowing international investors to establish or expand their investment activities in Germany with dedicated local expertise.
Advisory services
Definition of investment objectives, preferred locations, asset classes, return expectations and risk parameters as the basis for a targeted search.
Commercial analysis of relevant real estate markets, locations and asset classes, including demand drivers, competition and letting prospects.
Systematic identification of suitable properties and portfolios, including discreet, confidential approaches to owners outside public marketing processes.
Review of cash flows, leases, tenant quality, capital expenditure requirements, market environment and commercial risks of each opportunity.
Support in developing financing structures and approaching suitable banks, debt funds and other capital providers.
Coordination of the commercial review, external advisors, negotiations and transaction preparation through to signing and closing.
Long-term representation of the investor's interests in Germany and continuous search for suitable investment opportunities.
Asset classes
We support acquisitions of single assets and portfolios generally from a transaction volume of EUR 10 million. We do not publish available properties; opportunities are sourced individually for each mandate.
Location quality, tenant covenant, WAULT, vacancy risk, ESG and energy performance, re-letting and capex requirements.
Learn more →Operator quality, lease or management agreement, brand affiliation, operating performance, FF&E and future capex.
Learn more →Transport connectivity, building specification, clear height and yard areas, tenant quality, lease terms and alternative use.
Learn more →Rental regulation, rent levels relative to market, vacancy, maintenance backlog, energy efficiency and regional demographics.
Learn more →University and business location, operator concept, occupancy and pricing model, management and lease structure.
Secured power capacity, grid connection, cooling, connectivity, planning status and operator requirements.
Learn more →Site size, surfacing and load capacity, access, zoning, environmental status and tenant use.
Learn more →Planning and building permit status, developer track record, forward funding or forward purchase structure, pre-letting and completion risk.
Learn more →Credit quality of the occupier, lease term and indexation, operational importance of the property and third-party usability.
Investing in Germany
Berlin, Hamburg, Munich, Cologne, Frankfurt am Main, Stuttgart and Düsseldorf – commonly referred to as the "Top 7" – are the most liquid investment markets in Germany and are typically the focus of institutional investors.
Beyond the Top 7, Germany's polycentric structure offers a broad range of established regional centres and university cities. Depending on asset class and strategy, these locations can be relevant, particularly for logistics, residential and healthcare-related real estate.
Properties can be acquired directly (asset deal) or by acquiring shares in a property-holding company (share deal). The choice affects tax treatment, liability, financing and documentation and must be assessed for each transaction by the investor's legal and tax advisors.
In addition to the purchase price, investors should budget for real estate transfer tax, notary and land register costs, advisory and due diligence costs, financing costs and, where applicable, agency fees.
Real estate transfer tax (Grunderwerbsteuer) is levied on the acquisition of German property. Rates are set by each federal state and differ between states; specific rules apply to share deals. The applicable tax must be verified for the individual transaction.
German and international lenders finance acquisitions by foreign investors, subject to the property, the investor's financial standing, equity, structure and compliance requirements such as beneficial ownership and source-of-funds documentation.
Commercial, legal, tax, technical and environmental reviews are standard. Fox Capital performs the commercial assessment and coordinates the process; legal, tax and technical reviews are provided by qualified external professionals.
Energy performance, ESG requirements and future modernisation needs increasingly influence valuation, financing and letting prospects and should be assessed early in the acquisition process.
Depending on the asset and the investor, aspects such as rental law, planning law, transparency register obligations, anti-money-laundering requirements and, in specific cases, foreign investment screening may be relevant.
Fox Capital does not provide legal or tax advice. Legal and tax matters are handled by qualified external professionals appointed by the investor. This information relates to German law.
Acquisition process
Investment objectives, acquisition criteria and scope of the advisory mandate are agreed in writing.
Analysis of relevant markets, identification of opportunities and discreet owner approaches.
Review of location, cash flows, leases, capex and risks; preparation of decision-ready information.
Development of the financing structure and coordination of legal, tax and technical reviews.
Support in negotiations and coordination of signing and closing with the investor's advisors.
Mandate & remuneration
Fox Capital acts exclusively in the interest of the investor and does not act as a buyer itself. Advisory services are provided under individually agreed mandates. Fees are agreed individually in writing before the mandate begins. Fox Capital does not offer free investment sourcing.
FAQ
Answers to frequent questions from international investors acquiring real estate in Germany.
Foreign investors can generally acquire German commercial real estate directly or through a suitable holding structure. The purchase agreement must be notarised and ownership is registered in the land register. Structure, tax treatment and any regulatory requirements depend on the individual case and should be assessed with German legal and tax advisors. Fox Capital supports the commercial side – strategy, sourcing, assessment, financing and coordination of the transaction.
Opportunities in Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart and Düsseldorf are offered through brokers and transaction advisors, but a share of transactions is completed without public marketing. Under an acquisition mandate, Fox Capital searches the market against your criteria, including discreet approaches to owners.
Off-market opportunities typically arise through local networks, market research and confidential, direct approaches to owners, developers and companies holding real estate. A precise search profile and a credible local representative are essential. Availability of off-market opportunities cannot be guaranteed.
An independent buy-side advisor can act as the investor's local representative – communicating with owners in German, organising site visits, assessing opportunities and coordinating lawyers, tax advisors, technical consultants and lenders. Fox Capital provides this representation under individually agreed advisory mandates.
Besides the purchase price, the main costs are real estate transfer tax (rate set by the federal state), notary and land register costs, legal, tax and technical due diligence, financing costs and, where applicable, advisory or agency fees. The exact amount depends on location, structure and scope and should be budgeted for each transaction.
Yes, foreign investors can obtain financing from German banks and other lenders, subject to the property, the investor's financial standing, available equity, the structure and the lender's compliance requirements. Fox Capital supports the development of the financing structure and approaches suitable capital providers; credit decisions rest with the lender.
Logistics and light industrial properties are offered through specialised brokers, sale-and-leaseback transactions and direct approaches to owners and occupiers. A clear profile covering locations, building specification, lease terms and volume helps to search in a targeted manner. Fox Capital supports logistics acquisitions generally from EUR 10 million.
Typically through a defined strategy for asset classes, regions and ticket sizes, a suitable acquisition structure, financing and a coordinated team of local advisors. Fox Capital supports family offices from sourcing and commercial assessment through to financing and transaction coordination, with structuring handled by the family office's legal and tax advisors.
A buy-side advisor represents the investor – not the seller. Tasks include defining acquisition criteria, market analysis, sourcing including off-market approaches, commercial assessment, financing support, coordination of due diligence and support in negotiations through to closing.
Remuneration is agreed individually and in writing before the mandate begins. Depending on scope, it may include project-based fees, ongoing advisory retainers and agreed success-based fees. Fox Capital does not offer free investment sourcing.
Tell us about your acquisition criteria, preferred asset classes and investment volume. We will discuss how an individually agreed buy-side mandate can support your objectives.
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