What this guide will give you

Germany’s retail property market is thought of as steady, stable, unexciting – some might even say boring. But that stability places even greater weight on your need to buy or sell at the right price.

The highly structured bidding process described in this book helps to focus bidders’ and sellers’ minds on the true underlying value of each individual asset in the portfolio.

But you have to be able to navigate that process with skill and confidence.

This new book, based upon the author's years of hard-earned experience structuring real estate bidding processes, will give you – at the very least – a level playing field with local German investors, and noticeably increase your chances of success on the tough German market.

Over the last ten years, Germany has become the biggest, most important and most sophisticated European real estate market outside the UK. Our monthly publication, the REFIRE Intelligence Report, has been covering this market exclusively over this period from our Frankfurt office, and we've learned a lot about how successful companies operate here. That's why we decided to publish this hugely useful book.

In "Clinching the Deal". Joachim Arenth draws on his direct, personal experience of more than two dozen successfully-closed portfolio deals to show you every single step in completing a typical German property transaction.

His book is the ONLY book that covers the German structured sales process in this way.

Dr. Joachim Arenth is managing partner of JenAcon GmbH, a specialised real estate portfolio transactions consultancy. He gained international business experience at consultants McKinsey & Co, and subsequently as Head of Strategy at Bertelsmann AG, and now advises well-known family offices, funds and trading companies on their investment strategies.

His client base reads like a Who’s Who of German retail property investment and includes private equity firms, family offices, real estate companies, and a host of DAX-30, MDAX and CAC-40 companies. Having taught at the Universities of Munich and Hamburg, he now lectures widely on the topics of real estate portfolios and sales.

His book originally appeared last year in his native German only. We are proud to be able to bring you a new – fully updated - version in English.

A simple, step-by-step guide to a complex process

  • Step-by-step

    Clinching the Deal, will guide you, step-by-step, through the intricacies of retail property deals in Germany.

  • Clearly, and in detail

    As you move through the book the author shows you clearly, and in specific detail, exactly how the sale of the WESTPHALIA portfolio is achieved.

  • The WESTPHALIA Portfolio

    At the centre of the book is a hypothetical property portfolio being offered for sale by a well-known German family office, for a price (hopefully) north of €200m. The annual net rent generated by the portfolio is €23m. The portfolio, though virtual, replicates a typical package of assets that are sold in a structured German sales process

  • Graphs, charts, tables

    Whether you're a buyer or a seller, every stage of the deal is outlined, using graphs, charts and calculations. The author uses a lively writing style to describe the methodical approach required to give you a competitive edge as the structured sales process inches forward, month by month.

  • Supermarkets, discounters, "Fachmärkte"...

    The featured portfolio, known as WESTPHALIA, is made up of 24 individual assets, including hypermarkets, supermarkets, discounters, cash-and-carries, specialist centres (“Fachmärkte”), and office, logistics, parking and a cinema property.

  • Negotiating tactics

    The author brings his intimate experience into every page of the book, explaining the likely negotiating tactics and emotional behaviour of buyers and sellers, lawyers, consultants and expert advisers.

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Gaining your edge in a competitive marketplace

The author pays particular attention to the elements of Vendor Due Diligence – including Surveying, Legal, Environmental and Technological. He highlights many typical surprises that can trip up the unwary, and which pinpoint where later trouble may arise. These tips alone can save potential buyers unavoidable capital expenditure at a later stage.

Of particular benefit is the author's emphasis on improving transparency at the start of the sales process, including the documentation available in the Data Room and the Information Memorandum. This is a huge help in improving clarity and reducing misunderstandings, while giving the potential buyer more control over data room scrutiny to avoid trouble later.

What buyers of "Clinching the Deal" are saying

It’s great to have a virtual portfolio throughout the book – a brilliant case.
A. W.
CEO, Hamburg-based fund
Wonderful, practically-oriented guide for the sale and purchase of portfolios.
G. van D.
Chief Operations Officer, Netherlands group
For the first time, I have understood the full process from the beginning to the end.
J. F.
Managing Director, London hedge fund

Germany’s retail sector

A full chapter of "Clinching the Deal" is devoted to an analysis of the German retail and grocery sector, including pen portraits of leading German groups, such as EDEKA, REWE, Metro, Aldi, Schwartz, and others.

The section helps to clarify the ownership or leasing strategies of Germany’s big retail groups – grocery retailers, specialist markets (Fachmärkte), electronics and DIY retailers, supermarkets and cash-and-carries – laying the groundwork for smoother relationships should these groups later become your tenants.

...and finally, Clinching the Deal

The author also highlights:

    • How factors other than just price might influence the seller's decision as to the outcome. This will help you to be on the alert for reasons why you might find yourself being unwittingly cut out of the process – and to address it in good time.

    • How and why bidders’ Letters of Intent can vary so widely, despite all competitors having access to the same information. The difference can (and frequently does) amount to tens of millions of euros on large transactions.

    • How to sharpen your focus on the crucial elements of the package that are of most interest to you, and how to prepare yourself fully for ‘negotiation’ or ‘closure’ exclusivity with the vendor.

As we head into a new business year, equip yourself with the best possible knowledge and understanding to compete in Germany’s real estate markets. Order your copy of “Clinching the Deal” now.

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Clinching the Deal

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