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Real Estate: German Transaction Volume Subdued

REAL ESTATE

• Bloomberg reports on data from Jones Lang LaSalle, with transactions down 19% YoY in Q1.

• Large portfolio deals are down 50%. We recently commented on Adler’s attempted project sales which continue to indicate lower valuations.

• We have noted some green shoots recently, with rate cuts on the horizon. Transaction volume will need to increase for investors to get comfortable, particularly with several REITs trying to sell portfolio assets to reduce leverage.

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