Bedeutung der sogenannten Umbrella Partnership REIT-Struktur für die Mobilisierung von Immobilien aus Familienunternehmen

Abstract

Abstract in English The translation of the title of this study reads to “Feasibility of the Umbrella Partnership REIT Structure for the Mobilization of Real Estate Assets owned by German Family Offices”. Real Estate Investment Trusts (“REITs”) are the dominant internationally recognized real estate vehicle. The public listing ensures for the capital markets transparency and corporate governance guidance. Investment grade risk ratings open the market for institutional investors. International pension funds are looking for the cash dividend return of a REIT. To qualify as a REIT, among other things, a company must distribute at least 90% of its taxable income to its investors annually. Taxes are paid by stock holders on ordinary dividends received and any capital gains. The law does not require REITs to pay corporate income tax. The US genuine Umbrella Partnership REIT represents a dual structure. The Umbrella is a majority-owned partnership subsidiary of the REIT that owns all real estate properties. The REIT-AG is holding its interest as dominant general partner of the partnership and manages the assets. In Germany this structure is represented as REIT-AG & Co. KG.