Economic Sectors

Real Estate Sector

Com­mer­cial and re­si­den­tial real es­tate has a spe­cial role to play in every as­pect of life and busi­ness – whe­ther as an in­vest­ment, as loan col­la­te­ral, for per­so­nal or busi­ness use, or as pu­blic space. Real es­tate af­fects ever­yone, whe­ther pri­vate in­di­vi­du­als, do­mestic or in­ter­na­tio­nal com­pa­nies, banks, fi­nan­cial ser­vice pro­vi­ders, pen­sion funds, or the pu­blic sec­tor. Pro­perty can be not just a home, but an in­vest­ment and a nest egg for re­ti­re­ment. Be­si­des ser­ving as loan col­la­te­ral, it also plays an im­port­ant role in his­to­ric pre­ser­va­tion and tou­rism. Mil­li­ons of tou­rists vi­sit mo­nu­ments like Co­lo­gne Ca­the­dral, Neu­schwan­stein Castle and the Reichs­tag. In other words, real es­tate is an im­port­ant sec­tor of the eco­nomy, ty­ing up large amounts of ca­pi­tal.

Plan­ning, buil­ding, ma­na­ging and mar­ke­ting real es­tate is a com­pli­ca­ted task that ta­kes spe­cial ex­per­tise. Many of our ad­vi­sors on the RSM Eb­ner Stolz real es­tate team ori­gi­nally worked for real es­tate com­pa­nies or real es­tate in­ves­tors, and can draw on that ex­pe­ri­ence. Which me­ans we can help cli­ents from the real es­tate in­dus­try, in­ves­tors, and pro­vi­ders of fi­nan­cing suc­ceed in every phase of the real es­tate va­lue chain.

RSM Eb­ner Stolz has ad­vi­sed or is cur­rently ad­vi­sing sel­lers, buy­ers, ow­ners and users of all forms of real es­tate na­ti­onwide – in­clu­ding re­si­den­tial pro­per­ties, of­fice and com­mer­cial pro­per­ties, ho­tel pro­per­ties, re­tail pro­per­ties and shop­ping cen­ters. Our cli­ents in the real es­tate busi­ness are in­sti­tu­tio­nal in­ves­tors, pri­vate in­ves­tors and fa­mily of­fices, banks, as­set ma­na­gers and pro­ject de­ve­lo­pers.
Our na­ti­onwide ex­per­tise is poo­led by way of our real es­tate cen­ter of com­pe­tence, which also pro­vi­des qua­lity as­surance. It in­clu­des re­pre­sen­ta­ti­ves from all four of our spe­cial­ties. So we can co­ver the full range of real es­tate con­sul­ting from a sin­gle source.
We of­fer cross-bor­der real es­tate ex­per­tise th­rough our in­ter­na­tio­nal net­work. Here we’ve been one of the foun­ders of the world­wide Real Es­tate Spe­cial In­te­rest Group, which we also chair.
Our team in­clu­des ex­perts from all four of our di­sci­plines – which me­ans we can co­ver every as­pect of the real es­tate in­dus­try in-house.

Our services at a glance

  • Le­gal struc­tu­ring of sale, in­vest­ment and ac­qui­si­tion pro­ces­ses
  • Foun­ding spe­cial-pur­pose ve­hi­cles and ac­qui­si­tion ve­hi­cles
  • Le­gal due di­li­gence
  • Draf­ting and ne­go­tia­ting real es­tate con­tracts, in­clu­ding
    • Pro­perty and in­heri­ta­ble buil­ding rights agree­ments (as­set deals)
    • Share purchase agree­ments (share deals)
    • Joint ven­ture agree­ments and other or­ga­niza­tio­nal agree­ments
    • Cor­po­rate and as­set suc­ces­sion agree­ments
    • Fi­nan­cing and col­la­te­ral agree­ments
    • Lea­ses
    • As­set, pro­perty and fa­ci­lity ma­nage­ment agree­ments
    • Prime-con­trac­tor and ge­ne­ral-con­trac­tor agree­ments
    • Agree­ments bet­ween neigh­bors 
  • Con­sul­ting on con­struc­tion and plan­ning law for real es­tate pro­jects
  • IPO con­sul­ting, de­sign of REITs
  • Tax struc­tu­ring of real es­tate tran­sac­tions (sa­les, in­vest­ments and ac­qui­si­ti­ons)
  • Tax clau­ses for as­set deals or share deals, in­clu­ding in­heri­ta­ble buil­ding rights and fi­nan­cing agree­ments
  • Tax due di­li­gence
  • Tax op­ti­miza­tion of in­vest­ment struc­tures of all kinds (at the cor­po­rate and sin­gle-pro­perty le­vel), in all le­gal forms, par­ti­cu­larly di­rect in­vest­ments, fund struc­tu­ring (clo­sed-end and open-end funds, spe­cial funds), debt and equity in­vest­ments
  • Tax op­ti­miza­tion of real es­tate hol­dings and pro­cess im­ple­men­ta­tion
  • On­go­ing tax ad­vice on all mat­ters of day-to-day busi­ness ope­ra­ti­ons
  • Ad­vi­sing on de­fen­ding against pro­blems and as­ser­ting rights, in­clu­ding as­sis­tance with tax au­dits and with ap­peals, law­suits and ac­tions to pro­tect rights both in and out of court (tax courts of the fe­deral sta­tes, the Fe­deral Tax Court, the Ge­ne­ral Court of the Eu­ro­pean Union and the Eu­ro­pean Court of Justice)
  • Spe­cia­li­zed ad­vice on va­lue ad­ded tax, es­pe­cially risk as­sess­ments and do­cu­men­ta­tion un­der Sec. 15a of the Va­lue Ad­ded Tax Act
  • Ad­vi­sing on struc­tures for land trans­fer tax
  • Tax ad­vice on suc­ces­sion, in­clu­ding in­heri­tance and gift tax
  • Volun­ta­rily com­ing for­ward in mat­ters of tax un­der-de­cla­ra­tion
  • An­nual tax re­turns (in­clu­ding an­nual fi­nan­cial state­ments and tax ba­lance sheets) for all kinds of ta­xes, and ad­vance pay­ments (va­lue ad­ded tax, em­ployee wi­th­hol­ding tax)
  • Fi­nan­cial and pay­roll ac­coun­ting for ta­xes, in­clu­ding pre­pa­ring pay­ment traf­fic
  • Tax op­ti­miza­tion of in­vest­ment struc­tures (at the cor­po­rate and sin­gle-pro­perty le­vel)
  • Ac­coun­ting, pre­pa­ra­tion of an­nual fi­nan­cial state­ments and tax re­turns
  • Ad­vi­sing on land trans­fer tax and pro­perty tax
  • Sin­gle-en­tity and con­so­li­da­ted an­nual fi­nan­cial state­ments (Ger­man Com­mer­cial Code, IFRS)
  • Fi­nan­cial due di­li­gence
  • De­ter­mi­ning purchase price (clo­sing ba­lance sheet, clo­sing ac­counts) and purchase price al­lo­ca­ti­ons
  • Re­con­ci­lia­tion cal­cu­la­ti­ons and con­ver­si­ons bet­ween re­por­ting for­mats
  • In­ter­nal au­diting
  • Con­sul­ting on in­ter­nal con­trol sys­tems
  • IT con­sul­ting
  • Risk ma­nage­ment
  • Cor­po­rate and real es­tate ap­prai­sals
  • Au­dits un­der the Re­gu­la­ti­ons for Bro­kers and De­ve­lo­pers
  • IPO con­sul­ting
  • Pro forma fi­nan­cial in­for­ma­tion
  • Re­struc­tu­ring con­cepts and re­or­ga­niza­tion ap­prai­sals un­der stan­dard IDW S 6 (new ver­sion)
  • Re­struc­tu­ring for port­fo­lio op­ti­miza­tion (rents, costs, in­vest­ments, di­vest­ments, pro­ces­ses)
  • As­sis­tance with im­ple­men­ting plan­ned re­struc­tu­ring
  • Real es­tate port­fo­lio ana­ly­ses, port­fo­lio struc­tu­ring
  • Fi­nan­cial and com­mer­cial due di­li­gence
  • Pre­pa­ra­tion and re­view of busi­ness plans
  • Fi­nan­cial mo­de­ling
  • Va­lue-ori­en­ted ma­nage­ment and con­trol­ling con­cepts
  • Re­struc­tu­ring real es­tate fi­nan­cing and con­sul­ting on NPL tran­sac­tions
  • Ex­plo­ra­tion and as­sess­ment of op­ti­ons for fi­nan­cing in a cri­sis
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