According to Erste Group analyst Günther Artner the "property values in Western Europe are currently all well above their NAVs, but this wave must spill still on Austria and Central Europe. If interest rates remains so deep for a longer period, also on the Vienna market premiums to the NAV (as at last been reached Buwog) will become common again. "The Deutsche Wohnen got already on the taste - and tries to acquire a majority stake of conwert. The Deutsche Wohnen offers 11.5 euros per share, which is below the NAV of conwert that is specified in the Q3 report with 15.34 EUR. Since then it surprises little that both 3Banken Generali Fund manager Martin Rupp, as well Cube Invest, the company the investor Alexander Proschofsky, consider the total price offered to be too low.

The latest data from the Association of German Pfandbriefbanken to the German property market: The on real transaction data based vdp property price index for the whole German market, increased in 2014 by an average annual rate of 4.7 percent. The residential real estate prices rose by 5 percent (2013 were there plus 4 per cent), for commercial real estate by 3.8 percent (2013 were up 4.7%). The increase in prices of commercial real estate has specially weakened in the last two quarters, mainly responsible for this is the office property market. Although, the capital value index for Q4 2014 compared to the same quarter showes still an increase of 1.9 percent, compared to Q3 2014, but that was only a sideways movement. The prices for retail properties not rise as much. The capital value index rose by 3.3 percent over the year-ago quarter. The new-letting are increased by 0.7 percent, the corresponding property rate index fell by 2.6 percent.

More news and details in Börse Express PDF from 16 February 2015. Therein, including all charts and graphs:

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