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德国房地产众筹市场蓬勃发展

今年德国房地产众筹市场规模预计将扩大三倍。最近房地产众筹平台市场风起云涌,除了几家早已在这个年轻的市场建立了强大领导力量的公司,房地产开发商、资产经理、房地产中介纷纷加入,试图挤掉这些公司占有一席之地。

德国房地产众筹市场面临的障碍已被清除。房地产众筹原本可能会被众筹管理法案《小投资者保护法案》(KASG)排除出申请范围,但这一风险上月已经消除。众筹市场可以继续向着指数式增长的道路大踏步前进。

指数式增长

德国房地产众筹市场非常年轻。虽然一些项目的出现时间可以追溯至2012年,但2015年7月KASG介入后,整个市场才开始兴旺发展起来。根据KASG规定,大多数房地产项目以都后偿贷款的形式融资。

Michel Harms有一套自己的众筹评判标准,还有一个汇集了所有德国获批众筹项目的网站 crowdinvest.de,他利用它们全面追踪德国众筹行业。根据他的报告房地产业占众筹市场业务80%。2016年,房地产众筹业规模扩大两倍,达到4000万欧元。仅2017年前五个月,51个房地产项目就已融资5200万欧元。可以合理地推测到2017年年末这一市场规模会增长三倍。

2016年48个项目中超过80%都是住宅开发项目(包括新建、翻新、复原),其中一半在德国大城市,柏林居榜首。正如上文提到,对比银行贷款和债券,大多数平台优先使用规定的后偿贷款。他们的平均贷款时间为21个月,平均利率为6%。

三大领导公司出现

自2015年开始很快房地产众筹业三大公司出现,它们分别是Exporo、Zinsland、Bergfuerst,这三家公司致力于房地产众筹业发展。房地产众筹业务份额中它们的比例超过四分之三。

Exporo2013年由首席执行官Simon Brunke、Bj?rn Maronde、Julian Oertzen、Tim Bütecke合并建立。2014年末Exporo发行了第一个项目Eeporo GmbH。自那时起,平台发展突飞猛进,共筹集资金6400万欧元,超过整个市场份额的40%。平台投资了超过52个项目,仅2017年就有21个。这些项目大多是大型项目,达到德国招股说明书中免税上限2500万欧元。为了跟进扩张脚步,Exporo近期从e.ventures、Holtzbrinck Ventures、Sunstone及BPO Capital融资800万欧元。

Zinsland由首席执行官Carl-Friedrich von Stechow、Dr. Stefan Wiskemann及Moritz Eversmann在2014年建立。至今为止投资了25个项目,2017年投资10个,总价达1800万欧元。为了适应公司的发展野心与规划Zinsland计划到年底员工人数增加一倍。

Bergfürst比其他竞争者成立更早,作为股权众筹平台2011年由首席执行官Dr. Guido Sandler及Dennis Bemmann建立。2014年平台发行了第一个房地产项目,短暂原地踏步后专注投资房地产。至今为止,平台已经融资1300万欧元,投资20个房地产项目。大多数竞争平台要求最低投资额为500欧元,而Bergfürst允许散户投资者10欧元起投资。

Bergfürst转向房地产众筹业是个例外。其他股权众筹平台如Seedmatch(通过Mezzany)、 Companisto或FunderNation投资中小企业和创业企业。它们曾在几个项目中涉足房地产众筹业,但似乎都放弃了与专业性更强的平台竞争。

而法国市场与德国市场形成鲜明对比。法国两大股权众筹平台WiSeed与 Anaxago不仅成为房地产众筹领导者,还引领如Clubfunding、Fundimmo 或Homunity等专业平台发展。

更多新公司加入竞争

至今为止,众筹平台已经筹集1亿欧元,但这仅仅是德国房地产业的沧海一粟。所有观察家都认同这一市场潜力巨大。不管是住宅房产还是商业房产,德国市场需求量都十分庞大。相较于传统招标书为基础的房地产投资证券,房地产众筹平台被认为是从投资者向开发者更快速低价融资的方法。

除了三大领导者,业内还有大约10家公司试图在市场中找到自己的位置:

Zinsbaustein,2016年成立,排名第四,8个项目融资900万欧元。

其他公司至今仅投资过不多的项目:

iFunded,成立于2015年,2016年开始营业,旨在吸引有在柏林投资意愿的德国及国际投资者。项目平均规模为80万欧元。

Home Rocket,成立于2015年,在奥地利运营,但同时接待德国和奥地利的投资者和开发商。

immofunding成立于2015年,同样在奥地利运营。

Renditefokus 成立于 2015。

ReaCapital 成立于 2017。

最新进入市场的公司是Engel & V?lkers Capital,由房地产中间商Engle & V?lkers及中小企业借贷平台Kapilendo合营,预期客户为房地产项目的散户投资者及机构投资者。

管理者密切监管

德国如今显然仍处在房地产众筹业发展的初始阶段。但我们期望到今年年底德国能够成为欧洲大陆第一市场。

平台将有许多革新,为了加速发展,得找到新的融资来源。而提升房地产开发商及投资者对房地产众筹的意识,说服他们使用众筹,这是众筹平台的主要挑战。

监管者密切注视着众筹平台。特别是监管者注意到平台与工程开发者有密切甚至是独家联系,这可能会导致潜在的利益冲突。这种冲突常发生在绿色众筹平台,但也常出现在诸如Zinsbaustein及iFunded等房地产众筹平台上。

为了保护投资者,众筹市场将被严密监控。正如Michel Harms指出,德国房地产众筹市场尚未经历过拖欠资金的问题,但一旦出现第一次失败必将让投资者产生动摇。

“虽然投资者完全了解房地产众筹业面临的风险,但他们的认知仍停留在理论层面。当有一天他们真的损失500欧元时,他们对于风险的认知才会大有不同。”

The German real estate crowdfunding market is set to more than triple in size this year. Real estate developers, asset managers, and, most recently, real estate agents are joining the fray of real estate crowdfunding platforms, trying to unseat the handful of leaders who have already established a strong leadership position in this very young market.

The road ahead for the German real estate crowdfunding market has been cleared. The threat of being excluded from the scope of application of the crowdfunding regulation, the Kleinanlegerschutzgesetzt (KASG), was taken off the table last month. The crowdfunding market can move ahead on its exponential growth path.

Exponential Growth

The German real estate crowdfunding market is very young. Although a few projects appeared as early as 2012, the market has only taken off after the entry into force of the KASG in July 2015. Most real estate projects raise funds in form of subordinated loans regulated by the KASG.

Michel Harms tracks the overall crowdinvesting industry through his crowdfunding barometer and his aggregation site crowdinvest.de which lists all crowdinvesting projects available in Germany. According to his reports, real estate accounts for 80% of the crowdinvesting market. In 2016, the market doubled in size to reach €40 million. In the first five months of 2017 alone, 51 real estate projects raised €52 million. One can reasonably expect the market to triple in size by the end of 2017.

In 2016, more than 80% of the 48 projects were residential development projects (construction, renovation, rehabilitation), half of which were located in big German cities, with Berlin being the top location. As mentioned, most platforms use the regulated subordinated loans, ahead of bank loans and bonds. The average loan duration is 21 months, the median interest rate 6%.

Three leaders emerge

In the short time since 2015, three leaders have already emerged: Exporo, Zinsland and Bergfuerst, three platforms dedicated real estate crowdfunding. Together, they make up for more than three-quarters of the real estate crowdfinancing.

Exporo was incorporated in 2013 by Simon Brunke, CEO, Bj?rn Maronde, Julian Oertzen and Tim Bütecke. The company launched its first project as Exporo GmbH at the end of 2014. Since then, the platform has broken away from the pack by raising more than €64 million cumulatively, which amounts to a market share of over 40%. The platform has financed more 52 projects, including 21 in 2017 alone. Many of these are large projects, at the upper limit of the German prospectus-exemption of €2,5 million. To fuel its expansion, Exporo recently raised €8 million from e.ventures, Holtzbrinck Ventures, Sunstone and BPO Capital.

Zinsland was founded in 2014 by Carl-Friedrich von Stechow, CEO, Dr. Stefan Wiskemann and Moritz Eversmann. The platform launched its first project in 2015. Since then, it has financed 25 projects, including 10 in 2017, for a total of €18 million. It claims 2,600 members. To meet its aggressive growth plans the company expect to double its number of employees by year end.

Bergfürst was started much earlier than its competitors, in 2011, as an equity crowdfunding platform launched by Dr. Guido Sandler, CEO, and Dennis Bemmann. The platform launched its first real estate project in 2014 and pivoted shortly after to dedicate itself exclusively to real estate projects. To date, the platform has raised nearly 13 million to finance 20 real estate projects. Whereas most competitors require a minimum investment of €500, Bergfürst lets retail investors participate with €10.

Bergfürst transition to real estate crowdfunding is an exception. Other equity crowdfunding platforms who fund SMEs and startups, such as Seedmatch (through Mezzany), Companisto or FunderNation, have tried their hand in real estate crowdfunding with a few projects. But they seem to have given up competing with the more specialized platforms.

This is in stark contrast with the French market where the two leading equity crowdfunding platforms, WiSeed and Anaxago, became the leaders in real estate crowdfunding, head of specialized platforms such as Clubfunding, Fundimmo or Homunity.

More are joining the fray

The €100 million raised so far through crowdfunding are but a drop in the sea of German real estate. All observers agree that the market has a huge potential. Demand for both residential and commercial property is very high in Germany. Real estate crowdfunding is seen as a faster and more cost-efficient way to channel funding from investors to developers than traditional, prospectus-based, real estate investment securities.

Next to the three leaders, around ten new entrants try to carve a market for themselves:

Zinsbaustein, launched in 2016, is the number 4 with 8 projects financed to the tune of €9 million.

Others have only financed a few projects so far:

iFunded started in 2015 and open for business in 2016, iFunded intends to attract German and international investors who want to invest in Berlin. Its average size of projects is €800K.

Home Rocket, started in 2015, Home Rocket operates from Austria but addresses both the German and Austrian investors and developers.

immofunding started in 2015, also operates from Austria.

Renditefokus started in 2015.

ReaCapital started in 2017.

The latest entrant is Engel & V?lkers Capital, a joint venture between real estate broker Engle & V?lkers and SME lending marletplace Kapilendo which proposes to retail investors to co-invest with institutional investors in real estate projects.

The regulator is still watching

Clearly, this is only the beginning for real estate crowdfunding in Germany. We expect the market to become the No. 1 market in Continental Europe, its rightful place, by the end of this year.

Platforms have many innovations in store, including finding new sources of funding to accelerate their growth. Their main challenge remains to increase the awareness of property developers and investors for real estate crowdfunding and to convince them to make the leap.

Platforms will remain under the close watch of the regulator. In particular, the regulator is on the lookout for potential conflict of interest when platforms have strong or exclusive ties to project developers. This is often the case in Green crowdfunding, but it is also frequent in real estate crowdfunding, for example at platforms like Zinsbaustein and iFunded.

The market will also be under close watch for investor protection. As Michel Harms points out, the German real estate crowdfunding market has not experienced a single default. The first failure could unsettle investors.

“Although investors are fully aware of the risks of real estate crowdfunding, their knowledge remains theoretical. On the day they lose €500, their perception of the risk will be very different.”


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