Q1 2019 Demire Deutsche Mittelstand Real Estate AG Earnings Call Transcript
Good morning everybody to our second call in 2019. I am pleased to provide you with the DEMIRE result of the first quarter. This is Ingo Hartlief, CEO of DEMIRE speaking. With me is Tim Brückner, our CFO; and Michael Tegeder, who is new to the team, our new Head of Investor Relations, warm welcome.
What I'd do today is divide the short session in 2 parts, first, a company presentation and second, a Q&A session. Let me start the company presentation with a look at the market environment in this early 2019. The German commercial investment market in the first quarter is forming a high plateau in the current cycle. If we compare Q1 '18 with Q1 '19, transaction volume declined by 20% to EUR 11 billion. Now what is remarkable that second-tier market still grow, while top 7 entities lose 30%. We are in the right market.
Yield compression is facing an end. Rental growth is the new key driver for capital growth. Nevertheless, this was still the third highest investment volume for an opening
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