A total of €8.58bn (£6.85bn) was invested in commercial property across Germany in the first quarter the year which was 29% down on the same quarter last year.

Portfolio sales accounted for more than half of the total amount invested with around €4.98bn (£4bn) invested while several large singles sales, including the sale of the Sony Centre and Arcandor, made up the rest of the amount. Retail investment accounted for 41% of the total while office investment made up more than 30%.

Favourite cities
The six most favoured cities were Berlin, Cologne, Dusseldorf, Frankfurt, Hamburg and Munich.

‘Fundamentally, though, investment activity is considerably more restrained than in the record year of 2007. But this is due less to any lack of interest on the past of investors than to the now more difficult conditions which govern financing arrangements,’ said Piotr Bienkowski, managing director at Atisreal Germany. ‘Investment turnover during the rest of this year will depend primarily on the rate of recovery of the financial market.’