german usufruct fund i (guf-i) presentation investor... · 2020. 8. 4. · 3 investment opportunity...

- highly confidential -1 INVESTMENT OPPORTUNITY - GERMAN USUFRUCT REAL ESTATE FUND I

GERMAN USUFRUCT FUND I

(GUF-I)

PRESENTATION


1 Fund Description……………………………….…………………….......... 04

2 Term Sheet ………………………………….………………………............... 06

3 The EUR 400 Trillion Pension Gap …………………………..…… 07

4 Usufruct Market Size…………………………………………………...... 09

5 Value Creation and Financials………………………………………… 10

6 Acquisition Pipeline………………………………………………………. 17

7 Team…………………………………………………………………………………… 22

8 Social Impact……………………………………………………………………… 25

9 Attachments…………………………………………………………………..… 26

CONTENTS


DISCLAIMER

This presentation relates to the PPM of a DIFC Fund to be incorporated in

accordance with the Collective Investment Law 2010 and Rules of the Dubai

Financial Services Authority (“DFSA”) as amended from time to time.

This presentation must be read in conjunction with GUF-I Private Placement

Memorandum and other related documents.


FUND DESCRIPTION (GUF-I)

WHY INVEST IN GUF-I

FUND DESCRIPTION GUF-I is purchasing real estate from retirees in Germany while granting them a lifelong right to live in the

property (Usufruct). The fund therefore purchases the asset with the an average discount of >40% and

“collects the rent upfront”. The fund has therefore no rental risk and can return higher yields to the investor

while, at the same time, significantly reducing any investment risk.

✓ GUF-I has a higher expected return profile than comparable real estate funds

✓ GUF-I has no rental risk and has a 100% rental guarantee

✓ GUF-I has no property insurance/ maintenance costs

✓ GUF-I concept allows to purchase “off market” properties in prime locations normally not available

✓ GUF-I has a higher “enhancement value add opportunity” due to “off market” properties

✓ GUF-I is not impacted by Government regulations such as rent caps and others


BERLINGUF-I invests predominately in Berlin, one of the most undervalued capitals in the world.

INVESTMENT STRATEGY

GUF-I is based on a 4 pillar investment strategy providing a safe haven investment with a double digit return profile (base case net IRR 12%).

RESIDENTIALGUF-I invests only in off market prime residential real estate with enhancement potential.

GERMANYGUF-I invests exclusively in Germany, one of the most stable economies in the world.

USUFRUCTGUF-I invests only in real estate with Usufruct contracts and can therefore buy properties with a discount >40% (no rental risk).

12

34


FUND TERM SHEET

RESPONSIBLE ENTITIES

FUNDHIGHLIGHTS

FEE STRUCTURE

KEY PARTNERS

Fund Name German Usufruct Real Estate Fund I (GUF-I)

General Partner CES Investments Limited

Fund Manager CES Investments Limited

Fund DIFC Registration Number 3980

Fund Administrator APEX

Legal Representative BSAH Ahmad Bin Hazeem & Associates LLP

External Auditor Russel Bedford

Fund Profile Real Estate (Usufruct)

Target Market Germany

Fund Size EUR100 million

Minimum First Close EUR10 million

Minimum Subscription Amount EUR1 million

Fund Life 7 + 1 years

Initial Closing Q3 2020

Anticipated net IRR 12%

Dividend 1.5% in Y2 rising to 6% by Y7

Fund Domicile DIFC, UAE

Service Charges and Arranging Fee 2% of investor commitment

Management Fee 1.5% p.a. on AUM

Performance Fee 10% above hurdle rate of 7.5% with high water mark

Financial Model Review PWC

Licensed Actuary (Germany) Peter Schramm

German Real Estate Partner Engel & Völkers


THE RETIREMENT PROBLEM

The German EUR 150 billion pension gapmoney.com

The Global EUR 400 trillion pension gapWorld Economic Forum

8%

deficit

12%

deficit

01Germany has

already a

Pension Gap of

over 12%

02Next

Generations are

saving less

money

03Interest rates

did erode over

13 years

04Fast aging

population –

2020 cross over

point


PROBLEM:52% of Germans own their home. However, retirees do not qualifyfor mortgages. Therefore many retirees are asset rich but cash poor.They are forced to struggle in life battling increasing cost of livingand healthcare.

SOLUTION: GUF-I offers to purchase the property under a Usufruct contractgiving a lifetime right to live in the property. Usufruct is defined inthe BGB §§ 1030–1089 and has been used in Germany forcenturies. This option provides immediate liquidity for the retireesand allows them to stay in their homes. Funds can be used toincrease quality of life and/or provide support to loved ones.

THE SOLUTION – USUFRUCT FUNDRetirees with valuable property but shortfall in liquidity

Retirees unlocking property value throughUsufruct and gaining immediate liquidity


MARKET SIZE GERMANY

ADDRESSABLE MARKET IN EUR BILLION

677

7 34

0

100

200

300

400

500

600

700

800

AddressableMarket

USUFRUCTMarket 2020

USUFRUCTMarket 2030

5%1%

TOTAL MARKET

Total residential real

estate market in

Germany.

USUFRUCT MARKET2020

USUFRUCT MARKET2030

GERMANY:EUR 7 billion

GERMANY:EUR 34 billion

11%

41%

48%

Own their Property and are < 65

Own their Property and are > 65

Don't own their Property

EUR 6.2

trillion


FUND VALUE CREATION

Fund purchases the propertywith an average discount of> 40% (usufruct). Value Add 1is already locked in afterpurchase.

01 PropertyAcquisition

DiscountDay 1

Value Add

Pro

pert

yV

alue

Acq

uis

itio

nP

rice

During the holding periodcapital appreciation gains willbe recognized.

02

Property Value Enhancement strategy implementation.

03PropertyEnhancement

Total Value Add

04 3 Layers of Value Add

Cap

ital

App

r.

Enhancement

DiscountDay 1 Value Add

CapitalAppreciation

Enhancement

Value Add 1

Value Add 2

Value Add 3 Total Value Add

Acq

uis

itio

nP

rice

01 01

02 02

Acq

uis

itio

nP

rice

01 01

02

Acq

uis

itio

nP

rice

Capital Appreciation

Cap

ital

App

r.

03 03

CapitalAppreciation


-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8

0206GENDER:

Female

AGE:

75

LIFE EXPECTANCY:

13 years

PROPERTY VALUE:

EUR 1,000,000

DISCOUNT:

46%

PAYMENT:

EUR 524,000

GERMANY:EUR7 billion

The Usufruct discount allow us to get “the rent upfront”.

The discount reduces every year increasing the asset value automatically.

The Usufruct discount translates to a 6.1% rental yield which is realized automatically.

The Fund has no rental risk and is guaranteed 100% occupied.

Pu

rch

ase

Pri

ce

Guaranteed Average Annual Rental Yield (unleveraged)

6.1%

Mark

et

Pri

ce

Discount 46.3% 41.5% 37.8 34.0% 30.2% 26.4% 22.7% 18.9%

The discount represents the rent which the Fund accounts for “upfront”

Ren

t “u

pfr

on

t”

Years

01 PropertyAcquisition EXAMPLE – PROJECT LEVEL


BEFORE

Old Single Family Home

AFTER

Modern Duplex

GUF-I creates value by obtaining building permits. The fund provides prime land and increases buildable area while modernizing the project.

02 PropertyEnhancement EXAMPLE – PROJECT LEVEL


At a most likely scenario the Fund expects an average growth rate of 4.4%. over 8 years

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

Optimistic Scenario V Shaped Recovery

CAGR: 7.5% p.a.

Most Likely Scenario U Recovery

CAGR: 4.4% p.a.

Pessimistic Scenario Recession

CAGR: 0% p.a.

COVID-19

ImpactBerlin – historical appreciation of 10% per year

Berlin – one of the most undervalued capitals

Stress test –

3 different Scenarios

03 CapitalAppreciation


-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8

Value add based on the above example using most likely assumptions:

• Acquisition Discount (Rental Yield)

• Enhancement Strategy

• Capital Appreciation M

ark

et

Pri

ce

Acq

uis

itio

n P

rice

0206GENDER:

Female

AGE:

75

LIFE EXPECTANCY:

13 years

PROPERTY VALUE:

EUR 1,000,000

DISCOUNT:

46%

PAYMENT:

EUR 524,000

44%

19%

37%

Rental Yield

Enhancement

CapitalAppreciation

04 3 Layers of Value Add EXAMPLE – PROJECT LEVEL


EXPECTED FUND PERFORMANCE

Fund performance if the Fund had been launched in 2007, just before the financial crisis (without any enhancement value add).

At base case the Fund anticipates to return a net IRR of 12%, while investing in off-market, prime residential real estate in Germany.

ANTICIPATED FUND RETURN (2020 to 2028) BASE CASE OPTIMISTIC

VALUE ADD 1: Property acquisition with av. discount of > 40% 40% 40%

VALUE ADD 2: Recession Assumption -15% 0% 0%

VALUE ADD 3: Property Enhancement Assumption 1% 2% 3%

EXPECTED NET IRR 5% 12% 16%

CRISIS TESTED FUND PERFORMANCE MODEL (2007 to 2015)

Historical NET IRR 13%

FUND PERFORMANCE STRESS TEST

FUND PERFORMANCE CRISIS STRESS TEST

HISTORICAL TESTED FUND PERFORMANCE MODEL (2011 to 2019)

Historical NET IRR 18%

FUND PERFORMANCE HISTORICAL STRESS TEST

Fund performance if the Fund had been launched in 2011 (without any enhancement value add).

Net IRR is calculated after subtraction of all fees and in-country taxes.

Annual Appreciation Assumption 2.5% 4.4% 7.5%

EXTREMELY PESSIMISTIC


0

5

10

15

20

25

Y0 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Total

EXPECTED DIVIDEND DISTRIBUTION

The Fund pays a minimum guaranteed payment of 1.5%.

In Y8 the remaining portfolio will be sold to a pension fund, REIT, hedge fund, private investors or other party.

4% 4% 4% 4% 4% 4%

TO

TAL R

ET

UR

N

INV

ES

TM

EN

T

207%

ANTICIPATED FUND RETURN PROFILE (EUR MILLION)


PROCESS

The Fund is purchasing prime off market properties with Usufruct contracts in Germany, enhances and sells the same.

01 Client Acquisition 02 Enhancement 03 Divestiture

INVESTMENT ADVISOR

A deal pipeline of residential

German real estate with

Usufruct exceeding EUR40

million has already been

secured.

Add value through capital

appreciation and e.g. increase

of plot build up area and new

building permits.

Divest projects with expired

usufruct contract and/or non-

expired contracts after value

generation.


Deal Pipeline >EUR40 million available

Example of Properties – Example 1

Price: Eur 1,49 million

Price with Usufruct: Eur 0.89 million

Seller: Female, Age 79

Discount: 39%

Life expectancy: 10 years

Land: 893 m2

BUA: 193 m2

Built: 1935

Enhancement Strategy – New Built

Allowance for New Built: 500m2

1,490,000

897,000998,001

1,107,4331,226,348

1,354,588

1,493,751

1,635,041

1,787,781

0

500,000

1,000,000

1,500,000

2,000,000

Market Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8

BASE CASE (EUR)

Expected Value Increase




Price: Eur 3.2 million


Seller: Female, Age 79 Male. Age 74 limited to 10 years

Discount: 36%


Land: 990 m2

BUA: 420 m2

Built: 1910

No Enhancement Strategy – resell strategy

Base Case Value Add (Euro)Expected value increase based on discount decrease,

enhancement and capital appreciation

3,200,000

2,430,000 2,515,556 2,731,167

2,962,050 3,209,194

3,473,647

3,756,522

4,059,001

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

Price Y1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8






Seller: Female, Age 75

Discount: 44%


Land: 1,400 m2

BUA: 140 m2

Built: 1965

Enhancement Strategy - Property Division


Base Case Value Add (Euro)

Expected value increase based on discount decrease,


900,000

549,000

651,733 689,010

756,340 828,996

907,336

991,744

1,082,624

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000







Discount: 26%

Seller: Male, Age 80


Land: 1,300 m2

BUA: 160 m2

Built: 1940

Enhancement Strategy – New Built


Base Case Value Add (Euro)

Mark

et

Pri

ce

Dis

c. P

rice

Expected value increase based on discount decrease,


1,400,000

1,120,000

1,347,329 1,497,722

1,660,655 1,836,990

2,027,640

2,233,577

2,471,613

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000



THE TEAMMarkus GiebelMarkus Giebel, a German national, is the CEO of CES Investments. He was previously the CEO of Deyaar Development PJSC, a publicly traded real estate company. AtDeyaar Mr. Giebel was responsible for the development of over 1 million square meter of residential and commercial real estate with a combined value exceeding USD5billion. Before joining Deyaar he was the youngest ever Vice President of Corning, a fortune 500 company listed on the New York Stock Exchange. He holds several Boardpositions, and has over 20 patents in his name. He received several awards such as the CEO award, the Leadership award, the Entrepreneur award, the Inventor of the Yearaward amongst others. Mr. Giebel graduated with a Master from the Technical University of Munich and a MBA from the Swiss Business School.

Olivier RichaudOlivier Richaud, a French national, is the CFO of CES Investments. He was before a senior manager with Apex Group located in Luxembourg in charge of the corporate client portfolio. He further has extensive experience in Mezzanine financing and was responsible for the Mezzanine debt portfolio for GS Lux Management Services. Mr. Richaud was further the senior advisor for Alter Domus with a focus on Private Equity and listed US companies. Mr. Richaud has several degrees including a Master in Management (audit, banking) from Audencia ESC Nantes.

Ward FerrayeWard Ferraye is responsible for compliance at CES Investments. Ward is an experienced Compliance Consultant with a demonstrated and proven history of working in thefinancial services industry. Ward not only designed the compliance manuals for many companies, but also provided the relevant training modules to embed a complianceculture within each entity. Skilled in administration, management, payroll, and invoicing he adds a multifunctional role to the organization. Ward has a strong background infinance including an Anti-Money Laundering Specialist Certification focused in Anti-Money Laundering from ACAMS.

Madalina MasillaMadalina Masilla is the Investor Relations Manager (IRM) for CES Investments. Having graduated in Economics and studied Diplomacy at post-graduate level, Madalinaembarked upon an outstanding career in international business structuring. On the basis of her early prodigious output and creative problem-solving skills, Madalinaquickly progressed to advising clients in Europe, the Middle East and the Far East. For the last 5 years Madalina has been successfully heading the compliance departmentof Quantiq Limited, a management and business structuring consultancy based in the Dubai International Financial Center and Abu Dhabi Global Markets. Madalina has aproven track record in due diligence, corporate governance, enterprise structuring, compliance, and anti-money laundering.


THE TEAMJurgen HerreJurgen E. Herre, a German national, is a member of the CES advisory committee. He was Managing Director of Hines Europe and member of the worldwideinvestment committee of the Hines real estate funds. Hines is a privately owned globally leading real estate development and investment company. Hines operates in24 countries and has US$ 133,3 billion under management. During his career Mr. Herre was involved in real estate projects with a value of more than US$ 25 billion.Prior to Hines Mr. Herre worked as a real estate investment banker for a leading German banking consortium. Mr. Herre is a Board Member in various companies.

Dr. Kassem LahhamDr. Kassem Lahham, a German national, is a member of the CES advisory committee. Dr. Kassem Lahham’s career path spans over more three decades in the financialindustry with a focus on finance, wealth management, legacy planning and private banking. With Levantine roots, he started his professional journey in Germany,where he was born and raised, as a private banker advising HNWI clients for the largest German Bank for more than 14 years. Along other degrees, he holds moreimportantly a Diploma in Economics from Germany, MBA and PhD in Finance from the USA. Since 2015 Dr. Kassem Lahham is heading the Private Banking Team forone of the largest Islamic Banks in the UAE.

Zaid MalehZaid Maleh is a member of the CES advisory committee. His professional career spans over 2 decades in Emerging Markets overseeing the establishment of world-class ventures across multiple asset-classes. He currently holds multiple board seats at leading institutions throughout the US, Europe and the Middle East. ZaidMaleh started his professional career as a Middle East Consultant at the United Nations Headquarters in Vienna back in 2000. He then held senior positions withinleading international banks in Vienna, London, Moscow and Dubai. Zaid Maleh is currently pursuing his PhD at the world-renowned Institute for Law and Finance atthe Goethe University in Frankfurt and holds an MSc in Investment Banking and Finance from the Vienna University for Economics & Business Administration.

Klaus HolscherKlaus Holscher, a German national, is a member of the CES advisory committee. He was engaged in the German real estate market since 1987. Mr. Holscher foundedKensington Luxury Real Estate Brokers LLC in Feb 2006. With this LLC he built up as a License Partner the brand Engel & Völkers in the UAE and the brandKensington International. With these both brands he led his company to the best License Partner for Engel & Völkers worldwide twice in a row. Klaus has more than25 years international experience in German based REC in real estate and finance. In Germany he was responsible for the marketing of luxury real estates for somewell-known developers e.g. Bayerische Hausbau, Deutsche Hausbau and BayernAreal.


Oliver KuehnOliver Kuehn, a German national, is a member of the CES advisory committee. Oliver is one of the most renowned architects in Germany and has his headquarter inBerlin. He is a visiting professor at Huaqiao University, China and has a team of over 30 people working for him. Oliver is advising CES on the “Enhancement Strategy”in order to transform properties and provide the best value add proposals for GUF-I including building and concept pre-approvals.

Otto KieblerOtto Kiebler is the CEO of HausplusRente and has over 40 years experience in the banking and real estate sector. Mr. Kiebler is the pioneer for Usufruct offerings inGermany and has offices in several cities including Berlin. His company has currently a deal pipeline of over EUR40 million for Usufruct investments and CES hassigned a Letter of Intent with HausplusRente. With over 20 employees HausplusRente has a steady deal flow for prime Usufruct offerings providing an idealpartnership opportunity.

THE TEAM


SOCIAL IMPACT

The Fund has a significant social impact foot print.

Assist Retired people to unlock LiquidityRetired people in Germany do not qualify for mortgage. In order to generate liquidity they are often forced to sell their home. However, in the German culture older people want to stay within their home as long as possible (do not replant an old tree). The Usufruct allows retired people to stay in their home and generated the often require liquidity to avoid hardship and to increase quality of life.

1

Reduce the Pension GapThe Usufruct model allows to reduce the country’s pension gap and is therefore a welcome financial tool by the Government.

2

Increase SpendingExtra liquidity will be unlocked and can be used to stimulate the economy.

3

Green Redevelopment OpportunityThe Fund’s strategy is to prepare the projects for redevelopment to maximize environmental aspects and population density in urban settings.

4


ATTACHMENTS


✓ GUF is not subject to Rent Payments (rent is pre-paid by the discount)

✓ GUF locks in >40% of future profits at day 1

✓ GUF is not exposed to possible Rent Caps

✓ German real estate market has very little volatility

✓ Berlin is an extremely undervalued city

✓ Berlin has over 200 nationalities and attracts international tenants

✓ German home ownership on a low level but increasing

✓ Berlin is a growing city (4.5% growth)

✓ Germany – a save haven investment country

✓ Germany is moving to a hybrid home office model

GUF-1 WHY INVEST IN GERMANY, BERLIN


MARKET

INFORMATION


GERMANY KEY FACTS

Germany is the largest and most stable economy in Europe.

15% of patents filed in the world

1st ranked in the Global National Brand

Index

28k PhD graduates every year from

Germany’s universities

4th largest economy in the world

14 EUR billion budget surplus in 2019

GERMAN GDP

FRANCE

UK

ITALY


GERMAN HOUSING MARKET

The German Housing Market has a low volatility and is an extremely safe investment in uncertain times.

https://www.businessinsider.com/chartshowswherehousescostthemost20152?nr_email_referer=1&utm_source=Sailthru&utm_medium=email&utm_term=Business%2520Insider%2

520Select&utm_campaign=BI%2520Select%2520%2528Wednesday%2520Friday%2529%25202015-02-27&utm_content=BISelect

https://www.businessinsider.com/chart-shows-where-houses-cost-the-most-2015-2?nr_email_referer=1&utm_source=Sailthru&utm_medium=email&utm_term=Business%2520Insider%2520Select&utm_campaign=BI%2520Select%2520%2528Wednesday%2520Friday%2529%25202015-02-27&utm_content=BISelect


BERLIN HOUSING MARKET

Berlin is one of the most undervalued Capitals in the world and has an enormous capacity for growth.

Berlin is one of the fastest growing cities in Germany.

Berlin requires over 200,000 new homes.

% of new homes requested in Berlin

Berlin Pricing Index

https://www.businessinsider.com/chartshowswherehousescostthemost20152?nr_email_referer=1&utm_source=Sailthru&utm_me

dium=email&utm_term=Business%2520Insider%2520Select&utm_campaign=BI%2520Select%2520%2528Wednesday%2520Frid

ay%2529%25202015-02-27&utm_content=BISelect https://guthmann.estate/de/marktreport/berlin/

https://www.businessinsider.com/chart-shows-where-houses-cost-the-most-2015-2?nr_email_referer=1&utm_source=Sailthru&utm_medium=email&utm_term=Business%2520Insider%2520Select&utm_campaign=BI%2520Select%2520%2528Wednesday%2520Friday%2529%25202015-02-27&utm_content=BISelect

https://guthmann.estate/de/marktreport/berlin/


GERMAN HOME OWNERSHIP

Germany has a low home ownership ratio which is increasing Year on Year.

https://www.google.com/search?q=german+home+ownership&tbm=isch&ved=2ahUKEwjR9_KtsPzpAhUV4oUKHQoyBLEQ2-

cCegQIABAA&oq=german+home+ownership&gs_lcp=CgNpbWcQAzoECAAQQzoCCAA6BAgAEB46BggAEAgQHjoECAAQGFDsuERYhtlEYMbbRGgAcAB4AIAB6AGIAaofkgEGMC4x

NS42mAEAoAEBqgELZ3dzLXdpei1pbWc&sclient=img&ei=e4LjXpHODZXElwSK5JCICw&bih=881&biw=1745#imgrc=hYQ1nUMtxkc0cM

https://www.google.com/search?q=german+home+ownership&tbm=isch&ved=2ahUKEwjR9_KtsPzpAhUV4oUKHQoyBLEQ2-cCegQIABAA&oq=german+home+ownership&gs_lcp=CgNpbWcQAzoECAAQQzoCCAA6BAgAEB46BggAEAgQHjoECAAQGFDsuERYhtlEYMbbRGgAcAB4AIAB6AGIAaofkgEGMC4xNS42mAEAoAEBqgELZ3dzLXdpei1pbWc&sclient=img&ei=e4LjXpHODZXElwSK5JCICw&bih=881&biw=1745#imgrc=hYQ1nUMtxkc0cM


FUND

INFORMATION


FUND STRUCTURE

GUF-I Fund Established in the DIFC, Dubai regulated by the DFSA

Limited Partners (Investors)

Fund Manager

Investment AdvisorProperty 1

Administrator

Property 2 Property 3 Property 4

Investment Committee

Auditor

Financial Advisor

Risk Manager

SPVSPV Established in Luxembourg

Property …..

Duba

i, U

AE

Luxe

mbo

urg

Ger

man

y

Fund Manager

Fund Management Investment Management


REAL ESTATE ACQUISITION FORECAST

Anticipated Deployment of Capital in Year 1 (EUR million)

0

2

4

6

8

10

12

14

16

M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12

The investment advisor together with Engel & Völkers, von Poll and/or other real estate partners will liaise with retirees and assist with the selection and acquisition process.


GUF-I is investing in “Investment Grade Areas” only. These areas have been identified with a potential for maximum mid-to- long term appreciation, beating the average.

CREATING VALUE 3a: 0103 Enhancement

Strategy X% beating the city’s average

capital appreciation

Investment

Grade Areas

Non Investment

Grade Areas


GUF-I IS A WIN-WIN PROPOSITION

The winning investment opportunity for uncertain times.

INVESTORProvides a high return

investment with a recession tested investment model.

GOVERNMENTAssists in easing a global Government problem to address the rising pension

gap and stimulates spending.

USUFRUCT HOLDERSolves the cash flow problem of a large population of retirees.


With the Baby Boomers starting to dominate the retirement distribution, a retirement shift is underway.

The Silent Generation (war generation) was preserving assets and wealth, whereas Baby Boomers and Gen X are focusing on consumption.

A EUR 34 billion Usufruct market is developing in Germany.

THE RIGHT TIME FOR USUFRUCT IN GERMANY

The retirement shift is fuelling EUR 34 billion Usufruct market in Germany. CES is well positioned to lead the “Early Adopter” market.

Silent Generation

BabyBoomers

Gen X

FIRST MOVERSEARLY

ADOPTORS EARLY MAJORITY


MARKET

PLAYERS


USUFRUCT MARKET

Since 2009 specialised in the Usufruct Model. Established first in Munich andsince 2019 expansion into other major cities and regions in Germany. In MunichHaus Plus Rente sold properties worth around EUR300 million.

A former employee of Haus Plus Rente started DEGIV as a start up in 2015.DEGIV also specialises in the Usufruct Model in Munich and surrounding areas.

Market leader in the life annuity model. Deutsche Leibrenten AG does not useexternal investors, but purely invests their own equity. Currently, DeutscheLeibrente AG has more than 400 properties in their portfolio with a combinedvalue of EUR130 Million. For 2020 additional 400 acquisitions are planned.

Very large diversified trust since 1870 in Germany, operational in the fields ofeducation, agriculture, landscaping, artisanry, trade and textiles. For more than 17years they offer life annuity through their partner INITIUM AG.

On the onset of a fast maturing market.

The market has already transacted over Eur 1 billion in usufruct real estate.


MARKETING

Awareness is starting to grow with TV Spots on the official German TV stations and several publications.


www.cesinvest.ae

+971 4 399 7772

[email protected]

german usufruct fund i (guf-i) presentation investor... · 2020. 8. 4. · 3 investment opportunity...

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