CBRE

FIGURESIGERMANYRETAILINVESTMENTlQ42025

in2025

Investmentvolume

9.9%

portfolioratio

41.2%

cross-borderinvestments

4.90%

primeyieldretailpark

Arrowsindicatechangefrompreviousquarter

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Germany'sretailrealestateinvestmentmarketdeliveredatransactionvolumeof

2025.Thisresultwasslightlyabovethepreviousyear'sfigureof?6.2bn(up2%).since2021the

onereasonfortherecentincreaseistobefoundinthetwelvelarge-scaletransactionsoverthecourseof2025,eachofmorethan?100m.Amongotherdeals,theporta-portfoliotakeoverby

XXXLutz,thedisposalofoberpollingerinMunich,thesaleoftheDesigneroutletsinNeuandnearBerlin,aswellastheGropiuspassageninBerlinandseveralgrocery-

FIGURE1:InvestmentvolumeretailpropertiesinGermany

billion

RetailinvestmentvolumeRolling12monthsaverage

FIGURES|GermanyRetailInvestmentQ|42025

2CBRERESEARCH?2026CBREGmbH

Retailwarehousepropertiesandretailparksaccountforhalfof

thetotalvolume

Retailwarehousesandretailparksemergedasthestrongestsegmentin2025,together

accountingforashareof49%(up15%-points)intheretailrealestateinvestmentmarket.Retailwarehousepropertiesandretailparkshavethereforeregainedtheirtraditionalstatusasthe

strongestsegmentwithintheretailrealestateinvestmentmarket.

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of28%.Althoughthisrepresentsasignificantdeclineof19%-pointsovertheyear,theshareisstillabovethelongtermaverage.

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year.ByfarthelargesttransactioninthissegmentwasthesaleofGropiuspassageninBerlin,whileotherlargevolumepurchasesarestillundernegotiation.

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centersandsecondarylocations,accountedforashareof14%(up9%-points).

privateInvestorsandcorporatesdominatemarketactivity

ontheinvestorside,privateinvestorsandcorporationsinparticularwereactiveintheGermanretailinvestmentmarketin2025bothonthebuyerandsellerside.

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tiesinparticularincludingprominentdepartmentstoresandcommercialbuildingwereacquired.

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theportaportfolioacquiredbyxxxLutz,severalportfoliopurchasesbyfoodretailersalsocontributedtothestrongperformanceofthisinvestorgroup.

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increaseofover?700million,assetandfundmanagerswerealsothelargestnetbuyergroup.

FIGURE2:Investmentvolumebypropertytype

source:CBREResearch

FIGURE3:Investmentvolumebytypeofinvestor2025

%sale

%Acquisition

privateInvestors

corporates

Asset-/FundManagersDeveloper

open-ended/specialFundspropertycompanies

Listedpropertycompanies/REITS

others

source:CBREResearch

FIGURES|GermanyRetailInvestmentQ|42025

3CBRERESEARCH?2026CBREGmbH

primeyieldstendtoremainstable

primeyieldsonretailpropertieschangedonlyslightlyinthefourthquarter,andtherewaslittlemovementovertheyearasawhole:

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stableat4.44%(down0.2%pointssincethepreviousquarter).overtheyearasawhole,primeyieldsforfirstclassinnercitypropertiesfellby0.2%points.

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4.9%.comparedwiththepreviousyear,primeyieldsfellslightlyby0.1%pointsineachcase.

--on-

shoppingcentersinsecondarylocationsroseby0.25%pointsto7.75%inthefinalquarter.

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quarterof2025,whichis0.1%-pointshigherthanattheendof2024.

Growinginterestfrominternationalinvestors

Inthecourseof2025,newactivitiesonthepartofforeigninvestorsbecameincreasinglynoticeable.Althoughdomesticinvestorscontinuetodominatethemarket,theshareofinternationalinvestorsrosesignificantlyby6%-pointsyear-on-yeartoagood45%.

outlookfortheyear2026

Givenawell-filleddealpipeline,itislookinglikeabriskstarttotheyearfollowingagoodyear-endquarter.Demandisalsoholdingsteady,especiallyforgrocery-anchoredpropertiesand

propertiesininnercitylocationswearethereforeassumingatransactionvolumeofaroundsixtosevenbillioneurosagainin2026.

InternationalplayerswithgoodliquidityandafocusonvalueaddandcoreplusareparticularlyinterestedinexploringtheGermanretailrealestatemarket.

FIGURE4:Investmentvolumebyinvestors'nationality

source:CBREResearch

FIGURE5:primeretailyields

HighstreetRetail(TOP7)shoppingcenter(A-location)shoppingcenter(B-location)

RetailparkFoodMarketsDIystore

source:CBREResearch

contacts

Research

Dr.JanLinsin

jan.linsin@cbre.com

Janschwarze

jan.schwarze@cbre.com

capitalMarkets

Jansch?nherr

jan.schoenherr@cbre.com

valuationAdvisoryservices

AnneGimpel

anne.gimpel@cbre.com

EMEAResearch

Tasosvezyridis

tasos.vezyridis@cbre.com

?Copyright2026Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidencebasedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthispresentation,theyaresubjecttosignificantuncertaintiesandcontingencies,manyofwhicharebeyondCBRE’scontrol.Inaddition,manyofCBRE’sviewsareopinionand/orprojectionsbasedonCBRE’ssubjectiveanalysesofcurrentmarketcircumstances.Otherfirmsmayhavedifferentopinions,projectionsandanalyses,andactualmarketconditionsinthefuturemaycauseCBRE’scurrentviewstolaterbeincorrect.CBREhasnoobligationtoupdateitsv