TRIUVA reflects upon a long and successful history. For more than 40 years, the company has been offering end-to-end real estate investment solutions for German and international institutional investors as an integrated provider and manager of property investments. With about 200 specialists across 15 locations in Europe, TRIUVA provides its investors with an entire value chain for the management of indirect real estate investments.
TRIUVA sees itself as partner to its investors and as such works with them on an equal footing. This means that the investors’ special requirements are known and understood. Only through taking this approach, TRIUVA can offer suitable individual solutions at all times. The company can achieve its goals only if the principle of partnership is put into practice in the day-to-day work with mutual respect and recognition.
A targeted combination of different talents and experience is also a driving force behind TRIUVA’s innovation capacity. In recent years, the company has successfully initiated a range of innovative products, from the establishment of club deals for German institutional investors and the launch of funds with focused investment strategies to the introduction of a comprehensive portfolio management concept.
Together, partnership and innovation form a valuable, indispensable basis for a high degree of commitment throughout the company with the aim of strong management of the entire portfolio. Ultimately, performance is the result of the disciplined implementation of a transparent value-added strategy that brings together the interests of the investors with those of TRIUVA.
INDUSTRIAL: The view on the market for logistics property is positive. E-commerce continues to grow such that more space is continually needed for the storage and distribution of goods. From a cycle view we expect growing consumer demand in the short and medium term, implying a rising need for logistic space. New supply is mostly able to meet rising demand, generally in the form of pre-lets and build-to-suit properties. As a general trend – availability is either constant or reducing. Prime yields have been pushed downwards in the last few years, leading to significant increases in property value. It is not only the sustained low interest rate and the rising demand for logistics space that might cause a further decline. The example of the US shows that there is hardly any difference between initial yields in the logistics and office segments in an established market.
OFFICE: The outlook on office letting in Europe is still favourable. Increases in employment, depressed vacancy rates and low construction activity combine to allow for a good environment for rents to grow. New construction has picked up but is not yet a cause for worry. While net office space growth in the large European centers equalled only 1.3m sqm p.a. over the past five years, 2.2m sqm p.a. are expected in the medium term. In making investment decisions it is never useful to make generalisations about single markets. Individual properties, driven by small local or even asset level developments, can vary greatly in performance. Overall, the micro location is more important than the macro location. Currently even weaker locations are recovering, often supported by the conversion of outdated offices into residential or hotels. Also, the long-term trend to occupy offices more densely will affect secondary locations more than prime locations. Low interest rates and strong occupational markets in core areas ensure an investment environment with low yields.
RETAIL: Structural changes in the retail market have had a variety of impacts. The majority of prime retail markets in European cities have been subject to rising rents. Cities gravitate around high street locations, with good accessibility and superior quality of stay leading to high footfall and high visibility. National and international retailers continue to demand space for existing or new concepts, resulting in ongoing rental growth. Every city and location has to be forecasted on its own, however. High streets located in big, growing cities are largely unaffected by large scale retail projects, though small, shrinking cities may indeed be pressured from new out of town shopping centres. High street retail yields are likely to remain subdued whereas secondary stock may move out in response to re-letting concerns. Supply restricted regional cities with good fundamentals will offer value due to steady demand and inflated yields.
Investment principles & strategy
TRIUVA as a pan-European Investment, Asset and Fund Manager aims to provide a unique product suitable for the investor’s specific investment strategy. The overall investment focus is set on core/ core properties with an attractive risk-return profile. TRIUVA primarily focuses on commercial properties in the office, retail and logistics sector in Europe.
The TRIUVA Investment Management team is responsible for all acquisition and selling activities in Germany and Europe. With around 15 specialists at six locations in Germany and abroad, TRIUVA permanently monitors all the relevant markets in order to identify attractive investment opportunities and suitable candidates for investments at an early stage.
Working in coordination with the respective fund manager, TRIUVA’s investment management specialists perform the organisation and implementation of the entire transaction process, including the coordination of due diligence and the contractual negotiations. Strategic and tactical portfolio allocation is determined by combining a research-based, top-down approach with a market-oriented, bottom-up analysis. As part of portfolio management, specialists regularly review and verify the individual performance components and derive our future property and portfolio activities on this basis.
Strategic corporate development
TRIUVA’s key strategic objective is to offer further optimised products for institutional investors through Europe in different sectors and in every market phase. While focusing on our core business as an asset and investment manager of open- ended real estate funds, TRIUVA’s goal is to further widen the range of products in regards to regulatory as well as geographical aspects. Moreover, TRIUVA’s strategy is based on future growth. An essential part of the company’s strategic development lies within increasing its client base and entering new markets.
COMPLIANCE STATEMENT These details have been made for sole information purposes. The information therein has been carefully selected and do not constitute any claim to completeness. Although this document has been built with utmost care, it shall not exclude to be incomplete or contain mistakes. TRIUVA, its management board, supervisory board or employees are not liable for the correctness or completeness of contained information. Any incorrectness or incompleteness of the information does not constitute any liability for direct or indirect damages. This document shall not be considered as legal or tax advice.