Choice of tailored transparency levels Acceptance in the REITs Segment of Deutsche Börse is based on known processes and established transparency levels. With the different transparency levels Prime Standard, General Standard and Entry Standard we offer access to the capital market which is tailored to the individual needs of companies. Participation in the REITs Segment is arranged per contract with Deutsche Börse AG following an application. The application to participate can be submitted with the application for admission to General Standard or Prime Standard or the application for inclusion in the Open Market (Regulated Unofficial Market) or Entry Standard. Open to all REIT companies Basically, all shares of REITs admitted for trade in the Regulated market of FWB® Frankfurt Stock Exchange or included in the Regulated Unofficial Market of the FWB are entitled to participate in the REITs Segment. -
REITs with shares admitted to the General Standard or Prime Standard must apply in writing to participate in the REITs Segment. -
In case of inclusion of a REIT’s shares in the Open Market (Regulated Unofficial Market) or the Entry Standard, participation in the REITs Segment must be applied for in writing by the participant (Security merchant bank) in the Regulated Unofficial Market. REIT status – a key element A key precondition for participation in the REITs Segment of Deutsche Börse is the submission of appropriate proof of the REIT status. -
All German stock corporations are REITs which meet the conditions of the law governing German property companies with shares listed on the stock exchange. -
Furthermore, all foreign stock corporations are REITs which have a comparable statutory status. In addition, when a company loses its status as REIT, it must immediately notify Deutsche Börse AG of the change in status. The important statutory demands made on a German REIT AG are: -
The listing of the REIT stock corporation in an organized market of a stock exchange (e.g. General Standard or Prime Standard). -
The head office and senior management of a REIT AG must be based in Germany. -
The lowest nominal value of the capital stock is € 15 million. -
Freefloat must be (shareholdings of less than 3 percent are treated as freefloat):
- At least 25 percent at the time of listing on the stock exchange
- At least 15 percent on an ongoing basis
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Maximum shareholding provision: Direct shareholding of 10 percent or more is not allowed, but indirect shareholding of 10 percent or more is possible. -
At least 75 percent of the assets must be fixed. -
At least 75 percent of the gross turnover must be earned from fixed property (rental income, lease income, profits from sales). -
At least 90 percent of the profits made according to HGB must be distributed. | 
