External fund valuation pursuant to the KAGB
The German Capital Investment Code (KAGB) requires open-ended and closed-ended real estate funds to have their fund properties regularly valued by external, independent valuers (§§ 216 et seq. KAGB). These valuations form the basis for the net asset value (NAV), the issue and redemption prices of the units, and annual reporting.
With over 20 years of hands-on experience as a portfolio manager at Catella and Real I.S., we understand the requirements for external fund appraisal reports from the client's perspective — and we prepare appraisal reports that meet these requirements in both methodology and documentation.
Our services for real estate funds:
- ✓Annual portfolio valuations (KAGB §§ 216 et seq.)
- ✓NAV valuation for issue / redemption price
- ✓Transaction appraisal reports for purchase & sale
- ✓Framework agreements for recurring valuation cycles
- ✓Auditor-compliant documentation
Fund Valuation
- Compliant with KAGB §§ 216 et seq.
- All property types & uses
- Consistent methodology across the portfolio
- Framework agreement for cyclical valuations
- BaFin-compatible & review-ready
Process for real estate fund clients
Initial consultation & framework agreement
Coordination of the valuation cycle, the required appraisal report formats and the timeline. For portfolios of three or more properties, we recommend a framework agreement with consistent methodology and a coordinated processing sequence.
Receipt of documents & proposal preparation
Receipt of the valuation documents (lease schedules, land register extracts, building descriptions). We prepare a binding proposal with a delivery schedule for each property to be valued.
Inspection & valuation
Personal inspection of all portfolio properties with consistent feature documentation and coordinated travel planning. Valuation performed using the applicable methods (income approach, cost approach).
Delivery of appraisal reports & auditor support
Delivery of the bound appraisal reports and PDFs within the agreed timeline. We are available to answer questions from the auditor and internal risk management.
Request a fund valuation
We prepare KAGB-compliant external expert appraisal reports for your fund — with consistent methodology, a coordinated timeline and documentation suitable for auditors.
