Frankfurt, Germany

International Real Estate Investments: Higher Inflation and Geopolitical Shocks as a Game Changer?


In-person Chapter Meeting Hosted In Partnership with CFA Society Germany

Real estate investments in Germany and internationally were again one of the best-performing investments in Q1 2022, substantially outperforming equities and bond markets. However, financing costs are now rising significantly, and construction cost inflation is also in double digits in many countries.

Which real estate sectors bring inflation protection? Zoltan Szelyes discusses the implications of the considerable macroeconomic change on real estate valuations and returns in Western Europe, CEE and the U.S. for the residential, logistics, office and retail sectors. Different alternatives for risk premiums are presented.

The focus of portfolios on net income growth will be key. This can be achieved through research-based selection of European and global real estate investment topics.

This meeting will be held in German.


Registration: 17:45 – 18:00

Presentation lecture with Q&A: 18:00 – 19:00

Networking: 19:00 – 20:00

Meeting Location:

Credit Suisse, Taunus Turm, Taunustor 1, 60310 Frankfurt am Main

Attendees qualify for 1 GARP CPD credit.

Chapter Speakers

Zoltan Szelyes

CEO, Macro Real Estate AG, and Head Real Estate Indirect, Dicoval AG

Zoltan Szelyes has been CEO of Macro Real Estate, and Head Indirect Real Estate/ Member of the Executive Board at Dicoval since 2020. He has researched more than 30bn USD of CRE equity deals in Europe, JP, AUS, NZ, KOR, CAN and the US.

Previously, he was Head Global Real Estate Research at CSAM, contributing to the successful launch of core, value-added and multi-manager products. Between 2008 — 2014, he was a Member of Executive Management of SNB Stabfund, where he achieved a 3.8 bn USD profit and successful wind-down of 38.9 bn USD of assets and oversaw successful workouts of US, EU and Japanese CRE and residential loans (2009-2013). He has published articles in newspapers and built up real estate publication series as a Senior economist at SNB, ghostwriter for current SNB Chairman Thomas Jordan and a Real Estate Analyst at CS Private Banking.

A member of several boards and committees Zoltan speaks regularly at conferences and lectures at universities. He holds a Masters in Economics, (Lic.rer.pol.) and is a CFA® and CAIA® charterholder.

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July 5, 2022 5:45 PM - 8:00 PM

Chapter Directors

Markus Quick
Partner KPMG
Natalie Packham
Professor of Mathematics and Statistics Berlin School of Economics and Law

Committee Members

Enrique Rivero Azaola

Senior Supervisor Single Supervisory Mechanism - European Central Bank

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