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Erschienen in:
Real Estate Data Sources in Germany Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

PPP and Infrastructure

verfasst von : Hans Wilhelm Alfen, Sven Barckhahn

Erschienen in: Understanding German Real Estate Markets

Verlag: Springer International Publishing

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Abstract

This chapter examines the role of public private partnerships in the public procurement of public real estate and transportation infrastructure in Germany. Introductory, the general structure and characteristics of PPPs are explicated along with special remarks about specific features of the German PPP approach. This includes the specific role of the financing models applied, especially the role of non-recourse forfeiting of instalments in municipal projects. Further reference is made to the highly divided and complex approach of federal and federal states’ authorities to PPPs. Any federal state set up its very own taskforce that issues guidelines and provides support to municipalities in heterogeneous ways. Nevertheless, on project level, a certain degree of standardization led to different types of contract models in the public real estate sector that are applied consistently throughout Germany on any governmental level. Although, even standardized, models in the road infrastructure sector are applied only on federal level, whereas single projects on state and municipal level can still be considered ‘pilot projects’. Finally, the flow of deals in the public real estate and the road infrastructure sectors are summed up in tables that also feature updated figures for projects in tendering and under preparation.

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Vorheriges Kapitel Public Real Estate
Fußnoten
1
The public agent makes use of thorough cost-benefit-analyses to proof value-for-money. Tytko (1999), p. 32.
 
2
Clifton and Duffield (2006), p. 580; Müller and Turner (2005), p. 401; Spackman (2002), pp. 288–291 and Grout (1997), p. 59.
 
3
Henschel-Bätz (2005), p. 18 and Tytko (1999), p. 8.
 
4
Literature reviews imply that long before the financial market crisis it has been argued that the advantage of the leverage-effect depends very much on the current market conditions. Financial structures based on the leverage-effect crucially require non-rising interest rates. Newell and Peng (2008), p. 23; Blanc-Brude and Strange (2007), p. 2; Probitas Partners (2007), p. 9 and Tytko (1999), p. 8.
 
5
Weber and Alfen (2009), p. 164 and Tytko (1999), p. 10.
 
6
Pfnür et al. (2008), pp. 153–154; Hopfe et al. (2008), p. 150; Blecken and Meinen (2007), pp. 41–42; Devapriya (2006), p. 563; Henschel-Bätz (2005), p. 18; Sester and Bunsen (2005), p. 438 and Tytko (1999), p. 48.
 
7
The leeway results from the SPC’s property rights and volume-related risks remained with the SPC. The price of debt for the SPC is lower, if she bears no risks. Leland (1998), p. 1228.
 
8
Braune (2006), p. 310 and Littwin et al. (2003), p. 22.
 
9
Schöne (2006), p. 101; Braune (2006), p. 310; Weber et al. (2004), p. 50 and Ertl (2004), p. 40.
 
10
PD (2014), pp. 6 and 19.
 
11
Hausmann and Rudolph (2008), p. 156.
 
12
§2, VIFGG.
 
13
The PPP-Contracting Model, which used to belong of the group of eligible models has vanished in recent years due to lacking demand. It was designed for special projects that do not feature the construction of buildings, but the design, installation, optimization, operation and maintenance as well as financing of technical facility equipment (HVAC). The contract term was limited between 5 and 15 years, depending on the life cycles of technical facility equipment.
 
14
PwC et al. (2003).
 
15
Korn (2008), pp. 61–62.
 
16
Tytko (1999), p. 23 and p.47.
 
17
PD (2014), p. 5.
 
18
PD (2014), p. 6.
 
19
PD (2014), p. 9.
 
Literatur
Alfen Consult GmbH (2010) (German) Experience with PPP-Projects in the roads sector. Lecture at the City of Jelgava, Latvia, 26–27 Apr 2010
Blanc-Brude F, Strange R (2007) Risk pricing and the cost of debt in public-private partnerships: evidence from the syndicated loan market. Kings’s College London, Department of Management, Research Paper 45, March 2007
Blecken U, Meinen H (2007) Quantitative ökonomische Modelle für PPP- und BOT-Projekte. Issue 1 of the journal series from the chair of Construction economics published by Prof. Dr.-Ing. Mike Gralla. Werner-Verlag 2007, Dortmund, Germany
Braune GD (2006) Finanzierung. In: Littwin F, Schöne F-J (eds) Public Private Partnership im öffentlichen Hochbau, 1st edn. Kohlhammer Verlag, Stuttgart, Germany, pp 263–319
Clifton C, Duffield CF (2006) Improved PFI/PPP service outcomes through the integration of alliance principles. Int J Proj Manag 24(2006):573–586CrossRef
Devapriya KAK (2006) Governance issues in financing of public-private partnership organisations in network infrastructure industries. Int J Proj Manag 24(2006):557–565CrossRef
Ertl M (2004) Aktives Cashflow-Management: Liquiditätssicherung durch wertorientierte Unternehmensführung und effiziente Innenfinanzierung, 1st edn. Verlag Franz Vahlen, Munich, Germany
Grout PA (1997) The economics of the private finance initiative. Oxford Rev Econ Policy 13(4):53–66, Published by Oxford University PressCrossRef
Hausmann L, Rudolph B (2008) Partnerschaften Deutschland launched to counsel the public sector and further promote PPP in Germany? Eur Public Private Partnership Law Rev (EPPPL) 3(3):156–159, Published by Lexxion Verlagsgesellschaft mbH, Berlin, Germany
Henschel-Bätz M (2005) Eigenkapitalbeschaffung aus Sicht mittelständischer Bauunternehmen. Workshop documentation: “Strategien der Eigenkapitalbeschaffung für PPP-Projekte” from September 22nd 2005 in Berlin; published by Hauptverband der Deutschen Bauindustrie e.V., Berlin, Germany 2006
Hopfe J, Napp H-G, BergmannS (2008) Kapitel 4—Finanzierung. In: PPP-Handbuch: Leitfaden für Öffentlich-Private-Partnerschaften; published by Bundesministerium für Verkehr, Bau und Stadtentwicklung (BMVBS) and Deutscher Sparkassen- und Giroverband (DSGV), April 2008, Berlin, Germany, pp. 130–175
Korn M (2008) PPP in the sector of road infrastructure on the county and municipal level in Germany: a story for the future? Eur Public Private Partnership Law Rev (EPPPL) 3(2):58–63, Published by Lexxion Verlagsgesellschaft mbH, Berlin, Germany
Leland HE (1998) Agency costs, risk management, and capital structure. J Financ 53(4):1213–1243, Published by Blackwell Publishing for the American Finance Association, AugustCrossRef
Littwin F, Weihnacht A, Michelmann J (2003) Public Private Partnership im Hochbau. Organisationsmodelle. Public Private Partnership-Initiative. Published by Public Private Partnership-Initiative NRW, 12th August 2003, Düsseldorf, Germany
Müller R, Turner JR (2005) The impact of principal-agent relationship and contract type on communication between project owner and manager. Int J Proj Manag 23(2005):398–403CrossRef
Newell G, Peng HW (2008) The role of U.S. infrastructure in investment portfolios. J Real Estate Portfolio Manag 14(1):21–33, Published by American Real Estate Society
Pfnür A, Schetter C, Schöbener H (2008) Risikomanagement bei Public Private Partnerships. Experts Report by order of Initiative Finanzstandort Deutschland (IFD), Darmstadt, Germany, 29 Aug 2008
Probitas Partners (2007). Investing in infrastructure funds. Published by Probitas Partners, September 2007
PwC, FBD, VBD, BUW, CC (2003) PPP im öffentlichen Hochbau; Experts Report on PPP in Public Real Estate published by PricewaterhouseCoopers (PwC), Freshfields Bruckhaus Deringer (FBD), Beratungsgesellschaft für Behörden GmbH (VBD), Bauhaus-Universität Weimar (BUW) and Creativ Concept (CC), 2003
Schöne F-J (2006) Ausgewählte Rechtsfragen/Vertragsrechtliche Aspekte. In: Littwin F, Schöne F-J (eds) Public Private Partnership im öffentlichen Hochbau, 1st edn. Kohlhammer Verlag, Stuttgart, Germany, pp 98–118
Sester P, Bunsen C (2005) Vertragliche Grundlagen—Finanzierungsverträge. In: Weber M, Schäfer M, Hausmann FL (eds) Praxishandbuch public private partnership. Verlag C.H. Beck, Munich, Germany, pp 436–497
Spackman M (2002) Public-private partnerships: lessons from the British approach. Econ Syst 26(2002):283–301CrossRef
Tytko D (1999) Grundlagen der Projektfinanzierung, 1st edn. Schäffer-Poeschel Verlag, Stuttgart, Germany
VIFGG (2006) Gesetz zur Errichtung einer Verkehrsinfrastrukturfinanzierungsgesellschaft zur Finanzierung von Bundesverkehrswegen (Verkehrsinfrastrukturfinanzierungsgesellschaftsgesetz—VIFGG). Issued on June 28th 2003 (BGBl. I S. 1050), updated by article 283 of the Verordnung from October 31st 2006 (BGBl. I S. 2407)
Weber B, Alfen HW (2009) Infrastrukturinvestitionen—Projektfinanzierung und PPP, 2nd edn. Bank-Verlag Köln, Cologne, Germany
Weber M, Moß O, Schwichow H (2004) Public Private Partnership im Hochbau. Finanzierungsleitfaden. Public Private Partnership-Initiative, published by Public Private Partnership-Initiative NRW, Düsseldorf, Germany, October 2004
Weber B, Alfen HW, Maser S (2006) Infrastrukturinvestitionen—Projektfinanzierung und PPP, 1st edn. Bank-Verlag Köln, Cologne, Germany
Metadaten
Titel
PPP and Infrastructure
verfasst von
Hans Wilhelm Alfen
Sven Barckhahn
Copyright-Jahr
2017
Buch
Understanding German Real Estate Markets

Print ISBN: 978-3-319-32030-4

Electronic ISBN: 978-3-319-32031-1

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-32031-1_30