The real estate banking industry in Germany has undergone severe changes due to changes in the legal framework, consolidation processes and economic crisis. As one of the results, German banks begin to sell their portfolios of non performing real estate loans. The six relevant transactions in Germany from 12/2003 to 12/2005 are: - Lonestar/Hypo Real Estate EUR 0.5 bn. ; - Lonestar/Dresdner Bank EUR 1.2 bn. ; - Lonestar/Hypo Real Estate EUR 3.6 bn. ; - Citigroup/Eurohypo EUR 2.4 bn. ; - Lonestar/Aareal Bank EUR 0.7 bn. ; - JP Morgan/DZ Bank EUR 0.6 bn. // The authors likes to track the reactions of the NPL-sale for the seller bank and the investor analyzing the afore mentioned transactions by surveying the short and the long term capital market reaction CAR [+1/-1] and CAR [+20/-20]. Conclusions are drawn which explain the results by focusing on the changes of the German banking industry.