In the last years, Value AG has observed that medical centers on the German market are starting to be defined as its own asset class. Investor groups of the healthcare property segment evolve on the market with a strong focus on medical centers and a clear approach regarding property requirements and acquisition expectations. The sellers in Germany are represented by doctors or doctor groups, investors / portfolio holder, and also developers. Credit institutions focused on the healthcare property segment increasingly seek to finance medical centers. While the classic office building accounts for a transparent asset class in Germany, medical centers are not covered by market research or other analyses. Value AG the valuation group is a nationwide independent valuation company and presents in this lecture its experience and knowledge gathered after far more than 100 valuations of medical centers. Following questions will be discussed:

• Is there a clear definition of medical centers?
• Who are the players on the market?
• Requirements on medical centers from investor´s and bank´s point of view?
• Positive and negative location and property qualities?
• Are office building and medical centers comparable?
• Construction costs and rents in medical centers?
• Value-determining factors at medical centers?
• Multipliers and yields at medical centers?
• Which insights can be gained from the case studies?
• How will this asset class develop in the future?

These 10 questions will lead the lecture and discussions, yet the practical orientation will be attained by the case studies from the valuations of Value AG.