The results of empirical studies related to the topic of IPO Underpricing (cf. Ritter 1998) suggest that investors are able to earn a return above the one of the total market via the investment in initial public offerings (IPOs). Yet when considering Real Estate IPOs in isolation, the empirical results differ from the ones of a whole range of studies which carried out analyses for the general market. Underpricing of Real Estate IPOs seems to be lower or even negative. In contrast to existing studies I analyse the underpricing of Real Estate IPOs simultaneously with other IPOs on the entire stock exchange. Therefore a unique dataset of all European IPOs from 1995 to 2015 with a sample size over 3,000 IPOs is used. The study examines both the observed Underpricing in absolute terms and the (Real Estate) sector-specific sensitivity of the Underpricing to several company-specific and macroeconomic determinants.