This is a hot investment product. At least that is one conclusion that can be drawn from the data for the demand in Europe. In 2015 a total of EUR 41 bln was invested in apartments (according to Savills’ Alternative Assets, March 2016 report) on the seven main markets – Germany, the UK, the Netherlands, Sweden, Finland, Spain and Ireland – which is even four times larger than four years earlier, when the investment amounted to EUR 11 bln. The largest companies in this segment enjoyed substantial success over this period. Vonovia (based in Bochum) is the largest European company offering apartments for rent, with a portfolio of 350,000 flats with a total value of EUR 21 bln. Another smaller firm is Deutsche-Wohnen (based in Frankfurt am Main), which has almost 160,000 apartments worth over EUR 15.5 bln. After a number of significant mergers, these European giants can now compete in terms of scale with the American REITS, which had previously been in a different league,