10th EBS congress and Award ceremony 2009

Aareal Award of Excellence 2009

The second Aareal Award of Excellence in Real Estate Research was awarded on 27 February, on the occasion of the 10th Real Estate Congress, which was held on the campus of the European Business School at Schloss Reichartshausen in Oestrich-Winkel near Wiesbaden.

The 2009 award included international entries for the first time, thus underlying the bank’s aim to be innovative in its businesses, with an international profile.

An independent jury assessed the works submitted from the areas of property financie, property risk management, and environmental efficiency in the property management sector.


The award, which carries prize monies totalling € 12,000, was given in two categories:


Nils Kok from the Netherlands took the first prize in this category for his work on "Corporate Governance and Sustainability in Global Property Markets”.

Dr Felix Schindler came second with his work on “Markets for Property Shares – a Global Analysis of their Capital Markets Performance”. Tobias Pfeffer was awarded third place with his work on the “Performance of REITs - A Sector- and Company-based Analysis of Links and Time Lags between Real Estate Market Cycles, Earnings, and Pricing of REITs”.

Master/Bachelor Theses

First prize in this category was awarded to Maximilian Brauers from the University of Freiburg for his work on “Price Bubbles on Property Markets and the Role of Monetary Policy”.

Desireé Springmann took second place with her work on the “Analysis of Real Estate Finance Performance Measures in the Context of Real Estate Cycles”, whilst the third place was awarded to Miriam Waibel with her work on “Certificates of Sustainability for the Valuation of Office Properties”.

Prof. Dr. Nico Rottke, Dr. Wolf Schumacher, Dr. Felix Schindler, Nils Kok, Tobias Pfeffer
Prof. Dr. Nico Rottke, Dr. Wolf Schumacher, Miriam Waibel, Desirée Springmann, Maximilian Brauers