In a guest article for the real estate Magazine “Immobilien & Finanzierung” (10/2013), Oliver Herrmann of redos writes that investors comparing a retail property with a long-dated bond promising a secure income are wrong. The real value of a retail property is not the lease, but the location, which – especially in the large-scale retail trade – is protected by the restrictive licensing practice against unexpected competition, wirtes Herrmann. According to him, commercial real estate is indeed a very attractive investment destination, but requires active management to maintain its value.