The exemption applies to transactions being subject to real estate transfer tax pursuant to section 1 para. 1 of the German Real Estate Transfer Tax Act (direct acquisition events relating to real estate in Germany), section 1 para. 2 of the German Real Estate Transfer Tax Act (transfer of the realisation right (Verwertungsbefugnis)) and section 1 para. 3 of the German Real Estate Transfer Tax Act (unification of shares (Anteilsvereinigung) in real estateholding companies)

www.linklaters.com/.../091116_NL_Nov09_BeschleunigungWirtsc...

German law requires that any taxable event for Real
Estate Transfer Tax (RETT) purposes be notified to the
competent tax authority by the taxpayer. In the case of
the “unification of shares” in a real estate-owning company
in the hands of a single owner or a group of companies,
the taxpayer is the single owner or the group
of companies; such a unification constitutes a taxable
and, therefore, notifiable event for RETTpurposes. In
the case of a real estate-owning partnership, a 95% or
more direct or indirect change in the ownership of the
partnership within five years is also a taxable event. In this
case, the partnership itself is the taxpayer for these purposes.

http://www.deloitte.com/assets/Dcom-Germany/Local Assets/Doc...

Grunderwerbsteuer http://de.wikipedia.org/wiki/Grunderwerbsteuer_(Deutschland)

Grunderwerbsteuer - Real estate transfer tax


--------------------------------------------------
Note added at 2 hrs (2010-01-28 22:47:28 GMT)
--------------------------------------------------

In the opinion of the legislators, Sec. 14 par. 4 FMStG, which relates to real estate transfer tax, completes the group of provisions that are inadequate in times of crisis. Legal acts to be performed by the Fund as acquirer in order to fulfill the tasks assigned to the Fund are exempt from real estate transfer tax pursuant to Sec. 14 par. 4 sentence 1 FMStFG22. Thus, there can be no taxable direct or indirect unification of shares pursuant to Sec. 1 par. 3 GrEStG (Grunderwerbsteuergesetz, Real Estate Transfer Tax Act), if the Fund proposes the takeover of a concerned company.

http://www.skadden.com/content\Publications\Publications1741...