Warum stehen hier keine Preise?

Weil eine Preisliste in diesem Geschäft mehr verschleiert als erklärt. Zwischen einem Einzelobjekt mit zwei Gigabyte sauber geführter Unterlagen und einem Portfolio aus vierzig Objekten mit halb digitalisierten Bauakten liegt ein Vielfaches an Aufwand, und zwar überwiegend nicht beim Speicherplatz, sondern bei der Aufbereitung. Wir nennen deshalb erst nach dem Erstgespräch einen Preis, dafür dann als Festpreis für Einrichtung und Laufzeit, mit einzeln ausgewiesenen Zusatzleistungen. Was später hinzukommt, etwa eine Verlängerung oder eine zusätzliche Bietergruppe, ist im Angebot bereits mit einem Satz hinterlegt.

Wie schnell ist ein Datenraum einsatzbereit?

Der leere, nach Index strukturierte Datenraum steht bei einem Einzelobjekt üblicherweise innerhalb weniger Werktage nach Beauftragung. Die Befüllung bestimmt den Zeitplan, nicht die Technik. Rechnen Sie bei einem betreuten Aufbau mit zwei bis vier Wochen von der Lieferung der Unterlagen bis zur Freigabe für die erste Bietergruppe, bei größeren Portfolios entsprechend länger. Unsere Empfehlung: mit dem Aufbau etwa vier Wochen vor der geplanten Marktansprache beginnen.

Was passiert nach dem Closing mit dem Datenraum?

Zum Abschluss erzeugen wir zwei Fassungen. Sie als Verkäufer erhalten das vollständige Archiv einschließlich Index, Q&A-Verlauf und Aktivitätsprotokoll aller Gruppen. Der Käufer erhält das Archiv seiner eigenen Datenraum-Fassung mit dem auf ihn bezogenen Q&A-Verlauf und Protokollauszug. Aktivitäts- und Fragendaten anderer Bietergruppen bleiben bei Ihnen. Die Übergabe erfolgt als Datenträger oder verschlüsselter Download. Danach können Sie den Datenraum schließen lassen oder ihn in das Paket Bestand überführen und als Dauerdatenraum weiterbetreiben. Die Struktur bleibt dabei erhalten, ein Neuaufbau entsteht nicht.

Gibt es eine Begrenzung der Nutzerzahl?

Die Zahl der Nutzer vereinbaren wir im Angebot, orientiert an Ihrem realistischen Prozess. Wir arbeiten nicht mit Einzellizenzen. Ein Bieterteam besteht aus Rechts-, Steuer- und technischen Beratern. Werden Zugänge geteilt, weil Lizenzen fehlen, verliert das Aktivitätsprotokoll seinen Wert. Kommen im Verlauf weitere Gruppen hinzu, richten wir sie ein; ob das eine Anpassung des Entgelts auslöst, steht im Angebot.

Lassen sich Leistungen nachträglich hinzubuchen oder wieder abbestellen?

Ja. Zusatzleistungen wie Schwärzung, Texterkennung nachgelieferter Papierunterlagen oder eine Vollständigkeitsprüfung beauftragen Sie einzeln, auch mitten im Prozess. Ebenso lässt sich ein Datenraum vom Paket Transaktion in das Paket Betreut überführen, wenn sich abzeichnet, dass die Q&A-Steuerung intern nicht zu leisten ist. Umgekehrt können Sie die Betreuung zurücknehmen und den Datenraum selbst weiterführen; Ihre Daten bleiben jederzeit in offenen Formaten exportierbar.

Services

Packages and scope of services

We offer the STRATON Data Room in three configurations: for a limited period for a single transaction, permanently for the portfolio, and in the managed variant, in which we build the data room, populate it with documents and run it during the process. All three run on the same platform and on our own infrastructure in a data centre in Germany. We quote prices after a short initial consultation, and then as a fixed price.

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Invoicing

How we invoice

Two billing models, one offer: either a lump sum for a defined project or a recurring fee for a data room with no end date.

A transaction data room is charged on a project basis. The basis is the period from set-up to handover of the closing archive, usually three to nine months. If the process is extended, we extend on a monthly basis at the agreed rate; this does not give rise to a new build. A permanent data room for the portfolio is charged by term, as a rule annually with an adjustment when properties are added or removed.

Four factors drive the price. First, the data volume: what matters is not the number of files but the volume in gigabytes and the proportion of scanned documents that have to go through optical character recognition. Second, the number of users and user groups: a bilateral process with two advisory teams behaves differently from a structured bidding process with eight groups and separate visibilities. Third, the term. Fourth, and with the greatest effect, the scope of support.

The fourth point is the actual difference between the packages. In practice, the larger part of the effort depends on whether you maintain the index yourself and upload documents yourself, or whether we review, classify and name the documents, check them for completeness and manage the bidders' questions. That is why, in the initial consultation, we first ask about the condition of your documents and only then about the volume. In all packages we invoice the digitisation of paper documents separately according to scope, because the effort depends on the number of pages.

Three configurations

The packages at a glance

The technical basis is the same in all packages. They differ in term, structure and in who does the work in the data room.

Transaction

Time-limited data room for a sale or acquisition process.

For whomSellers, buyers and their advisers mapping a defined process from the approach to the market through to closing. Equally suitable for vendor due diligence, financing enquiries and realisation processes in restructuring.

Index following the market-standard chapter structure for real estate data rooms, set up for an asset deal or a share deal
For a share deal, additionally the corporate and tax strand: articles of association, register extracts, shareholder lists and movements in shares over the relevant preceding years for the real estate transfer tax review, annual financial statements, tax assessment notices, documents on the erweiterte Kürzung (extended trade tax reduction), Organschaft (tax group) and shareholder loans
Financing and security chapter: section III of the Grundbuch (land register), deeds creating the Grundschuld (land charge) and the related security purpose declarations, outstanding loan balances, pooling agreements, ranking arrangements and the documents on the release of encumbrances, including the creditors' escrow conditions
Term limited to the process, monthly extension without rebuilding
Bidder groups with separate visibility: documents, questions and activities are kept separately for each group and shown only to the group authorised to see them
Phase model: additional chapters are opened up for the second round, while the structure remains unchanged
Q&A module with a list of questions, categories, responsibilities, deadlines and release prior to publication
Allocation of roles and permissions per folder and document on the need-to-know principle
Dynamic watermarks with user ID and time stamp, both on screen and on download
Full-text search across all documents, scanned documents are made searchable by OCR
Bulk upload by drag-and-drop, ZIP archives are unpacked and filed automatically
Index export as PDF and Excel for the data room index and the completeness check
Activity log, append-only, cannot be altered or deleted; export as PDF and CSV
Signed data room archive at closing; for the buyer as an archive of its own version

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Holdings

Permanent data room for portfolio and asset management throughout the holding period.

For whomProperty owners (long-term holders), fund and asset managers, insurers and professional pension schemes, foundations and church institutions, and family offices that wish to keep their property documents permanently in one place and not have to start again from scratch when selling.

Chapter structure following the market standard structure for real estate data rooms, extended for ongoing operation by the property management chapters; the same chapter tree for each property
A portfolio level above the properties for framework agreements, the consolidated tenancy schedule and the structure of the property companies
Metadata for each document: property, document class, valid from and to, contracting party, status, confidentiality level
Overview of deadlines for lease options, termination dates, index adjustments, recurring inspections, and the end of fixed-interest periods and refinancing dates
Chapter on governing bodies and approvals for resolutions, powers of attorney and regulatory approvals, as required for property transactions by foundations and church bodies
Ongoing operation with no project end, the user group can be extended or reduced at any time
Separate access for property management, the depositary, external valuers, auditors and internal audit, tax advisers and lenders, each with its own permissions profile
Access profile for the depositary with Grundbuch (land register), purchase agreement and payment records for ownership verification and approval procedures
Selection for the transaction: from the portfolio you assemble the scope of the sale data room using filters. The index is carried over; the documents are not recorded again. For documents that have to be redacted, we produce a redacted version for the bidder data room; the original remains unchanged. The selection is released in a four-eyes step
Retention and deletion logic for each document class: documents containing personal data kept separate from commercial and tax retention periods and separate from construction- and operator-related evidence that must be held beyond those periods
The data room is a filing and release system, not an accounting or archiving system within the meaning of the GoBD, and does not replace one
Full-text search and OCR across all properties, with searching either property by property or portfolio-wide
Activity log, append-only, cannot be altered or deleted; export as PDF and CSV
Annual completeness report per property against the catalogue of document classes, with a list of the gaps
Complete data export in open formats, at any time and without a separate agreement

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Our recommendation

Managed

Data room including build, population with documents, maintenance and Q&A management by STRATON.

For whomClients without a data room team of their own, or with limited staffing in asset management: insolvency administrators and restructuring specialists, property developers in the sales phase, foundations and church institutions, family offices, and sellers who cannot run the process alongside day-to-day business.

Contains the full range of functions for transactions or standing portfolios, depending on the intended use
Index built by real estate professionals, tailored to the property type, the type of use and the transaction type
Review of the documents supplied and their allocation to the document classes, named according to a uniform naming convention
Completeness matrix of property against document class, from which a list of follow-up requests to the property management, the seller and the advisers is derived. We check the documents for completeness and plausibility, not for their legal validity; the legal and tax assessment remains with your advisers
Preparation: removing duplicates, consolidating chains of addenda, matching drafts with signed versions
For the realisation of assets out of insolvency, a separate chapter strand: the order opening the proceedings and the appointment, the Masseverzeichnis (schedule of assets) and the statement of assets, a schedule of the rights to separate satisfaction with outstanding balances, resolutions and approvals of the creditors' bodies, agreements with the creditors secured by land charges, notes from compulsory auction (Zwangsversteigerung) and compulsory administration (Zwangsverwaltung) proceedings, arrears of land tax, Hausgeld (service charge contributions) and ground rent under the Erbbaurecht
Redaction of personal data before release to bidders, with a log of the redacted passages
Q&A management: receipt, categorisation, forwarding to the responsible parties on your side (property management, tax advisers, legal advisers), monitoring of deadlines, release of the answers
The allocation of roles under data protection law is set out in the contract: operation of the data room and preparation of documents are carried out on your instructions as processing on behalf of a controller; release decisions are made by you or by an adviser named by you. We document every release
Set-up and maintenance of the bidder groups and of the phase releases throughout the entire process
A dedicated contact person with a direct line and a named deputy, no ticket queue
Weekly status report: activity per bidder group, open questions, outstanding documents, traffic-light rating for completeness
Handover of the signed archive and the complete log export to you as the client at closing
On request, attendance at meetings with bidders and advisers in so far as the data room and the state of the documentation are concerned

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Comparison

Services in direct comparison

The information describes the standard case. Individual items can be added to any package; the column only determines what is included without a separate instruction.

Service	Transaction	Holdings	Managed
Term	limited to the duration of the process	unbefristet	as selected
Operation on our own infrastructure in a data centre in Germany	yes	yes	yes
Data processing agreement under Article 28 GDPR, and for church clients under KDG or DSG-EKD	yes	yes	yes
Structure	one project, asset deal or share deal	Portfolio with property level and portfolio level	depending on the intended use
Number of users	by arrangement	by arrangement	by arrangement
Allocation of roles and permissions per folder and document	yes	yes	yes
Bidder groups with separate visibility	yes	optional	yes
Phase release for the second round	yes	optional	yes
Q&A module	yes	optional	yes
Q&A management by STRATON	no	no	yes
Dynamic watermarks	yes	optional	yes
Activity log, append-only, cannot be altered or deleted; export as PDF and CSV	yes	yes	yes
OCR and full-text search	yes	yes	yes
Index export as PDF and Excel	yes	yes	yes
Build of the index by STRATON	optional	optional	yes
Classification and naming of documents	by the client	by the client	by STRATON
Digitisation and optical character recognition of paper documents	separately, according to scope	separately, according to scope	separately, according to scope
Completeness matrix and list of follow-up requests	optional	once a year	laufend
Signed closing archive	yes, for the buyer as an archive of its own version	on request	yes, for the buyer as an archive of its own version

Additional services

What can be instructed separately

The build of the index, redaction and the completeness check are included in the Managed package. Digitisation and optical character recognition of paper documents are charged separately in all packages according to volume, because the effort depends on the number of pages. In the Holding package the completeness check is included once a year; you instruct any further rounds beyond that individually. In the Transaction package you instruct the services individually, on a time basis or at a fixed price per property.

Build of the index

We create the chapter structure before the first document is uploaded. The basis is a market-standard structure for real estate data rooms, supplemented by the chapters it does not usually cover: ESG and energy, insurance and claims history, ongoing property management. For portfolios we define property IDs and a naming convention so that every property carries the same tree.

Tailored to an asset deal, share deal, forward deal or permanent operation
Supplemented by chapters for specialist properties, such as hotel, logistics, care or retail
For Wohnungseigentum (apartment ownership) or Teileigentum (ownership of non-residential units), additionally the Teilungserklärung (declaration of division) with the community rules, the Aufteilungsplan (plan of division), the certificate of self-containment, the register of resolutions, budgets and annual service charge statements, the level of the maintenance reserve, the management agreement, special rights of use and outstanding service charge payments
For residential use, additionally the soziale Erhaltungssatzung (Milieuschutz, local statute protecting the resident population), the conversion consent requirement and the tenant's right of pre-emption
In the Law and Grundbuch (land register) chapter, rights of pre-emption and easements, each with the registration consents and the referenced deeds
For Erbbaurecht (heritable building right) cases, a separate chapter with the Erbbaurecht agreement and addenda, ground rent under the Erbbaurecht and value protection, consent requirements, Heimfall (reversion) and compensation provisions, and remaining term
Handover of our chapter structure as an Excel file, also for use outside the data room

Digitisation and OCR of paper documents

Building files, lease folders and correspondence with authorities are often available only on paper or as a scan without a text layer. We digitise the paper documents, create a text layer and split the batches into individual documents that can be assigned to the relevant class. In all packages, this service is charged separately according to scope.

Scanning, removal of staples and separation of bundled stacks into individual documents
Optical character recognition (OCR) so that the full-text search also covers older documents
Subsequent optical character recognition for image files already held
Return of the paper documents to you or, on express instruction, documented destruction
Documents whose evidential value or effect on completion depends on the original are returned as a matter of principle and are not destroyed: Grundschuldbriefe (land charge certificates), guarantee documents, notarial official copies (Ausfertigungen), powers of attorney and stamped permit documents
Whether you may scan paper documents as a replacement and destroy them is a matter for you and your tax adviser; the process documentation required for this is not part of our services

Redaction of personal data

Tenant names and bank details do not belong in the data room in phase one. We permanently remove special categories of personal data under Article 9 GDPR, such as health data, as well as bank account details, in every phase. In phase two we release only what your advisers consider necessary, and only to the groups for which you release it. We redact permanently in the file, not merely in the display, and document what has been redacted.

Pseudonymisation of tenancy schedules for the first round
Redaction in leases, service charge statements, personnel files and tenant files
Separate versions for phase one and phase two in the same data room, each to the extent released by you
Record of the redacted passages as evidence for your documentation

Completeness and plausibility check

We check the documents against the catalogue of document classes and against the expectations of an institutional purchaser. The result is a list of the gaps, ordered by their effect on the process, together with an assessment of which of them should be closed before the approach to the market. We check the documents for completeness and plausibility, not for their legal validity. Legal and tax assessment remains with your advisers.

Consolidating the chains of addenda to the leases in full, including signatures, evidence of authority to represent and the annexes, plans and handover records referred to in them. This gives your advisers the basis for the written form review under Section 550 BGB; we do not carry out the legal assessment
Closing the chain of permits: building permit with conditions, exemptions and dispensations, amended building permits (Tektur) and changes of use, evidence of compliance with conditions, notifications of construction status or final acceptance, or certificates from the approved inspection engineers (Prüfsachverständige), fire safety verification and evidence of the recurring inspections
Reconciliation of the public-law and private-law encumbrances: the Baulastenverzeichnis (register of public-law building encumbrances), where the federal state maintains one, and in Bavaria and Brandenburg instead the corresponding easements in the Grundbuch (land register); Abteilung II (Section II) with registration consents and referenced deeds from the land register file; allocation to records of parking spaces, separation distances, servicing and access
Reconciliation of the tenancy schedule against the leases and of the contractual area against the measured area

Process

How a quotation is arrived at

Four steps, as a rule completed within a week. No costs arise up to the signed offer.

Initial consultation

Thirty to forty minutes, by telephone or video conference, with Tobias Streckel. We clarify the intended use, the property type, the transaction type, the timetable and the group of parties involved. In doing so we speak openly about which documents experience shows to be missing and which of them would put the timetable at risk in your case.

Volume estimate

You estimate the data volume, the number of properties, the proportion of paper and scans and the expected number of user groups. If you cannot state this reliably, we look at a sample, for example one property folder. Before the review we conclude a confidentiality agreement and, as soon as personal data is involved, the data processing agreement. Alternatively, an anonymised sample or a file list with folder structure, file types and volume is sufficient for us; the effort can usually be estimated just as well from that.

Fixed-price quotation

You receive a written offer stating a fixed price for the set-up, the recurring fee for the agreed term and the additional services itemised individually. Enclosed are the data processing agreement pursuant to Article 28 GDPR, including the annex on the technical and organisational measures, and the list of sub-processors. For church-sector clients we convert the agreement to Section 29 KDG or Section 30 DSG-EKD respectively and submit to the competent church data protection supervisory authority. For supervised clients we supplement the agreement with the provisions your outsourcing management requires: rights to issue instructions, to information and to audit, access and audit rights for your supervisory authority and your auditor, rules on onward subcontracting, termination and return of data, as well as the details you need for your register of information under DORA. Operation on our own infrastructure in Germany, without a US cloud, makes this evidence easier to provide.

Set-up

After instruction we set up the data room, create the index and enable the first accesses. For a single property, the empty, structured data room is generally available within a few working days. You receive a short briefing for your team and the contact person for ongoing operation.

Frequently asked questions

Questions on packages and billing

Why are no prices shown here?

Because in this business a price list conceals more than it explains. Between a single property with two gigabytes of properly maintained documents and a portfolio of forty properties with half-digitised building files, the effort differs by a multiple – and predominantly not in storage space but in preparation. We therefore quote a price only after the initial consultation, but then as a fixed price for set-up and term, with additional services itemised separately. Anything added later, such as an extension or an additional bidder group, is already covered by a stated rate in the proposal.

How quickly is a data room ready for use?

For an individual property, the empty data room structured according to the index is usually available within a few working days of instruction. Population with documents determines the timetable, not the technology. For a supported build, allow two to four weeks from delivery of the documents to release for the first bidder group, and correspondingly longer for larger portfolios. Our recommendation: begin the build about four weeks before the planned approach to the market.

What happens to the data room after closing?

At the end we produce two versions. As the seller, you receive the complete archive including the index, the Q&A trail and the activity log for all groups. The buyer receives the archive of its own version of the data room, with the Q&A trail and log extract relating to it. Activity and question data of other bidder groups remain with you. The handover takes place on a data carrier or as an encrypted download. You can then have the data room closed or transfer it into the Holding package and continue to operate it as a permanent data room. The structure is retained in the process; no rebuild is required.

Is there a limit on the number of users?

We agree the number of users in the offer, based on the process you realistically expect. We do not work with individual licences. A bidder team consists of legal, tax and technical advisers. If access credentials are shared because licences are lacking, the activity log loses its value. If further groups join during the process, we set them up; whether that triggers an adjustment to the fee is stated in the offer.

Can services be added or cancelled at a later stage?

Yes. Additional services such as redaction, optical character recognition for paper documents supplied later, or a completeness check are instructed by you individually, including mid-process. A data room can likewise be moved from the Transaction package to the Managed package if it becomes apparent that Q&A management cannot be handled internally. Conversely, you can withdraw the managed service and continue running the data room yourself; your data can be exported in open formats at any time.

STRATON Datenraum

Your data room is ready within a few days

Tell us the occasion, the size of the property or portfolio and the timetable. You will receive a response and a fixed-price offer within one working day – without obligation.

Submit an enquiry +49 (0)8123 88 300 10

Reply within one working day Operated in a data centre in Germany A data processing agreement for every data room Confidentiality, NDA on request