Under German invest­ment law, it is possible to set up a contrac­tual fund vehicle under the co-owner­ship prin­ciple. The Fiscal Court of Cologne held that the contri­bution of real estate by a single investor in such a fund vehicle does not trigger real estate transfer taxes if such fund is set up under the co-owner­ship principle. However, fiscal autho­rities have appealed and the Federal Tax Court, Germany´s highest tax court, will now have to decide.