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Urbana","movilidad-urbana",{"code":23},{"id":1447,"status":1448,"segmentId":25,"slug":1449,"title":1450,"editorsPick":1451,"topImage":1452,"coverImage":1453,"slideImage":8,"publishDate":1454,"readTime":115,"maxRelatedEvents":5,"image":8,"imageCredit":1455,"imageCreditColor":1456,"breakNewsUntil":1457,"seoTagConversionId":8,"seoTag":8,"seoTitle":8,"seoKeywords":8,"seoDescription":8,"seoAbstract":8,"seoImage":8,"visitCounter":1458,"createdAt":1459,"updatedAt":1460,"translations":1461,"segment":1476,"categories":1484,"countries":1557,"authors":1561,"urls":1566},3749,"TRUE","learning-by-losing-bridging-the-valuation-gap-german-real-estate-rebalance-deutsche-gri-2026-c-circle","Learning by Losing: Bridging the valuation gap amid German real estate rebalance",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002F00_DE26_C_Circle_Hub_GRI_Slider_2026_5_06_13_16_13_1778084173.webp","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002F00_DE26_C_Circle_Hub_GRI_Cover_2026_5_06_13_16_13_1778084173.webp","2026-05-06T00:00:00.000Z","GRI Institute","#FFFFFF","2026-05-13T00:00:00.000Z",697,"2026-05-06T13:16:13.000Z","2026-05-12T18:40:19.000Z",[1462],{"id":1463,"newsId":1447,"languageId":47,"title":1464,"subtitle":1465,"content":1466,"summary":1467,"takeaways":1468,"seoTagConversionId":8,"seoTag":8,"seoTitle":1469,"seoKeywords":1470,"seoDescription":1471,"seoAbstract":8,"seoImage":1472,"createdAt":1473,"updatedAt":1474,"language":1475},4432,"Learning by Losing: Bridging the valuation gap amid Germany’s real estate rebalance","In-depth C-Circle insights from Deutsche GRI 2026 on navigating structural office shifts, activist investment strategies, and the push for price discovery","\u003Ch2>Stagnant Growth and Sticky Spreads\u003C\u002Fh2>\r\nThe foundation of the current market inertia is intrinsically linked to broad macroeconomic challenges. A pervasive economic stagnation currently afflicts Germany, alongside much of Europe, with nations such as the UK and France navigating similar hurdles. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nWithin the real estate sector, this stagnation is most visibly manifested as a persistent gap between buyer and seller expectations. A significant bid-ask spread heavily dominates the landscape, with neither side presently experiencing adequate pressure to compromise.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nThe \u003Ca href=\"https:\u002F\u002Fnews.griinstitute.org\u002Fen\u002Freal-estate\u002Fgerman-real-estate-asset-class-outlook-exclusive-gri-report\" target=\"_blank\">\u003Cstrong>past context of the German market\u003C\u002Fstrong>\u003C\u002Fa> further complicates the path to recovery, with property rents historically remaining slightly lower than those found in comparable European markets. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nBecause local rents were already situated closer to the bottom, there has simply been far less capacity for rental prices to drop drastically enough to attract value-add capital and artificially restart market momentum.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nFurthermore, the German valuation system is widely perceived as decoupled from the immediate realities of international capital markets. This structural disparity often results in a 10% to 25% pricing gap when directly compared to stringent IFRS accounting standards. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nThis fundamental mismatch actively prevents foreign capital, which strictly demands transparent and globally aligned pricing, from confidently executing transactions in the current environment.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cimg alt=\"\" src=\"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Ffiles\u002F01_DE26_C_Circle_Hub_GRI_Body_2026_5_06_16_42_57_1778085777.webp\" style=\"width:100%\" \u002F>\r\n\u003Cdiv style=\"text-align:center\">\u003Cspan style=\"font-size:12px\">Top German industry players gathered at the Dentons office in Frankfurt to analyse the path forward with optimistic global funds on one side and pessimistic local capital on the other. (\u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan>)\u003C\u002Fspan>\u003C\u002Fdiv>\r\n\r\n\u003Ch2>Domestic Doubt and International Interest\u003C\u002Fh2>\r\nA \u003Ca href=\"https:\u002F\u002Fnews.griinstitute.org\u002Fen\u002Freal-estate\u002Finternational-optimism-meets-german-structural-reality-retreat-survey-analysis\" target=\"_blank\">\u003Cstrong>striking divergence in market perception\u003C\u002Fstrong>\u003C\u002Fa> exists between domestic professionals and international players evaluating German assets. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nDomestic investors are frequently characterised by a prevailing focus on political dissatisfaction and internal complaints. This localised pessimism risks becoming a dangerous self-fulfilling prophecy, dragging down overall market sentiment further than is fundamentally justified.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nConversely, international capital views Germany through a significantly more optimistic lens as foreign investors continue to recognise the country as an undisputed economic powerhouse, highlighting a resilient economic backbone that has managed to remain relatively flat despite facing severe energy shocks and deindustrialisation pressures. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nMassive government deficit spending programmes are only just beginning to take effect, which is anticipated to further stimulate the economy. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nCrucially, international observers are attracted to Germany's strong real estate fundamentals, pointing directly to a highly positive supply-demand imbalance. Across multiple core sectors, \u003Ca href=\"https:\u002F\u002Fnews.griinstitute.org\u002Fen\u002Freal-estate\u002Fgermany-beds-ecosystem-hospitality-and-residential-real-estate-repositioning-insights\" target=\"_blank\">\u003Cstrong>including residential\u003C\u002Fstrong>\u003C\u002Fa>, the robust demand for quality assets significantly outpaces the restricted supply, presenting a compelling long-term investment case.\r\n\r\n\u003Ch2>Sovereign Stress and Macro Scenarios\u003C\u002Fh2>\r\nThe real estate sector currently operates within the overarching narrative of the Western world's \u003Ca href=\"https:\u002F\u002Fnews.griinstitute.org\u002Fen\u002Freal-estate\u002Fthe-new-paradigm-of-real-estate-debt-in-europe\" target=\"_blank\">\u003Cstrong>sovereign debt crisis\u003C\u002Fstrong>\u003C\u002Fa>. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nWith the potential exception of Germany, almost every Western nation is burdened with excessive governmental debt. The only viable pathway for countries to manage these immense debt levels is through a calculated combination of heightened inflation and artificially reduced interest rates.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nThis macroeconomic restructuring could generate profound implications for global capital flows. A substantial devaluation of the USD is highly probable, a move that would naturally make European assets much more attractive to incoming US buyers. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nCurrent cost and wage disparities are stark; for instance, a delivery driver in the US earns an average of around EUR 150,000 (USD 180,000) annually, compared to just EUR 60,000 (~USD 70,000) in Germany. Similarly, basic commodities, such as a kilogram of oats, command in the region of EUR 9.40 (USD 11) in the US versus roughly EUR 1 (~USD 1.17) in Germany.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nAlternatively, a far less optimistic scenario involves a "Japanification" model, in which a flat population and a persistent lack of fundamental economic growth could lead to decades of economic stagnation across Europe, mirroring Japan's historical trajectory.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fevent\u002Fgri-chairmens-retreat-2027-europe-edition_5457?utm_source=hub&utm_medium=organic&utm_campaign=cta\" target=\"_blank\">\u003Cimg alt=\"\" src=\"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Ffiles\u002F02_DE26_C_Circle_Hub_GRI_Body_2026_5_06_16_42_57_1778085777.webp\" style=\"width:100%\" \u002F>\u003C\u002Fa>\r\n\r\n\u003Cdiv style=\"text-align:center\">\u003Cspan style=\"font-size:12px\">Beyond \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fevent\u002Feurope-gri-2026_5247?utm_source=hub&utm_medium=organic&utm_campaign=cta\" target=\"_blank\">Europe GRI 2026\u003C\u002Fa>, we’re already looking towards the 2027 cycle, when the C-Circle will gather again for the annual \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fevent\u002Fgri-chairmens-retreat-2027-europe-edition_5457?utm_source=hub&utm_medium=organic&utm_campaign=cta\" target=\"_blank\">Chairmen’s Retreat Europe\u003C\u002Fa> in St Moritz. (\u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan>)\u003C\u002Fspan>\u003C\u002Fdiv>\r\n\r\n\u003Ch2>Structural Shifts and Cash Flow Demand\u003C\u002Fh2>\r\nMoving beyond macroeconomics, the German real estate industry is undergoing permanent structural changes that have rendered many legacy business models obsolete.\r\n\r\n\u003Cul>\r\n\t\u003Cli>\u003Cstrong>Office Threats:\u003C\u002Fstrong> \u003Ca href=\"https:\u002F\u002Fnews.griinstitute.org\u002Fen\u002Freal-estate\u002Fgermany-s-commercial-real-estate-market-adapts-to-new-dynamics\" target=\"_blank\">\u003Cstrong>The traditional office market\u003C\u002Fstrong>\u003C\u002Fa> is currently facing a severe demand shock. The rapid acceleration of artificial intelligence (AI), combined with entrenched work-from-home habits, have placed standard assets under immense threat.\u003C\u002Fli>\r\n\t\u003Cli>\u003Cstrong>Capital Rotation:\u003C\u002Fstrong> In direct response, institutional capital is rotating aggressively away from offices and reallocating toward residential, retail, and lifestyle-oriented asset classes.\u003C\u002Fli>\r\n\t\u003Cli>\u003Cstrong>Prioritising Cash Flow:\u003C\u002Fstrong> Investors are increasingly prioritising secure, cash-flowing properties, such as modern supermarkets, which offer strong dividend yields. This consistent income provides vital independence from the precarious timing of market exits.\u003C\u002Fli>\r\n\t\u003Cli>\u003Cstrong>Activist Investing:\u003C\u002Fstrong> The golden era of passive property investment - simply buying a stable asset and waiting for the broader market to lift its value - is definitively over. Success now strictly requires "activist" investors who actively create value through operational excellence and targeted, individual business plans.\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\r\n\u003Ch2>Capital Constraints and Core Chasm\u003C\u002Fh2>\r\nWhen explicitly comparing today's environment to the 2008 global financial crisis (GFC), stark differences in liquidity management emerge. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nDuring the previous crisis, loan-to-value (LTV) ratios were dangerously high, frequently hitting 90%. Today, systemic lending is far more conservative, typically hovering around a safer 60% to 65%. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nBecause equity investors maintain tangible skin in the game, \u003Ca href=\"https:\u002F\u002Fnews.griinstitute.org\u002Fen\u002Freal-estate\u002Fgermanys-real-estate-lending-inertia-amid-amend-and-extend-strategy\" target=\"_blank\">\u003Cstrong>banks are more inclined to extend loan terms\u003C\u002Fstrong>\u003C\u002Fa> rather than force immediate foreclosures. Consequently, the desperate forced sales that artificially reset market pricing in 2008 are largely absent. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nHistorically, German development financing was executed at 75% to 85% loan-to-cost (LTC), making older structures highly fragile during market downturns.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nFurthermore, the market is completely \u003Ca href=\"https:\u002F\u002Fnews.griinstitute.org\u002Fen\u002Freal-estate\u002Fis-core-dead-unpacking-the-future-of-german-residential-investment\" target=\"_blank\">\u003Cstrong>starving for traditional core buyers\u003C\u002Fstrong>\u003C\u002Fa>. Large entities, such as multinational insurance companies and massive open-ended funds, are effectively sidelined. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nThe rapid devaluation of their vast bond portfolios automatically pushed the relative weighting of their illiquid real estate holdings far above strict internal allocation limits. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nUntil these institutions successfully digest their current portfolios and rebalance allocations, a vital source of market liquidity remains entirely blocked. When this capital does return, foreign investors are now routinely demanding internal rates of return (IRR) exceeding 15%.\r\n\u003Ch2>Learning by Losing?\u003C\u002Fh2>\r\nAI is rapidly transforming how debt markets operate, with bank risk assessments already increasingly automated by sophisticated algorithms rather than human underwriters. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nThis technological shift places immense new pressures on real estate operators to provide impeccably high-quality data and operational excellence. Firms that fail to complete their fundamental operational homework will simply fail to secure necessary financing.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nUltimately, the German sector cannot authentically restart without a collective acceptance of financial reality. The industry must collectively embrace the difficult concept of learning by losing. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nGenuine market clearing will only commence when stubborn vendors, heavily exposed banks, and sidelined institutions finally agree to take the necessary write-offs, absorb their historic losses, and adjust their pricing to levels that accurately reflect the new structural paradigm.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Ca href=\"https:\u002F\u002Fnews.griinstitute.org\u002Fen\u002Freal-estate\u002Fthe-great-german-real-estate-reset-deutsche-gri-2026-spotlight-report\" target=\"_blank\">\u003Cstrong>► Read the full Deutsche GRI 2026 Spotlight report here\u003C\u002Fstrong>\u003C\u002Fa>\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fevent\u002Feurope-gri-2026_5247?utm_source=hub&utm_medium=organic&utm_campaign=cta\" target=\"_blank\">\u003Cstrong>► Stay in the loop by joining us at Europe GRI 2026 on 9th-10th September\u003C\u002Fstrong>\u003C\u002Fa>\u003Cbr \u002F>\r\n \r\n\u003Chr \u002F>\u003Cbr \u002F>\r\n\u003Cem>\u003Cstrong>These insights were shared during the \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fevent\u002Fgermanys-c-circle-gathering_5431\" target=\"_blank\">Deutsche GRI 2026 C-Circle Gathering\u003C\u002Fa>, co-hosted by \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fdentons-germany_10278\" target=\"_blank\">Dentons\u003C\u002Fa>, featuring contributions from moderator \u003Cspan class=\"data-profile-link\" data-id=\"19398\">Volker Mergener\u003C\u002Fspan> (\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fdentons-germany_10278\" target=\"_blank\">Dentons\u003C\u002Fa>), as well as \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fmember-profile\u002Feurope\u002Fbernd-haggenmuller_25788\" target=\"_blank\">Bernd Haggenmüller\u003C\u002Fa> (\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fardian-germany_12346\" target=\"_blank\">Ardian\u003C\u002Fa>), \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fmember-profile\u002Feurope\u002Fdirk-brandes_6405\" target=\"_blank\">\u003Cspan class=\"data-profile-link\" data-id=\"6405\">Dirk Brandes\u003C\u002Fspan>\u003C\u002Fa> (\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fnatixis-pfandbriefbank-ag-germany_801\" target=\"_blank\">Natixis\u003C\u002Fa>), \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fmember-profile\u002Feurope\u002Fsimon-lutz_49280\" target=\"_blank\">\u003Cspan class=\"data-profile-link\" data-id=\"49280\">Simon Lutz\u003C\u002Fspan>\u003C\u002Fa> (\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fpeakside-capital-headquarters_5543\" target=\"_blank\">\u003Cspan class=\"company-profile-link\" data-id=\"2529\">\u003Cspan class=\"company-profile-link\" data-id=\"16549\">Peakside Capital\u003C\u002Fspan>\u003C\u002Fspan>)\u003C\u002Fa>, \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fmember-profile\u002Feurope\u002Fstefan-zimmermann_6289\" target=\"_blank\">\u003Cspan class=\"data-profile-link\" data-id=\"6289\">Stefan Zimmermann\u003C\u002Fspan>\u003C\u002Fa> (\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002F4-friends-investment-gmbh_4036\" target=\"_blank\">4 Friends Investment\u003C\u002Fa>), and \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fmember-profile\u002Feurope\u002Fulrich-von-creytz_43706\" target=\"_blank\">\u003Cspan class=\"data-profile-link\" data-id=\"43706\">Ulrich von Creytz\u003C\u002Fspan>\u003C\u002Fa> (\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fdws-group_9263\" target=\"_blank\">DWS\u003C\u002Fa>).\u003C\u002Fstrong>\u003C\u002Fem>","The German real estate market is currently navigating a period of profound stagnation, as a persistent bid-ask spread and broad economic headwinds keep transaction volumes exceptionally subdued. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nSenior market leaders convened for the \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fgatherings?region=2\" target=\"_blank\">\u003Cstrong>Deutsche GRI 2026 C-Circle Gathering\u003C\u002Fstrong>\u003C\u002Fa>, co-hosted by \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fdentons-germany_10278\" target=\"_blank\">\u003Cstrong>Dentons\u003C\u002Fstrong>\u003C\u002Fa> at their offices in Frankfurt, to dissect this inertia, contrasting a localised domestic pessimism with the continued optimism of international investors who remain focused on the country’s resilient economic backbone and structural supply-demand imbalances.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nAs we look toward \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fevent\u002Feurope-gri-2026_5247?utm_source=hub&utm_medium=organic&utm_campaign=cta\">\u003Cstrong>Europe GRI 2026 Summer Edition\u003C\u002Fstrong>\u003C\u002Fa> on 9th-10th September in Paris, the industry continues to weigh whether a recovery requires a collective acceptance of write-offs - "learning by losing" - to finally bridge the gap to price parity and restore market liquidity.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Ca href=\"https:\u002F\u002Fnews.griinstitute.org\u002Fen\u002Freal-estate\u002Fthe-great-german-real-estate-reset-deutsche-gri-2026-spotlight-report\" target=\"_blank\">\u003Cstrong>► Read the full Deutsche GRI 2026 Spotlight report here\u003C\u002Fstrong>\u003C\u002Fa>","\u003Cul>\r\n\t\u003Cli>International investors maintain a bullish outlook on Germany's core fundamentals and supply-demand imbalances, starkly contrasting with the political pessimism currently stalling domestic players.\u003C\u002Fli>\r\n\t\u003Cli>Market liquidity will remain frozen until participants bridge the 10% to 25% valuation disconnect and accept the "learning by losing" inherent in necessary write-offs.\u003C\u002Fli>\r\n\t\u003Cli>The era of passive beta is over, forcing a pivot toward "activist" management of cash-flowing assets, such as residential and retail, to counter structural shocks in the office sector.\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n","Learning by losing in Germany - Deutsche GRI 2026 Spotlight","gri institute, gri, real estate, deutsche, deutsche gri, germany, europe, investment, liquidity, price discovery, office, residential, retail, hospitality, logistics, valuation, core, debt, inflation, gfc, interest rates, internal rate of return, ai, data","In-depth C-Circle insights from Deutsche GRI 2026 on navigating structural office shifts, activist investment strategies, and the push for price discovery in our new report.","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002F00_DE26_C_Circle_Hub_GRI_Social_2026_5_06_13_42_10_1778085730.jpg","2026-05-06T13:16:24.000Z","2026-05-12T18:40:02.000Z",{"code":13},{"id":25,"color":27,"translations":1477},[1478,1480,1482],{"title":26,"slug":30,"language":1479},{"code":13},{"title":37,"slug":38,"language":1481},{"code":18},{"title":33,"slug":34,"language":1483},{"code":23},[1485,1493,1501,1509,1517,1525,1533,1541,1549],{"id":47,"label":1297,"translations":1486},[1487,1489,1491],{"label":1297,"slug":1308,"language":1488},{"code":13},{"label":1311,"slug":1312,"language":1490},{"code":18},{"label":1315,"slug":1316,"language":1492},{"code":23},{"id":25,"label":1275,"translations":1494},[1495,1497,1499],{"label":1275,"slug":1286,"language":1496},{"code":13},{"label":1289,"slug":1290,"language":1498},{"code":18},{"label":1293,"slug":1294,"language":1500},{"code":23},{"id":5,"label":1319,"translations":1502},[1503,1505,1507],{"label":1319,"slug":1330,"language":1504},{"code":13},{"label":1319,"slug":1330,"language":1506},{"code":18},{"label":1319,"slug":1330,"language":1508},{"code":23},{"id":49,"label":1209,"translations":1510},[1511,1513,1515],{"label":1209,"slug":1220,"language":1512},{"code":13},{"label":1223,"slug":1224,"language":1514},{"code":18},{"label":1227,"slug":1228,"language":1516},{"code":23},{"id":85,"label":1187,"translations":1518},[1519,1521,1523],{"label":1187,"slug":1198,"language":1520},{"code":13},{"label":1201,"slug":1202,"language":1522},{"code":18},{"label":1205,"slug":1206,"language":1524},{"code":23},{"id":65,"label":1231,"translations":1526},[1527,1529,1531],{"label":1231,"slug":1242,"language":1528},{"code":13},{"label":1245,"slug":1246,"language":1530},{"code":18},{"label":1249,"slug":1250,"language":1532},{"code":23},{"id":81,"label":1359,"translations":1534},[1535,1537,1539],{"label":1359,"slug":1370,"language":1536},{"code":13},{"label":1373,"slug":1374,"language":1538},{"code":18},{"label":1377,"slug":1378,"language":1540},{"code":23},{"id":97,"label":1029,"translations":1542},[1543,1545,1547],{"label":1029,"slug":1040,"language":1544},{"code":13},{"label":1043,"slug":1044,"language":1546},{"code":18},{"label":1047,"slug":1048,"language":1548},{"code":23},{"id":93,"label":1253,"translations":1550},[1551,1553,1555],{"label":1253,"slug":1264,"language":1552},{"code":13},{"label":1267,"slug":1268,"language":1554},{"code":18},{"label":1271,"slug":1272,"language":1556},{"code":23},[1558],{"name":356,"enName":356,"ptName":1559,"iso2":1560},"Alemanha","DE",[1562],{"name":1563,"slug":1564,"image":1565,"order":115},"Rory 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