By Florian Neuhof
Not all is well with open-ended property funds in Germany. In recent months, three big funds with a market value of about €9 billion, or 10% of the total volume of German open-ended funds, closed in an effort to prevent a stampede of investors redeeming their shares.
The largest fund, Deutsche Bank Real Estate’s Grundbesitz-Invest, worth €5.9 billion, was closed after it was announced that the fund was to be revalued. The other two, both KanAm funds that were previously performing well, closed after local property rating agencies switched their recommendation from hold to sell.
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