German real estate funds are liquidating
They enjoyed inflows of €42.3bn and the net asset volume rose by about 4% to a new high of €813bn.
KAGB The draft law intended to implement the directive contains a completely new, and in large part, completely rewritten KAGB, the capital investment law.Unlike private individuals, institutional investors are not simply able to sit on their assets; despite the financial market turbulence - or, the sovereign debt crisis - and the resulting uncertainties, steady inflows are likely to continue.Unfortunately, the implementation of the AIFM directive into national law is imminent, resulting in new regulation that could make conducting business more difficult.The study covers the past four and a half years, since when ten German real estate companies terminated a total of 18 open-ended real estate funds with a property value of €33bn, or more than a third of the entire amount held in open-ended funds at the time.The Frankfurt-headquartered real estate fund manager Kan Am Grund REAM has just published the third annual edition of its open-ended funds study, entitled "Liquidation of open-end real estate funds from the point of view of the investor", and it makes for gripping reading for those of us who follow the sector closely.As of December 31st 2016, the fund has sold 95% of its real estate and is now effectively a cash box with some remaining real estate exposure.
So let’s focus on what has changed since Ben wrote his post: The biggest buffer against this are the provisions, which should cover anything related with regard to taxes and guarantees etc.
Cordea Savills is an experienced property investment manager with a global reach.
They will continue the wind down and liquidation of the open-ended real estate mutual funds, amongst them SEB Immo Invest.''The transaction has insignificant impact on SEB's profit and capital ratios, subject to any goodwill allocation.
Leading the field is Kan Am itself which has realised €3.9bn.
The largest amounts still outstanding are concentrated on three funds – SEB Immoinvest (4.3bn), CS Euroreal from Credit Suisse (€2.3bn) and Kan Am grundinvest (€2.03bn).
As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services.