Sweden's SEB re-opens German property fund to redemptions

SEB Asset Management, the Frankfurt-based funds manager of the Swedish banking group, has lifted suspension of redemptions on its SEB ImmoInvest open-ended real estate fund, re-opening to capital withdrawals after nearly eight months of closure following the run on it and other funds last October. The move is being watched carefully by other open-end property funds in Germany to see whether the trend of capital inflows since the start of this year into the community - which has around e85bn under management - shows that the mood has swung to a generally positive sentiment. Credit Suisse is widely expected to follow suit with its CS Euroreal property OEF, and possibly also the AXA insurance group, and others.

The Frankfurt investment manager is also launching the first real estate fund of funds for private investors in Sweden.