PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Two more German open end property funds close on Berlin proposals
The German federal government's proposed changes to the Investment Law which, among other things, proposes an across-the-board valuation discount on open-end real estate funds, has sparked a run on redemptions, and two fund managers - the Frankfurt-based SEB Immobilien and the Munich-based Kanam - closed their funds to redemptions due to sudden heavy withdrawals. SEB said in a statement: "Despite its excellent product quality, SEB ImmoInvest is experiencing a significant rise in unit redemptions across all customer segments. The pattern .. shows that large investors who are aware of the discussion draft are again reacting more quickly than others." (See upcoming PIE Editions for full story)