Free Trial
Sign up now for a free 60-day trial of Property Investor Europe.
Next Issue Monday
13 September 2010
Featured Events
- CoreNet Global Summit
27-29 September 2010
London, UK
- Commercial Real Estate Finance Council Europe
25-26 October
London, UK
- MAPIC 2010
17-18-19 November 2010
Cannes, France
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)