The Ice Age in open real estate fund is only slowly to the end: Still seven out of twelve since last autumn frozen funds are currently closed. So investors are not at their money, because the return of fund shares remain suspended - probably until the autumn. Last week, the provider Morgan Stanley Real Estate also has a little positive news out: The open-ended real estate "P2 value is according to initial assessments by independent experts before" significant devaluations. " Even new investors could no longer exist in the current 1.7 billion euro fund once owned heavy.
The closures were necessary because in October, primarily because major institutional investors in the financial crisis and needed money urgently panic billions from the open real estate to deduct wanted. Since the fund the bulk of the money tied into real estate, was not enough liquidity. The fund wanted to from the real estate portfolio, in view of falling prices in many markets, but not with loss of short selling. Therefore, many providers of the investment law, the possibility to fund for three months to one year, even necessary, for up to two years to conclude. At the top were thus based assets of some 30 billion euros is blocked, this is a good third of all funds collected in the industry.
For each Fund SEB Asset Management, the Degi, the KanAm or Credit Suisse ( "Euro Real"), the liquidity situation has significantly relaxed the fund can be sold again. We have, thanks to new investors' money, current rents and new lines of credit over a billion euro cash reserves, which were 20 percent of total fund assets, was about the German bank-independent real estate company KanAm funds for their "base investment" known. Moreover, investors would have two thirds of its sales contracts now canceled again.
Other funds remain closed. If you urgently need to be money, it can, however, the papers on the stock market hit, but with discounts. For example, while a withdrawal Axa current price of 59.59 euros for the "Immoselect" calculated to be on the Frankfurt Stock Exchange paid 57.80 euros. Something drastic is the situation with the devaluation of the threatened "P2 Value" from: Morgan Stanley estimates the redemption price (July 21) to 53.73 euros, while buyers in the stock markets only 45 to 46 euros for the paper wanted to pay -- This is a discount of about 14 percent. The German real estate subsidiary of Morgan Stanley wanted to not comment on Wednesday.
Investors now fear that they could be similar losses imminent. But the Federal Asset Management calmed BVI: The fledgling "P2 value had a significantly different profile than other investment funds, said BVI spokesman Frank Bock. He was mainly invested in Asia. According to BVI, however, on average, 80 percent of all the open real estate funds in Europe.
Barbara Knoflach, CEO of SEB Asset Management, provides for their open real estate "no sign of extraordinary value adjustments". The SEB "ImmoInvest" is currently 146 properties in 18 countries invested, the stock was so well-diversified. Moreover, between October 2008 and June 2009 a total of 119 of the 146 properties from independent expert determination. The annual returns of the Fund of 4.5 percent shows that a devaluation was not necessary.
Even the Federation of Real Estate Investment Expert expects the industry as a whole tend not to wave with a devaluation. Admittedly, the prices on some markets, such as in Spain or the United States, a high level of caved. In the Fund's portfolio, which regularly by independent experts to examine, whether the property already, but always very conservatively rated. Total losses threatened only if the economy continues gloomier, says the association.
A look at the performance show: Even in the financial crisis, all the funds with one exception, the euro ImmoProfil "consistently in the green area. Year-on-year (June 30) is the increase in euro-listed real estate funds, according to BVI, on average, at 3.8 percent. The year before the funds were on average 5.2 per cent one. The best result on a five-year view of the generated "Grundbesitz Europe" of the investment company RREEF, Deutsche Bank.