GERMANY - Credit Suisse Asset Management (CSAM) will try to revive frozen open-ended real estate fund Euroreal.

Similar to the attempt made by SEB Asset Management earlier this month, the property KAG business of CSAM will be re-opening the €6bn fund for trading for one day on 21 May.

Originally launched in 1992, the Euroreal fund was frozen in May 2010 after the liquidity available for redemptions fell to 25%.

Should enough investors opt to stay in the fund it will be restructured to fit the new regulations for German open-ended real estate funds, which include minimum holding periods and redemption penalties.

From May 21, redemptions will no longer be possible daily but only once annually at the end of the business year in March.

If at the end of the trading day the filed requests for redemption exceed the liquidity in the fund, Euroreal will be dissolved to ensure the equal treatment of all investors, CSAM said.

Meanwhile, Invesco Real Estate announced another purchase for the iii-BVK Europa Immobilien Spezialfonds it is managing on behalf of the Bayerische Versorgungswerk (BVK) pension fund.

It acquired the shopping centre Barkaby 4:7 situated just outside of Stockholm for €65m from the Commerz Real.

Invesco targeted Sweden for further diversification of Spezialfonds' 21-asset portfolio worth €930m, having added properties in London, Prague and Spain among other locations to the fund last year.

The property offers a rental space of 22,799 sq m and major tenants among the 80 shop units include Media Markt, Mio, Jula, Chilli, Electrolux Home, EM and XL-ZOO.

In other news, German real estate company IVG's The Squaire development project above the long-distance train station at Frankfurt Airport was awarded a LEED gold certificate in the category ‘Core and Shell Development'.

IVG said The Squaire "won most points for its excellent connection to local public transport and the railway network, its favourable location, its high water efficiency and its energy concept".