Axa Immoselect, Axa Investment Managers' open-ended property fund that invests across Europe, has lifted its ban on redemptions imposed last October to stave off a liquidity crisis. From Friday, it will take back participation certificates from investors, allowing them to withdraw from the fund.

Axa Immoselect, Axa Investment Managers' open-ended property fund that invests across Europe, has lifted its ban on redemptions imposed last October to stave off a liquidity crisis. From Friday, it will take back participation certificates from investors, allowing them to withdraw from the fund.

The fund had a net liquidity of 17% on Thursday, while free liquidity amounted to EUR 627 mln.

AXA Immoselect's reopening comes at a time when other German open-ended funds, which also recently lifted their withdrawal bans, are reporting massive capital outflows. CS Euroreal, which reopened at the end of June, saw net outflows of EUR 779 mln in July alone, according to fund industry body BVI.
KanAm Grundinvest, which reopened on 8 July, registered net outflows of EUR 422 mln last month, while SEB ImmoInvest has seen around EUR 301 mln flow out since reopening at the end of May.

The BVI reported on Wednesday that Germany's open-ended property funds registered average outflows of just over EUR 400 mln in July.

Click on the link below to read: German funds see EUR 400m outflows in July