Germany's open-ended property investment funds raised a total of EUR 100 mln in new equity in April, down from the EUR 500 mln inflows seen in March and the EUR 1 bn booked in February, according to the latest figures from fund industry body BVI.
Germany's open-ended property investment funds raised a total of EUR 100 mln in new equity in April, down from the EUR 500 mln inflows seen in March and the EUR 1 bn booked in February, according to the latest figures from fund industry body BVI.
The declines over the last two months follow a strong first quarter - the strongest in seven years - in which the open-ended funds booked a net EUR 3.2 bn in net inflows. Including the EUR 500 mln invested by insurers and pension funds in specialist property funds, the quarterly figure is even higher, at EUR 3.7 bn. When measured over the first four months of the year, open-ended property funds posted net capital inflows of EUR 3.3 bn, the second-biggest figure after mixed funds which saw inflows of EUR 7.8 bn.
The open-ended funds had total assets of EUR 89.9 bn at end-March. This excludes the EUR 29 bn managed by specialist property funds for institutional investors.
A number of open-ended funds have recently suspended redemptions in a bid to stem outflows by worried investors following proposed government changes to the open-ended fund system. They include AXA IM's Immosolutions fund, Credit Suisse's CS Euroreal fund, Morgan Stanley's P2 fund. KanAm and SEB also suspended redemptions last month.
