German open-ended property funds (GOEFs) recorded close to EUR 698 mln in net inflows in May, up from the EUR 556 mln booked in April and a sharp increase on the EUR 128.6 mln registered in the same month a year ago, according to new statistics from investment fund body BVI.
German open-ended property funds (GOEFs) recorded close to EUR 698 mln in net inflows in May, up from the EUR 556 mln booked in April and a sharp increase on the EUR 128.6 mln registered in the same month a year ago, according to new statistics from investment fund body BVI.
Average net inflows over the five months to end-May amounted to EUR 2.3 bn, compared with EUR 3.7 bn over the year-earlier period, the BVI figures show.
The higher inflows in May reflect investors' growing confidence in the funds, which imposed a a mass lockdown on redemptions in October last year to stem outflows. In a report last week, property adviser CBRE said it expected German open-ended funds to turn the corner earlier than expected following a number of 'favourable developments'. These included the early reopening of SEB's ImmoInvest fund and strong inflows into the funds in recent months.
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