Investors withdrew almost EUR 5.1 bn from Germany's open-ended property funds in October, according to figures released on Wednesday by investment and asset management body BVI. This resulted in net inflows into the funds of only EUR 500 mln over the first 10 months of 2008.
Investors withdrew almost EUR 5.1 bn from Germany's open-ended property funds in October, according to figures released on Wednesday by investment and asset management body BVI. This resulted in net inflows into the funds of only EUR 500 mln over the first 10 months of 2008.
BVI attributed the latest outflows to withdrawals at end-October by large investors and asset managers which have had to reduce their property holdings.
The temporary halt on redemptions announced by many open-ended funds in October means that approximately 38% of the nearly EUR 90 bn in total assets are currently frozen in these funds.
Earlier this week, DekaBank said it saw yields for its five open-ended funds ranging between 4% and 5% this year. It does not expect sizeable writedowns due to valuation being oriented towards sustainable strategies.
