KanAm has taken a step closer to liquidating its grundinvest Fonds after agreeing the sale of Atrium Business Park in Luxembourg to Deka Immobilien.
The selling price for the 54,000 m2 asset was not revealed, but KanAm listed the property under its largest three assets in a factsheet at the end of October with a market value of €106 mln.
KanAm still has another three properties in Luxembourg to dispose of, but said their eventual disposal would bring the sales quota of KanAm grundinvest Fonds to 90% in terms of real estate assets, with just eight properties remaining to be sold. Sales negotiations are at an advanced stage for another four properties.
The liquidation and payout of KanAm grundinvest Fonds was initiated on 29 February 2012. More than €4.4 bn will have been paid back by the time the fund's discretionary mandate is transferred to the M.M.Warburg & Co KGaA custodian bank at the end of the year.
As recently as October, the fund paid about €720 mln (or €10 per share) to its investors in the largest individual payout to date. KanAm said that investors who have held shares for around 11 years would benefit from an 8% yield. Those who had invested in the fund since its establishment would benefit from a performance of around 38%, despite the liquidation of the fund.
In 2016 alone, KanAm has realised more than €1 bn of sales, and some €5 bn since the liquidation process began.
