German fund manager Kanam said its Grundinvest fund paid out a tax-free dividend of EUR 1.25 and posted a 1.1% increase in value over the financial year ended 30 June 2010.

German fund manager Kanam said its Grundinvest fund paid out a tax-free dividend of EUR 1.25 and posted a 1.1% increase in value over the financial year ended 30 June 2010.

The fund's underlying properties are almost fully leased, with around 40% of contracts running until at least 2019, providing the fund with regular, stable inflows. Kanam Grundinvest invests in prime properties in top locations in Europe and the US.

Kanam said at end-September it was winding down its US-grundinvest fund in response to demands from a majority of unit holders in Germany's only dollar-denominated open-ended fund. Investors in the fund will be paid out $250 mln (EUR 184 mln) by the end of the year.