German asset manager KanAM has slated a record €720 mln distribution for October.
KanAm's open-ended grundinvest fund, currently under liquidation, will net shareholders around €10 per stock in the October payout following this summer's raft of sales.
Some 80% of the assets in the fund have now been sold, raising €5 bn for the fund. Over €1 bn has been achieved in the last two months alone - the highest-ever sales volume in the history of open-ended funds being liquidated.
The sale of the Alpha portfolio to Amundi in July, which has just completed, plays a substantial role in the next dividend, KanAm said. The share price of the fund has now increased by six cents to €28.87.
The payout of €10 per share is the 10th dividend in the life of the fund, bringing dividend earnings to over €2 bn since the termination of the management mandate commenced. Along with the repayment of the fund's entire debt, around €2.4 bn, some €4.4 bn has been liquidated to date.
Other sales this summer included a retail asset in Riga and Tour Europe in Paris La Défense, with further divestments planned for Q4.
In line with German regulations, the fund management will be handed over to the custodian M.M. Warburg & CO in Hamburg by the end of this year.
