German real estate funds are liquidating
Investor's who have held investments in the fund since its establishment, will then benefit from a performance of around 39 percent, despite the liquidation of the fund.
The individual properties that have now been sold include: Boulevard 1350-1360 René-Lévesque Ouest in Montreal, Canada (see photo on the left), has been bought in trust for two institutional investors by GWL Reality Advisers Inc., a 100 percent daughter of The Great-West Life Assurance Company.
The result: all those who have hoped Germany would encourage accounting fraud with the same zeal that the US has, are now panicking and attempting to bail out of the abovementioned real estate funds.
Which in turn prompted these funds to shutter redemptions as they are likely leveraged thru the gills and have no cash to disburse.
Nordcapital is thus able to guarantee professional asset management over the entire lifetime of the funds.
Since it was established in 1992 Nordcapital has been responsible for a total investment volume of some €6.8 billion.
Its experienced investment teams have in-depth market expertise, enabling them to take a view on future developments, and access to relevant market participants.SEB Asset Management AG closed its Immo Invest fund and Kan Am Grund KAG closed Grundinvest Fonds after German Finance Minister Wolfgang Schaeuble released a draft bill May 3 that proposed to introduce a 10 percent cut in asset values.The writedown plan triggered “massive uncertainty among investors” and significant outflows, Frankfurt-based SEB said in a statement, without giving the scale of the redemptions.Kan Am said it was “compelled” to halt redemptions in response to “fears of losses among investors and asset managers, resulting in those parties liquidating portfolios as a precaution.” Susanne Ludwig, a spokeswoman for the Munich-based asset manager, said outflows since May 3 totaled “hundreds of millions of euros.” Basically what happened is that in Germany, where it appears assets are just as mismarked as in the US, the administration is finally realizing that by perpetuating accounting fraud the final result can only be catastrophic.So instead the country has decided to take marginal mark downs (10% is about 20% of what the full write downs will end up being).
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RAIFs are unregulated investment vehicles that are available to inter alia real estate investments.