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Client funds on hold


Bürogebäude der Kanam Grundinvest in Paris: Die Fondsgesellschaft friert Gelder in Höhe von vier Mrd. Euro ein.

Office building of the basic Kanam Invest in Paris: the fund company freezes funds in the amount of four billion euros.

BERLIN / DÜSSELDORF. The sector of open real estate does not come to rest. For vortex yesterday saw the message that the reason Kanam Invest Fund, the redemption of its fund units for first three months and again suspends investors’ money by four billion euros puts on ice. Overall, the sum of the frozen nest egg will rise to over 13 billion euros. Since the fall of 2008, investors from six other fund its shares no longer make money.

The reason for the renewed closure of the fund – Kanam had already suspended between October 2008 and July 2009, the share redemption – whether cash used in hundreds of millions, "said a spokesman for the Handelsblatt. The reason for this is the uncertainty of investors by the beginning of this week became known discussion draft of the Federal Government to amend the Investment Act. In the report the officials from the Federal Ministry of Finance to introduce a minimum period of 24 months and also notice periods of between six and 24 months for all investors. Moreover, fund companies should make in the calculation of net asset value, a standard deduction of ten percent to the calculated values of real estate experts.

Since the proposals have become known, are the outflows at Kanam funds increased significantly, "said the spokesman. Nevertheless, the current statistics to the end of February for the reason Invest Kanam already outflows of almost 80 million euros.

Whether the bill is the sole or even the decisive reason for the imbalance in the new fund can thus say. Market sources said since Monday actually draw more money from fund of funds mainly from real estate funds. The giants give Union Investment, however, it "is currently not Mittelabblüsse," a spokesman told Handelsblatt on the edge of real estate conference in Berlin.

There, it hails criticism of the proposals: "The draft is in many respects so bad that the implementation is not feasible," said Andreas Quint, Germany-Chief of the Immobiliendienstleitsters Jones Lang Lasalle. Are left, therefore, Reinhard Kutscher, Chairman of the Board of Union Investment Real Estate and Chairman of the Committee in the real estate industry association BVI, "I would almost put my hand into the fire for that ten percent of the haircut is not law." Many in the industry see the haircut as a "bargaining chip" in dispute over minimum holding period and notice periods.