Eres : Digital Library : Works

Paper eres2013_47:
German Open Ended Real Estate Fund Performance

id eres2013_47
authors Stein, Michael
year 2013
title German Open Ended Real Estate Fund Performance
source 20th Annual European Real Estate Society Conference in Vienna, Austria
summary The liquidity crisis in the German Open-Ended Real Estate Funds (GOEREFs) industry was characterized by large outflows of money in several funds. Large and ongoing redemptions of fund shares held by both institutional and private/retail investors led to suspensions of redemptions, termination of funds and, ultimately, a new law. This study provides the most comprehensive overview of how the funds performed and how pronounced the differences between classes of funds in the €80bn+ industry are. Using not only the net asset values of the funds as reported by the fund management companies, but the prices obtained at the secondary market when redemptions are suspended, indexes are constructed in order to provide a clear view of the performance of GOEREFs when the most relevant prices are used - those that may be achieved directly, rather than using book values. In this sense, the indexes provide a liquidity-corrected picture of fund returns.
keywords German real estate funds, Performance, Liquidity crisis, Secondary market
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
session O-1: Real Estate Finance & Investment
last changed 2014/10/21 21:51
HOMELOGIN (you are user _anon_303031 from group guest) Powered by SciX Open Publishing Services 1.002