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The Development of German Open-Ended Real Estate Funds

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  • Christian Focke

Abstract

In Germany, open-ended real estate funds have faced the highest cash inflows in their history turning them into a major player on the German market. At the same time, on the regulatory side, the “Fourth Financial Markets Promotion Act” significantly increased the possibilities for German funds to invest internationally. This paper examines the history, construction and characteristics of German open-ended real estate funds. They are compared to other forms of indirect real estate investment and the most important improvements brought about by the Fourth Financial Markets Promotion Act are described. Fund managers in the future will increase the percentage of their portfolios invested abroad, increasing the importance of German open-ended real estate funds.

Suggested Citation

  • Christian Focke, 2006. "The Development of German Open-Ended Real Estate Funds," Journal of Real Estate Literature, Taylor & Francis Journals, vol. 14(1), pages 39-56, January.
    • Handle: RePEc:taf:rjelxx:v:14:y:2006:i:1:p:39-56
    DOI: 10.1080/10835547.2006.12090172
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    References listed on IDEAS

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    1. Pat Wilson & Ralf Zurbruegg, 2003. "International Diversification of Real Estate Assets - Is it Worth It? Evidence from the Literature," Working Paper Series 126, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    2. Jim Clayton & Greg MacKinnon, 2001. "The Time-Varying Nature of the Link between REIT, Real Estate and Financial Asset Returns," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 7(1), pages 43-54, January.
    3. Patrick Wilson & Ralf Zurbruegg, 2003. "International Diversification of Real Estate Assets: Is It Worth It? Evidence from the Literature," Journal of Real Estate Literature, Taylor & Francis Journals, vol. 11(3), pages 257-278, January.
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