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DTZ Insight

German Open Ended Funds - Discount expected to remain high

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German open-ended funds (GOEFs) hold EUR 81bn of property assets across the globe. Nearly 16% or EUR 12.8bn of these are to be sold by 2017. This is linked to 18 different GOEFs entering into their liquidation phase and will provide the European market alone with EUR10.6bn of assets sales until 2017.

The liquidation of these GOEFs has already provided the market with EUR10bn of sales since 2012. After acceleration in H1 2014, sales volume came back to lower level in H2 to EUR3.3bn for the year as a whole, slightly below the 2013 volume (EUR3.5bn). The geographic focus has changed dramatically during the last 12 months. H1 sales have reflected more activity outside the 3 core markets while the H2 ones showed a strong comeback of Germany and France as the most active markets for the assets liquidation.

Source : DTZ

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