In the first half of the 2006 financial year DEGI INTERNATIONAL property fund recorded a net inflow of €175.5 million. This puts DEGI's (Deutsche Gesellschaft für Immobilienfonds mbH) internationally investing fund in second place in the BVI (association of the German fund industry) sales rankings for open-ended property funds.
As of 30.6.06 the fund's total net assets were €1,491 million. Its return increased from 3.9% last year to 4.3% this year. The performance from 1.1.06 to 30.6.06 was 2.1%. The annualised performance is 3.6% since launch. As of 30.6.06 the cash ratio was 36.5%.
Roughly €500 million invested in new fund properties
DEGI INTERNATIONAL invested roughly €500 million in four office buildings and an outlet center, representing the first investment in a retail property, in the first half of the financial year in Europe (excluding Germany). Besides France (Paris) and Italy (Valdichiana), target countries also included Poland (Warsaw) and the Grand Duchy of Luxembourg for the first time. Also, an office building acquired last August in Brussels (Rue Montoyer) entered the fund's portfolio after being completely renovated and redesigned. DEGI INTERNATIONAL's active portfolio management strategy also involved the profitable disposal of residential units from an office property on Place de la République in Paris. Overall the fund holds a total of 22 properties in eight European countries and in South Korea. The letting ratio of DEGI INTERNATIONAL is 97.4%.
Source: DEGI INTERNATIONAL