The KanAm grundinvest Fonds has sold its last remaining major property within the framework of its liquidation, namely Square de Meeûs in Brussels. The building with a total area of 39,711m² of office and archive space, plus 400 parking spaces, underwent comprehensive modernization before being let to the European Parliament. After completion of the bidding process and the signing of contracts back in December 2016, the final handover to the institutional purchasing consortium from South Korea took place in April. The next substantial payout has been announced for the end of the Q2. The management of the special assets of the fund was transfered to M.M.Warburg & CO (AG & Co.) KGaA on 31st December, 2016.
The preliminary end result on the day of exchange shows that the KanAm grundinvest Fonds has mastered the biggest crisis in the history of the open-end real estate fund asset class, following the crisis on the financial markets beginning in 2008, with positive investment results for typical investors. A typical investor in the KanAm grundinvest Fonds with a representative holding period for shares of around eleven and a half years, will currently see a positive cumulative investment success of over 9.7%. Investors who have held investments in the fund since its establishment will benefit from a performance of around 39.9%, despite the liquidation of the fund. Only those investors who purchased shares immediately prior to or during the crisis will have to expect a negative result.
With the sale of 48 properties - around 95 % of the original real estate assets - the fund management has largely achieved the main aim of the liquidation agenda 2016, namely "the best-possible sale of the entire property portfolio". The sale of four remaining smaller properties in the fund, which only represent 5 % of the original real estate assets, by 31 December, 2016, was prevented only by local market developments, current vacancies or short rental periods. KanAm Grund Group will be on hand to consult M.M.Warburg & CO (AG & Co.) KGaA on any issues regarding the modernization process and new lettings. This is in line with the AGENDA 2016 plus strategy arranged with the bank, aiming to achieve the best possible sales returns for investors even after the transfer of the fund management to the custodian bank.
The remaining properties are as follows: Le Colombia (Bois-Colombes, Paris), Onyx (Clichy-la-Garenne, Paris), Blaak 555 (Rotterdam) and Robecohuis (Rotterdam). These properties have been handed over to the custodian bank with detailed plans for modernization and letting, including the necessary investment provisions, and the sales are scheduled to be prepared this year.
Instead of KanAm Grund, the custodian bank M.M.Warburg & CO (AG & Co.) KGaA will henceforth provide annual liquidation reports on the status of the liquidation of the remaining assets and further payouts.
