The 19 largest German open-end funds own â⬠3.7 bln. of real estate investments in the Netherlands. This represents almost 7% of the total real estate portfolios of these funds. Almost half of this amount, â⬠1.8 bln., is in hands of CGI Hausinvest, followed by the Grundwert Fund with â⬠415 mln. worth of Dutch real estate.
This can be concluded from a recent research by the international trade journal Europroperty. Of the 19 largest German open-end funds, ten have real estate investments in the Netherlands. The investments in Germany are still the majority of the portfolio but the part of foreign investments is growing. For example the open-end fund Difa (â⬠9.2 bln. worth of invested capital) wants to spend half of the incoming means on foreign investments over the next five years.
Three-quarter of the real estate portfolios consists of offices but the open-end funds are increasing their stakes in other real estate segments. Especially shopping centers are gaining popularity with the open-end funds. In total the 19 open-end funds own â⬠55.6 bln. of real estate investments of which 57.6% is positioned in Germany. Hausinvest is the largest fund with a total portfolio of â⬠10 bln. The open-end funds annually have large amounts of money to invest in real estate. For example in the first eight months of 2003 there was a record inflow of capital of â⬠13.6 bln. for which investments still have to be found.
