order to achieve their objectives.16The second category is open funds, or Open-Ended Funds, which, in contrast to closed funds, do not have a limited life and are always open to new investment, so their assets increase and decrease over time.Of the total funds in the INREV (European Association of Investors in Non-Listed Real Estate Vehicles) database as of December 2004, 157 were open-ended, with a Gross Asset Value (GAV) of 155.7 billion euros, and 243 were closed-ended, with a GAV of105.3 billion euros.
b) Ranking of real estate funds in Europe
Using the INREV database, the largest real estate funds in Europe were ranked according to Gross Asset Value, that is, the value of the property portfolio as of March 31,2005. The result is shown in Graph 6.
All these funds, with the exception of the Morgan Stanley Real Estate Fund III, are German. German funds have a strong tradition in Europe and handle very significant volumes of assets compared to other European funds. German open-ended funds are private, indirect real estate investment vehicles with no predetermined life and are always open to new investment and depreciation, except where this is impossible for legal reasons. For this reason, the size of these investments varies over time.
There are currently 30 “open-ended funds” in Germany. They are divided into three groups depending on the degree of geographical diversification: domestic funds, which invest only in Germany; European funds, which invest in other European countries as well as in 本文来自优.文-论^文·网原文请找腾讯752018766 the individual saver.
The behaviour of these German funds is strongly linked to the geographical location of the investments: the higher the percentage of international investment (outside Germany), the stronger the performance. Domestic funds do not give very good returns, owing to the poor situation of the real estate industry in Germany.17
“German open-ended funds” are among the European funds that have experienced the most growth over the last few years. After the German closed-ended funds, they have the highest capitalization according to gross asset value. “What makes these funds attractive to the individual investor is their stability and low volatility (average 4-5%), the tax exemptions in the yearly allowance and the guaranteed liquidity they offer on a continualbasis”
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As can be seen in the Graph, the German funds are one of the best vehicles in the world for collecting real estate capital. In fact, they collected between 14 and 15 billion euros in 2003. However, the capital flow invested in these funds decreased in 2004 to around 3 billion euros due to deterioration in their performance. Average performance dropped from 5.4% in 2001 to 4.7% in 2002, and to 3.5% by the middle of 2003. For this reason, many of these capital flows were moved to investment in “German open-endedequity”, German transferable funds.19A major factor in the withdrawal of capital was the corruption scandals in some German real estate funds, which led to the first mass withdrawal in 15 years. Today, German funds have to sell assets in order to offer their investors due performance, the problem being that the law does not allow assets to be sold for less than their book value. In the meantime, the cost of renting is decreasing and investments are becoming paralysed.
Of the total 408 real estate funds included in the INREV database, only 30 are “German open-ended funds”, but their investment assets account for 43.45% of the total assets. As can be seen in Graph 7, German open-ended funds have assets
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