The situation for open real estate funds in Germany remains tense. The funds have collectively lost more than 14 billion euros in recent years.
According to the Bundesbank, the loss amounts to more than ten percent of the assets the funds managed in 2023. High interest rates on loans, limited market activity and rising redemption requests from investors have repeatedly led to temporary closures of individual funds.
Critics and supporters alike cite consulting errors at banks and mismanagement in addition to the difficult external conditions. Stefan Loipfinger, founder of the platform InvestmentCheck, spoke of an incurable loss of image.
Loipfinger said open real estate funds cannot continue in their current form. Handelsblatt questioned analysts, investors, lawyers, consumer advocates and academics about necessary changes.