Real-estate fund
Assets of a capital management company invested predominantly in houses and real estate, which issues share certificates (entity which is formed to pool funds from a large number of investors in order to acquire a significant portfolio of real estate properties). – See investment committee, concrete gold, land credit institution, commercial real estate, real estate fund, open-end, investment fund, alternative, capital investment code, real estate investment trust, redemption block, securitization. – Cf. on the regulatory side BaFin’s 2002 Annual Report, p. 90 f., BaFin’s 2003 Annual Report, p. 214 ff, BaFin’s 2004 Annual Report, pp. 180 f. (here also on the valuation of share certificates), BaFin’s 2005 Annual Report, p. 148 (fund closure in the event of illiquidity), BaFin’s 2006 Annual Report, pp. 155 f. (realignment of most funds; general development, supervisory issues in the event of property disposals), pp. 158 (violations of supervisory regulations), BaFin Annual Report 2007, p. 155 (possibility of an open-end real estate fund to suspend redemption of unit certificates in exceptional market situations [difficult market situations]), pp. 165 et seq. (restructuring efforts), BaFin Annual Report 2008, p. 194 (BaFin introduces daily reporting requirement on inflow and outflow of funds during financial crisis; suspension of redemption of some companies), BaFin Annual Report 2009, pp. 218 et seq. (increased outflows of funds; increase in complaints; overview), BaFin Annual Report 2010, p. 187 (in the wake of the Investor Protection and Function Improvement Act [AnSFuG], real estate funds must carry out valuations of properties in legally prescribed periods; suspension of redemption of units newly regulated), pp. 236 ff. complaints rising; overview of funds raised) as well as the respective annual report of BaFin, chapter “Supervision of Securities Trading and Investment Business,” ECB Monthly Report of June 2007, p. 28 ff. (proportional breakdown of funds). – In the respective Monthly Report of the ECB, the annex “Euro area statistics” under the heading “Monetary developments, banks and investment funds,” subheading “Assets of investment funds in the euro area by investment focus and investor group” contains lists of the composition of the assets of real estate funds. The Bundesbank’s monthly statistical supplement “Capital Market Statistics” also contains figures on the number, outstanding shares and assets of domestic real estate funds, broken down by various aspects.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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