German Real Estate Funds: Structural Changes in the Market Following the Implementation of the AIFM Directive

Bernhard Funk
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Bernhard Funk: University of Applied Sciences, Wiesbaden

World of Real Estate Journal (Swiat Nieruchomosci), 2014, issue 90, 39-44

Abstract: The article looks at the structure of the German market for German real estate funds. Focus is given on the changes that have been triggered recently alongside the implementation of the European AIFM Directive. The main segments of the markets, which are open-end, closed-end and Special Funds, are considered. The evolvement of the liquidity crisis of German open-end funds, which were rooted in factors found in the previous legislation of German investment fund law before the AIFM Directive was introduced, is explored. Furthermore, the significant market changes for Germany´s closed-end market are explored. The outlook draws on competitive theory to derive the future path for the German industry for real estate funds.

Keywords: Real estate funds; closed-end funds; open-end funds; Germany; AIFM Directive (search for similar items in EconPapers)
JEL-codes: G23 G32 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:kra:journl:y:2014:i:90:p:39-44

DOI: 10.14659/worej.2014.90.06

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