Return and risk of German open‐end real estate funds

Raimond Maurer, Frank Reiner and Ralph Rogalla

Journal of Property Research, 2005, vol. 21, issue 3, 209-233

Abstract: Open‐end real estate funds (so‐called ‘ Offene Immobilienfonds ’) play a major role in the German market for securitized real estate investments. Such funds are pools of money from many investors, which are invested in real estate by special investment management companies. This study seeks to identify the risk and return profile of this investment vehicle (before and after income taxes), to compare it with those of other major asset classes, and to provide implications for their appropriate role in a mixed‐asset portfolio. Additionally, an overview of the institutional architecture and role of German open‐end real estate funds is given. Empirical evidence suggests that the financial characteristics of open‐end real estate funds are in many respects similar to those reported for direct real estate investments. Accordingly, German open‐end real estate funds qualify for medium and long‐term investment horizons, rather than for shorter holding periods.

Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09599910500136633 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:jpropr:v:21:y:2005:i:3:p:209-233

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RJPR20

DOI: 10.1080/09599910500136633

Access Statistics for this article

Journal of Property Research is currently edited by Bryan MacGregor

More articles in Journal of Property Research from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().