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DTZ Insight
German Open Ended Funds - March 2013
More sales in 2013 in Germany and Netherlands
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Next steps of liquidation process 5
 As a consequence of in-depth changes to regulations since 2010, fourteen
German Open-Ended (GOE) funds are currently in the process of liquidation.
Four other funds have redemption freezes in place and could go into
liquidation in 2013 or 2014. Every fund in liquidation is intending to sell its
portfolio of assets at the best price possible before their mandates expire
(from 2013, to 2017 at latest). GOE funds which are in the process of
liquidation, or have redemption freezes hold a portfolio estimated to be €21bn
at the end of 2012, of which €18bn of the assets are located in Europe.
Author
 The most active funds on the sell-side in 2012 were SEB ImmoInvest, KanAm
Grundinvest and, to a lesser extent, Morgan Stanley P2 Value funds. The first
sales in 2012 by these funds were of assets in the French and UK markets, with
foreign investors being attracted to those assets with lot sizes above €100m.
11 March 2013
Contents
Current status of GOE funds
2
GOE funds’ buy-side activity
3
Magali Marton
Head of CEMEA Research
+33 (0)1 49 64 49 54
[email protected]
Contact
Hans Vrensen
Global Head of Research
+44 (0)203 296 2159
[email protected]
 Funds whose management period will end in 2013 were less active in 2012
than we expected, and still hold €1.4bn of assets which need to be sold.
We anticipate more activity from these funds over the course of 2013,
especially in Germany and the Netherlands, where most of the assets to be
sold are located. The years 2014 and 2017 are expected to record levels of
assets sales in Europe. 2014 should see a peak in the closing of funds holding
assets in Southern Europe and CEE; while in 2016 and 2017 the highest volume
of sales is expected to be in France and the UK.
 Positive market conditions in Germany should ease the GOE funds liquidations.
On the other hand, the Benelux and Dutch markets appear less likely to offer
lots of buying opportunities. In these markets investment volumes have
remained low and domestic investors, mainly active on small or medium lot
sizes, are the major players. As such, some declines in pricing are anticipated.
Figure 1
Sales by GOE Funds in 2012 and portfolios to be sold (sq m) as at January 2013
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Poland
Southern Eur.
Benelux
UK&France
Germany
Sales in 2012
Source: DTZ Research
DTZ Research
CEE
Other
UK&France
Germany
Portfolio to be
sold
Current status of GOE funds
New regulations have forced 14 GOE funds to liquidate
and 4 others could follow in the short term
Table 1
GOE Funds in liquidation
Name of fund
Notice of management
effective from
KanAm US-Grundinvest Fonds
31/03/2012
HansaImmobilia
05/04/2013
Degi Europa
30/09/2013
Morgan Stanley P2 Value
30/09/2013
Between September 2010 and November 2012 14 GOE
funds have announced their liquidations (Table 1), while 4
other funds still have a freeze on redemptions, with
expected or planned re-opening dates between March 2013
and February 2014. Some of these funds could extend their
“freeze” periods though.
TMW Immobilien Weltfonds
31/05/2014
Degi Global Business
30/06/2014
Degi International
15/10/2014
Axa Immoselect
20/10/2014
Axa Immosolution
11/05/2015
Every fund intending to sell its asset portfolio will aim to get
the best price possible before its mandate expires, given the
prevailing economic and investment market environment.
To achieve this goal, the funds have a time window for
sales, which varies significantly between them. All
properties not sold within the fixed time frame will go over
to the Depotbank, which will complete the liquidation
process.
UBS (D) 3 Sector RE Europe
05/09/2015
DEGI German Business
30/11/2015
KanAm Grundinvest Fonds
31/12/2016
CS Euroreal
30/04/2017
SEB ImmoInvest
30/04/2017
Since 2008, German Open Ended (GOE) funds have been
caught in the turmoil of the global financial crisis. A number
of funds had to stop redeeming share certificates in order
to ensure they had a sufficient level of liquidity at any time.
New regulations made a number of funds less interesting
for institutional investors, and forced some of them to
decide to liquidate following a freeze on redemptions.
HansaImmobilia will be the next fund to reach the end of its
management period, in April 2013, followed by Degi Europa
and Morgan Stanley P2 Value later in the year. Combined
together these three funds account for €1.4bn of assets.
The peak of the liquidation process will be reached in 2014
with the shutdown of four funds, including AXA Immoselect
(€2.2bn of AUM) and Degi International (€1.3bn). In 2017
the mandates of the 2 biggest GOE funds in liquidation (SEB
ImmoInvest and CS EuroReal) are planned to expire. Each of
these funds still holds more than €4.5bn of assets in their
portfolios.
The four funds with a redemption freeze listed in table 2
could provide an additional volume of €1.7bn of sales if
they were liquidated.
www.dtz.com
Source: DTZ Research based on funds information
Table 2
GOE Funds with a redemption freeze
Name of fund
Planned end of freeze
CS Property Dynamic
22/03/2013
SEB ImmoPortfolio
Target Return Fund
13/06/2013
SEB Global Property Fund
07/12/2013
KanAm Spezial Grundinvest Fonds
02/02/2014
Source: DTZ Research based on funds information
DTZ Insight
2
GOE funds’ buy-side activity in 2012
Figure 2
Total net assets holdings by GOE funds, € m
GOE funds holdings reduced by €4.6bn in 2012
The value of GOE funds in the process of liquidation or with
a redemption freeze in place fell from €25.8bn at the end of
2011 to €21bn at the end of 2012, a €4.8bn or 19% decline
on average. Most of this decline came from asset sales
rather than falls in values.
0
2 000
4 000
6 000
8 000
SEB ImmoInvest
CS EuroReal A
AXA Immoselect
Degi International
Degi Europa
SEB ImmoInvest and CS EuroReal posted the biggest
decreases (in absolute value), with the net values of their
assets under management down by €1.7bn and €1.1bn in
one year (Figure 2). These 2 funds accounted 60% of the
decline in value recorded in 2012 for all those GOE funds in
troubles.
rd
KanAm Grundinvest Fonds was in 3 position, posting a
€571m of decline in value in 2012.
Five other funds (Degi Europa, Degi International, TMW
Immobilien Weltfonds, Morgan Stanley P2 Value and AXA
Immoselect) recorded significant drops in value in 2012
(from €170m in total to €280m), whilst the other GOE funds
have seen the value of their portfolios fall by less.
SEB ImmoPortfolio Target…
TMW Immobilien…
KanAm Spezial…
AXA Immosolutions
UBS (D) 3 Sector Real…
HansaImmobilia
CS Property Dynamic
Degi German Business
End of 2011
End of 2012
Source: BVI/DTZ Research
GOE funds with long-term closing were the most active in
2012
Comparison of the changes in value recorded in 2012 to the
value of the whole portfolio gives a slightly different
picture. The decline in value registered by the GOE funds in
2012 represents 19% of their portfolio value at the end of
2011 (Figure 3).
Figure 3
Change in total asset holding values of GOE funds in 2012
as % of AUM value as at end of 2011
0%
20%
40%
60%
SEB ImmoInvest
TMW Immobilien Weltfonds P
HansaImmobilia
Funds which have recorded declines in value above the
average are mainly those which will be liquidated in 2013
and beyond, such as Morgan Stanley P2 Value or
HansaImmobilia. With a 27% fall in 2012, SEB ImmoInvest
registered one of the biggest drops in value amongst the
GOE funds; this reveals the pro-active approach taken by
this fund, which is due to be closed in April 2017. TMW and
Degi Global Business have adopted a similar strategy, even
if their sales have been of lower valued assets.
CS EuroReal A
Degi Europa
Degi International
AXA Immosolutions
KanAm Spezial Grundinvest…
AXA Immoselect
Degi German Business
At the other side of the scale funds due to be liquidated in
2013 were less active than expected; they have still €1.7bn
of assets to sell in their portfolios. Therefore more sales
activity can be anticipated from these funds over the course
of 2013, with sales expected in a wide range of European
countries, including Germany and the Netherlands.
UBS (D) 3 Sector Real Estate…
SEB ImmoPortfolio Target…
CS Property Dynamic
2013
2014
2015-2017
Freeze
The colour of the bar depends on the mandate expiration of each fund
Source: BVI/DTZ Research
www.dtz.com
DTZ Insight
3
France and UK ranked first on the GOE Funds liquidation
plan in 2012
Figure 4
Value of asset sold by GOE Funds in Europe, 2012
Luxembourg
2%
Assets sold by GOE funds in the process of liquation or with
a redemption freeze in place totalled €3.4bn in 2012,
through 27 deals if only the European part of their
portfolios is considered (Figure 4).
Poland
4%
France
41%
Germany
20%
The sales were concentrated in France (41%) and the United
Kingdom (31%), where funds have benefited from good
market conditions and attractive pricing. Surprisingly, GOE
funds have been quiet in their domestic market, which
accounted only for 20% of the assets sold by value in 2012.
Netherlands and Belgium were not on the GOE funds sales
agenda in 2012 as many of the assets they hold there (1.4
million of sq m) are due to be liquidated from 2014 to 2017.
Therefore GOE funds can wait until more favourable market
conditions allow them to optimize their pricing. This is
especially true for the Netherlands, where investment
volume (€3bn recorded in 2012) remains way below the 10
year annual average (€5.7bn).
Sweden Belgium
2%
0,5%
United
Kingdom
31%
Figure 5
Sales by GOE Funds in Europe by country and lot size, 2012
0%
20%
40%
60%
80%
100%
France
United Kingdom
Germany
Investor appetite for big lot size drives GOE Funds’ choices
for sale
Investor appetite for large lot size office buildings drove
GOE funds’ choices in their liquidation strategy. Analysis of
their sales by lot size shows that the volume in France
(€1.4bn) and the UK (€1bn) is mainly linked to a few deals
done on the segment of the market with prices above
€100m (Figure 5). The record was reached by KanAm, who
sold the One Exchange Square office building in London for
€599m to Permodalan Nasional Bhd, a Malaysian property
fund. KanAm also sold 3 other office buildings (2 in Paris
and 1 in London for a price averaging around €300 m per
asset). These four buildings were bought by inter-regional
investors from the Middle-East (for Paris assets) and from
China (for London assets).
Poland
Luxembourg
Sweden
Belgium
10-20m 20-50m 50-100m 100-200m 200-500m 500-1,000m
Forced sales by GOE funds provide the market with some
opportunities on lot size which are unusual. The sale by
Degi International of the Marynarska Business Park in
Warsaw is a good example. The asset was bought by the US
investor Heitman for an estimated price of €100m.
Sell-side activity by GOE funds recorded in Germany has
been more diversified in terms of pricing. Some small or
medium lot size assets have been sold, located in a wide
range of cities, including some secondary markets.
www.dtz.com
DTZ Insight
4
Next steps of the liquidation process
GOE Funds will provide €21bn of investment opportunities
across the world, mainly located in Europe
Figure 6
GOE Funds portfolio as at January 2013 by date of
liquidation, sq m
3 500 000
3 000 000
The liquidation process of GOE funds is still far from
finished, with the value of assets still held worth €20.6bn
and covering 9 million sq m across the globe. Europe is
where the majority of their portfolio is concentrated, with
6.5 million sq m already planned to be sold from now until
2017, and an additional 1.3 million sq m currently held by
funds which have redemption freezes in place.
2 500 000
2 000 000
1 500 000
1 000 000
500 000
0
2013
Given the timing announced for these liquidations, the
years 2014 and 2017 are expected to show record levels of
GOE funds asset sales in Europe, as well as globally (Figure
6). However, GOE funds do have the possibility of
accelerating their selling process to take advantage of more
favourable market conditions.
2015
Asia
2016
2017
America
Freeze
Figure 7
European GOE Funds* portfolio, January 2013, sq m
CEE
Other 7%
10%
Half of the assets to be sold in Europe are located in
Germany and Benelux
Assets held by the GOE funds in liquidation are mainly
concentrated in Germany (2.1 million sq m, or 33% of total
leasable space total volume) and in Benelux (1.3 million, or
19% of total leasable space volume). Southern Europe is in
third position, with GOE funds holdings there accounting for
an additional 1.1 million sq m of space.
The market activity recorded in Germany since the crisis
(€24.4bn in 2012), and the perception of the country as a
“safe haven in Europe”, make us confident of the capacity
of investors to absorb sales there. The analysis is different
for the Benelux, and even more so for Southern Europe,
where investment market activity is still low. In this context
we anticipate that some price adjustment will be necessary
to ease the deal-making process.
2014
Europe
Germany
33%
UK & France
14%
Southern
Europe
17%
Benelux
19%
* Funds in liquidation only
Figure 8
European GOE Funds* portfolio by date of liquidation and
by country, January 2013, sq m
3 000 000
2 500 000
2 000 000
Figure 7 provides an analysis of assets to be sold by subregion, and the closing date of the funds. 2014 will see a
peak in the closing of funds holding assets in Southern
Europe and CEE, whilst the highest volume of sales of assets
in France and the UK is anticipated in 2016 and 2017.
1 500 000
1 000 000
500 000
0
2013
Once again, Benelux shows a different profile, with 550,000
sq m of assets to be sold in 2013-2014, and a further
700,000 sq m in 2016 and 2017 (Figure 8). The Dutch
market should be impacted significantly, with 900,000 sq m
of assets to be sold, whereas the market has not yet
rebounded in investment volume, and hasn’t benefited
from any cross-border capital flows.
www.dtz.com
Germany
2014
2015
2016
Benelux Southern Europe UK & France
2017
Other
CEE
* Funds in liquidation only
DTZ Insight
5
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