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In Germany, open-ended real estate funds have faced the highest cash inflows in their history turning them into a major player on the German market. At the same time, on the regulatory side, the “Fourth Financial Markets Promotion Act” significantly increased the possibilities for German funds to invest internationally. This paper examines the history, construction and characteristics of German open-ended real estate funds. They are compared to other forms of indirect real estate investment and the most important improvements brought about by the Fourth Financial Markets Promotion Act are described. Fund managers in the future will increase the percentage of their portfolios invested abroad, increasing the importance of German open-ended real estate funds.
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Christian Focke (2006) studied this question.
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