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Erschienen in:
2017 | OriginalPaper | Buchkapitel
German Closed-End Funds
verfasst von : Helmut Knepel, Thorsten Voss
Erschienen in: Understanding German Real Estate Markets
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Abstract
Closed-end funds investing in real estate play an important role in the asset allocation of wealthy private investors in Germany. The investors take shares in a private company, investing a relatively small amount of money in large individual properties. The following article describes the basic elements of closed-end funds, the market in Germany, the different players, with special emphasis on the impact of the new regulations by the German Capital Investment Act (Kapitalanlagegesetzbuch, KAGB) transposing the European Alternative Investment Funds Managers Directive (AIFMD) into German national law.