SEB ImmoInvest, which has been closed for redemptions for more than two years, will remain in operation if it’s able to meet all the requests made on that day, the company said today in a statement. The fund raised 1 billion euros selling 17 assets, giving it total liquidity of 30 percent, according to the statement.

Germany’s 85.2 billion-euro real estate mutual fund industry may be facing the biggest crisis in its 50-year history. More than 13 of the 44 funds, which own 29 percent of the industry’s assets, are liquidating or suspended redemptions after being unable to generate sufficient cash.

SEB Asset Management said today that it will consider all the redemption requests together and either meet all of them if it can afford to do so, or none. If the fund continues to operate, it will change its legal status so redemptions will be allowed just once a year. The plan has been approved by Germany’s financial regulator, it said.

The quality of the fund’s property portfolio hasn’t been affected by the asset sales, SEB Asset Management said. The ImmoInvest unit owns large commercial properties around the world, including a 50 percent stake in Berlin’s Potsdamer Platz. The collection of 19 buildings may be sold individually, the company said.

When the credit crisis started to escalate in 2008, a scramble to withdraw money exposed a flaw in real estate mutual funds that own properties directly. While investors are allowed to withdraw money daily, the funds hold assets that usually take months to sell.

Credit Suisse Group AG also faces a May deadline to reopen its fund for redemptions. In February, the company said it’s in the process of selling 850 million euros of properties owned by its CS Euroreal fund and will decide in April whether it can reopen the fund. Credit Suisse said the fund has almost 1.6 billion euros available.

UBS AG and Aberdeen Asset Management Plc must also sell assets this year to cover redemptions.

To contact the reporter on this story: Ross Larsen in London at rlarsen2@bloomberg.net

To contact the editor responsible for this story: Ross Larsen at rlarsen2@bloomberg.net

http://www.bloomberg.com/news/2012-04-25/seb-asset-management-fund-to-open-for-redemptions-for-one-day.html

• Săn nhà phố mặt tiền cho thuê tại Sài Gòn   (2016-04-25 13:23:45)
• Đề xuất Tp.HCM có đặc khu kinh tế, được thuê đất 99 năm   (2015-12-11 02:39:26)
• Australand Rises as It Agrees to Open Books to Bidder Stockland   (2014-05-30 09:34:36)
• Toll Brothers Earnings Climb After Builder Raises Prices   (2014-05-29 09:40:34)
• Genworth Says Profit to Jump 29% at Australia Unit   (2014-04-08 08:54:25)
• Billionaire Sy to Accelerate Mall Expansion in China   (2014-04-04 09:48:30)
• Gains in Services Signal Rebound Ahead for Growth: Economy   (2014-04-04 09:48:01)
• ‘Cement Shen’ Detained Spurs Scavenging as China Developer Fails   (2014-03-31 10:49:37)
• China’s Urbanization Loses Momentum as Growth Slows   (2014-03-25 13:19:37)
• Dying Memphis Neighborhood Foretells Next U.S. Crisis: Mortgages   (2014-03-22 09:30:27)