Uncertainconditions in the European commercial real estate market have created great opportunities for equity-rich German open-end funds (GOEFs). Over the past couple of years, while debt remained scarce and many investors stayed on the sidelines, GOEFs have continued their strong acquisition programmes, making one headline after another. In 2009, they invested Ä3.6 billion in Europe alone, with more than 50 acquisitions spread across 15 different markets.

UPS AND DOWNS

Within a broader context of financial market turbulence and persistent negative sentiment toward the equity markets at the end of 2007 and into 2008, GOEFs benefited from strong net inflows from investors. Having positioned themselves as a low-risk, stable investment option, GOEFs reported a total of more than Ä12 billion in net inflows in the 20-month period from January 2007 to the end of August 2008, according to the Bundesverband Investment und Asset Manageme