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KanAm to sell off open-end fund assets
KamAm Grund Group is in the liquidation and disposal process for its open-end real estate fund, KanAm Grundinvest Fonds, and expects the remaining 40 properties, worth an estimated €3.6 billion ($5 billion) in total, to be sold by Dec. 31, 2016.
Of the 40 remaining properties, four of them are located in the United States. The U.S. properties, which total more than 1.5 million square feet of floor space, include American Express properties in Phoenix, Minneapolis and Fort Lauderdale, Fla., as well as 810 Seventh St. in Washington, D.C. The AMEX buildings are part of the AMEX portfolio that was acquired by the fund in November 2007. Of the 12 propertiesthat the fund has already sold, worth a combined €2.4 billion ($3.3 billion), the most recent was Le Jade in Paris, which was sold in December 2013 for an undisclosed price.
Of the U.S. properties, the next to be sold could very w