Fundraising - MARCH 7, 2014

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

KanAm to sell off open-end fund assets

by Reg Clodfelter

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy