Catella Real Estate announced on Wednesday that it is lifting the suspension on withdrawals from its German open-ended property fund Focus Nordic Cities. Catella board spokesman Andreas Kneip said it was possible to end the three-month lockdown because the fund's clients had shown a willingness to hold on to or even increase their units.
Catella Real Estate announced on Wednesday that it is lifting the suspension on withdrawals from its German open-ended property fund Focus Nordic Cities. Catella board spokesman Andreas Kneip said it was possible to end the three-month lockdown because the fund's clients had shown a willingness to hold on to or even increase their units.
'Almost all the requests filed by investors to withdraw the money which were filed on 29 October 2008 have been cancelled,' Kneip said. He indicated that the fund has sufficient liquidity to take advantage of the 'very good opportunities’ in the Nordic region.
Focus Nordic Cities was one of 12 German open-ended funds - representing a total of EUR 32 bn of assets under management - to impose a freeze for 90 days on redemptions late last year to stem a wave of withdrawals. Fund manager Degi lifted the ban on redemptions last week for its International fund but kept the block on its Europa fund in place. Most of the other fund managers are expected to extend the freeze when the three-month period runs out at the end of this month.
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