DJE Kapital AG said its investment unit closed a property fund with assets of 225 million euros ($291 million) because of “difficult” market conditions.
The DJE Real Estate fund was closed yesterday after a large number of investors withdrew their money, DJE Investment SA said in an e-mailed statement today.
Germany’s 85 billion-euro real-estate mutual fund industry may be facing the biggest crisis in its 50-year history. A dozen of the 44 funds, which own 28 percent of the industry’s assets, are liquidating or have suspended redemptions, according to Frankfurt-based BVI Bundesverband Investment & Asset Management.
DJE Kapital is based in Pullach, a town near Munich, according to its website. DJE Investment’s headquarters are in Luxembourg.