Allianz Global Investors today announced it has frozen investment into the Allianz Flexi Immo fund to new investors until further notice.
The statement read: ‘In a wave of closing of open funds, a great many property mutual funds in Germany have also either frozen or have been liquidated.’
‘In this environment, the Allianz Flexi Immo fund has also been confronted by outflows. ‘
The fund which currently has €170 million under management was launched in autumn 2008 to capitalise on the introduction of the new capital gains tax (Abgeltungssteuer in Germany.
The news follows a host of German property funds that have announced liquidation or hard closure in the past years. These include DWS’ €257 million DB ImmoFlex fund of funds, Credit Suisse’s CS Euroreal fund and SEB’s ImmoInvest fund.
Further afield, Aberdeen’s DEGI International, DEGI Global Business and DEGI Europa funds, AXA’s Immoselect fund and Morgan Stanley’s P2 Value have also been liquidated over the past year.
Over one year to the end of March Allianz Flexi Immo – A – EUR lost 1.0% while the FTSE AW (Dev/Real Estate Investment Services TR fell by 8.8%.
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