Deutsche soft closes property fund

Deutsche Asset Management has announced the soft closure of its €5.2bn Grundbesitz Europa property fund as of 21 June 2016.

Since the beginning of the year, Grundbesitz Europa had attracted €750m in inflows, exceeding the total number of inflows last year.

The fund now holds up to 30% in cash, according to the fund management team, property markets in the target countries offer insufficient investment opportunities.

The fund, which exists since more than 40 years, invests predominantly in office buildings located in France, Germany and the UK, delivering an average average annual return of 3% over the last five years.

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