German Real Estate Funds: Structural Changes in the Market Following the Implementation of the AIFM Directive
German Real Estate Funds: Structural Changes in the Market Following the Implementation of the AIFM Directive

Summary/Abstract: The article looks at the structure of the German market for German real estate funds. Focus is given on the changes that have been triggered recently alongside the implementation of the European AIFM Directive. The main segments of the markets, which are open-end, closed-end and Special Funds, are considered. The evolvement of the liquidity crisis of German open-end funds, which were rooted in factors found in the previous legislation of German investment fund law before the AIFM Directive was introduced, is explored. Furthermore, the significant market changes for Germany´s closed-end market are explored. The outlook draws on competitive theory to derive the future path for the German industry for real estate funds.

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