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The Discount to NAV of Distressed Open-End Real Estate Funds

Schnejdar, Sebastian ; Heinrich, Michael ; Woltering, René-Ojas ; Sebastian, Steffen P.


This paper examines the discount to NAV in the context of distressed German open-end real estate funds. This is a unique setting to study NAV discounts because distressed real estate funds are forced to sell off their property portfolios and pay out the proceeds to investors. In contrast, the discount to NAV of closed-end funds or REITs can theoretically persist forever. This enables us to study ...


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