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Fund Closure Risks of Open-End Real Estate Funds

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



Abstract

Over the past decades, numerous open-end real estate funds (OEREFs) in several countries became unable to maintain the liquidity provision and had to suspend the redemption of fund shares. This paper examines OEREF closures in Germany, the world's largest OEREF market. We find that funds with a larger share of institutional investors had a higher closure probability. This is consistent with the ...

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