22/04/2011
Liquidation of KanAm US-grundinvest enters final phase
Munich-based KanAm has announced that the liquidation of its open-ended real estate fund US-grundinvest ( DE0006791817), the only German product in its class denominated in US dollars, as of the end of trading as of 31 March had sold nearly all of its assets, and that the last two properties had already received sale commitments (see Newsmanagers of 1 October 2010). The liquidation process must be completed by 31 March 2012.In less than one year, the management firm has managed to sell 15 of the fund’s 17 properties, at a limited markdown of 3.8% off the most recent expert valuation. The second payment to subscribers, following USD250m four months ago (see Newsmanagers of 15 December 2010), will take place in June as scheduled.Since its launch on 20 May 2003, the fund’s total performance came to 20.1%. However, for the year to 31 March, losses come to 15.3%.
