The redemption and issuance of the shares for the open-ended real estate fund FOKUS WOHNEN DEUTSCHLAND will be suspended with effect from 12:00 noon on 26 February.
The redemption of the shares was suspended in accordance with the legal requirements because the liquid funds of the special fund are not sufficient or are not immediately available both to pay the redemption price for the shares due for redemption and to ensure the proper ongoing management of the special fund.
What led to this measure?
A major factor influencing the ongoing crisis in the real estate market was the abrupt turnaround in interest rates in 2022. Since then, financing costs have risen significantly, transactions take longer, and overall transaction volume has decreased. The changed capital market environment has also led to alternative forms of investment becoming more attractive again for many investors. Open-ended real estate mutual funds are affected by this development with a time lag and have recorded high net outflows of funds for more than two years. A trend reversal is currently not foreseeable.
FOKUS WOHNEN DEUTSCHLAND could not escape this development. Since December 2025, the trend has intensified again. For this reason, IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH, which manages the special fund as a capital management company, has decided to suspend the redemption of the shares after careful consideration of all the arguments. Since 2024, a total of ten properties with a volume of 163 million euros have been sold. However, the disposals have not yet been sufficient and the further success of the sales is difficult to plan. The same applies to any further outflows of funds.
Thomas Wirtz FRICS, Managing Director, INDUSTRIA Immobilien, explains: “The decision to suspend the suspension was made after careful consideration of all the arguments. The ultimate goal is to protect the interests of all investors – the interests of investors and the interests of those who have returned their shares or will do so.”
Jens Grathwol, Head of Fund Management at INDUSTRIA, adds: “Our capital management company is committed to resuming the redemption of the shares as soon as possible. Currently, ten properties have been identified for sale in order to generate further liquidity for servicing share redemptions. These properties are currently being offered on the market.”
FOKUS WOHNEN DEUTSCHLAND was launched in 2015 by IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH and has been administered by it ever since, while asset management has been taken over by INDUSTRIA Immobilien GmbH since its inception. The special fund invests mainly in German residential real estate in metropolitan areas and currently holds 45 properties with a total of 2,743 residential and 163 commercial units. The gross fund assets amount to around EUR 993 million.
Thomas Wirtz continues: “In addition to the general real estate risks, which are also present in the German residential real estate market, the current excess demand offers opportunities in the conurbations in particular, as the completion figures have not met demand for years, thus enabling good occupancy rates and further rental growth.”
Legal notice:
This is a marketing advertisement written by INDUSTRIA, the asset manager of the special fund in coordination with the capital management company. Please note that the information in this document is for informational purposes only. Only the sales prospectus and the key information document in their current version as well as the last published annual or semi-annual report are legally binding. These are available exclusively in German in electronic format at https://www.intreal.com/fwd available. You can request this free of charge in paper form from IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH, Ferdinandstraße 61, 20095 Hamburg. A summary of the investor’s rights is available in German in electronic format at https://www.intreal.com/wp-content/uploads/2026/02/2026-01-Zusammenfassung-der-Anlegerechte.pdf available. Official announcements can also be found on the website of the capital management company at https://www.intreal.com/fwd.
