Prof. Dr. Tobias Just, FRICS, University of Regensburg and IRE|BS Real Estate Academy as well as Leonie Müller-Judex and Hannah Salzberger, University of Regensburg
For decades, open-ended real estate funds have offered investors an easy way to invest in a diversified real estate portfolio. This diversification and numerous regulatory safeguards ensured a real estate investment that was less susceptible to fluctuations for decades. This was an important argument, especially for risk-averse retail investors. But in recent years, the openness of the funds has proven to be not only a blessing, but also a curse in view of violent fluctuations in outflows. In a recent study, Leonie Müller-Judex, Hannah Salzberger and I estimated the macroeconomic determinants of inflows and outflows of funds for Union Investment funds. Key findings can be found in this viewpoint; all results in the linked study. We wish you a lot of knowledge while reading.
