{
  "id": 7727728,
  "title": "Zahnärzte in Schleswig-Holstein: Interne Unterlagen zeigen: Immobilienquote beim Versorgungswerk ist womöglich höher als ausgewiesen",
  "url": "https://urgent.news/2026/09/16/zahnarzte-in-schleswig-holstein-interne-unterlagen-zeigen",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-16T06:37:46.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/immobilien/immobilien-investments-der-zahnaerzte-schleswig-holstein-wohl-mit-hohem-risiko/100254645.html"
  },
  "original_language": "de",
  "account": "The dental care pension fund in Schleswig-Holstein, which is comprised of dentists in the northern region of Germany, has come under scrutiny due to internal documents hinting at a potentially higher real estate investment ratio than what is reported. According to the latest business report, 75% of the fund's capital investments were placed in real estate investments by the end of 2025. The pension fund, with a capital sum of around 1.3 billion euros, is considered one of the smaller ones among the over 90 pension funds in Germany. Instead of contributing to the statutory pension insurance, fund members are obligated to pay into their pension fund, which then pays them a pension in retirement and provides for them in case of disability or death. The pension fund made headlines at the beginning of 2025 when it had to write off millions of euros due to its massive investment in the Frankfurt office project Canyon. The project, planned to be built in a premium location in Frankfurt's bank district, was halted after a failed refinancing. The restructuring cost the two pension funds a total of 46 million euros. Internal discussions within the fund also took place, with the dentists expressing their dissatisfaction and holding discussions on how to manage the pension fund. The 2024 business report showed a positive net return, with a net yield of 3.07%, indicating a stable level. However, the report also mentions a slight increase in borrowings, 94 million euros, which make up about eight percent of the capital investments. Additionally, one-third of the investment capital is in \"other borrowings\" - 420 million euros. However, only 11% of the investments are explicitly identified as real estate investments, such as mortgage, mortgage-backed, and bond debt. The pension fund is involved in several real estate companies, including developers Ehret+Klein, Evoreal, and Fortis, as well as asset managers HIH Invest and Captiva. The extent of the real estate share in these investments is not clear from the documents and the business report. The pension fund has not responded to questions about the structure of its capital investments.",
  "summary": "Das Versorgungswerk aus Kiel war mit Abschreibungen auf ein Immobilienprojekt in die Schlagzeilen geraten. Interne Unterlagen zeigen: Immobilieninvestments sind wohl weiter ein Risiko.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}