{
  "id": 8176394,
  "title": "Immobilienfonds: Zu viele Investoren wollen raus: DWS muss Immobilien verkaufen, um Anteilseigner auszuzahlen",
  "url": "https://urgent.news/2026/09/18/immobilienfonds-zu-viele-investoren-wollen-raus-dws-muss-immobilien",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-18T05:06:00.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/anlagestrategie/fonds-etf/immobilienfonds-dws-muss-immobilien-verkaufen-um-anteilseigner-auszuzahlen-01/100255424.html"
  },
  "original_language": "de",
  "account": "DWS, a subsidiary of Deutsche Bank, has announced plans to sell more properties from three open real estate investment funds to pay off investors who want to return their shares. These funds, Grundbesitz Europa, Grundbesitz Global, and Grundbesitz Fokus Deutschland, currently own properties worth around €10 billion, with a total fund value of €8.2 billion after debts. Analysts estimate that these funds have sold properties worth approximately €4.5 billion since the end of the low-interest period four years ago. However, selling more properties could be challenging due to rising interest rates, which may deter potential buyers. Henrik Haeuszler of Fondshaus Invesco notes that the current market favors buyers. Stefan Loipfinger, founder of Investmentcheck, believes some properties could be sold at favorable prices. Many closed real estate funds are currently caught in a vicious cycle: the more negative news, the more shareholders cancel their subscriptions, requiring even more properties to be sold. This situation began to cause concerns in late August when DWS funds experienced price drops of up to 27% on the exchange compared to their advertised prices. Loipfinger recognized this unusual difference as a sign of trouble at the funds. In early spring, investors of Wohnselect by Wertgrund and Fokus Wohnen Deutschland by Industrie could no longer return their shares; both funds were temporarily closed shortly after. While funds have a year to pay off investors who cancel their subscriptions, the current market often takes longer to sell properties, according to Haeuszler. To prevent temporary closures, funds can now gradually pay off canceling investors since mid-April. This \"gating\" aims to give fund managers more time. Additionally, funds can charge fees when subscriptions are returned. However, DWS has not yet implemented these measures. The fund company's announcement at the beginning of September warns of \"further value adjustments.\" Critics advise shareholders to sell their shares on the exchange instead of returning them to the fund: \"Waiting is not an option.\" Loipfinger recommends this approach, as selling shares on the exchange provides at least certainty about the selling price. Consumer center expert Niels Nauhauser also advises anyone with doubts about their real estate fund to sell on the exchange rather than returning shares to the fund, as the price is determined at the time of sale. Consumer center expert Niels Nauhauser warns that the situation may worsen, especially as the one-year cancellation period for many funds ends in early 2027.",
  "summary": "Weil immer mehr Anleger ihre Anteile an Immobilienfonds zurückgeben, muss die Deutsche-Bank-Tochter verstärkt Immobilien auf den Markt bringen. Was Anteilseigner nun tun können.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Handelsblatt",
        "title": "Real Estate: Large Investors Fear One Development Above All Else",
        "url": "https://urgent.news/2026/09/17/immobilien-gro-e-investoren-furchten-vor-allem-eine-entwicklung",
        "published": "2026-09-17T02:01:44.000Z"
      }
    ]
  },
  "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."
}