Pramerica Real Estate Investors is to liquidate its frozen, €1.2bn open-ended TMW Immobilien Weltfonds.
The fund manager said it ran out of options, including ways to boost liquidity and one-on-one meetings with the largest shareholders. The fund will be terminated by 31 May 2014. Until then, the company will attempt to sell all properties held in a separate asset fund.
“We are particularly confident, as dispositions will occur via a formal tendering process during the market recovery,” said Sebastian Lohmer, general manager responsible for portfolio management at TMW Pramerica Property Investment GmbH.
