Key data: Non-listed sector

● Main funds made a recovery in January, taking in €943m ● SEB attracted nearly €19m for ImmoPortfolio fund● CSAM Immo’s CS Euroreal and Degi’s Grundwert-Fonds both turned last December’s high capital outflows into large inflows from investors during January, attracting around €211m and €150m respectively. The fortunes for Deka Immo’s Deka-ImmobilienEuropa fund also improved as an outflow of €114m was replaced in January with a total investment of almost €90m. ● Investors in DB Real Estate’s Grundbesitz-invest continued to withdraw money, albeit at a slower rate. In December they took out €250m, but in January they withdrew around half that figure, at around €107m. Overall, the 29 main funds fared much better than in December, when investors took out nearly €457m — they attracted €943m in the first month of this year. ● Fund manager SEB Immoinvest introduced a new open-ended vehicle called SEB ImmoPortfolio Target and investors placed nearly €19m with the fund. SEB now manages two funds. ● The open-ended fund sector lost a high-profile fund manager last month when Arnold de Haan resigned as managing director of Commerz Grundbesitz Investmentgesellschaft (CGI). Haan, who joined CGI in 1994, will be replaced by Detlev Dietz and Frank Pörschke. German open-ended funds’ capital flowsCSAM and Degi both went from outflows in December to inflows in January Fund manager Fund 2005 year to date Dec 2004 €000s Jan 2005 €000s AXA Investment AXA Immoselect 64,750 35,902 64,750 CSAM Immo CS Euroreal 210,78 -11,323 210,787 CS-WV Immofonds -85 -61 -85 CSAM Immo total 210,702 -11,384 210,702 CGI Haus-Invest europa -191,412 -192,789 -191,412 Haus-Invest global 53,652 4,985 53,652 CGI total -137,760 -187,800 -137,760 DB Real Estate Grundbesitz-global 153,151 113,532 153,151 Grundbesitz-invest -106,698 -250,593 -106,698 DB Real Estate total 46,453 -137,061 46,453 Degi Degi International 15,721 26,149 15,721 Grundwert-Fonds 150,259 -140,333 150,259 Degi total 165,980 -110,912 165,980 DIFA Difa-Fonds Nr. 1 -124,316 -119,912 -124,316 Difa-Global 20,359 35,581 20,359 Difa-Grund 24,949 70,360 24,949 Offene Immobilienfonds 60,703 44,410 60,703 Difa total -18,305 30,439 -18,305 Deka Immo Deka-ImmobilienEuropa 89,963 -114,288 89,963 Deka ImmobilienFonds 359,321 -5,292 359,321 Deka-ImmobilienGlobal 24,154 -16,985 24,154 Deka Immo total 473,438 136,565 473,438 HansaInvest HansaImmobilia 12,938 2,282 12,938 iii investments iii-Fonds Nr. 1 16,347 -12,225 16,347 Euro ImmoProfil 6,334 -53,379 6,334 iii-Fonds Nr. 3 -1,134 -27,860 -1,134 iii investments total 21,547 -93,464 21,547 KanAm Grund KanAm grundinvest Fonds 150,616 62,838 150,616 SEB ImmonInvest SEB ImmoInvest 50,926 717 50,926 SEB ImmoPortfolio Target Return Fund 18,836 0 18,836 SEB Immoinvest total 69,762 718 69,762 SKAG SKAG Euroinvest Immobilien 9,679 82,651 9,679 SKAG 3 Kontinente 5,692 11,927 5,692 SKAG total 15,371 94,578 15,371 Warburg-Henderson Warburg-Henderson Deutschland ImmoSelect WestInvest WestInvest ImmoValue 4,953 46,774 4,953 WestInvest InterSelect 10,582 14,154 10,582 WestInvest 1 80,526 -72,449 80,526 WestInvest total 96,061 -11,521 96,061 All other funds -3,793 8,458 -3,793 Total 943,249 -456,769 943,249 Source: BVI