Offene vs. geschlossene Immobilienfonds: Alles eine Frage der Verpackung

·1 hr·5 clips

Oliver Weinrich and Radja Reichert explain how packaging real estate in open versus closed funds changes everything for investors.

The episode begins with a discussion on market perceptions of open real estate funds, noting that they are often unfairly lumped together despite varying asset classes and challenges. It then addresses a BaFin press conference where warnings about fund closures were reported, though the actual speech manuscript did not emphasize this. The hosts and guests analyze the Greenman Open LTIF case, highlighting liquidity issues in private markets. Oliver Weinrich and Radja Reichert from Habona Invest explain their focus on near-supply real estate with long rental contracts. They compare open and closed funds, detailing differences in liquidity, investment periods, and sales structures. Open funds are described as eternity products requiring liquidity management, while closed funds have fixed runtimes and no liquidity. The episode covers risk classifications, tax implications, and return expectations, with Habona's closed funds achieving up to 13% IRR historically. Sales permits for financial service providers are discussed, noting that both fund types can be sold with appropriate licenses. Market timing is emphasized, with examples from Habona's fund launches during cyclical real estate phases. The current market sees strong inflows into closed funds but challenges for open funds due to sentiment and liquidity pressures. LTIFs are mentioned as a potential future packaging form, though returns may differ from traditional real estate. The episode concludes with literature recommendations, including Volker Kutscher's historical novels and Daniel Kahneman's 'Thinking, Fast and Slow'.

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