1. Shares / Shares in funds

  • General Remarks
    1. Dependence on the professionalism of the fund management
    2. Dependence on the protection of minority holdings and its effectiveness
    3. Complete transparency
      1. of mutlisectional structures, profit transfers possible
      2. Clarification of the structures and procedures is necessary
  • For property companies limited by shares
    1. Risks inherent in company purpose (no restrictions on holding and trading in real estate, e.g. additional purpose as a general undertaking or total solution provider and as a property developer [e.g. Allreal AG]
    2. No investment rules (in contrast to the mutual property fund, property OEICs and property CEICs)
    3. Voting shares for promoter as reason for not participating in the vehicle
    4. Group-related subordination and resultant risks
    5. Clarify group structure
  • For property funds
    1. Cost intensity (marketing costs [portfolio management commission [also retrocessions], subject to marketing outlay], fund management fees, depository bank, real estate management and so on)
    2. Liquidity issues (insolvency of unsellable real estate)
    3. Shares are only taken back at the end of the financial year, every 12 months (exceptions are possible)
    4. Closure of fund / compulsory liquidation

2. Companies

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