Real estate funds
As real estate funds various forms of society are referred to bundle the capital of several investors to this in real estate investing. There are several legally and economically different constructions that can be referred to as real estate funds:
- Open real estate fund : An open real estate fund (OIF) is a legally identifiable special asset , typically an open investment fund , which consists primarily or exclusively of real estate and, in some cases, investment companies in real estate. Open-ended real estate funds are characterized by the fact that the number of real estate is not limited and further deposits and withdrawals from the purchase or sale of shares from the fund are possible. As a rule, an open-ended real estate fund has a large number of shareholders and invests in a large number of individual properties. A distinction is made between mutual funds, which are designed for private investors, and real estate special funds, which are aimed at a specific group of investors, usually institutional investors .
- Closed real estate fund: A closed investment fund invests in real estate. This is usually set up to finance a single project. Once the required capital has been paid in, the fund is closed; further deposits and withdrawals are no longer possible without further ado. As a rule, the investor only has the option of selling his fund units on the secondary market, which i. d. Usually associated with considerable losses.
- REIT (Real-Estate-Investment-Trust): A mostly listed corporation for investing in real estate, which is subject to special legal regulations (taxation, supervision ).
In addition, there are also ordinary stock corporations that invest primarily or exclusively in real estate and enable private investors to buy shares in real estate. In general, these do not fall under the definition of real estate funds.