Börsenlexikon: Immobilienfonds

Real estate funds are various forms of companies that pool capital from several investors in order to invest it in real estate. There are several legally and economically different constructions that can be referred to as real estate funds: - Open-ended real estate fund: an open-ended real estate fund is a legally identifiable investment fund, typically a fund consisting primarily or exclusively of real estate. Open-ended real estate funds are characterized by the fact that capital can generally be deposited and withdrawn at any time. As a rule, an open-ended real estate fund has a large number of shareholders and invests in a larger number of individual properties. A distinction is made between mutual funds, which are designed for private investors, and special real estate funds, which are aimed at a specific group of investors, usually institutional investors. - Closed-end real estate fund: A closed-end fund that invests in real estate. Such a fund is usually set up to finance a single project. Once the required capital has been paid in, the fund is closed; no further deposits or withdrawals are possible. - REIT (real estate investment trust): A usually listed corporation for investment in real estate that is subject to special legal regulations (taxation, supervision).