Listed property companies and REITs are not Alternative Investment Funds (AIF)

Our CEO Claus-Matthias Böge mentioned in the conference call today, that the Alternative Investment Fund Managers Directive (AIFMD) could be a major problem for all listed real estate companies and REITs.

Deutsche EuroShop shares EPRA's view, that listed property companies and REITs differ from real estate funds because they are perpetual businesses and have flexibility in their business strategy. In contrast, funds have a clearly defined fixed investment policy and operate within a specific investment horizon.

If want to read more about this issue we recommend the following links:

BaFin:

• Entwurf: Anwendungsbereich des KAGB-E/Auslegung des Begriffs "Investmentvermögen" (PDF, 158 KB)

EPRA:

• European listed real estate industry sounds alarm at German regulator’s targeting of REITs for AIFMD rules – EPRA
• EPRA welcomes ESMA approach to providing AIFMD regulatory clarity for real estate (PDF)
• Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM (PDF)

ZIA:

• AIFM-Umsetzungsgesetz: ZIA warnt vor erheblichen Konsequenzen – nicht nur für die Immobilienwirtschaft
• AIFM-Richtlinie und AIFM-UmsG: Aktuelle Studie zur indirekten Immobilienanlage und ZIA-Stellungnahme zur Anhörung BT-Finanzausschuss

DIRK:

• Stellungnahme zum Begriff des „Investmentvermögens“ nach dem KAGB-E (PDF, 133 KB)