GERMANY - German institutional investors are increasingly moving their focus from direct real estate investments to property funds, according the INREV, the European industry body representing investors in non-listed real estate funds.
Speaking at an INREV seminar in Frankfurt this week, Allendorf said: "While it is difficult to quantify this through available data, it is apparent anecdotally what is happening.
"This is based on feedback from our German members and also the strong demand for INREV services from Germany, in terms of higher professional standards and investment transparency for these funds."
INREV's German membership has nearly doubled in the past 17 months to 34, from 18 at the start of 2007.
Around €1.05bn (US$1.6bn) was committed by German institutional investors to non-listed real estate funds in 2007, down from around €1.22bn the previous year, which was due to a fall in transaction volumes across Europe as the credit crunch began to bite, according to INREV's annual Capital Raising Survey.
INREV's Investment Intentions survey this year showed Germany was the favoured target investment location in Europe in the eyes of institutional investors (53%), as it was in 2007 (44%). The country dropped behind France in 2008 as the top location across all the groups surveyed, however, including institutional investors, fund managers and fund of funds managers.
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