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DWS restricts redemptions from troubled European property fund

By Reuters News

DÜSSELDORF, Germany Oct 26 (Reuters) - German asset management group DWS DWSG.DE is temporarily restricting redemptions from its troubled open-ended real estate fund "Grundbesitz Europa" it said on Monday.

  • The move was intended to give the company time to carry out orderly property sales and strengthen liquidity with the restrictions taking effect on October 27, DWS said

  • The measure, which by law may remain in place for a maximum of 12 months, can be adjusted depending on the fund's liquidity position or lifted earlier if conditions allow, the company said

  • Three DWS open-ended property funds have come under pressure since the European Central Bank began raising interest rates in 2022

  • DWS is an asset management subsidiary of parent company Deutsche Bank DBKGn.DE

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