DWS restricts redemptions from troubled European property fund
DWS restricts redemptions from troubled European property fund 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
(Reporting by Matthias Inverardi, writing by Cian Muenster; Editing by Joyjeet Das)
((Cian.Muenster@thomsonreuters.com;))
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DWS restricts redemptions from troubled European property fund