“Dear Ms Nörenberg, many thanks to you in particular. As a layman in these matters, I found you a reliable, determined and not least sympathetic guide through the process.”
Former fund shareholder, Lippstadt
GERMANY’s LEADING BUYER OF SHARES IN CLOSED-END REAL ESTATE FUNDS
With over 20,000 purchases since 2011 DVI is one of the most active buyers in the secondary market for closed-end real estate funds. Our transparently calculatedly offers regularly convive the majority of the fund’s shareholders to sell their share to DVI.
To date, we have acquired shares in over 120 real estate, and approximately half of them with majority shareholdings (> 50%).
We also purchase shares in funds that require financial restructuring, due to vacancies, short-term refinancings, low liquidity or where liabilities exceed the assets (negative equity). As majority shareholder, we can inject liquidity and pursue dividend holidays, if indicated.
In case you wish to offer us a fund not shown on the list, please let us know.
In such cases, we may need the fund’s most recent annual report to calculate an offering price.
CONTACT
T: +49 (0) 30 634 128 844
F: +49 (0) 30 634 128 849
In case you wish to offer us a fund not shown on the list, please let us know.
In such cases, we may need the fund’s most recent annual report to calculate an offering price.
CONTACT
T: +49 (0) 30 634 128 844
F: +49 (0) 30 634 128 849
“I was very satisfied with the purchase of my share in the Mega fund! The prompt payment in particular was appreciated!”
Former fund shareholder, Ingolstadt
“Dear DVI team, first of all I would like to thank you for the fair and quick processing and payment. I would have been happy to receive your offer two years earlier, saving me the frustrating search for a buyer for my holding. No one could help me find a buyer!”
Former fund shareholder, Hilden
“DVI Group has acquired numerous fund units from investors in several of the closed-end property funds managed by us over recent years. In addition to making fair offers to the fund investors, DVI is highly professional and completely solid and reliable.”
Andreas Döring, Managing Director Dr. Upmeier Fondsverwaltungs GmbH
“I was annoyed every year having to pay income tax on the fund’s income allocation to me, although I did not receive any payments from the fund. After confirmation from my accountant that the price paid by DVI would be tax-free, I signed the contract. I subsequently offered my other funds to DVI; in the case of one of them, DVI made me an offer to buy and in that case, too, the transaction went very smoothly. All in all, very professional. “
Former fund shareholder, Schwerte
“As Chairman of the board of Aktionsbund Aktiver Anlegerschutz e. V., Germany’s largest investor protection association in the field of closed-end funds, and an advisor to several property funds, I have found DVI to be a reliable partner and purchaser of fund investments since 2013.”
Thomas Lippert, Chairman of the Board Aktionsbund Aktiver Anlegerschutz e. V.
“Dear Ms Turner, I am pleased with your offer and will prepare the necessary documents as soon as possible. Your information is so well written and your email so informative that there are no questions on my part.”
Former fund shareholder, Nuremberg
“As a fund manager, I appreciate DVI’s consensus-based approach. This starts with the setting of the purchase price. You can always rely on the promises made by the people involved. This meant that solutions could be worked out promptly with the fund management and boards, even in complex restructuring cases.”
Dino Kirchmeier, Managing Director BEB Real Invest GmbH
“I would like to thank you for your patient and competent advice. The discussions were important to me, as I was initially sceptical about the offer. All in all, the sale went much better than I had hoped.”
Former fund shareholder, Unterhaching
“We have found DVI to be a reliable investor and shareholder who pursues our common goal of further optimising the fund property. The fund also benefits from DVI’s experience and scale.”
Eckehard Hofmeister, Managing Director BETA Fondsverwaltungsgesellschaft mbH
“In my experience, an individual shareholder has a very limited say. I had tried in vain for several years to convince the fund management and my fellow shareholders to sell the property. Then came the offer from DVI. Being able to dispose of the money freely was the right decision for me personally.”
Former fund shareholder, Gosheim
“My right to terminate the agreement was still a long way off when the DVI sent me a purchase agreement that significantly exceeded the offer from a fellow shareholder. The sale contract was short and comprehensible. For me, the sale made a lot of sense, especially as I was in a position to reinvest the tax-free proceeds of the sale.”
Former fund shareholder, Villingen-Schwenningen
FAQ
If a fund shareholder seeks to monetize his fund holding, he or she can try to put forward a sale resolution at the annual fund meeting and convince the majority of his fellow shareholders (usually 75%). Upon execution of such a sale, the fund would be liquidated. Presumably the easier option is to sell the fund shareholding.
However, there is no regulated secondary market for closed-end real estate funds with regular price notations (in contrast to open-end funds).
To calculate an offer, first the current value of the property is determined. Cash is added while liabilities and moderate fund liquidation costs and, if applicable, the financing bank’s early repayment penalties are deducted. The so calculated total fund equity value is then multiplied by the fundholder’s ownership %-age in the fund (e.g. 0.8%).
The following speaks for DVI’s purchase offers:
- Since 2011, our purchase offers have been accepted by more than 20,000 shareholders. It is not uncommon for more than 80 percent of the shareholders to sell their shares to DVI at the first offer. As of today, we have acquired stakes in 120 funds, thereof half with majority holdings.
- By bundling shares, we can overcome the disadvantage of the limited influence that a single fund shareholder has, given hundreds of co-shareholders. We are able to pass on some of the increase in value this represents to the shareholders who sell to us, as a result of which our purchase prices usually significantly exceed the purchase prices of passive investors.
- Shareholders are convinced not only by the attractive purchase price offer for a holding which is, due to the lack of a regulated secondary market, difficult to sell, but also by seller-friendly contracts, where DVI offers guarantees and quick and simple execution, including payment of the purchase price within 10 business days.
Please feel free to contact us if you would like us to explain the pricing of shares in your specific fund.
Email: fonds@dvi.de
Phone: +49 (0)30 634 128 844
Fax: +49 (0)30 634 128 849
DVI acquires your shares together with all rights and obligations relating to them. This includes full assumption of any personal liability. If, for fund-specific reasons, the bank financing the fund is not prepared to release you from personal liability immediately at the time of the share sale, DVI will not only indemnify you from any claims, but will also provide you with an additional guarantee package.
Please do not hesitate to contact us if you would like to know more details about the DVI’s liability release.
Email: fonds@dvi.de
Phone: +49 (0)30 634 128 844
Fax: +49 (0)30 634 128 849
The purchase price is usually paid within 10 working days at the latest following formal approval by the fund manager. In exceptional cases where payment is expected to take longer, we will inform ahead of time (before signing of the contract).
1. Simply contact us whichever way is most convenient for you:
Email: fonds@dvi.de
Phone: +49 (0)30 634 128 844
Fax: +49 (0)30 634 128 849
2. A list of closed-end property funds in which we are currently acquiring shares can be found here.
We also consider funds that are not (yet) shown on the list. In such cases, please send us the fund’s latest available annual report to allow us to calculate an offering price.
3. Assuming positive feedback, DVI will prepare a purchase agreement within 10 business days and send two signed copies to you via postal mail.
4. If you agree with the content of the contract – we recommend submitting the contract to your personal accountant and/or legal advisor – please return a copy of the countersigned contract to us.
5. After receipt of the countersigned contract, DVI will solicit the fund managers written approval. Thereafter, the sale price will be paid to the seller within 10 business days.
In general, the sale of a holding in a closed-end property fund can be tax-free, if the fund provides the shareholders with income from renting or letting, the shares were held privately by the taxpayer for at least ten years and there are no other reasons – e.g. relating to the shareholder’s personal circumstances – preventing it.
As we are not authorised under the provisions of the German Tax Consultancy Act to provide advice on tax issues and do not know your personal circumstances, we strongly recommend that you discuss the tax aspects of your fund share sale with your tax or legal advisor before concluding the sale contract. We are at the disposal of your advisors, who can contact us for questions.
No.
Only when there is a significant amount of time between offers, or the holdings are qualitatively different (e.g. additional contributions have not been paid), will different offers be made.
ACQUISITIONS
Contact for fund purchases
T: 030/634 128 844
F: 030/634 128 849
fonds@dvi.de
Contact for property purchases
akquise@dvi.de
DVI also purchase real estate directly (asset deal, share deal). Geographical focus is Berlin and its surrounding and large cities e.g. Mainz, Erfurt, and Leipzig.
Minimum asset size is € 10 million for income-generating real estate (e.g. apartment complexes, office buildings) and € 3 million for land plots with developing potential.
