Commerz Real Investmentgesellschaft mbH – Our Profile
CRI (Commerz Real Investmentgesellschaft mbH) is the AIF management company for the hausInvest pool of segregated real estate assets, and a subsidiary of Commerz Real AG. Commerz Real, a fully-owned subsidiary of Commerz Bank AG, is a provider of fund products focusing on tangible assets with more than 40 years of market experience and approximately 31 billion euros in assets under management. The investment fund spectrum includes institutional investment products, private equity funds of the CFB Invest brand (so-called “entrepreneurial participations”), and the hausInvest open-ended property fund.
For more details on Commerz Real AG as parent company of CRI please go to the website www.commerzreal.com.
A look behind the scenes
At the headquarters of Commerz Real in Wiesbaden, around 300 staff ensure that hausInvest remains on its growth path of more than 40 years. Among them are buyers whose job is to acquire attractive properties and property developments for the investment fund, always taking the current market situation into account. They are also responsible for selling them at just the right time. The task of the asset management department is to implement modernisations, sign up new tenants, and to expand prospering portfolio buildings such as the Westfield shopping centre in London within the framework of the fund's property and letting management. At least as important is the fund management, being responsible for a great and sustainable overall performance of the fund. The range of responsibilities handled by the team around fund manager Mario Schüttauf includes currency hedging and liquidity management as well as property valuations and a harmonious selection of the tenant mix. The chief objective of the hausInvest fund management is to keep the real estate stock of hausInvest permanently profitable, and to expand it. In addition to the property and fund management, a number of back-office departments ensure smooth workflows for all the other aspects involved in managing the open-ended property fund:
From sales, to legal, and all the way to fund accounting, the job of the latter being to correctly post all rent revenues and to determine the share price on a daily basis, among other chores. Would you like to see for yourself? Our clip “A Look behind the Scenes” (German only) will give you a good idea of what our day-to-day business on behalf of the hausInvest open-ended property fund is like.
Joining the Team
Each of these departments is cared for by a team of highly motivated and competent professionals who are fully dedicated to the product and its continuous development – as they have been doing successfully so for the past 43 years.
If you want to become part of the success story of hausInvest and work for us after having taken “A Look behind the Scenes”, please check out our current job openings at commerzreal.com/en/career. To get a better idea of what the fascinating work of our employees looks like, visit us on Facebook.
Open-Ended Property Funds Bolstered by German Capital Investment Act (KAGB)
With the German Capital Investment Act (KAGB) having entered into effect on 22 July 2013, all investment fund shares acquired after that date are subject to a minimum holding period of two years and a notice period of twelve months. However, notice may be given during the minimum holding period, so that hypothetically speaking the terminated amount of investment will be available to the investor directly after the 24-month minimum holding period.
The background to the new legislation is the need for comprehensive investor protection: The minimum holding period and the notice period vastly increase the planning certainty for the fund management in regard to the liquidity level the fund requires. For instance, it ensures that big-ticket investors cannot pull their capital out of the fund from one day to the next The new rules have stabilised the market as a whole, while also boosting the character of open-ended property funds as a long-term investment. That being said, the average holding period of hausInvest was seven years even prior to the re-regulation, and remains at around seven years still. This suggests inversely that investors with a long-term horizon have not been adversely affected by the legal changes. On the contrary: In combination with the obvious strengths of the fund in the fields of portfolio management and asset management, the new legislation helps us continue our success story of now 43 years.
Membership in the Federal Investment and Asset Management Association (BVI)
Since 1993, Commerz Real Investmentgesellschaft mbH has been a member of the Federal Association for Investment and Asset Management (BVI), which is the leading professional association for the investment fund industry, and which in cooperation with its members has drafted the so-called BVI Code of Conduct for the protection of fund investors. The Code of Conduct divides into two parts (for the wording, go to www.bvi.de):
Part I of the BVI Code of Conduct is legally mandated by the “Declaration of Universal Applicability” issued by the Federal Supervisory Authority for Financial Services (BaFin) for investment companies and investment joint stock companies.
Part II of the BVI Code of Conduct governs the self-regulation of the investment industry.
In managing its hausInvest fund, CRI has committed itself to a consistent implementation of the BVI Code of Conduct (Parts I and II). Compliance with the BVI Code of Conduct is subject to permanent internal control, with CRI being advised in this regard by third-party experts (including attorneys, tax consultants, real estate analysts, and others).