Sanierung und Restrukturierung von Geschlossenen Immobilienfonds – Bestandsaufnahme, Lösungsansätze und Erfolgsfaktoren

In Germany, closed-end real estate funds were subject to the so-called "gray capital market" until the implementation of the AIFM directive in 2013. Until then there were no specific legislations protecting private investors. Several billion euros of capital were invested annually. Many of the funds need to be financially restructured; the volume for restructuring amounts to millions of euros. The capital invested by investors seems lost. Also Banks have to realize sustainable losses. Private investors assumed that investing in a closed-end real estate funds is an investment with corresponding interest. Correctly it is a company participation with corresponding economic risks. Margin payments, reclaims and liability risks put private livelihoods at stake. The described problem is almost exclusively a phenomenon of the German investment market.

The aim of this doctoral thesis is to develop solutions for a successful restructuring and to work out relevant success factors The investigation was conducted by carrying out qualitive social research. Experts who have specialized knowledge and practical experience on this topic were interviewed. The empirical results of this work were compared with theory and practical experience. This thesis identifies which reasons and causes were decisive for the restructuring. Furthermore, it examines the possible actions in practice and the success of the implementation. The results of this study will prepare the parties involved for a successful restructuring, to increase acceptance for the restructuring solutions to be used and to increase efficiency in implementation. This, because the biggest enemy of a successful restructuring is hope. The involved waste time on hope and started the restructuring when the scope for action is limited. Scientific literature and empirical research have so far paid little attention to this topic. The thesis aims to closes the described research gap insofar as creditors and shareholders can be provided with a theoretical and scientifically confirmed guideline for the reorganization of closed-end funds. Moreover, the knowledge gained in this work enables stakeholders an easier dealing with restructuring to the same extent as possible, so that the previous legally relevant literature no longer needs to be used.