Funded by huge retail bank networks, through which the man on the street can opt to put aside as little as a few euros a month, the vehicles are part of the average German saver’s investment psyche and, as such, experience huge inflows and have enormous spending capacities.
The funds have relatively high return requirements considering they are conservative savings vehicles, which target prime assets with yields usually between 5% and 6%.
This typically means that, within the UK, they focus on buying in London at the bottom of a cycle, when it is possible to buy at the returns they require before quickly moving on to…
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