Unit holders in Kanam's US-grundinvest fund are to receive a second payment in June as the wind-up of the only dollar-denominated German open-ended fund continues on schedule.

Back in mid-December last year Kanam paid out an initial $250 mln (then EUR 186 mln), half the value of the fund to unit holders. The fund invested in US real estate and had built up a portfolio of 17 properties. In response to the redemption crisis Kanam agreed to investor requests to liquidate the vehicle and return equity.

The German fund manager said on Tuesday that it had preliminary sales agreements for the last two assets owned by the fund, and it expects deals will be finalised in time to make the second payment in June as planned. The other 15 buildings have already been sold.