Germany's open-ended property funds (GOEFs) have an extremely youthful real estate profile, according to the results of a survey carried out by fund industry body BVI. One-third of the funds' properties are younger than five years, while close to another third are between five and 10 years old. Around 80% of properties are 15 years or younger, according to the survey, which was carried out at end-September 2010.

The bulk of GOEF properties - around 63.3% - are offices, followed by retail (20.1%). Most properties are located in Europe, with France emerging as the biggest destination in value terms after Germany, followed by the UK.

Most of the leases on the properties (34.4%) run for four to nine years, while another 17.9% are due to expire in January 2020. Around 10%-11% of leases are set to be renewed annually by end-2014, the survey found.