German property investor Hamburgische Immobilien Handlung (HIH) said it plans to dissolve 11 of its 27 closed-end property funds. Combined with five participation offers from BHF Bank, the value of the total package is estimated at between EUR 250 mln and EUR 300 mln. The underlying 200,000 m[sup]2[/sup] of property - 65% offices and 15% retail - is at 20 locations in 11 federal states. The average vacancy rate is 20%. The dissolution of the funds means some investors will lose all or virtually all their original investment, while other investors will be refunded all or nearly all of their deposits.
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