This report does not constitute a rating action. On Oct. 26, 2026, Deutsche Bank’s asset manager DWS announced plans to service only 10% of redemption requests from its Grundbesitz Europa property fund, in a bid to preserve liquidity. S&P Global Ratings examines how Germany’s open-ended real estate funds are experiencing significant liquidity pressure amid an investor exodus, and why banks and REITs should remain largely protected. DWS has announced redemption restrictions on its €4.3 billion open-ended European commercial real estate (CRE) fund, signaling increased liquidity stress across the asset class. This represents the largest application of the regulatory mechanism introduced in April, which allows managers to limit redemptions to 10% of requested amounts for 12 months, providing time to monetize
