Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

MUNICH-Fund manager TMW Pramerica will re-open its TMW Immobilien Weltfonds German open-end fund for redemptions in the fourth quarter after a 10-month closure following several of the dozen GOEFs that closed during a massive run on their capital last October after the Lehman collapse. The fund will re-focus on sustainable property investment.

TMW Pramerica, a division of Pramerica Real Estate Investors which belongs to US insurance group Prudential Financial, said TMW Immobilien Weltfonds' discretionary liquidity, which amounted to 8.5% at suspension on 28 October, will rise to some 20% by end-October 2009 after the disposal of two properties in Switzerland and the US.

Its conversion to target sustainable properties will make it Germany's first open-ended real estate fund to do so. The group has signed with Ökorenta as advisory partner. Management also said the fund was able to secure Spanish hotel chain Sol Meliá as tenant for the hotel Am Hofgarten in Dusseldorf.