Investors sought to withdraw nearly $780 million from a $9.4 billion fund but received only $31 million, prompting the fund to market properties amid a challenging real estate environment. Redemption restrictions may last until mid-2025, as the sector faces a protracted recovery with varying asset valuations, particularly in the troubled office sector. Despite rising default rates, lenders are showing patience, and property values are stabilizing, especially in residential and logistics sectors, while transaction volumes remain at a decade low.
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