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BERLIN-The German real estate management unit of US investment bank Morgan Stanley is preparing to reopen its P2 Value property open-end fund at the start of November – after a 23% write-down in the value of its portfolio.

P2 Value, as many others too, has been closed since autumn 2008 but, unlike several property open-fund peers, has made no attempt to re-open in the interim. The original closure came in the aftermath of the Lehman Brothers collapse with a run on redemptions mainly, but not only, from larger wholesale investors. Small investors were also panicked to move savings into bank savings accounts by a government announcement these would be guaranteed.

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