Happy New Year to the thread! 
Next week will be shameful once again for domestic open-ended real estate funds 
One fund after another will announce the deferral of their redemptions this week, as the majority of funds have redemption windows at the end of June and December. Typically, redemptions are paid out at these times, and redemption notices usually have to be submitted at least 6 months in advance. So, the redemptions being paid out now are largely those made in H1’25. I’ve put together a quick summary of the situation for various companies and their funds. I’m also interested in following the funds’ Q4 returns, as for several years now, more significant valuation adjustments have been made in Q4 (even though valuation reports are, of course, done 4 times a year). 
eQ: eQ will certainly announce the deferral of redemptions for its Commercial Properties (Liikekiinteistöt) and Care Properties (Yhteiskuntakiinteistöt) funds, as both funds already have a queue of unpaid prior redemptions. eQ sold some assets from its funds during Q4, and I find it possible they will mention paying off some older redemptions. eQ also publishes expanded reports on its funds (likely not released for another couple of weeks), and these are naturally of interest. eQ Commercial Properties’ quarterly return in Q4 was -3.5%, so the pressure there continues.
Titanium: The Titanium Care Fund (Hoivarahasto) will very likely defer redemptions again, as redemptions from the previous two windows are still in the queue unpaid. The fund finally sold assets in December (https://www.inderes.fi/analyst-comments/titaniumin-hoivarahasto-myy-kohteita-35-meurlla) and logically, the fund should also be paying off old redemptions at the same time. Furthermore, we are obviously interested in seeing the discount versus book value at which those assets were sold and how large a portion of the queued redemptions the fund is able to pay. Regarding the Residential Fund (Asuntorahasto), Titanium managed to pay off the outstanding redemptions during H2 (
), and it remains to be seen if they can avoid deferring redemptions now.
OP: OP does not need to announce redemption deferrals, as it slammed the funds (Rental Yield/Vuokratuotto and Service Properties/Palvelukiinteistöt) shut a year ago (no redemptions/subscriptions allowed). All outstanding redemptions have been paid off during 2025, but the fund remains locked. Logically, OP is under enormous pressure to open the fund, as the “investor interest and/or exceptional market situation” argument is working less and less effectively. I find it hard to understand how OP can justify keeping the funds closed at this point, especially since both funds have been ticking off positive quarterly returns during 2025 (if the return is positive, one would think the underlying assets could be sold at their book values?).
Ålandsbanken: Å had the questionable honor of being the first party to defer fund redemptions for its Residential Fund in autumn 2023. The fund has deferred redemptions ever since, and we will 100% certainly read about a redemption deferral this coming week as well. By the way, the value of Å’s Residential Fund has fallen by about 20% since the situation in autumn ‘23, when it was closed to “protect the interests of customers.” After a 20% drop in value and money being stuck for 2 years, many customers are surely wondering whether this solution was about protecting customer interests or taking a speculative view with the customers’ money.
As a side note, I’ll mention that Ålandsbanken also has its Wind Power Fund (Tuulirahasto) currently closed (it closed in the summer), and redemptions here will also certainly be deferred. In the Wind Power Fund, I’m following the value development with interest, as the situation for the underlying assets is difficult (as it is for all Finnish wind farms) due to low electricity prices.
S-Pankki: S-Pankki’s residential fund operates on a different cycle, so we won’t get a bulletin from them until February. S-Pankki hasn’t technically deferred redemptions, as the fund has come up with an “ingenious” way to avoid this. The fund accepts only a fraction of the redemptions in terms of euros, and the remaining redemptions are cancelled. This means those whose orders don’t go through have to submit a new redemption order. Additionally, these new redemptions always slip into the next redemption window, which kicks the can down the road. It is also questionable how well the average retail investor (the proverbial “Grandma from Pihtipudas”) understands this kind of redemption cancellation.
Evli will also likely have to defer the payment of redemptions for its Rental Yield 2 (Vuokratuotto 2) fund, as my understanding is that there are also several redemptions in the queue there.
One has to hope that the forest funds stay open; the Finnish special investment fund field doesn’t exactly need a situation right now where a forest fund has to defer redemptions. This will also be a point of suspense in Q4, as all three open-ended forest funds have a redemption window open in December. 
