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Münster Regional Court: Damages following faulty investment advice (judgment of 15 January 2026, case no. 114 O 7/25)
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In its judgment of 15 January 2026 (case no. 114 O 7/25), the Münster Regional Court awarded damages to an investor in the open-ended real estate fund UniImmo Wohnen ZBI. In the court’s view, the intermediary Volksbank did not properly inform the investor about material risks of the investment. As a result, the investment is unwound and the investor receives back his contribution in the amount of 15,000 euros. The judgment is not final.
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When marketing fund units, banks and investment advisers are obliged to provide advice that is appropriate to the investor and appropriate to the product. This includes, in particular, informing about the risks of the investment. In the case of open-ended real estate funds, it is also of central importance for many investors that the redemption of units is not possible at any time. The Münster Regional Court emphasized that, in the course of the advice, investors must be informed transparently and understandably that redemption of units is generally only possible after observing certain deadlines – in particular the 12-month notice/redemption period.
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UniImmo Wohnen ZBI presented as a safe investment
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According to the findings on the claimant’s submissions, in 2019 the investor acquired units in UniImmo Wohnen ZBI totaling 15,000 euros. He stated that, in the advisory meeting, he had made it clear that security, liquidity, and availability at any time were his priorities, as he needed the capital, among other things, to supplement his living expenses. Nevertheless, the fund was recommended to him as a safe investment.
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According to his submissions, he was not sufficiently informed about key risks – such as possible value fluctuations, limited availability, and other fund- and market-specific risks. In particular, according to the investor, the 12-month redemption period was not explained. Instead, the adviser allegedly stated that redemption was possible at short notice.
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Volksbank ordered to pay damages (not final)
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The investor argued that the actual risks had become clearly apparent when, after a special valuation in summer 2024, the fund was devalued by 17 percent. He then demanded damages from the intermediary Volksbank due to alleged advisory errors.
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The Münster Regional Court ruled in the investor’s favor and ordered the Volksbank to pay damages. In its reasoning, the court stated that the bank had breached its duty to provide proper investment advice. Decisive, in particular, was that the claimant had not been sufficiently informed about the redemption rules.
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Important for investors: units are not available at any time
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In order to protect funds against liquidity shortages, the redemption options for open-ended real estate funds were restricted following the experience of earlier market dislocations. In practice, the following points, among others, may be decisive:
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- Minimum holding period: units generally must be held for at least 24 months.
- Redemption notice period: redemption generally must be notified 12 months in advance.
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This means in practice: investors cannot access the invested capital at any time. The Münster Regional Court highlighted that this restriction can be material to the investment decision – especially if investors value short-term availability. Such a period must therefore be presented in the advisory meeting clearly, understandably, and with emphasis.
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Because, according to the court’s findings, the claimant was not informed about this period, the bank is liable for damages. The investment must be fully unwound; the investor receives back his contribution of 15,000 euros.
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Further decisions in connection with UniImmo Wohnen ZBI
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In addition to the judgment from Münster, further decisions are mentioned in this context:
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- Stuttgart Regional Court, judgment of 15 May 2025 (case no. 12 O 287/24): damages for faulty investment advice by a Volksbank (not final).
- Nuremberg-Fürth Regional Court, judgment of 21 February 2025 (case no. 4 HK O 5879/24): finding that the risk in the key information document had been assessed too low and that investors could thereby be misled about the actual risk.
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Note: The legal assessment can differ depending on the individual case, the advisory documentation, and the specific course of the advisory meeting. The procedural status (e.g., appeal) must also be taken into account.
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Which risks may be relevant for open-ended real estate funds
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Open-ended real estate funds can – despite an orientation often perceived as “stable” – be subject to material risks. These may include, in particular:
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- Market and valuation risks (e.g., loss of value due to changes in interest rates and market conditions),
- Liquidity risks (limited ability to redeem, suspension of redemptions in special situations),
- Asset-specific risks (vacancies, rent defaults, renovation and maintenance costs),
- Concentration risks (focus on certain regions/segments),
- Cost and fee burdens (front-end loads, ongoing costs),
- Currency and financing risks (depending on the fund structure).
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If, during the advisory meeting, risks were not presented, presented only incompletely, or downplayed, and the investment was unsuitable for the investor profile (e.g., liquidity needs, risk tolerance, investment horizon), claims for damages may be considered.
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Important legal information for affected persons
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- Case-by-case assessment: Whether a claim exists depends, among other things, on advisory records, documents (e.g., key information document, product documentation), the content of the discussions, and the investor’s individual objectives.
- Limitation: Claims may be time-limited. Whether and when limitation is imminent depends on the circumstances of the individual case (e.g., level of knowledge, legal basis of the claim).
- Questions of proof: In disputes, documentation and witnesses are often central. Written statements regarding the investment strategy or risk class may also be relevant.
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MTR Legal Attorneys-at-Law advise investors on questions in connection with the open-ended real estate fund UniImmo Wohnen ZBI.
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If you would like to have your case reviewed, you can get in touch via contact.
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Transparency notice: This article provides general information and does not replace individual advice. No guarantee can be given for the accuracy, completeness, and timeliness, in particular because court decisions may be appealed and the procedural status may change.
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