Almost every day, the European property press publishes on one of the U.S. property funds believed to be or really purchasing European real estate assets. While many of the most risk-averse and aggressive US opportunity funds have been and continue to be engaged in Europe, there has been no large-scale inflow of REIT capital. The European operations of US REITs appear to be being slowed by a combination of “focused on our own backyard” and “can it be done?” lethargy.
Attractive cap rates; interest rate convergence following the onset of the single European currency; the need to “service” the existing U.S. occupier base on a global scale; or simply the desire to hedge against any downturn in the U.S. property cycle are all reasons for interest in European real estate. As a result, the necessity for REITs to address the more basic concerns of European investment is becoming increasingly urgent.
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