Music to the ears: Unlisted real estate funds have many virtues, usually
INREV held its annual conference in Berlin a few weeks ago. This is always one of the best venues to interact with industry professionals, exchange news and gossip, pick up on trends, and take lots of notes.
The ugly truth
The topic that probably interested most of the people in the room was a presentation by Professor Andrew Baum of Property Funds Research (PFR) on the benefits of non-listed property funds (this is the non-listed property funds trade group, after all).
INREV contracted with PFR to test several hypotheses often associated with unlisted funds. These are statements that everyone seems to believe, but it’s hard to find the data to support them. Thanks to comedian Stephen Colbert, Americans now have a term for the statements we believe to be true just because w