Institutional Real Estate Americas

Feburary 2010: Volume 22, Number 2

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From the Current Issue


The End of Closed-End: Not Quite, but Changes Are Expected

While some institutions may at least temporarily shy away from new closed-end fund investments, the closed-end model is far from dead. Advisers aiming to raise new funds, however, will need to restructure their vehicles to better accommodate limited partner interests. They also need to explore how to minimize conflicts among fund investors.


Breaking Up: The Story Behind the Divorce of Real Estate and Capital Markets

The real estate and financial market crashes of 2007 are the most recent empirical proof that imperfectly competitive markets do not trend toward equilibrium transactions of price and quantity. As businessman and currency speculator George Soros has pointed out frequently, “financial markets have a tendency to develop bubbles.” Real estate markets, too, will tend to overshoot and then undershoot equilibriums of price and sales volume.


Bedazzled: A Lesson On Making Wishes Count

One of my favorite movies of all time is an old British comedy, Bedazzled. The plot of the movie involves the age-old story of a young man (played by Dudley Moore) who sells his soul to the Devil (played by Peter Cooke) in exchange for 10 wishes.

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