Pooled funds appear to be back in favour with real estate investors at the expense of club deals and joint ventures, says a study by KPMG. It shows that 33 per cent of investors have identified pooled funds as “the most attractive vehicle in today’s market,” level with direct holdings/separate accounts and above club deals and joint ventures (25 per cent). Only 18 per cent of survey respondents currently employ pooled funds in their real estate portfolios, suggesting a change of approach among many investors. The 15-percentage-point increase seems to have come at the expense of direct holdings/separate accounts (41 per cent of investors currently employ this approach) and club deals/joint ventures (35 per cent). They mark a reversal of last year’s findings that seemed to suggest real estate investors were favouring joint ventures and club deals over funds.
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