The non-listed real estate funds of funds sector is growing strongly and appealing to a broad range of investors, according to the results of a new survey released by the industry body Inrev. Large institutional investors are using the vehicles to gain access to emerging markets and 'best-in-class' managers while the sector is also attracting new investors for their first allocations to non-listed real estate.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
