European non-listed institutional real estate funds achieved average total returns of 20.9% in 2006, according to the European association for investors in the funds (Inrev). 'This is a very high investment return. One would expect the median long-term figure for the industry to be somewhere in the range of 10% to 14%. I hope we see a gradual cooling off in the market as this can’t be sustained indefinitely,' Inrev chief executive Lisette Van Doorn commented at the association’s annual conference in Madrid last week.
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