Investors have been reluctant to commit fresh equity to existing non-listed real estate funds, according to a debt survey carried out by the European Association of Non-Listed Real Estate Vehicles (Inrev). The Inrev study also reveals high levels of concerns about debt issues in non-listed property funds. The majority of fund of fund managers (53%) questioned said they were very concerned about the possibility of funds breaching their covenants. About 40% of investors questioned were 'very concerned' and 48% 'concerned'.
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