Investment returns from European non-listed real estate funds fell to -3.9% in 2007 compared with 21% in 2006. The dramatic decline is due to the euro increasing in strength against the dollar and sterling as well as a poor performance from the UK market for non-listed real estate funds, said Lisette van Doorn, chief executive of the Inrev association of non-listed European real estate funds.
Private asset management company Kryalos has completed the acquisition of a light industrial property in Rome, through its Mars fund.
