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Property investment vehicles are reviewed from a literature perspective drawing upon the experience of real estate investment trusts in the USA and contrasting this with European examples. The primary focus of the paper is upon German funds, using survey evidence to evaluate their structural characteristics. The paper forwards from a theoretical perspective an assessment framework indicating how different types of fund can be matched to product opportunities on the basis of risk, appreciation potential, nature of contract, location and use.
Berry et al. (Wed,) studied this question.