In 1998, Greg Whyte, then head of REIT research at Morgan Stanley, said the following about listed real estate: “REITs smell like real estate, look like bonds and walk like equity”. We are now twenty-five years later and it pays to dissect this memorable statement, as it has survived the test of time. Not only that, this statement helps to clarify the current situation on the (listed) real estate market. This article is only available in Dutch.
Operate efficiently or step aside
The years of easy, high-margin wins for asset managers is over. Welcome to the reality...
