POTENTIAL FOR GREATER FOREIGN INVESTMENT IN U.S. COMMERCIAL REAL ESTATE
There is tremendous potential for significantly increased foreign investment in U.S. commercial real
estate:
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According to the U.S. Department of Commerce, Bureau of Economic Analysis, foreign direct
investment in U.S. real estate (on a historical-cost basis) totaled $52 billion at the end of 2008, or
only 2.3% of all foreign direct U.S. investment and less than 1.0% of the $5.9 trillion of U.S. high
quality commercial real estate.
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According to a Preqin research report, there is global private equity dry power of $143 billion, with
$78 billion available for investment in the U.S. as of December 31, 2008.
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There are a substantial number of current and potential foreign investors in U.S. real estate, as
evidenced by the following list compiled from AFIRE's (Association of Foreign Investors in Real
Estate) membership list:
Company
Acacia Investments B.S.C.
ADIA
AEW Europe
AION Partners
Al Fardan Group
Alecta Real Estate Investment, LLC
APG Asset Management US, Inc.
Arcapita
ATP Real Estate
Blue Sky Group
Bouwfonds Real Estate Investment Management
BPF Bouwinvest
Breevast N.V.
Brookfield Asset Management
BVT Institutional Investments, Inc.
Capital & Counties
Capital Guidance Corporation
CDP Capital, Groupe Immobilier
Commerz Real Spezialfondsges, mbH
Cordares Real Estate
CPP Investment Board
Credit Suisse Asset Management
DEGI GmbH
DEKA Immobilien GmbH
DekaBank Deutsche Girozentrale
Doctors Pension Funds Services B.V.
Doran Capital Partners
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Country
Bahrain
Abu Dhabi
France
United Kingdom
Dubai
Sweden
The Netherlands
Bahrain
Denmark
The Netherlands
The Netherlands
The Netherlands
The Netherlands
Canada
Germany
United Kingdom
Switzerland
Canada
Germany
The Netherlands
Canada
Switzerland
Germany
Germany
Germany
The Netherlands
Korea
Dorsay Development Corporation
Dubai Investment Group - Real Estate
E.ON AG
Fortis Investments
Gazit-Group LTD
GIC Real Estate, Inc.
GLL Real Estate Partners
Grosvenor
Hamburg Trust Grundvermogen und Anlage GmbH
Hannover Leasing GmbH & Co. KG
Hongkong Land
Hypo Real Estate Capital Corp.
IMMOFINANZ AG
ING Real Estate
IVG Institutional Funds GmbH
JAMESTOWN US-Immobilien GmbH
Kan Am International
KGAL Group
Landmark Developments
La Salle Investment Management
Louis Dreyfus Property Group
Macquarie Capital (USA), Inc.
Metzler North America
MIRVAC
Mitsui Fudosan America, Inc.
New City Corporation
Orchard Funds Management
Oxford Properties Group
Pacific Star Fund Mangement Pte Ltd
Paramount Group, Inc.
PB Capital Corporation
PGGM
Pioneer Capital Management, LTD.
Prudential Property Investment Managers
Redevco Europe Services, BV
Rockefeller Group Investment Management
RREEF Investment GmbH
SCI-ROEV Partnership
SEB Investment GmbH
Slough Estates USA, Inc.
SNSPF International
Standard Life Investments
Syntrus Achmea Real Estate
The IBUS Company
UBS Global Asset Management, Global Real Estate
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Canada
Dubai
Germany
Belgium
Israel
Singapore
Germany
United Kingdom
Germany
Germany
Hong Kong
Germany
Austria
The Netherlands
Germany
Germany
Germany
Germany
United Kingdom
United Kingdom
France
Australia
Germany
Australia
Japan
Japan
Australia
Canada
Singapore
Germany
Germany
The Netherlands
United Kingdom
United Kingdom
The Netherlands
Japan
Germany
Italy
Germany
United Kingdom
The Netherlands
Scotland
The Netherlands
The Netherlands
Switzerland
Union Investment Real Estate GmbH
Valartis Asset Management SA
Wafra Investment Advisory Group
Wealth Capital Management, Inc.
Westfield Corporation, Inc.
Westplan Investors, Inc.
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There are at present approximately 60 Australian REITs listed on the Australian Stock Exchange,
nearly a third of which invest in U.S. real estate1:
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Germany
Switzerland
Kuwait
Germany
Australia
The Netherlands
Ardent Leisure Group (AAD)
Centro Properties Group (CNP)
Centro Retail Group (CER)
Charter Hall Office REIT (CQO)
Charter Hall Retail REIT (CQR)
DEXUS Property Group (DXS).
ING Office Fund (IOF)
ING Real Estate Community Living (ILF)
Macarthur Cook Property Securities Fund (MPS)
Macquarie DDR (MDT)
Mirvac Group (MGR)
Mirvac Industrial Trust (MIX)
Multiplex Acumen Property Fund (MPF)
Real Estate Capital Partners USA Property Trust (RCU)
RNY Property Trust (RNY)
Tishman Speyer Office Fund (TSO)
Westfield Group (WDC)
In addition, there are Dutch “Fiscale Beleggingsinstellings” (BIs) in operation, which are also permitted by our U.S.
tax treaty to invest in U.S. real property on a look-through basis.
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