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Pension Funds Compete with REITs and CMBS for Market Share 

After being stung by the severe real estate downturn during the early 1990s, pension funds gradually have increased their investment in institutional real estate. But other players, primarily real estate investment trusts, continue to gain on pension funds. Pension funds

Get Ready for the Euro 

With the implementation of the Economic and Monetary Union (EMU) on January 1, 1999, Europe will enter a new monetary era, when the currencies of 11 European nations permanently will be pegged to the new euro. The charter nations are

Foreign Investment Tide Shifts 

As Asian investors continue to divest of U.S. real estate, Canadian and European interests quietly have increased their U.S. holdings, gradually offsetting the sharp decline in Asian investment. According to the Labor Department’s Bureau of Economic Analysis, direct foreign investment

CMBS Slowdown Restores Financial Market Balance 

After issuing a record $78 billion in commercial mortgage backed securities in 1998, the CMBS market is expected to end this year well below that mark, at between $60 billion and $65 billion. Three factors are responsible for the market's

CMBS Market Turmoil Opens Door for Commercial Banks 

Tumultuous world financial markets sent the commercial mortgage backed securities market into a tailspin in September and October 1998. Spreads for AAA rated CMBS to 10 year Treasuries spiked to 200 basis points in October from less than 100 basis

U.S. Real Estate Titans Merge With Global Partners 

In reaction to the ever shrinking marketplace and the globalization of the U.S. economy, the commercial real estate industry has rushed to increase its international presence. Over the past two years, several real estate titans have teamed with foreign real

REIT Cycle Poised for Upswing 

After posting impressive total annual returns of 35.8 percent in 1996 and 18.9 percent in 1997, real estate investment trust (REIT) total returns plummeted to a negative 11.4 percent during the first seven months of 1998. This sudden decline has

Life Insurance Companies Reposition to Increase Market Share 

Over the past five years, life insurance companies have lost ground in both the equity and debt commercial real estate markets. Competition from commercial mortgage backed securities has slowed life companies' mortgage originations, and because real estate investment trusts dramatically