In an exclusive interview with GlobeSt.com at Mipim here last week, he elaborated on those initiatives. "We're looking at the major continents of Asia, Europe and South America," he said, adding that no specific vehicles can be identified as yet.
Asia--and Hong Kong specifically--might see the first fruits of that push. Much of the work that the firm has cut out for itself is being handled through the offices of Houlihan Rovers, which, Cohen explains, is currently "following REITs in Asia." It is possible however, that an Asian vehicle might be a ground-up creation rather than an acquisition structure similar to that of the Houlihan Rovers venture.
The problems with Asian investment (for previous story click here) are the same for the creation of trusts as they are for the whole spectrum of transactions, he said. "There's better reporting in Europe," he stated, and more market capitalization." There are also language and culture considerations that challenge players in the Asian field. These factors were the prime motivators in moving first in Europe, despite its fragmented REIT structures.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
