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.

While he's not ruling out the possibility of finding a Houlihan-Rovers-like operation that's ripe for investment, he's keeping all options open at this early point in the process. "It's a work in progress," he said.

But driving that progress is one simple fact. "In our view, the benefits of REIT investing are being recognized around the world," he added. "I envision a time when the REIT market becomes a trillion-dollar market that will allow investors to invest in any country in the world."

At the time of the acquisition deal, Houlihan Rovers had approximately $500 million in assets under management.