BREAKING UP THE BUILDING BLOCKS
Buildings are getting too big to be owned by a single investor. Take an office block costing, say, [pounds sterling] 100 million and assume that no pension fund can have more than 5% of its assets in a single investment. That means only funds of [pounds sterling] 2 billion and above can buy. The less attractive investments are completely overlooked because no fund wants 100% of a secondary property. Nor is it the sort of investment you can move in and out of quickly.
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