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Zell: Growth of REITs is being driven by the desire for income investments rather than growth |
SAM ZELL HAS good reason to be positive about public real estate investment trusts (REITs). They’ve helped make him a billionaire. Since establishing US opportunity investment company Equity Group Investments in 1968, Zell has built up four REITs that have made him the US’s largest landlord, with 125 million square feet of office space and 225,000 apartments in the US. The US adopted REIT legislation back in 1960, but it wasn’t until 12 years ago that the market started to take off.
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