The Australian, 24 Sep 2008, Florence Chong
SOVEREIGN wealth funds have as much as $US725 billion ($863 billion) to invest in commercial property around the world, including Australia, over the next seven years, according to a new report.
The report by global property firm CB Richard Ellis, released yesterday, said sovereign wealth funds (SWFs) were expected to become one of the most significant investors in the world's commercial real estate.
CB Richard Ellis chief global economist Ray Torto said SWFs already had an estimated $US280 billion, or 7 per cent, of their assets in property.
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