According to the US National Association of REITs (NAREIT), currently around two-thirds of the world’s 25 largest large institutional investors invest in publicly traded REITs. Major players around the globe are expanding their investments in listed REITs to increase investment in niche sectors, secure liquidity, achieve diversification effects, and gain strategic flexibility. For example, the Government of Singapore Investment Corporation (GIC), a major player in the commercial real estate market, published a report in 2023 titled ‘The Role of REITs in Real Estate Allocations’ in collaboration with DWS Asset Management, stating that it would increase the use of REITs to complement the shortcomings of direct real estate investments. […]