The non-listed European real estate vehicles market has grown dramatically over the last decade. Many investors (who used to be equity-only investors) are using more gearing now that it is attractive. This paper analyzes, from the INREV (European Association for Investors in Non-listed Real Estate Vehicles) database that currently covers nearly 300 vehicles, the reasons and the consequences for using the debt as a financial leverage among non-listed property vehicles and their relation to the real estate market.
CHENTOUF, N., GAWARGY, C. and NAPPI-CHOULET, I. (2004). The Impact of Use of Leverage on Investor's Strategies: The Case of the Non-listed Vehicles in Europe.