Witness Australian REITs, which had a very low cost of capital from 2001 to 2007. Today, they're selling because their currency is more expensive. Now the biggest U.S. REITs, including Simon Properties and Boston Properties, are buying real estate in England, China and India, as well as taking positions in other real estate investment companies, such as Klepierre, a French retail specialist. If money gets cheaper and lending conditions ease even more, Zenouzi expects to see the next tier of U.S. REITs going abroad.
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