Institutional investors have trimmed target allocations to real estate for the first time in 13 years as they unload property fund stakes at steep discounts.
A survey of 166 institutional investors, ranging from pension funds to university endowments, released by Cornell University and capital advisory firm Hodes Weill & Associates found target allocation for the asset class dropped to 10.7 per cent this year, the first decline since the study began in 2013.
A previous survey by financial advisory group Campbell Lutyens found that institutional investors sold real estate fund stakes at an average discount of 34 per cent to net asset value in the first half of this year, up from 19 per cent a year earlier.
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