1. INREV Panel on the Education Requirements of the Indirect Investment Market
Matthias Thomas
CEO, INREV
7th Annual ERES Education Seminar

2. THE REAL ESTATE CAPITAL MARKETS
PRIVATE
PUBLIC
Direct real estate
Non-Listed real estate vehicles
JVs
REITs
Listed Property Companies
Derivatives
Other public real estate
Other public equity
EQUITY
Mortgages
NPL
Commercial mortgage backed securities
Property company corporate bonds
Covered bonds
DEBT

3. MARKET GROWTH Source: Vehicles Database November 2011
Updates <2009 INREV/IPD onwards INREV