IIJournals JPM-Special Real Estate Article Collection | Página 23

During the 1990–2009 period, pension funds’ real
estate holdings increased substantially to more than
US$320 billion in 2009 (the financial crisis dampened
a significant part of the value, which was some US$370
billion in 2008). In line with Pagliari et al. [2005], we
find that pension funds favor private real estate investments over investm