Traditionally, investors in the Czech Republic have looked for developers to build and sell projects for them in order to make their return. Only now are they moving into multifamily product. You went straight into the multifamily (rental) sector. Why?
It depends on the type of investor you have. Ours is a German pension fund. It's a typical long-term, low-yield real estate investor that's primarily interested in residential for rent. They love this asset class because it gives them a long-term, stable income even though it's on a lower basis. When you . . .
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