By Jeff D. Opdyke From The Wall Street Journal Online
Investing in real estate once meant owning rental property downtown or buying shares in a U.S.-based real-estate investment trust. Today, it increasingly means putting money in a REIT trading in Singapore or buying a pied-à-terre in a refurbished medieval village in northern Italy.
These days, real-estate investing is a international proposition. Nearly a score of global real-estate mutual funds have launched in the U.S. in the past two years, more than doubling in number. They now manage some $16.8 billion collectively, with more than $5.8 billion in new money flowing in this year alone, according to investment researchers Morningstar Inc.
Earlier this month, the American Stock Exchange listed its second international real-estate exchange-traded fund in the last six months, the WisdomTree International Real Estate fund. And last summer, private bank Northern Trust Corp. launched the first international real-estate index fund, Northern Global Real Estate Index, which now has more than $1 billion in assets.
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