EFTA Document EFTA01457965

tbrul Pcdttitql, Faro Ot Pt lull Irrrattincrit vuWC ihtti An:54as paspxtios favtir..^ Hvin43roviclyai ;don Long or short, Mark G. Roberts? The Head of Real Estate Strategy and Research considers immediate and longer-term investment issues Could global non-listed real estate continue to outperform? 523 According to MSCI, global non-listed ungeared property generated a total return of 9.9% in 2014. With real interest rates likely to stay low in historical terms, total returns are likel