We snapped Sam Zell, Equity Group Investments co-president David Helfand, and Blackstone co-founder John Schreiber, all judgesat the 12th annual Booth-Kellogg Real Estate Challenge, Opportunity Fund - Brazil, at the Waldorf Astoria last week. (Booth emerged victorious but Kellogg was the audience favorite.) One of the largest CRE investors in Brazil, Sam talked about how difficult it is to source capital in emerging markets, especially because European banks are shrinking. What's often overlooked in countries like the BRICs is you're trading growth for the rule of law and you're unlikely to get a fair shake, he says. His advice: find a local partner, don't expect any formalized stats on occupancies or SF, and make sure you get paid for the risk you take.
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