ABSTRACT
The early entry by United States (US) and German investors into international investing in Europe had led them to dominate the growing cross-border market. For the European institutions, the reasons to invest internationally were very different to those of their American peers. In setting up ING Real Estate, the company joined the Dutch institutional investors expanding across Europe, but also manufactured the means to quickly become one of the industry's biggest players. Colin Campbell saw the turning point for European property during a deal that he was working on for an American investor. As a fund manager, Prologis quickly established itself as a category killer in the logistics sector, first in the US and then Europe. What was different about Prologis' fund was that it was a Luxembourg Fonds Commun de Placement (FCP), the first time that a fund was domiciled in Luxembourg or that such a company structure had been used for property.
