The wave of distressed assets expected to come to market never did, frustrating investors who had the resources to snap up the hoped-for bargains. "I regret to say [so far] there is nothing to buy," said Edward Sonshine, CEO of Canadian REIT RioCan, at the CIBC World Markets real estate conference. One option might be pension funds that sell off their lower-quality assets as they overhaul portfolios.

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