The market still has a strong appetite for real estate IPOs -- assuming they are well-structured, says Seth Weintrob, managing director at Morgan Stanley. By that he means they are well priced in line with market expectations, among other factors. The appetite for blind pools, though, is weaker. "It wouldn't surprise me to see one or two more filed," he says. Their problem is that the drivers to form them -- acquiring distressed assets, for example -- have been misplaced. "Distress hasn't shaped up the way many people thought," he says.

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