Private-equity funds and REITs are becoming linked in new ways as property groups managing both private funds and listed REITs increasingly use their private funds to gather assets that can be transferred to the REITs. Examples include CapitaLand and Ascendas. "For CapitaLand, REITs and real estate private equity funds enable the group to recycle capital for new investments and to develop and incubate retail, office, residential, serviced residence and integrated developments," explained John Pang, managing director of CapitaLand Financial.

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