This paper studies an economy inhabited by overlapping generations of homeowners and investors, with the only difference between the two being that homeowners derive utility from housing services whereas investors do not. Tight collateral constraint limits the borrowing capacity of homeowners...

Einleitung -- Strukturen des institutionellen Immobilien-Investmentmarktes -- Entwicklung des deutschen institutionellen Immobilien-Investmentmarktes -- Relevante Werttreiber am Immobilien-Investmentmarkt -- Perspektiven des institutionellen Immobilien-Investmentmarktes -- Fazit.