The most developed market of pooled investments, both in terms of volumes and financial infrastructure, is in the USA. Similar funds can be also found in Europe, but only in France, Spain and the Benelux. “We believe that REIT in developed markets has been revolutionizing from setting up funds for a specific term to non-lapsing funds. This has become available only because of improved financial literacy of investors as well as their trust to the goods offered by professional fund managers. Such shares are usually more liquid, they can be easily bought via special brokerage applications, which give access to stock exchanges,” says Vladimir Potapov, Head of VTB Capital Investments, Chief Vice-President of VTB.