Leisure property will not be immune to the weak economy in 2012 but, over a three-year horizon, there is cause for optimism. Indeed, our upgraded forecast is that leisure total returns will average at least 7%y/y over 2012-14, comfortably above the all-property figure of 4%. If that is right, leisure property will be very hard for market players to ignore and it would be easy to imagine that the sector’s investor base will widen.
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