Building a real estate nest

With global property proving a relatively safe harbour from the stormy waters of equity investment over the past two years, one may expect the opportunities for investing in distressed property to be limited. But in searching out distressed commercial mortgages whose outlook is expected to improve, the Phoenix Four fund has made healthy returns.

In a broad sector that has gained a bad reputation recently due to the plight of Beacon Hill, it has made average annual returns of 15.4% since 1994. P