Figure 2 illustrates the ownership structure of Finnish PREOCs in market values.
As can be seen in the figure, the market values of PREOCs also plunged during the recession but have followed a fairly steady path since 1998.
In the beginning of 2009, PREOCs represented 2,2% of the total stock market capitalisation (see Table 3), while the comparative figure for Europe is 3% (EPRA, 2009).
As in other investment sectors, closed-ended funds--to which Finnish PREOCs can be classified into, too--typically trade at a discount value when compared to the value of the assets in their portfolio.
For the 1990s, the P/NAV ratio of the Finnish PREOCs remained around 40%, but showed much volatility.
As suggested by the literature, the NAV discounts of the Finnish PREOCs also vary within the sector.
Figure 4 presents the performance of the PREOCs in the studied period.
The PREOCs distributed an increased value of 27.4% on average.
The inter-asset correlation of returns among the PREOCs is everything between 0 and 0.35 (see Table 6).
Today, there are five PREOCs in Finland, all focusing their investments in commercial real estate.
As investments, PREOCs have provided fairly moderate returns, with slightly lower volatility than the OMX Helsinki stock index.