AFIRE, a well-known acronym, stands for Association of Foreign Investors in Real Estate. But what is AFIRE doing? James A. Fetgatter, Chief Executive of AFIRE, was interviewed by Andreas Schiller. 

Foto: James A. Fetgatter, Chief Executive of AFIRE

What exactly is the goal of AFIRE and what are the organisation’s tasks?
James A. Fetgatter: As the official voice of the foreign real estate industry in the United States and the pre-eminent global real estate organisation, the Association of Foreign Investors in Real Estate AFIRE represents the interests of nearly 200 members from 17 different countries. Founded in 1988, AFIRE operates much like a private “club” and provides an exclusive environment where principals and senior executives can meet and exchange information through regularly scheduled meetings in the US, Europe and key cities around the world.

AFIRE is a US-based organisation. When referring to "investments in foreign real estate", does that mainly mean foreign investments in the US market and viceversa?
James A. Fetgatter: The founders of AFIRE were primarily Dutch pension funds and Japanese institutions. At the time they founded the organisation, they were focused on US real estate. Because of the size and complexity of the US market, they identified a need for an organization that exclusively served their interests as foreign investors. In fact, “US” was a part of our official name until we dropped it in the mid-90’s. As our investor members have expanded their investment horizons, so have we expanded the scope of our activities. Nevertheless, US investment remains the common bond among our members.

Who are AFIRE members, and how is AFIRE organised?
James A. Fetgatter: James A. Fetgatter: AFIRE is structured as a US corporation with non-profit status. Full Institutional membership in AFIRE is restricted to non-US institutional investors. Membership is on a corporate, not individual, basis. We are governed by a Board of Directors comprised of up to three Institutional board members from each non-US country represented in the membership. An Executive Committee of the Board more closely manages the organisation and a chairman is elected each year from the Institutional membership. The chairman must be a non-US citizen or foreign national no less than once every two years. In 2007, the chairman is Mark Preston of Grosvenor (UK), and in 2008, Karin Shewer of Real Estate Capital Partners (Germany), will serve as chairman.

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