The nouveau riche who have accumulated small fortunes as a result of the information technology boom are being courted in Europe as prime candidates to invest in real estate projects, according to panelists appearing at MIPIM, the International Property Market.The speakers agreed that there are plenty of people who have amassed $3 million-$30 million and are more than willing to participate in commercial real estate ventures. Dieter Aigner, general manager of an Austrian real estate fund, said he has set up and managed several funds since 2003 that are made up of largely private investors with up to $50 million in personal wealth. People like this have become "classic" direct real estate investors, he said. Stephen Rees, the chief executive of Mosaic Property LLP in the United Kingdom, said these relatively young millionaires are knowledgeable, sophisticated, and willing to invest for the long haul. "These are people who will wait for the real estate clock to ring," he said. "One chap told me, 'I don't want to be poor again'." As Mr. Rees sees it, old money isn't as important as it used to be. The newly rich are the new face of the private investor, he told the meeting, adding that "we owe our present and our future to private investors."

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