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"Property is the dream asset class," says Paul Ogden, head of property derivatives development, CBRE-GFI in London. It is inefficient and it is deep. GFI brokers over-the-counter (OTC) property derivatives for hedge funds and others wishing to gain exposure to the asset class. It says it routinely does deals for hundreds of millions of pounds, with uncertainty of tens of basis points. The arbitrage opportunities are, therefore, substantial.

New Star's Global Property Fund invests directly in