Sam Zell, keynote speaker at this week’s CREFC conference in New York, told attendees he is placing his bets on the commercial real estate in Mexico, Colombia and India due to what he sees as an unstable environment in the U.S.

Zell cited Mexico and Colombia’s oil supply as growth factors, and heralded India’s recent elections as a positive in the fight against corruption in the country. “There’s a lot to be said for investing in countries that are off of the radar....

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