Here's a great analysis from John Carrafiell of Morgan Stanley, as reported by PrivateEquityRealEstate.com, regarding trends on public to private transactions in the market. As we know, the US is currently in a trend from REIT-dominated to private equity-dominated transactions. This is also apparently the case in Asia. But in Europe, the opposite is true and you are seeing private to public transactions.
This is all just a cycle. Private equity firms will probably do like they do with companies: sort through everything, maximize value and go public. And in Europe, PE will catch on as well, although prices are so high that it compared to the US that it may take a while. Land in much of Asia is still cheap so the PE guys are whole hog there for now.