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                                                                    EXHIBIT 24.3
 
                      CONSENT OF BEAR, STEARNS & CO., INC.
 
     We hereby consent to the inclusion in the Joint Proxy Statement/Prospectus
constituting a part of this Registration Statement on Form S-4 of our opinion to
be dated March 13, 1996, to the Independent Committees of the Boards of
Directors of Franklin Select Real Estate Income Fund, Franklin Real Estate
Income Fund and Franklin Advantage Real Estate Income Fund attached as Appendix
B to such Joint Proxy Statement/Prospectus and the references to such opinion
and to our firm in such Joint Proxy Statement/Prospectus. In giving consent, we
do not admit that we come within the category of persons whose consent is
required under Section 7 of the Securities Act of 1933 and the rules and
regulations of the Securities and Exchange Commission issued thereunder.
 
                                            BEAR, STEARNS & CO., INC.
                                            By:
                                              James D. Marver
 
Dated: March 13, 1996