Real Estate Investment : the Indirect Investment Revolution

• Autorzy: George Matysiak
• Języki publikacji: EN

Abstrakty

EN

Over the last few years property has been seen as an attractive asset, with a considerable volume of international money seeking to be invested in property. The attraction is obvious as many international real estate markets have delivered high relative returns over the last five years. The traditional way to gain exposure to real estate was to invest directly. However, over the last few years there are been significant changes in the way investors can gain a foothold in holding property. The late 1990's have witnessed a boom in the number of and value of unlisted funds. The number of funds has grown by some 20 per cent annually and assets under management by 10 per cent (OPC figures). There are a variety of funds ranging from opportunity funds, core and core-plus. Unlisted, and listed vehicles, have grown to such an extent that there are professional bodies representing these groups of investors. Furthermore, they have encouraged the development of measurement and reporting standards through the pooling of data of these vehicles. Although standards of reporting and performance measurement are still evolving they have facilitated a degree of transparency in the vehicles. The options to investment/gain exposure to property are greater today than any other time. For example, other than investing directly exposure may be obtained by investment in unlisted funds, listed stocks and more recently in derivatives such as SWAPS, particularly in the UK market. This paper focuses on the unlisted sector and suggests that this form of property exposure may provide a route for investing in the CEE region. An efficient frontier analysis suggests that investing in the CEE region may offer a risk-return trade-off that may bee attractive from the perspective of a UK investor. The figures used are, effectively, based on the performance of prime property markets in the Czech Republic, Hungary, Poland and the UK. (fragment of text)

Słowa kluczowe

EN

Real estate; Investing; Indirect investments

PL

Nieruchomości; Inwestowanie; Inwestycje pośrednie

• Czasopismo: Studia i Materiały Towarzystwa Naukowego Nieruchomości
• Rocznik: 2007
• Tom: 15
• Numer: nr 1-2 Wpływ globalizacji na rozwój rynków nieruchomości
• Strony: 71--84

Twórcy

autor

George Matysiak

• The University of Reading Business School