The development of the real estate swap market offers many opportunities for investors to adjust the exposure of their portfolios to real estate. A number of OTC transactions have been observed in markets around the world. In this paper we examine the Japanese commercial real estate market from...

The purpose of this paper is to explore the hedging effectiveness of total returns swaps (TRS) in real estate investment. We assume that investors own a real estate portfolio and wish to reduce their exposure to future movements in the property market. They therefore will swap the real estate...