Specific risk in property, whether measured as standard deviation or as a tracking error against a benchmark, is a key problem for international investors. It arises through large average property capital values (lot sizes), through an uneven distribution of these values and through the...

There has been huge growth in the aggregate size and number of global unlisted property funds since the mid 1990s. In Europe, and more recently in Asia, growth in the number of fund launched has exceeded 20% per annum. Developing markets need real estate equity capital to supply the real estate...

This paper sets out the findings of a group of research and development projects carried out at the Department of Real Estate and Planning at the University of Reading and at OPS (Oxford Property Systems, a software development company) over the period 1999Ã’2003. The projects have several...

Property companies and REITs make a significant contribution to the global stockmarkets; currently accounting for £1.1 trillion in market capitalisation, with significant public information available for both property company and REITs. This has seen investors focus on these transparent...

The broad aim of this research is to develop a better understanding of the capital structure practices and processes of European real estate companies. The emphasis is on internal processes and the firmsí rationale for particular decision making behaviour. By capital structure processes and...

ERES:conference

Since the mid 1990s, in a generally strongly performing property market, there has been a significant growth in the number of unlisted real estate funds. These funds have provided fund managers with the opportunity to charge performance fees, without the manager being able to provide clear...

This paper uses a proprietary database of over 500 unlisted real estate vehicles in Europe to describe the rapid growth in unlisted real estate vehicles over the last 15 years and the typical features of these investment products. It considers the reported reasons for the rapid growth in this...

ERES:conference

Purpose - The objective of the study is to assess the extent to which the hypothetical attractions of listed real estate products as part of a real estate allocation are being over-ridden by the lack of integrated solutions to managing public and private real estate in the same portfolio....