This research investigates the key drivers of European non-listed real estate funds performance. In particular, it seeks to understand the extent to which stock-selection, management skills, gearing, fund size, competing asset classes and macroeconomic performance contribute to a fund’s total...

The Narodowy Bank Polski organized during November 14-15, 2013 an international workshop to discuss current issues in the field of real estate analysis from the central bank's point of view. The development of residential real estate prices as well as commercial real estate prices and real...

The rapid growth of nonlisted real estate funds over the last several years has contributed towards establishing this sector as a major investment vehicle for gaining exposure to commercial real estate. Academic research has not kept up with this development, however, as there are still only a...

The principle aim of this research is to elucidate the factors driving the total rate of return of non-listed funds using a panel data analytical framework. In line with previous results, we find that core funds exhibit lower yet more stable returns than value-added and, in particular,...

We compare and contrast the accuracy and uncertainty in forecasts of rents with those for a variety of macroeconomic series. The results show that in general forecasters tend to be marginally more accurate in the case of macro-economic series than with rents. In common across all of the series,...

Drawing on a unique database of office properties constructed for Gerald Eve by IPD, this paper examines the holding periods of individual office properties sold between 1983 and 2003. It quantifies the holding periods of sold properties and examines the relationship between the holding period...

The increased frequency in reporting UK property performance figures, coupled with the acceptance of the IPD database as the market standard, has enabled property to be analysed on a comparable level with other more frequently traded assets. The most widely utilised theory for pricing financial...

The purpose of this study is to examine the relative performance of European commercial real estate markets, with an emphasis on the three largest evolving markets for the recent new entrants to the EU in May 2005 namely, Poland, the Czech Republic and Hungary. Employing a panel data oriented...

[abstract missing - contribution appeared in the programme]