Purpose – When one talks of the return performance one typically refers to an average buy‐and‐hold return, also known as time‐weighted return. However, the returns of investors can be quite different. Investor returns are determined not only by the returns on the underlying assets but...

This paper investigates the extent to which risk reduction can be achieved within the UK property market in high and low Beta portfolios. This issue is examined by making simulations of property portfolios of increasing size using the largest sample (392) of actual property returns that is...

Purpose – The question as to whether it is better to diversify a real estate portfolio within a property type across the regions or within a region across the property types is one of continuing interest for academics and practitioners alike. However, this study is somewhat different from the...

Purpose – Geographic diversity is a fundamental tenet in portfolio management. Yet there is evidence from the USA that institutional investors prefer to concentrate their real estate investments in favoured and specific areas as primary locations for the properties in their portfolios. Work...