This study investigates how three regulatory reforms undertaken in the aftermath of the global financial crisis have affected returns of real estate companies. The three reforms are aimed at regulating different segments of the market – Basel III targets banks, and could restrict the...

This paper seeks to increase the understanding of the performance implications for investors who choose to combine an unlisted real estate portfolio (in this case German Spezialfonds) with a (global) listed real estate element. We call this a “blended” approach to real estate allocations....

In this paper we set out to answer the following questions:• Growth of the market: How has the Asia Pacific market grown relative to the global real estate universe?• Performance analysis: How has the sector performed relative to other regions globally, as well as other asset classes over...

Until now, however, there has been little work published regarding done the behavioural or institutional aspects of incorporating listed real estate into an investment strategy. To rectify this gap we have undertaken two pieces of research for EPRA. The first, published in March 2013 (The use of...

In this paper, we analyze the implications of combining public real estate with a direct real estate allocation. Using an actual fund rather than index data, the historic performance of blended portfolios has been simulated and the resulting risk and return characteristics analyzed. The results...

Purpose – The purpose of this paper is to provide a better understanding of the performance implications for UK DC pension fund investors who choose to combine global listed and UK unlisted real estate in a blended allocation relative to a pure unlisted solution.Design/methodology/approach –...

This paper seeks to provide a better understanding of the performance implications for investors who choose to combine listed real estate with an unlisted real estate allocation. Specifically, it provides a detailed investor level analysis of the impact of combining UK unlisted fund and global...