The ësize effectí is a concept studied across various financial asset classes. It describes the relationship between investment performance and a measure size. In the equity market, this involves the shares of smaller capitalised companies delivering higher total returns than shares of mid-...

A highly discussed topic in real estate currently in many countries including Germany and the UK is the introduction of tax transparent investment vehicles commonly referred to as Real Estate Investment Trusts (REITs). The UK government published a consultation paper alongside the 2004 Budget to...

Every shopping centre must have a basic identity and it serves as a basis for setting up a desirable tenant mix (Alexander et al, 1983). A good tenant mix will maximise interaction among shops and as a result, this cumulative attraction among stores will increase retail sales. Increasingly,...

We show that a proper assessment of the linkages between commercial real estate markets and the economy requires state of the art modelling techniques, which treat economic variables endogenously and allow for a number of long run relationships. We therefore use a long run structural modelling...

In the UK, around 55% of householdsí net worth is in housing. More than 70% of households in the UK own a house and holding such a large amount of undiversified real asset poses risk. It is not always that a house would appreciate in value, though a housing investment has been recognised as a...

Social landlords own more than one third of the housing stock in the Netherlands. Especially in the decades after World War II, social landlords were both strongly controlled and strongly subsidised by the government. In the 1990’s, the government relaxed her hold on the social landlords but...

The growth of private real estate vehicles in the last decade has been one of the most significant shifts in UK and European commercial real estate markets. In 1991, investment in such vehicles in the UK was recorded at approximately £13bn by 2003 the comparable figure was £48bn (PVD,...

In an attempt to provide some guidance for ëoptimalí gearing levels, a stylized study was conducted to examine the trade-off between asset return, risk and gearing. The study made use of historical property returns sourced from the PCA/IPD investment index. The study highlights that risk rises...

"Research on real estate asset valuation is largely reflected in the literature, whereas valuation of real estate companies is widely ignored. Taking into account the actual amount of investments of opportunity funds in European real estate portfolios and companies and the wide discussions on...

This study suggests a model to analyze the inflationís hedging characteristics of direct real estate investments taking into consideration the lease structure, the indexationís typology and the current and forecasted state of the market. Using both Monte-Carlo simulations for the price of the...