Investment in ground rents are coming to the attention of more investors, as continuing volatility in financial markets focuses attention on products paying stable returns. However, due to their operational nature, ground rents are often better managed over the long term by specialist operators...

This paper assesses whether the returns of the UK securitised real estate market are converging with those of the other countries in Europe relative to the returns in the US. Using time-varying parameter modelling techniques with monthly data over the period 1990 to 2007 we show that from 1998...

A number of studies have examined the benefits of regional diversification strategies within commercial real estate portfolios with two approaches adopted; the first is based on primary contiguous geographical regions while the second employs areas based on economic function. In general, the...

A stylized fact in the real estate diversification literature is that sector (property type) effects are relatively more important than regional (geographical) factors in determining property returns. Thus, for those portfolio managers who follow a top‐down approach to portfolio management,...

Surveys of 'experts' have been undertaken to obtain forecasts of the future risk and return relationship of Property with Equities and Bonds in both the USA and the UK. The mean or median values of these forecasts have been used in asset allocation models to justify Property's position in the...

The performance of a sample of real estate funds over the period 1989-2001 is analysed in order to assess the fund manager's selection and timing ability. In addition to conventional performance measures a number of alternative techniques are also used in order to overcome potential biases...

This paper investigates the potential benefits and limitations of equal and value-weighted diversification using as an example the UK institutional property market. To achieve this it uses the largest sample (392) of actual property returns that is currently available, over the period 1981 to...

ERES:conference

The adequate measurement of real estate risk is of utmost importance for asset management and real estate portfolio management. Most real estate academics agree that volatility is inappropriate for that purpose. However, it is still a favored measure of many practitioners and academics due to...

Real estate in common with many other business sectors has experienced significant levels of internationalisation in its market activities over the last decade. These range from the internationalisation of key market actors such as real estate service providers and investors to the increasingly...