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Real estate portfolio strategy and product innovation in Europe
Aberdeen Property Investors, Sweden.ORCID iD: 0000-0002-1205-2129
2008 (Swedish)In: Journal of Property Investment & Finance, ISSN 1463-578X, E-ISSN 1470-2002, Vol. 26, no 2, 162-176 p.Article in journal (Refereed) Published
Abstract [en]

Purpose – This paper aims to review major changes on real estate markets in Europe and to analyse the impacts of such changes.Design/methodology/approach – The paper provides an overview of the various equity real estate investment vehicles available to investors, with particular focus on the pros and cons of each type of vehicle. The paper also includes an analysis of the impacts of product innovation on real estate markets and on portfolio strategy.Findings – The changes on real estate markets have led to considerable amounts of capital being allocated to the asset class. Portfolio strategies should be substantially more flexible.Research limitations/implications – As many of the new products have been created in bullish real estate markets, it is important to assess the impacts of a market downturn on portfolio performance.Practical implications – A good understanding of available products with their pros and cons is necessary for a sound investment strategy.Originality/value – The paper is one of the very few papers that discuss the major institutional changes that have occurred on European real estate markets.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2008. Vol. 26, no 2, 162-176 p.
Keyword [en]
Real estate, Portfolio investment, Investments, Assets management
National Category
Economics and Business
Research subject
Real Estate and Construction Management
Identifiers
URN: urn:nbn:se:kth:diva-196528DOI: 10.1108/14635780810857908Scopus ID: 2-s2.0-40749086761OAI: oai:DiVA.org:kth-196528DiVA: diva2:1046771
Note

QC 20161115

Available from: 2016-11-15 Created: 2016-11-15 Last updated: 2016-11-15Bibliographically approved
In thesis
1. Institutional Real Investments: Real Estate in a Multi-Asset Portfolio
Open this publication in new window or tab >>Institutional Real Investments: Real Estate in a Multi-Asset Portfolio
2016 (English)Doctoral thesis, comprehensive summary (Other academic)
Abstract [en]

The purpose of this thesis is to analyze real estate investments from the vantage point of an institutional multi asset investor perspective, both in terms of the potential benefits real estate can bring as well as the challenges it can pose. The thesis consists of six papers and approaches the research question from three distinct perspectives.

The quantitative papers consists of paper 1 and 5. Paper 1 analyses the portfolio characteristics of domestic and international real estate in a mean variance framework over seven investor domiciles. It is found that the optimal allocation to real estate is in the range of 15-25 percent depending on domicile of the investor. The fifth paper expands the analysis in paper one by expanding the data. Furthermore, the analysis is extended to investigate how the structure of the real estate portfolio can support a diversification objectives best.

Papers 2, 3 and 4 are the market related papers. Paper 2 compares the suggested allocation weights with the allocation to real estate of institutions in four countries, and finds that the actual allocation is significantly lower and that all investor domiciles have a significant home bias. The third paper discusses changes in the institutional framework of real estate markets and the size of the investment universe. Paper 4 discusses various entry points to the real estate market, and how an investor can utilize these in order to adjust the characteristics of the real estate portfolio.

The sixth and last paper is qualitative, and investigates how institutions managing pension capital handle real estate. ​

Place, publisher, year, edition, pages
KTH Royal Institute of Technology, 2016. 37 p.
Series
TRITA-FOB-DT, 2016:5
Keyword
Real Estate Investment, Asset Allocation, Alternative Assets, Multi-Asset Portfolio
National Category
Economics and Business
Research subject
Real Estate and Construction Management
Identifiers
urn:nbn:se:kth:diva-196536 (URN)978-91-85783-71-7 (ISBN)
Public defence
2016-12-09, Kollegiesalen, Brinellvägen 8, Stockholm, 13:00 (English)
Opponent
Supervisors
Note

QC 20161115

Available from: 2016-11-15 Created: 2016-11-15 Last updated: 2016-11-16Bibliographically approved

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Publisher's full textScopushttp://www.emeraldinsight.com/doi/abs/10.1108/14635780810857908

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Citation style
  • apa
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More styles
Language
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Output format
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