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Real estate portfolio construction for a multi-asset portfolio
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.ORCID iD: 0000-0002-1205-2129
2015 (English)In: Journal of Property Investment & Finance, ISSN 1463-578X, E-ISSN 1470-2002, Vol. 33, no 6, 548-573 p.Article in journal (Refereed) PublishedText
Abstract [en]

Purpose – The purpose of this paper is to explore how tenant end demand dependence and investment market segmentation, as estimated through sector type, impacts real estate portfolio strategy in the context of the multi-asset portfolio. Design/methodology/approach – The analysis is performed for six investor domeciles, for domestic and international investments over several cycles. The analysis is performed in a mean variance framework. Findings – The findings are consistent with the hypothesis that an investor benefits from investing in real estate assets where end demand is dependent on local factors rather than global factors. Practical implications – The efficiency of the overall multi-asset portfolio benefits from a deeper understanding of how the real estate portfolio is constructed. Locally dependent real estate, i.e. real estate that is dependent on local economic factors, tends to better support the overall portfolio than do real estate that is dependent upon global factors. Originality/value – The paper contributes to the broader knowledge through extending earlier studies using similar methodology by extending the data series to cover the impact of the latest global financial crises, as well through extending the knowledge how the real estate portfolio should be constructed to better support the overall objectives of the multi-asset portfolio.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2015. Vol. 33, no 6, 548-573 p.
Keyword [en]
Asset allocation, Globally dependent real estate, Locally dependent real estate, Real estate, Real estate portfolio construction, Sector strategy
National Category
Economics and Business Construction Management
Identifiers
URN: urn:nbn:se:kth:diva-181256DOI: 10.1108/JPIF-02-2015-0013ISI: 000373190400006ScopusID: 2-s2.0-84942326622OAI: oai:DiVA.org:kth-181256DiVA: diva2:902166
Note

QC 20160210

Available from: 2016-02-10 Created: 2016-01-29 Last updated: 2016-04-25Bibliographically approved

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