This paper examines issues related to potential analytical performance systems for global property funds. These will include traditional attribution methods but will also cover the performance concepts of alpha and beta widely used in other asset classes. We look at issues including...what...

The study makes use of a panel dataset for twelve European cities provided by DTZ and augmented by financial and business services employment data provided by Oxford Economics. In recent years there has been significant development in panel testing and modeling for non-stationary panel data and...

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...

The perspective of property investors and advisors is increasingly global and the importance of accurate forecasts in assisting in decision making is well known. . This is especially the case in office markets which are arguably the most developed sector for global investors. This paper seeks to...

This study examines whether closed-ended private real estate funds exhibit performance persistence across vintage years. The relationship between capital flows and track-record, namely the performance flow relation, is also analyzed. The results provide evidence that performance persistence is a...

Since the mid 1990s, in a generally strongly performing property market, there has been huge growth in the aggregate size and number of global property funds in both listed (REIT) and unlisted formats. Fund managers have been able to raise capital for funds which reward them with performance...

This study makes use of a unique dataset of predominantly US and global closed-ended unlisted real estate funds to investigate their performance characteristics. The sample covers multiple vintage years and includes a number of fund specific features. These are used to identify the key...

This study sets out a practical methodology for assessing and measuring the risk of unlisted property funds on a forward looking basis. Renewed investor interest in property as an asset class had led to tremendous growth in the size and importance of the indirect property investment market....

This chapter employs an asset pricing approach to quantify the exposure of private property funds to publically traded and private real estate risk factors. These factors include the traditional size and growth factors, liquidity risk and macroeconomic drivers. Liquidity risk has been...