By Andrew Baum
* writer of excessive reputation, either in academia and enterprise * in actual fact written, obtainable and fully revised for traders, managers, advisors and scholars * hugely topical in latest not easy marketplace conditionsThis e-book uniquely combines educational literature and sensible adventure to supply a simple and built-in view on international actual property funding for pension cash, different associations and pros, rather within the united kingdom. The booklet is split into 3 sections. half One describes the industry, the and the funding cars to be had, in addition to a functionality heritage of united kingdom genuine property as an asset type. half discusses the valuables funding approach and the instruments required to boost excellence in executing that procedure. half 3 presents fabric for debate in regards to the most likely adjustments over the quick and medium time period. Designed for practitioners dealing with the harsh worldwide marketplace demanding situations, this e-book presents a desirable learn for fund managers, traders, banking employees, estate advisors and scholars. * writer of excessive reputation, either in academia and enterprise * in actual fact written, available and fully revised for traders, managers, advisors and scholars * hugely topical in cutting-edge not easy marketplace stipulations
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Extra resources for Commercial Real Estate Investment, Second Edition: A Strategic Approach
As a result, typical property portfolios contain high levels of specific risk. This fact, coupled with the growing globalisation of property portfolios, largely explains the boom in indirect vehicles (see part 3). There is also some evidence that large lot sizes have been high beta investments (more responsive to the economy and to rises and falls in the investment market). This adds a further risk level. Specific risk in property, whether measured as a standard deviation or as a tracking error against a benchmark, is a key problem, especially for international investors.
In a standard UK lease, with upward-only rent reviews, the initial rental income set at the start of a lease remains certain, with only the uplifts expected at each rent review being uncertain. Given long leases, the principal return to the investor is an income return; and the value of the reversion at the expiry of the lease (while largely uncertain) is of reduced importance. Overall, therefore, commercial property should be a low to medium-risk asset, compared with bonds at the least risky end of the spectrum and equities at the most risky.
However, there are more limitations to this type of optimisation analysis that need to be considered, especially in a global context. These are as follows. Specific risk The data used describes the returns available on the index universes of asset classes. For stocks and bonds, it is possible for investors to replicate these universes in an investment portfolio, as they are highly divisible assets and index-tracking products are available. For property, the universe used to compile the UK annual index at the end of 2007 comprised over 12,000 properties worth around £215bn; over 5,300 properties and $225bn comprise the US NCREIF universe.
Commercial Real Estate Investment, Second Edition: A Strategic Approach by Andrew Baum