scholarly journals International Real Estate Review

2015 ◽  
Vol 18 (2) ◽  
pp. 149-154
Author(s):  
James D. Shilling ◽  
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
House Price ◽  
Real Estate Investment Trust ◽  
Real Estate Investment ◽  
Market Anomalies ◽  
Price Inflation ◽  
Public Markets ◽  
Wide Range

The four articles presented in this special issue of the International Real Estate Review were prepared for and presented at an international real estate symposium organized by DePaul University, which took place on 3-4 July 2012 at the Grand Hyatt Hotel, Macao SAR China. Each paper subsequently went through the typical review process of the International Real Estate Review. The four papers cover a wide range of topics, from the role of public markets in international real estate diversification, to international evidence on REIT (Real Estate Investment Trust) market anomalies, to house price inflation in China, and to evidence on the relative performance of private equity real estate joint ventures. The papers presented here generated spirited discussions at the conference. Those attending the conference offered helpful comments and suggestions.

scholarly journals International Real Estate Review

2021 ◽  
Vol 24 (2) ◽  
pp. 253-292
Author(s):  
Zhengzhen Tan ◽  
◽  
Siqi Zheng ◽  
Juan Palacios ◽  
Carl Hooks ◽  
...  
Keyword(s):  
Real Estate ◽  
Quantitative Research ◽  
Private Equity ◽  
Risk Mitigation ◽  
Emerging Market ◽  
Theoretical Models ◽  
Real Estate Investment ◽  
Firm Level ◽  
Building Conditions ◽  
Equity Funds

Our paper aims to examine the healthy building adoption patterns by first asking two critical questions that are relevant to the market conditions: What are healthy buildings? What is their financial value for tenants and owners? We then synthesize the existing academic and industry literature. We find some early evidence of a real estate price premium for specific indoor environment quality (IEQ) and design features. In terms of health-focused building certification systems (BCSs), no empirical and quantitative research has been done on the financial performance of healthy buildings, except for theoretical models. We then proceed to conduct interviews with executives of 15 real estate corporations across the globe to understand the perspectives of real estate owner operators and their strategies for this emerging market. The interviews results confirm that the scarcity of empirical evidence that links healthy building attributes to financial returns inhibits the adoption of healthy buildings in mainstream designs. Moreover, differences in the adoption patterns of healthy buildings are due to the building ownership structure at the firm level, tenants, end-users and building conditions. The strategies of firms in pursuing a healthy building range from risk mitigation to proactive pursuit of new growth opportunities. Private equity funds and real estate investment trust (REIT) firms tend to focus on risk mitigation, while direct real estate investment firms are more likely to carry out the latter to position themselves as a leader within the real estate industry.

The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds

2013 ◽  
Vol 39 (6) ◽  
pp. 99-110 ◽  
Author(s):  
Jamie Alcock ◽  
Andrew Baum ◽  
Nicholas Colley ◽  
Eva Steiner
Keyword(s):  
Real Estate ◽  
Private Equity ◽  
Financial Leverage

The Introduction of Real Estate Investment Trusts [REITs] in Germany

2007 ◽  
Vol 8 (1) ◽  
pp. 133-142 ◽  
Author(s):  
Constantin M. Lachner ◽  
Rafael von Heppe
Keyword(s):  
Real Estate ◽  
Capital Market ◽  
Real Estate Investment Trust ◽  
Real Estate Investment ◽  
German Government ◽  
Corporate Capital ◽  
Retroactive Effect ◽  
Preparation Phase ◽  
In The Beginning ◽  
Lobbying Group

The German Real Estate Investment Trust – or, G-REIT – is in the centre of interest in Germany these days and expected to be introduced in Germany in the beginning of 2007. After a preparation phase initiated in 2003 by a lobbying group (“IFD”) under the former German government, the new government has most recently drafted a bill with respect to the introduction of G-REITs (“bill”). This bill remains to be subject to parliamentary discussion and is likely to be partially modified before its final adoption: in addition to its passage in the Bundestag (Federal Parliament), it requires the approval of the Bundesrat (German Federal Council). Following its first reading it will be committed to the Financial Committee, which will conduct hearings. However, the legislator intends to pass the bill in the first quarter of 2007 to take retroactive effect as of 1 January 2007. This essay intends to outline fundamental corporate, capital market, and tax related G-REIT parameters provided for by the G-REIT Act in its present form.

Intermediation in Private Equity: The Role of Placement Agents

2019 ◽  
Vol 55 (4) ◽  
pp. 1095-1116
Author(s):  
Matthew D. Cain ◽  
Stephen B. McKeon ◽  
Steven Davidoff Solomon
Keyword(s):  
Real Estate ◽  
Information Asymmetry ◽  
Private Equity ◽  
Abnormal Returns ◽  
Theoretical Predictions ◽  
Illiquid Investments ◽  
First Time ◽  
High Information

Intermediation in private equity involves illiquid investments, professional investors, and high information asymmetry. We use this unique setting to empirically evaluate theoretical predictions regarding intermediation. Using placement agents has become nearly ubiquitous, but agents are associated with significantly lower abnormal returns in venture and real estate funds, consistent with investor capture and influence peddling. However, returns are higher for buyout funds employing a top-tier agent and for first-time real estate and venture funds employing an agent, and are less volatile for agent-affiliated funds, consistent with a certification role. Our results suggest heterogeneous motives for intermediation in the private equity industry.

scholarly journals Strategizing the for-profit city: The state, developers, and urban production in Mega Manila

2019 ◽  
Vol 52 (2) ◽  
pp. 403-422 ◽  
Author(s):  
Morgan Mouton ◽  
Gavin Shatkin
Keyword(s):  
Real Estate ◽  
Urban Space ◽  
The Philippines ◽  
The State ◽  
Metropolitan Region ◽  
Public Private Partnerships ◽  
Public And Private ◽  
For Profit ◽  
Wide Range

This article explores the evolving role of real estate developers in the wider metropolitan region of Manila, the Philippines. We argue that, given the relational nature of these actors, they are a relevant object of analysis for the formulation of “mid-level” theories that take into account both global, macroeconomic trends and local, history-dependent contingencies.  As we consider developers’ activities and interactions with a wide range of public and private actors, we retrace their gradual empowerment since the beginning of the postcolonial period. As a handful of powerful land-owning families created real estate development companies, urban production quickly became dominated by a strong oligarchy capable of steering urban development outside the realm of public decision-making. Philippine developers subsequently strengthened their capacity by stepping into infrastructure provision, seemingly expanding their autonomy further.  More recently, however, we argue that while the role of private sector actors in shaping urban and regional trajectories has scaled up, their activities have been tethered more strongly to a state-sponsored vision of change. Both by reorienting public–private partnerships (PPP) toward its regional plans, and by initiating new forms of public–private partnerships that give it more control, the state is attempting to harness the activity of developers. We characterize this shift as a move from the “privatization of planning” to the “planning of privatization” of urban space.

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