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Global Trends in Real Estate Finance

ISBN: 978-1-4051-5128-3
312 pages
December 2009, Wiley-Blackwell
Global Trends in Real Estate Finance (1405151285) cover image
To operate effectively in today’s dynamic global real estate markets, it is essential to understand the complex processes that underpin them. This up-to-date work, which brings together contributions from industry and academic experts from around the world, is a valuable corollary to effective investment decision-making within the property sector and will be of interest to post-graduate property students, researchers and practising real estate investors.

Recent years have seen some rapid developments in the global scale and structure of real estate markets. Such transformations have been paralleled by significant changes in the financial structures, and processes that serve these markets, including sophisticated new investment and finance structures and products. Examples of these include the real estate investment trusts (REIT) products that have been developed in USA, Europe and Asia, the range of unlisted products emerging in UK and Europe, and the innovative financing structures being developed in many countries.

Global Trends in Real Estate Finance addresses this emerging complexity and sophistication in contemporary real estate markets by discussing the history, merits and implications of a range of products and processes. Also examined are the changes in the practices and environment needed to ensure the success of these property products, including increased disclosure, corporate governance, market transparency and improved skills base.

Chapters are written by leading international contributors, both academic and practitioner. The context is explicitly international, with a focus on UK, Europe, Asia, Australia and the USA. The aim is to identify specific market areas to describe the key innovations, rather than simply providing a description of various geographical markets.

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Preface

Contributors

Part I: Products

1. Global REITs universe continues to expand and develop (Lijian Chen and Thomas I. Mills).

Global core real estate universe: $8 trillion and growing

Why have REITs succeeded?

REIT proliferation: thriving in 18 countries and counting

Early growth cycle: only the tip of the iceberg

Relative risk and return

2. The US real estate investment trust (REIT) market (Will McIntosh).

Introduction

The evolution of US REITs

US REITs: creation to 1993

US REITs: the Modern Era

The investment performance of REITs

The future of REITs

3. Progress on REIT regimes in Europe (Simon Clark and Tom Road, Linklaters, Olivier Mesmin, Baker McKenzie, Matthias Roche).

Introduction

Developments in France: SIIC 2/3/4 and the OPCI

OPCI: ‘the non-listed SIIC’

The German REIT

The UK REIT

EU law and REITs: what are the issues?

4. Listed Property Trusts in Australia (Graeme Newell).

Background to LPTs

LPT regulatory framework

LPT profile

LPT performance analysis

Recent issues in the strategic development of LPTs

Changing LPT and property landscape in 2007–2008

Conclusion

5. Asian REITs: playing the yield game (Joseph T.L. Ooi and Neo Poh Har).

REIT markets in Asia

Ways to enhance distribution yield

Yield-accretive acquisitions

Conclusion

6. European real estate unlisted vehicles: a mature market now or is there more to come? (Karen Sieracki).

Introduction

Characteristics of European real estate unlisted vehicles

Performance of European real estate unlisted vehicles

Management fees

Discussion and conclusion

7. Constructing a Global Real Estate Investment Index (Ian Cullen).

Introduction

Top down or bottom up?

Rolling out national market indices

The first IPD multi-market index – the pan-European

…and finally the world – IPD’s first global index

8. Property derivatives (Gary McNamara).

Introduction

The history and innovation behind the property derivatives market

The drivers for change

Pricing and underlying index activity

Alternative indices and products being traded

Has the market achieved the results expected of it?

How have derivatives changed the market place?

Future expectations, unintended consequences and lessons learned

Conclusions

9. Property markets in central and eastern Europe (Stanley McGreal, Jim Berry and Alastair Adair).

Introduction

Development of real estate markets

Property markets, data availability and economic competitiveness

Bank lending on property in central and eastern Europe

Conclusions

10. Islamic finance and Shariah compliant real estate investment (Ali Parsa, University of Ulster, and Ali Muwlazadeh).

Introduction

Defining SCI

Shariah funds in the research agenda

Conclusion

PART II: Processes

11. Socially responsible property investment – background, trends and consequences (Thomas Lutzkendorf and David Lorenz).

Introduction

Social responsibility and sustainable development – background

The principles for responsible investment

Trends and concepts within the property market

The benefits of sustainable buildings and of SRIs

Criteria and assessment tools

Realisation of SRPIs

Implications for property professionals

Conclusion and recommendations

12. Corporate governance in the real estate industry (Prof. Dr. Karl-Werner Schulte, Prof. Dr. Wolfgang Schäfers and Nicolas Kohl).

Introduction

Reasons for the rising importance of corporate governance

Existing corporate governance principles for the real estate industry

Impact of corporate governance on firm value

Research agenda for corporate governance in the real estate industry

Appendices

13.The future of real estate education (Tony Key).

Introduction

The demand for real estate skills

Paradigms for real estate education

A real estate body of knowledge

The methods of real estate education

The future of real estate education

Index.

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Graeme Newell, Professor of Property Investment, School of Construction ,Property and Planning, University of Western Sydney

Karen Sieracki, director of KASPAR Associates Ltd - property research

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● Written by acknowledged industry and academic experts
● Strong international dimension
● Up-to-date information
● Part of the Real Estate Issues series


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