Eres : Digital Library : Works

Paper eres2004_172:
Does the age of commercial real estate affect German property performance?

id eres2004_172
authors Kurzrock, Bjorn-Martin; Zimmermann Matthias
year 2004
title Does the age of commercial real estate affect German property performance?
source 11th European Real Estate Society Conference (2-5 June 2004) Milano, Italy
summary The aim of DID Deutsche Immobilien Datenbank, which forms part of the Investment Property Databank (IPD) network, is to foster detailed comparative analyses for real estate portfolios of institutional investors in Germany. The periodic service is based on a databank which includes comprehensive data on valuations, capital accounts, income and operating costs for each of the properties, covering a total of 43% of the relevant German institutional real estate investment market. This paper analyzes the relation of age and performance investigating the characteristics of commercial properties owned by institutional investors. The selected properties represent a total capital value of up to 25 Billion . The annual performance (Total Return, Net Income Return and Capital Growth) of properties in different age groups is analyzed over a period of seven years. Furthermore, the analysis differentiates for market segments and investment volume of the properties. The findings of the paper are supposed to be valuable for the property investment market and the asset management decision-making process.
keywords Portfolio Performance; Portfolio Age; Empirical Analysis; Institutional Investor; Real Estate Portfolio; Real Estate Life-Cycle
series ERES:conference
email kurzrock@dix.de
discussion No discussions. Post discussion ...
ratings
session Performance of Real Estate
last changed 2008/12/21 10:41
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