Eres : Digital Library : Works

Paper eres2008_231:
A FRAMEWORK FOR IDENTIFYING INVESTMENT-GRADE

id eres2008_231
authors Radanovic, Dejan; Anthony De Francesco
year 2008
title A FRAMEWORK FOR IDENTIFYING INVESTMENT-GRADE
source Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
summary The global real estate sector has experienced exceptional growth over the last decade, reflected in rapid growth in cross-border real estate investment activity. A surrounding issue with the internationalisation of real estate investment is the identification of investment-grade real estate markets. This paper proposes a framework for identifying investment-grade international real estate markets. It presents a formal process for assisting with the strategic and tactical selection of investable international markets. In particular, the framework involves segmenting the investment universe into geographical regions and establishing a feasible set of markets based on various criteria: economic prospects; space market fundamentals, capital market conditions and risk. The paper presents an application of the framework with reference to countries in Europe and Asia. Of countries identified as investment grade, eighteen are regarded as core markets, namely fifteen in Europe and three in Asia. These core countries tend to have better growth prospects and lower risk profile. The proposed framework provides a robust and useful tool for investment managers and other market players in formulating strategic geographical asset allocation investment decisions. Furthermore, the framework is flexible, being portable across other asset classes such as infrastructure.
series ERES:conference
email dradanovic@colonialFirststate.com.au
discussion No discussions. Post discussion ...
ratings
session C1
last changed 2008/11/26 14:05
HOMELOGIN (you are user _anon_135372 from group guest) Powered by SciX Open Publishing Services 1.002