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Paper eres2010_378:
ALIGNMENT OF INTEREST IN NON-LISTED REAL ESTATE FUNDS - FEE STRUCTURE AND ITS IMPACT ON REAL ESTATE FUND PERFORMANCE

id eres2010_378
authors Bäumer, Hubertus; Pfeffer, Tobias; Schumacher, Christoph
year 2010
title ALIGNMENT OF INTEREST IN NON-LISTED REAL ESTATE FUNDS - FEE STRUCTURE AND ITS IMPACT ON REAL ESTATE FUND PERFORMANCE
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary Based on the INREV vehicles database, the non-listed real estate market in Europe has grown to more than 450 vehicles with a Gross Asset Value (GAV) of approx. €260Bn. with different investment strategies and styles in 2009. In light of the recent financial turmoil and more than 40 different fees in place, transparency for investors is limited. Although the alignment-of-interest with fee structures is crucial to the functioning of the property fund model, few studies have targeted the link between fund terms & conditions and investment performance. In this way, the aim of this paper is to critically analyze the effect of fee structures on the performance of non-listed real estate vehicles. In this way, the paper combines performance data from various real estate vehicles on the one hand with fee-related terms and conditions on the other hand. Also, the empirical analysis includes various fund-specific factors like fund size, property type, regional allocation and investment style as control variables in the regression analysis. The INREV-based (Investors in Non-listed Real Estate Vehicles) sample focuses on the European property funds market and excludes fund-of-funds.
keywords Indirect Real Estate Investment, Performance Measurement, Fee Structures
series ERES:conference
email baeumer@web.de
more http://www.eres2010.org/index.asp?page=papers_download
content file.ppt (1,292,288 bytes)
discussion No discussions. Post discussion ...
ratings
session Indirect Real Estate Investment (sponsored by INREV)
last changed 2010/08/04 20:47
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