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Paper eres2013_316:
Uncovering Private Real Estate Fees

id eres2013_316
authors van der Spek, Maarten
year 2013
title Uncovering Private Real Estate Fees
source 20th Annual European Real Estate Society Conference in Vienna, Austria
summary One of the most important topics for investors in the private investment market is also one of the least researched subjects: Fees. There is hardly any public information and only limited research available and there seems to be no standardisation. On the other hand, the impact of fees on the net performance of investors is substantially. Phalippou showed, for instance, that the average private equity fund charges 7% fee per annum.This research will examine the fee structure and total fee load for private real estate funds on a ex-ante basis. Fee structures as agreed between investors and fund manager and documented in placing documents are used to analyse the total fee load per fund. Based on this fee load, differences between funds (for instance different styles, countries, property types, etc) will be analysed. Finally, also insight will be provided on which fee structures offer better alignment between fund manager and investor.
keywords Fee, Private real estate, Agency theory, Simulation, Alignment
series ERES:conference
type symposium
email maarten.van.der.spek@pggm.nl
more http://library.eres.org/cgi-bin/rsa98.pl?conf=ERES2013&type=session&theme=Z&slot=4712
content file.pdf (1,283,332 bytes)
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session Z-3: Panels
last changed 2014/10/21 21:51
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