The Listed Funds’ Real Estate Investment Process: Linkage between asset strategy & reporting and investor objectives
||Bert Teuben, Peter Hobbs, Mark Clacy-Jones
||The Listed Funds’ Real Estate Investment Process: Linkage between asset strategy & reporting and investor objectives
||22nd Annual European Real Estate Society Conference in Istanbul, Turkey
||During the first quarter of 2015, IPD conducted a survey into the investment process of listed real estate funds, with a particularly close examination of their strategy and reporting. This paper provides a detailed analysis of the relationship between the investor relationship, strategy and asset management, with a particular focus on investment strategy, transparency & reporting and asset management.__The results are based on a desk-based analysis of over 100 listed funds, in-person interviews with over 25 listed funds and a literature review. The focus is on listed funds in Europe and Asia-Pacific, providing in-depth coverage of these funds across approximately 10 countries. The research provides a comprehensive review of the large listed real estate industry of approximately USD 2.5 trillion (GAV) across the globe, including their different investment styles and their geographic exposures._ _The more innovative aspects of the research relate to the approach of listed funds’ investment process, explaining the potential for misalignment at various stages of the investment process. This includes alignment between investor objectives and actual real estate exposures, the investment styles, and the link between portfolio and asset-specific monitoring and the investment strategy. The final section of the paper draws out some of the implications of the research including a categorization of different types of listed funds and the steps taken by a series of ’global leaders‘ seeking to strengthen the investment process. _
||Listed funds, Real Estate Investment Process, Investment styles, Transparency
||file.pdf (671,093 bytes)
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