The performance implications of adding global listed real estate to an unlisted real estate portfolio
||The performance implications of adding global listed real estate to an unlisted real estate portfolio
||22nd Annual European Real Estate Society Conference in Istanbul, Turkey
||It has been established in a previous paper (Moss & Farrelly 2014) that adding a global listed real estate element (25%-30%) to an unlisted (UK) real estate portfolio could enhance returns. This paper takes the analysis and understanding of blended real estate portfolios further , by increasing the geographic range of the unlisted element, and examining refinements to a straight buy and hold strategy for the listed element. In particular it seeks to answer the following questions: 1) Does the strategy work for regions other than the UK ? We examine the impact of combining a global listed element with a direct property allocation from Europe, Asia and the US, using Transaction Based Indices. // 2) Would performance be improved if different Smart Beta (Alternative Index Weighting) strategies were employed? If so which strategies (Equal weighting, High/ Low Leverage, etc ) work best? //3) Is it possible to adopt a rules-based trading strategy that would enhance performance of the listed element? We look at Momentum based strategies, Trend Following, and a combination of the two, concluding that these strategies can have a significant role to play in risk reduction of the listed element of a blended portfolio.
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||Public Real Estate Investments; An International Perspective
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