With the rapid developments that are taking place in the global scale and structure of real estate markets, there are significant changes in the financial structures and processes that underpin these markets, with a far greater degree of sophistication and complexity emerging. This is clearly reflected in the real estate investmenet trusts (REIT) products now being developed in Europe and Asia, the range of unlisted products emerging in UK/Europe and the innovative financing structures being developed in many countries. Changes are also reflected in the processes and environment needed to…mehr
With the rapid developments that are taking place in the global scale and structure of real estate markets, there are significant changes in the financial structures and processes that underpin these markets, with a far greater degree of sophistication and complexity emerging. This is clearly reflected in the real estate investmenet trusts (REIT) products now being developed in Europe and Asia, the range of unlisted products emerging in UK/Europe and the innovative financing structures being developed in many countries. Changes are also reflected in the processes and environment needed to ensure the success of these property products, including increased disclosure, corporate governance, market transparency and improved skills base. In order to work effectivley in the future dynamics of change in the real estate markets, it is increasingly important that there is a full understanding of these new investment and finance techniques and processes that can be effectively applied to the real estate markets. This helps to ensure effective investment decision-making within the property sector. Chapters are written by leading international contributors, both academic and practitioner. The context is explicitly international, with a focus on UK, Europe, Asia, Australia and the USA. The aim is to identify specific market areas to describe the key innovations, rather than simply providing a description of various geographical markets.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Graeme Newell, Professor of Property Investment, School of Construction ,Property and Planning, University of Western Sydney Karen Sieracki, director of KASPAR Associates Ltd - property research
Inhaltsangabe
Preface Contributors Part I: Products 1. Global REITs universe continues to expand and develop (Lijian Chen and Thomas I. Mills). Global core real estate universe: $8 trillion and growing Why have REITs succeeded? REIT proliferation: thriving in 18 countries and counting Early growth cycle: only the tip of the iceberg Relative risk and return 2. The US real estate investment trust (REIT) market (Will McIntosh). Introduction The evolution of US REITs US REITs: creation to 1993 US REITs: the Modern Era The investment performance of REITs The future of REITs 3. Progress on REIT regimes in Europe (Simon Clark and Tom Road, Linklaters, Olivier Mesmin, Baker McKenzie, Matthias Roche). Introduction Developments in France: SIIC 2/3/4 and the OPCI OPCI: 'the non-listed SIIC' The German REIT The UK REIT EU law and REITs: what are the issues? 4. Listed Property Trusts in Australia (Graeme Newell). Background to LPTs LPT regulatory framework LPT profile LPT performance analysis Recent issues in the strategic development of LPTs Changing LPT and property landscape in 2007-2008 Conclusion 5. Asian REITs: playing the yield game (Joseph T.L. Ooi and Neo Poh Har). REIT markets in Asia Ways to enhance distribution yield Yield-accretive acquisitions Conclusion 6. European real estate unlisted vehicles: a mature market now or is there more to come? (Karen Sieracki). Introduction Characteristics of European real estate unlisted vehicles Performance of European real estate unlisted vehicles Management fees Discussion and conclusion 7. Constructing a Global Real Estate Investment Index (Ian Cullen). Introduction Top down or bottom up? Rolling out national market indices The first IPD multi-market index - the pan-European ...and finally the world - IPD's first global index 8. Property derivatives (Gary McNamara). Introduction The history and innovation behind the property derivatives market The drivers for change Pricing and underlying index activity Alternative indices and products being traded Has the market achieved the results expected of it? How have derivatives changed the market place? Future expectations, unintended consequences and lessons learned Conclusions 9. Property markets in central and eastern Europe (Stanley McGreal, Jim Berry and Alastair Adair). Introduction Development of real estate markets Property markets, data availability and economic competitiveness Bank lending on property in central and eastern Europe Conclusions 10. Islamic finance and Shariah compliant real estate investment (Ali Parsa, University of Ulster, and Ali Muwlazadeh). Introduction Defining SCI Shariah funds in the research agenda Conclusion PART II: Processes 11. Socially responsible property investment - background, trends and consequences (Thomas Lutzkendorf and David Lorenz). Introduction Social responsibility and sustainable development - background The principles for responsible investment Trends and concepts within the property market The benefits of sustainable buildings and of SRIs Criteria and assessment tools Realisation of SRPIs Implications for property professionals Conclusion and recommendations 12. Corporate governance in the real estate industry (Prof. Dr. Karl-Werner Schulte, Prof. Dr. Wolfgang Schäfers and Nicolas Kohl). Introduction Reasons for the rising importance of corporate governance Existing corporate governance principles for the real estate industry Impact of corporate governance on firm value Research agenda for corporate governance in the real estate industry Appendices 13.The future of real estate education (Tony Key). Introduction The demand for real estate skills Paradigms for real estate education A real estate body of knowledge The methods of real estate education The future of real estate education Index.
Preface Contributors Part I: Products 1. Global REITs universe continues to expand and develop (Lijian Chen and Thomas I. Mills). Global core real estate universe: $8 trillion and growing Why have REITs succeeded? REIT proliferation: thriving in 18 countries and counting Early growth cycle: only the tip of the iceberg Relative risk and return 2. The US real estate investment trust (REIT) market (Will McIntosh). Introduction The evolution of US REITs US REITs: creation to 1993 US REITs: the Modern Era The investment performance of REITs The future of REITs 3. Progress on REIT regimes in Europe (Simon Clark and Tom Road, Linklaters, Olivier Mesmin, Baker McKenzie, Matthias Roche). Introduction Developments in France: SIIC 2/3/4 and the OPCI OPCI: 'the non-listed SIIC' The German REIT The UK REIT EU law and REITs: what are the issues? 4. Listed Property Trusts in Australia (Graeme Newell). Background to LPTs LPT regulatory framework LPT profile LPT performance analysis Recent issues in the strategic development of LPTs Changing LPT and property landscape in 2007-2008 Conclusion 5. Asian REITs: playing the yield game (Joseph T.L. Ooi and Neo Poh Har). REIT markets in Asia Ways to enhance distribution yield Yield-accretive acquisitions Conclusion 6. European real estate unlisted vehicles: a mature market now or is there more to come? (Karen Sieracki). Introduction Characteristics of European real estate unlisted vehicles Performance of European real estate unlisted vehicles Management fees Discussion and conclusion 7. Constructing a Global Real Estate Investment Index (Ian Cullen). Introduction Top down or bottom up? Rolling out national market indices The first IPD multi-market index - the pan-European ...and finally the world - IPD's first global index 8. Property derivatives (Gary McNamara). Introduction The history and innovation behind the property derivatives market The drivers for change Pricing and underlying index activity Alternative indices and products being traded Has the market achieved the results expected of it? How have derivatives changed the market place? Future expectations, unintended consequences and lessons learned Conclusions 9. Property markets in central and eastern Europe (Stanley McGreal, Jim Berry and Alastair Adair). Introduction Development of real estate markets Property markets, data availability and economic competitiveness Bank lending on property in central and eastern Europe Conclusions 10. Islamic finance and Shariah compliant real estate investment (Ali Parsa, University of Ulster, and Ali Muwlazadeh). Introduction Defining SCI Shariah funds in the research agenda Conclusion PART II: Processes 11. Socially responsible property investment - background, trends and consequences (Thomas Lutzkendorf and David Lorenz). Introduction Social responsibility and sustainable development - background The principles for responsible investment Trends and concepts within the property market The benefits of sustainable buildings and of SRIs Criteria and assessment tools Realisation of SRPIs Implications for property professionals Conclusion and recommendations 12. Corporate governance in the real estate industry (Prof. Dr. Karl-Werner Schulte, Prof. Dr. Wolfgang Schäfers and Nicolas Kohl). Introduction Reasons for the rising importance of corporate governance Existing corporate governance principles for the real estate industry Impact of corporate governance on firm value Research agenda for corporate governance in the real estate industry Appendices 13.The future of real estate education (Tony Key). Introduction The demand for real estate skills Paradigms for real estate education A real estate body of knowledge The methods of real estate education The future of real estate education Index.
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