Global trends in real estate finance

Cover......Page 1
Contents......Page 9
Contributors......Page 13
Preface......Page 21
PART I: PRODUCTS......Page 25
Introduction......Page 27
Global core real estate universe: $8 trillion and growing......Page 28
Why have REITs succeeded?......Page 31
REIT proliferation: thriving in 18 countries and counting......Page 33
Early growth cycle: only the tip of the iceberg......Page 38
Relative risk and return......Page 40
The evolution of US REITs......Page 43
US REITs: creation to 1993......Page 44
US REITs: the Modern Era......Page 47
The investment performance of REITs......Page 52
The future of REITs......Page 54
Developments in France: SIIC 2/3/4 and the OPCI......Page 58
OPCI: 'the non-listed SIIC'......Page 60
The German REIT......Page 61
The UK REIT......Page 64
EU law and REITs: what are the issues?......Page 68
Background to LPTs......Page 70
LPT profile......Page 71
LPT performance analysis......Page 75
Recent issues in the strategic development of LPTs......Page 77
Changing LPT and property landscape in 2007–2008......Page 85
Conclusion......Page 86
REIT markets in Asia......Page 88
Ways to enhance distribution yield......Page 94
Yield-accretive acquisitions......Page 99
Conclusion......Page 102
Characteristics of European real estate unlisted vehicles......Page 106
Performance of European real estate unlisted vehicles......Page 116
Management fees......Page 117
Discussion and conclusion......Page 121
Introduction......Page 124
Top down or bottom up?......Page 125
Rolling out national market indices......Page 126
The first IPD multi-market index – the pan-European......Page 129
…and finally the world – IPD's first global index......Page 132
The history and innovation behind the property derivatives market......Page 138
The drivers for change......Page 141
Pricing and underlying index activity......Page 145
Alternative indices and products being traded......Page 151
Has the market achieved the results expected of it?......Page 154
How have derivatives changed the market place?......Page 159
Future expectations, unintended consequences and lessons learned......Page 160
Conclusions......Page 162
Introduction......Page 164
Development of real estate markets......Page 165
Property markets, data availability and economic competitiveness......Page 169
Bank lending on property in central and eastern Europe......Page 172
Conclusions......Page 177
Introduction......Page 181
Defining SCI......Page 186
Shariah funds in the research agenda......Page 201
Conclusion......Page 207
PART II: PROCESSES......Page 215
Introduction......Page 217
Social responsibility and sustainable development – background......Page 218
The principles for responsible investment......Page 220
Trends and concepts within the property market......Page 224
The benefits of sustainable buildings and of SRIs......Page 233
Criteria and assessment tools......Page 238
Realisation of SRPIs......Page 244
Implications for property professionals......Page 248
Conclusion and recommendations......Page 253
Introduction......Page 263
Reasons for the rising importance of corporate governance......Page 265
Existing corporate governance principles for the real estate industry......Page 268
Impact of corporate governance on firm value......Page 273
Research agenda for corporate governance in the real estate industry......Page 275
Appendices......Page 277
The demand for real estate skills......Page 286
Paradigms for real estate education......Page 289
A real estate body of knowledge......Page 293
The methods of real estate education......Page 296
The future of real estate education......Page 298
B......Page 303
D......Page 304
F......Page 305
H......Page 306
J......Page 307
M......Page 308
P......Page 309
R......Page 310
S......Page 311
U......Page 313
Z......Page 314