All Real Assets articles in May 2010 (Magazine)
View all stories from this issue.
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Magazine
Shaken but not deterred
Although confidence in non-listed funds has suffered in the wake of the downturn, increasing international diversification should help to revive interest in these funds, says Paul Mitchell
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Gearing up for a new era
Investor appetite for leverage in real estate funds has waned since the fallout of the financial crisis. Is there going to be a role for gearing in real estate funds? If so, what is the optimum level? Richard Lowe put these questions to three pension fund investors, a consultant, a ...
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Magazine
Build trust
Following a recent INREV report showing that life and pension funds are looking to reduce their exposure to non-listed indirect real estate investments Deborah Lloyd argues it is more important than ever for fund managers to demonstrate that their interests are closely aligned with those of investors and that they ...
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Joined up thinking
The downturn has highlighted the need to improve integration of internal processes within investment management firms. But with recovery underway, will managers forget their good intentions? Christine Senior reports
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Trousers down
In 2008 the German property company and fund management house IVG made a loss of €457.1m, a shock to the system after the healthy profit of €301m recorded in the previous year. As the soul-searching began, Gerhard Niesslein took over as spokesman of the board. Today, just over a year ...
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Shedding the pariah status
Poor governance has been a feature of the Austrian listed real estate industry. But, finally, it is getting its act together, says Holger Schmidtmayer.
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Bootstrapping property
Property’s short time series is one of a number of factors that hinder the analysis of its allocation in the multi-asset portfolio. Rahul Srivatsa offers an alternative method
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The search for returns
In the wake of the financial crisis, investor demand focused on core products in well-established markets. But now investors are moving up the risk curve once again, writes Christine Senior
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Boring is beautiful
Income has accounted for the majority of returns to commercial real estate investors, and is one of the major driving forces behind market movements. Greg MacKinnon reports
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Gridlock holds the key
The need to deleverage has reopened a window of opportunity for mezzanine capital providers, as Charles Graham reports
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Magazine
Intelligent finance
Using a combination of tactical and strategic debt could be the best way forward in light of recent market turbulence. Robert Davis reports
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Magazine
Rebalancing act
Quick, cost-effective switching of sectoral exposure moves property derivatives to the investment mainstream, says Will Robson
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Trading up
Managers who overlook the development of property derivatives will struggle to keep up with their peers, says Michael Barrie
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Volatility – so what?
Tactical allocation is moving up the pension fund agenda. But how to hedge volatility when listed does not do the job and the derivatives market is still too small to invest in? Shayla Walmsley reports
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Cost benefit
For investors sustainability has moved up the agenda but performance measurement remains a big challenge. Green issues and residential real estate are two key areas of focus for ULI Europe, as its president, Bill Kistler, outlines to Richard Lowe
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Poised for a revolution?
Is the commercial property industry reaching a tipping point where sustainability is concerned? Tom Ansell and Sophie Walker report
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Premium pricing
After the crash all eyes are on emerging risk premia. Sotiris Tsolacos looks at the example of European offices and investors’ impact on yields in individual years and across markets
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Risk-free rate reality check
An expected rise in gilt yields threatens to play havoc with property’s risk-free rate of choice. Gerry Blundell suggests an alternative
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Appreciate consistency
The IPF has published its latest research into rental depreciation across the UK and Europe. Authors Neil Crosby and Steven Devaney report
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Rental rules
Depreciation substantially affects achieved investor returns; and the subject is more complex than you might imagine, says Malcolm Frodsham