To operate effectively in today’s dynamic global real estate markets, it is essential to understand the complex processes that underpin them. This up-to-date work, which brings together contributions from industry and academic experts from around the world, is a valuable corollary to effective investment decision-making within the property sector and will be of interest to post-graduate property students, researchers and practising real estate investors. Recent years have seen some rapid developments in the global scale and structure of real estate markets. Such transformations have been paralleled by significant changes in the financial structures, and processes that serve these markets, including sophisticated new investment and finance structures and products. Examples of these include the real estate investment trusts (REIT) products that have been developed in USA, Europe and Asia, the range of unlisted products emerging in UK and Europe, and the innovative financing structures being developed in many countries.Global Trends in Real Estate Finance addresses this emerging complexity and sophistication in contemporary real estate markets by discussing the history, merits and implications of a range of products and processes. Also examined are the changes in the practices and environment needed to ensure the success of these property products, including increased disclosure, corporate governance, market transparency and improved skills base.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.
Graeme Newell, Professor of Property Investment, School of Construction ,Property and Planning, University of Western SydneyKaren Sieracki, director of KASPAR Associates Ltd - property research
Preface ContributorsPart I: Products1. Global REITs universe continues to expand and develop (Lijian Chen and Thomas I. Mills).Global core real estate universe: $8 trillion and growingWhy have REITs succeeded?REIT proliferation: thriving in 18 countries and countingEarly growth cycle: only the tip of the icebergRelative risk and return2. The US real estate investment trust (REIT) market (Will McIntosh).IntroductionThe evolution of US REITsUS REITs: creation to 1993US REITs: the Modern EraThe investment performance of REITsThe future of REITs3. Progress on REIT regimes in Europe (Simon Clark and Tom Road, Linklaters, Olivier Mesmin, Baker McKenzie, Matthias Roche).IntroductionDevelopments in France: SIIC 2/3/4 and the OPCIOPCI: ‘the non-listed SIIC’The German REITThe UK REITEU law and REITs: what are the issues?4. Listed Property Trusts in Australia (Graeme Newell).Background to LPTsLPT regulatory frameworkLPT profileLPT performance analysisRecent issues in the strategic development of LPTsChanging LPT and property landscape in 2007–2008Conclusion5. Asian REITs: playing the yield game (Joseph T.L. Ooi and Neo Poh Har).REIT markets in AsiaWays to enhance distribution yieldYield-accretive acquisitionsConclusion6. European real estate unlisted vehicles: a mature market now or is there more to come? (Karen Sieracki).IntroductionCharacteristics of European real estate unlisted vehiclesPerformance of European real estate unlisted vehiclesManagement feesDiscussion and conclusion7. Constructing a Global Real Estate Investment Index (Ian Cullen).IntroductionTop down or bottom up?Rolling out national market indicesThe first IPD multi-market index – the pan-European…and finally the world – IPD’s first global index8. Property derivatives (Gary McNamara).IntroductionThe history and innovation behind the property derivatives marketThe drivers for changePricing and underlying index activityAlternative indices and products being tradedHas the market achieved the results expected of it?How have derivatives changed the market place?Future expectations, unintended consequences and lessons learnedConclusions9. Property markets in central and eastern Europe (Stanley McGreal, Jim Berry and Alastair Adair).IntroductionDevelopment of real estate marketsProperty markets, data availability and economic competitivenessBank lending on property in central and eastern EuropeConclusions10. Islamic finance and Shariah compliant real estate investment (Ali Parsa, University of Ulster, and Ali Muwlazadeh).IntroductionDefining SCIShariah funds in the research agendaConclusionPART II: Processes11. Socially responsible property investment – background, trends and consequences (Thomas Lutzkendorf and David Lorenz).IntroductionSocial responsibility and sustainable development – backgroundThe principles for responsible investmentTrends and concepts within the property marketThe benefits of sustainable buildings and of SRIsCriteria and assessment toolsRealisation of SRPIsImplications for property professionalsConclusion and recommendations12. Corporate governance in the real estate industry (Prof. Dr. Karl-Werner Schulte, Prof. Dr. Wolfgang Schäfers and Nicolas Kohl).IntroductionReasons for the rising importance of corporate governanceExisting corporate governance principles for the real estate industryImpact of corporate governance on firm valueResearch agenda for corporate governance in the real estate industryAppendices13.The future of real estate education (Tony Key).IntroductionThe demand for real estate skillsParadigms for real estate educationA real estate body of knowledgeThe methods of real estate educationThe future of real estate educationIndex.
Judith Allen, James Barlow, Jesús Leal, Thomas Maloutas, Liliana Padovani, London) Allen, Judith (University of Westminster, London) Barlow, James (Imperial College, Jesus (Universidad Complutense de Madrid) Leal, Athens) Maloutas, Thomas (Insitute of Urban and Rural Sociology, and National Centre for Social Research (EKKE), Liliana (University of Venice) Padovani