By Andrew Baum
* writer of excessive reputation, either in academia and enterprise * truly written, obtainable and entirely revised for traders, managers, advisors and scholars * hugely topical in cutting-edge tough marketplace conditionsThis e-book uniquely combines educational literature and functional adventure to supply a simple and built-in view on international actual property funding for pension cash, different associations and pros, relatively within the united kingdom. The ebook is split into 3 sections. half One describes the marketplace, the and the funding cars on hand, in addition to a functionality heritage of united kingdom genuine property as an asset category. half discusses the valuables funding procedure and the instruments required to boost excellence in executing that approach. half 3 presents fabric for debate concerning the most likely alterations over the fast and medium time period. Designed for practitioners dealing with the harsh international industry demanding situations, this publication offers a desirable learn for fund managers, traders, banking employees, estate advisors and scholars. * writer of excessive reputation, either in academia and enterprise * truly written, obtainable and fully revised for traders, managers, advisors and scholars * hugely topical in state-of-the-art tough industry stipulations
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Additional resources for Commercial Real Estate Investment, Second Edition: A Strategic Approach
Projecting forward, then, we might look for a minor correction around 1998 and a severe crash in 2006. The evidence for this will be examined more fully in chapter 2. We can conclude that the property cycle is linked to the economic cycle, but the precise nature of the relationship varies from one cycle to another. These property cycles appear to be clearer in form than equity and bond cycles and more exaggerated in effect than economic cycles. Why might this be the case? 5 Cycles: the result of market inefficiency?
Alternatively, gearing might be expressed as the level of a company’s debt compared with its gross assets (debt plus equity). In that case, the above example would produce a gearing (debt to gross assets, or loan to value) ratio of 30%. Throughout the text we use both gearing and leverage to mean the relationship of debt to gross assets. This concept (or these concepts) translates directly into the world of commercial real estate investment. In the right market conditions, banks have been willing to lend more against the security of property than against other assets such as equities.
MPT has both led to, and has been further encouraged by, the development of asset allocation models. Strong prospective returns, coupled with low standard deviation of returns and a low correlation with equities and gilts, would provide a very strong argument for holding an asset. When assets are combined in a portfolio, the expected return of a portfolio is the weighted average of the expected returns of the component assets. However, unless the assets are perfectly correlated, the risk is not the weighted average: it is determined by the correlations of the component assets.
Commercial Real Estate Investment, Second Edition: A Strategic Approach by Andrew Baum