Return Patterns of German Open-End Real Estate Funds

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Author :
Publisher : Peter Lang
ISBN 13 : 9783631604069
Total Pages : 132 pages
Book Rating : 4.68/5 ( download)

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Book Synopsis Return Patterns of German Open-End Real Estate Funds by : Sebastian Michael Gläsner

Download or read book Return Patterns of German Open-End Real Estate Funds written by Sebastian Michael Gläsner and published by Peter Lang. This book was released on 2010 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this study is to better understand stable capital growth of German properties and to contribute to the explanation of stable fund returns. In the course of the investigation, evidence is found that both phenomena are interrelated. All analyses are based on publicly available data; therefore they are not limited by client interests. Results show three different pieces of evidence on return smoothing, namely the influence on valuation, the timing of valuations, and the influence on returns resulting in return differences by calendar months. Together with the notion of internationally uniquely stable returns, it seems impossible to extract true asset volatility from the observed appraisal-based time series.

German Real Estate Funds

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Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.82/5 ( download)

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Book Synopsis German Real Estate Funds by : Michael Stein

Download or read book German Real Estate Funds written by Michael Stein and published by . This book was released on 2013 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2008, the German open-ended real estate fund (GOEREF) industry has experienced a critical phase of suspensions of redemption of fund shares, announced fund terminations and, eventually, introduction of a new regulation. With assets under management of over EUR 80 billion, GOEREFs are the dominant indirect real estate investment vehicle in Germany. Thus, it is extremely important to study the effects of this crisis on the risk and return characteristics of the respective funds. Both net asset values (NAVs) and potential secondary market prices of the shares of funds with suspended redemptions are used. The resulting total return patterns are analysed on an index basis for fund groups that best represent the most important investor groups for GOEREFs. Groups that comprised a higher number of funds with suspended redemptions were considerably worse off and less attractive in an asset allocation context than the others given the often much lower secondary market prices. However, changes in return and risk must also be considered in terms of NAVs. The fund group comprising co-operative savings banks' funds was virtually unaffected by the liquidity crisis and continued to be deliver stable and non-volatile returns, while the other fund groups exhibited a clear shift in their respective return profiles.

Understanding German Real Estate Markets

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Author :
Publisher : Springer Science & Business Media
ISBN 13 : 3642236111
Total Pages : 409 pages
Book Rating : 4.12/5 ( download)

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Book Synopsis Understanding German Real Estate Markets by : Tobias Just

Download or read book Understanding German Real Estate Markets written by Tobias Just and published by Springer Science & Business Media. This book was released on 2012-01-03 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real estate is the biggest real asset class in an economy, and Germany is the biggest economy in Europe. This implies opportunities as well as specific risks for investors and policy makers. As the German real estate markets have by and large been spared severe disruptions in the course of the economic crisis, many questions arise for investors and academics alike. What are the key institutional characteristics of the German real estate markets that make it different? What are the short and long-term drivers of demand and supply? Which regional and functional market segments are most likely to outperform in the next few years? What are the most important pitfalls for investors in Germany? This book gives answers to these and many more questions. The editors have invited a broad range of extensively knowledgeable practitioners and academics from across the relevant real estate spectrum, i.e. economic, legal, tax, planning and financing issues, to express their views. There is no better English publication that gives such a profound and simultaneously entertaining overview of Germany’s real estate markets.

Open-End Real Estate Funds in Germany

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Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.31/5 ( download)

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Book Synopsis Open-End Real Estate Funds in Germany by : Christina E. Bannier

Download or read book Open-End Real Estate Funds in Germany written by Christina E. Bannier and published by . This book was released on 2016 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Open-end real estate funds are of particular importance in the German bank- dominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to openend real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendations that have been raised.

Rent Adjustment and Tenant Default in English and German Commercial Property Leases

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Publisher : Peter Lang
ISBN 13 : 9783631609491
Total Pages : 240 pages
Book Rating : 4.93/5 ( download)

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Book Synopsis Rent Adjustment and Tenant Default in English and German Commercial Property Leases by : Jan Matauschek

Download or read book Rent Adjustment and Tenant Default in English and German Commercial Property Leases written by Jan Matauschek and published by Peter Lang. This book was released on 2010 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, real estate investment has witnessed an unprecedented internationalisation. However, national markets largely continue to be shaped by domestic law and local business practices. This book provides a comparison of the British and German property markets, which are Europe's most important, and discusses key elements of the economics of leasing. Applying the theory of long-term contracts and the economic analysis of bankruptcy law to leases, it examines in detail the regulations pertaining to rent adjustment and tenant default, which can substantially impact investment performance. The prevailing rent adjustment mechanisms such as rent review and indexation are discussed. A comparison is made of the remedies available to landlords of defaulting tenants under both jurisdictions.

Real Estate Fund Management: Non-Listed Funds and the Risk-Reward Space

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Publisher : GRIN Verlag
ISBN 13 : 3656478473
Total Pages : 23 pages
Book Rating : 4.78/5 ( download)

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Book Synopsis Real Estate Fund Management: Non-Listed Funds and the Risk-Reward Space by : Tim Schabsky

Download or read book Real Estate Fund Management: Non-Listed Funds and the Risk-Reward Space written by Tim Schabsky and published by GRIN Verlag. This book was released on 2013-08-12 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, Cass Business School, language: English, abstract: This essay examines the ability of investors to take desired positions in the risk-reward space by building a portfolio of non-listed funds of different investment styles. The question is examined from the viewpoint of a major institutional investor not subject to meaningful capital constraints. While it is acknowledged that there might be significant practical barriers when implementing the desired portfolio strategy, the essay focuses on the basic theoretical viability. The latest research on non-listed property fund performance was drawn upon. Furthermore, data from the Association of Real Estate Funds (AREV), the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) and the Investment Property Databank (IPD) was used for illustrative purposes. To begin with, a brief introduction to non-listed funds and the concept of risk and reward is given. Subsequently, the methodologies applied by AREF and INREV to classify non-listed property funds are illustrated. Thereafter, the historic performance achieved by different styles is discussed. Then, factors determining the INREV style classifications are compared with the performance drivers identified by recent research. The findings are summarized in the last section.

German REITs

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Publisher : GRIN Verlag
ISBN 13 : 3638446816
Total Pages : 59 pages
Book Rating : 4.15/5 ( download)

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Book Synopsis German REITs by : Felix Leuschner

Download or read book German REITs written by Felix Leuschner and published by GRIN Verlag. This book was released on 2005-12-11 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2005 in the subject Business economics - Investment and Finance, grade: 1,3, Otto Beisheim School of Management Vallendar (WHU - Dresdner Bank Chair of Finance), language: English, abstract: A Real Estate Investment Trust (REIT) is a property stock that is taxed, not at the corporate but at the investor level, which can lead to tax advantages. The concept of REITs originated in the United States in 1960, allowing smaller investors access to large income-producing real estate, which facilitated the creation of a liquid asset class that has become a core part of institutional portfolio management. REITs have proven attractive to investors because: x Their returns have beaten most major equity benchmarks over three decades, with lower volatility x They have predictable cash flows and high dividend yields x They have a low correlation with other asset classes, aiding portfolio diversification As US-REITs proved successful, other countries have introduced similar property investment vehicles. The Netherlands started in 1969, followed by Australia (1985), Canada (1994), Belgium (1995), Japan (2000) Singapore (2002), Hong Kong (2003) and most recently France (2003). In Germany real estate has been the most popular investment theme of the past three years, despite its significant underperformance compared to European peers during the past 10 years, with open-end funds receiving almost all money inflows. The listed sector, however, is insignificant, both in terms of size and liquidity, and is in desperate need of a catalyst. The introduction of a G-REIT structure could potentially be the long-awaited saviour that could transfer the importance of German real estate into the listed sector. Given the significance of real estate in their respective markets, the German and UK governments are currently considering the introduction of REITs. Depending on the progress of the consultative and parliamentary process, REITs are expected to be enacted by legislation during 2006 in both countries. The REIT discussion in Germany has reached a serious stage, with all the mostinvolved parties seemingly agreed about the usefulness of a REIT structure. The purpose of this paper is to highlight the case for REITs in Germany, to analyse the progress of REITs in countries that have installed these structures, to consider the on-going debate in Germany and what these developments may eventually mean for the German real estate market.

Value Creation Within the Construction Industry

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Publisher : Peter Lang
ISBN 13 : 9783631602515
Total Pages : 140 pages
Book Rating : 4.10/5 ( download)

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Book Synopsis Value Creation Within the Construction Industry by : Joachim Vogt

Download or read book Value Creation Within the Construction Industry written by Joachim Vogt and published by Peter Lang. This book was released on 2011 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers & Acquisitions (M&A) are important strategic business options for corporations. Yet, the understanding of industry-specific drivers of M&A transactions is more than limited. Characterized by highly fragmented markets, cross-company production structures and increasing international business scope, the construction industry represents an attractive field of research to address questions on M&A motives. Based on comprehensively selected datasets and state-of-the-art empirical methods, the study illustrates the motives, the strategy and the effects of M&A transaction within the construction industry. Overall the analyzed M&A transactions tend to lead to an increase of corporate wealth. Important factors for a positive development comprise the peculiarities of the construction industry, the general market conditions and the nature of many takeovers. Still, the M&A transactions may also cause significant value destruction and may even lead to a failure of a company if an inappropriate strategy is applied.

Liquidity Creation and Financial Fragility

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Publisher : Logos Verlag Berlin GmbH
ISBN 13 : 3832526978
Total Pages : 124 pages
Book Rating : 4.79/5 ( download)

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Book Synopsis Liquidity Creation and Financial Fragility by : Christian Weistroffer

Download or read book Liquidity Creation and Financial Fragility written by Christian Weistroffer and published by Logos Verlag Berlin GmbH. This book was released on 2010 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Open-end real estate funds (OEREFs) are the predominant vehicle in Germany for channeling private capital flows into commercial real estate markets. They transform longer-term investment projects into daily redeemable claims. To the extent that OEREFs stand ready to both issue new shares and redeem outstanding ones on a daily basis they provide valuable liquidity transformation. At the same time, they become susceptible to run phenomena. This dissertation analyzes the inherent fragility of open-end real estate funds in light of the German open-end fund crisis of 2005/06. The dissertation comprises three papers. The first paper explores how fund performance and other factors influenced capital flows into OEREFs before, during and after the German open-end fund crisis of 2005/06. The second paper looks at the valuation practice of OEREFs and assesses whether funds have suffered from a valuation problem. It finds evidence in support of the view that systematic deviations of appraised values from prices achieved in the market were at the heart of the 2005/06 German open-end fund crisis. The third paper relates findings from banking theory to OEREFs. It explores under which conditions the open-end fund contract resembles a demand deposit contract that is prone not only to panics but also to fundamental runs. The dissertation concludes by discussing policy options to mitigate the run problem.

Real Estate Investment Trusts in Europe

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Publisher : Springer Science & Business Media
ISBN 13 : 3642368565
Total Pages : 242 pages
Book Rating : 4.61/5 ( download)

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Book Synopsis Real Estate Investment Trusts in Europe by : Ramón Sotelo

Download or read book Real Estate Investment Trusts in Europe written by Ramón Sotelo and published by Springer Science & Business Media. This book was released on 2013-12-11 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shortly before of the beginning of the global financial crisis of 2008 REITs were introduced in several European countries based on their success in mature markets like the US, Australia and some Asian countries. While the history of REITs in Europe has been relatively brief, REITs are well on the way to become an industry standard as a real estate investment financial vehicle not only in Europe but throughout the developed world. This book provides both academics and decision makers an introduction to the economics of REITs beyond tax transparency, an overview of the mature REITs markets, and a closer reflection of the development of different REIT-structures in Europe including the history, regulation and markets of each country.