Real estate investment: theory and practice
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cham
palgrave macmillan
[2022]
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 7, xviii, 317 Seiten Illustrationen, Diagramme |
| ISBN: | 9783031009679 |
Staff View
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV048506653 | ||
| 003 | DE-604 | ||
| 005 | 20240122 | ||
| 007 | t| | ||
| 008 | 221011s2022 xx a||| |||| 00||| eng d | ||
| 020 | |a 9783031009679 |9 978-3-031-00967-9 | ||
| 035 | |a (OCoLC)1350780724 | ||
| 035 | |a (DE-599)BVBBV048506653 | ||
| 040 | |a DE-604 |b ger |e rda | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-355 |a DE-1043 |a DE-11 |a DE-1050 | ||
| 082 | 0 | |a 658.15 |2 23 | |
| 084 | |a QT 384 |0 (DE-625)142118: |2 rvk | ||
| 084 | |a QK 800 |0 (DE-625)141681: |2 rvk | ||
| 084 | |a WIR 000 |2 stub | ||
| 100 | 1 | |a Jones, Colin A. |d 1949- |e Verfasser |0 (DE-588)13171774X |4 aut | |
| 245 | 1 | 0 | |a Real estate investment |b theory and practice |c Colin A. Jones, Edward Trevillion |
| 264 | 1 | |a Cham |b palgrave macmillan |c [2022] | |
| 300 | |a 7, xviii, 317 Seiten |b Illustrationen, Diagramme | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Investment Appraisal | |
| 650 | 4 | |a Real Estate Economics | |
| 650 | 4 | |a Valuation | |
| 650 | 4 | |a Real estate business | |
| 650 | 0 | 7 | |a Immobilienanlage |0 (DE-588)4120474-8 |2 gnd |9 rswk-swf |
| 689 | 0 | 0 | |a Immobilienanlage |0 (DE-588)4120474-8 |D s |
| 689 | 0 | |5 DE-604 | |
| 700 | 1 | |a Trevillion, Edward |e Verfasser |0 (DE-588)1162288019 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |z 978-3-031-00968-6 |
| 856 | 4 | 2 | |m Digitalisierung UB Regensburg - ADAM Catalogue Enrichment |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033883790&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033883790 | |
Record in the Search Index
| _version_ | 1827020061788864512 |
|---|---|
| adam_text |
Part I The Real Estate Sector 1 Introduction . Introduction . What Do We Mean by Investment? . Property as an Investment . The Financial Environment . Property Indices and Performance Measurement. User Demand and the Determination of Rental Value. Property Market Dynamics . Book Structure . Readings . 3 3 4 5 7 9 11 12 14 22 2 Principles of Investment . Introduction . Defining Risk and Return . Yields . Risk Premium . Yields and Capital Values
. Price, Value and Worth . Theory of Pricing—Discounted Cash Flow Framework . Gearing, Risk and Returns . The Maturation Process . Summary . Learning Outcomes . Readings . 23 23 24 24 26 29 29 30 33 37 38 40 41 3 Macroeconomy and Real Estate Cycles . Introduction . Role of Real Estate in the Economy . International History of Cycles . Commercial Real Estate Cycles and Development Time Lags. Skyscrapers and Development Cycles . Availability of Finance and Investment Cycles . 43 43 43 45 47 48 51 7
Contents viii Forecasting and Cycles . Summary . Learning Outcomes . Case Study The ‘Classic’ Commercial Real Estate Cycle . Reading . Part II 55 56 58 59 61 Real Estate Investment Characteristics of Real Estate Investment . Introduction . Indirect versus Direct Real Estate Investment . Listed and Unlisted Investments . Types of Real Estate Investment . Characteristics of Real Estate Investments Relative to Stock Market Securities . Comparison with Stock Market Investments . Comparison of Real Estate and Stock Markets . Investment Spectrum and Yield Gaps . The Wider Logic of Real Estate Investment . Residential as
an Investment Class . Characteristics of Alternative Investments . Summary . Learning Outcomes . Reading . 65 65 66 66 67 5 Investors. Introduction . History of Commercial Real Estate Investment . Types of Financial institutions and Investment Priorities . Real Estate Investment Trusts (REITs) . Property Companies . Investment and Unit Trusts . Limited Partnerships (LPs) . Private Equity and Hedge Funds . Exchange Traded Funds (ETF) . The Size and Structure of UK Investment Markets . Summary
. Learning Outcomes . CASE STUDY Examples of Hedge Fund Activities . Reading . 85 85 86 88 93 95 95 97 98 98 99 101 104 105 106 6 Market Efficiency and Asset Pricing. Introduction . Efficient Markets and their Significance . Efficient Market Hypothesis . Rational and Irrational Markets . 109 109 110 110 117 4 69 71 71 72 76 77 79 81 83 83
Contents ix Summary . Learning Outcomes . Case Study A Property Boom in an Irrational Market—The UK Market in the First Decade of Twenty-First Century . Reading . 118 119 7 Portfolio Theory and Property in a Multi-Asset Portfolio . Introduction . Risk Reduction, Diversification and the Portfolio . Property Correlations with Other Asset Classes . Diversification . Modern Portfolio Theory . Post-Modern Portfolio Theory . The Capital Asset Pricing Model (CAPM) . CAPM and Property . Property’s Target Rate of Return . Property in a Multi-Asset Portfolio . Property as an Asset Class
. Overview of Portfolio Theory and Practicalities . Summary . Learning Outcomes . Appendix . Reading . 129 129 130 131 132 134 137 138 143 144 145 146 149 150 152 153 155 8 Property Portfolio Management . Introduction . The Property Portfolio Investment Process . Property Portfolio Investment Approaches. Benchmarking . Portfolio Strategy and Property Selection . Analysis of a Portfolio’s Performance and Reviews of Strategy . Problems with the Construction of Property Indices . Portfolio Forecasting . Additional Management
Issues. Summary . Learning Outcomes . Case Study: The Benchmarks of a UK Balanced Multi-Asset Fund . Reading . 157 157 159 161 162 164 165 167 168 169 170 171 172 175 9 The Internationalisation of Property Investment . Introduction . Globalisation . Real Estate Market Segmentation and Integration . The Case for International Real Estate Investment . Formal and Informal Barriers to Overseas Investment . Global Real Estate Investment . 177 177 178 180 181 182 185 120 127
Contents x Internationalisation of Real Estate Cycles . Market Maturity . Internationalisation and Property Related Practices . Summary . Learning Outcomes . Case Studies . Reading . Part III 10 11 12 188 191 195 199 201 202 219 Developing Real Estate Paradigms State Intervention and Implications for Investment. Introduction . Planning and Urban Management Policies . Government Green Agendas . Market Regulation . Deregulation . International Banking Regulations .
Summary. Learning Outcomes . Case Study: Application of Environmental and Social Governance (ESG) . Reading . 223 223 224 226 228 230 232 236 239 240 241 Investment Consequences of Changing Occupier Needs and Obsolescence . Introduction . Defining and Measuring Obsolescence . Green Labelled Buildings . Retail Change including Online Sales . ICT and Warehousing . Hot Desking and Demand for Offices . Summary . Learning Outcomes . Case Study Serviced Offices—We Work . Reading
. 243 243 244 246 249 254 257 259 261 262 263 Real Estate Opportunities and Challenges . Introduction . The Impact of Pension Reform on Real Estate Investment . Consequences of the Global Financial Crisis . Sustainable Valuations . The Impact of Behaviour in Real Estate Markets . Practicalities of Transaction-Based Versus Market Price Indices . Alternative and Operational Real Estate . 265 265 266 269 272 274 276 280
Contents xi PropTech, AI and the Commercial Real Estate Industry . Summary . Learning Outcomes . Reading . Part IV 285 292 295 297 Future Research and Dissertations Concluding Thoughts and Areas for Future Research . Future Research Areas . Potential Dissertation Topics . Final Thoughts . 301 302 308 309 Glossary . 311 Index . 315 13 |
| adam_txt |
Part I The Real Estate Sector 1 Introduction . Introduction . What Do We Mean by Investment? . Property as an Investment . The Financial Environment . Property Indices and Performance Measurement. User Demand and the Determination of Rental Value. Property Market Dynamics . Book Structure . Readings . 3 3 4 5 7 9 11 12 14 22 2 Principles of Investment . Introduction . Defining Risk and Return . Yields . Risk Premium . Yields and Capital Values
. Price, Value and Worth . Theory of Pricing—Discounted Cash Flow Framework . Gearing, Risk and Returns . The Maturation Process . Summary . Learning Outcomes . Readings . 23 23 24 24 26 29 29 30 33 37 38 40 41 3 Macroeconomy and Real Estate Cycles . Introduction . Role of Real Estate in the Economy . International History of Cycles . Commercial Real Estate Cycles and Development Time Lags. Skyscrapers and Development Cycles . Availability of Finance and Investment Cycles . 43 43 43 45 47 48 51 7
Contents viii Forecasting and Cycles . Summary . Learning Outcomes . Case Study The ‘Classic’ Commercial Real Estate Cycle . Reading . Part II 55 56 58 59 61 Real Estate Investment Characteristics of Real Estate Investment . Introduction . Indirect versus Direct Real Estate Investment . Listed and Unlisted Investments . Types of Real Estate Investment . Characteristics of Real Estate Investments Relative to Stock Market Securities . Comparison with Stock Market Investments . Comparison of Real Estate and Stock Markets . Investment Spectrum and Yield Gaps . The Wider Logic of Real Estate Investment . Residential as
an Investment Class . Characteristics of Alternative Investments . Summary . Learning Outcomes . Reading . 65 65 66 66 67 5 Investors. Introduction . History of Commercial Real Estate Investment . Types of Financial institutions and Investment Priorities . Real Estate Investment Trusts (REITs) . Property Companies . Investment and Unit Trusts . Limited Partnerships (LPs) . Private Equity and Hedge Funds . Exchange Traded Funds (ETF) . The Size and Structure of UK Investment Markets . Summary
. Learning Outcomes . CASE STUDY Examples of Hedge Fund Activities . Reading . 85 85 86 88 93 95 95 97 98 98 99 101 104 105 106 6 Market Efficiency and Asset Pricing. Introduction . Efficient Markets and their Significance . Efficient Market Hypothesis . Rational and Irrational Markets . 109 109 110 110 117 4 69 71 71 72 76 77 79 81 83 83
Contents ix Summary . Learning Outcomes . Case Study A Property Boom in an Irrational Market—The UK Market in the First Decade of Twenty-First Century . Reading . 118 119 7 Portfolio Theory and Property in a Multi-Asset Portfolio . Introduction . Risk Reduction, Diversification and the Portfolio . Property Correlations with Other Asset Classes . Diversification . Modern Portfolio Theory . Post-Modern Portfolio Theory . The Capital Asset Pricing Model (CAPM) . CAPM and Property . Property’s Target Rate of Return . Property in a Multi-Asset Portfolio . Property as an Asset Class
. Overview of Portfolio Theory and Practicalities . Summary . Learning Outcomes . Appendix . Reading . 129 129 130 131 132 134 137 138 143 144 145 146 149 150 152 153 155 8 Property Portfolio Management . Introduction . The Property Portfolio Investment Process . Property Portfolio Investment Approaches. Benchmarking . Portfolio Strategy and Property Selection . Analysis of a Portfolio’s Performance and Reviews of Strategy . Problems with the Construction of Property Indices . Portfolio Forecasting . Additional Management
Issues. Summary . Learning Outcomes . Case Study: The Benchmarks of a UK Balanced Multi-Asset Fund . Reading . 157 157 159 161 162 164 165 167 168 169 170 171 172 175 9 The Internationalisation of Property Investment . Introduction . Globalisation . Real Estate Market Segmentation and Integration . The Case for International Real Estate Investment . Formal and Informal Barriers to Overseas Investment . Global Real Estate Investment . 177 177 178 180 181 182 185 120 127
Contents x Internationalisation of Real Estate Cycles . Market Maturity . Internationalisation and Property Related Practices . Summary . Learning Outcomes . Case Studies . Reading . Part III 10 11 12 188 191 195 199 201 202 219 Developing Real Estate Paradigms State Intervention and Implications for Investment. Introduction . Planning and Urban Management Policies . Government Green Agendas . Market Regulation . Deregulation . International Banking Regulations .
Summary. Learning Outcomes . Case Study: Application of Environmental and Social Governance (ESG) . Reading . 223 223 224 226 228 230 232 236 239 240 241 Investment Consequences of Changing Occupier Needs and Obsolescence . Introduction . Defining and Measuring Obsolescence . Green Labelled Buildings . Retail Change including Online Sales . ICT and Warehousing . Hot Desking and Demand for Offices . Summary . Learning Outcomes . Case Study Serviced Offices—We Work . Reading
. 243 243 244 246 249 254 257 259 261 262 263 Real Estate Opportunities and Challenges . Introduction . The Impact of Pension Reform on Real Estate Investment . Consequences of the Global Financial Crisis . Sustainable Valuations . The Impact of Behaviour in Real Estate Markets . Practicalities of Transaction-Based Versus Market Price Indices . Alternative and Operational Real Estate . 265 265 266 269 272 274 276 280
Contents xi PropTech, AI and the Commercial Real Estate Industry . Summary . Learning Outcomes . Reading . Part IV 285 292 295 297 Future Research and Dissertations Concluding Thoughts and Areas for Future Research . Future Research Areas . Potential Dissertation Topics . Final Thoughts . 301 302 308 309 Glossary . 311 Index . 315 13 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Jones, Colin A. 1949- Trevillion, Edward |
| author_GND | (DE-588)13171774X (DE-588)1162288019 |
| author_facet | Jones, Colin A. 1949- Trevillion, Edward |
| author_role | aut aut |
| author_sort | Jones, Colin A. 1949- |
| author_variant | c a j ca caj e t et |
| building | Verbundindex |
| bvnumber | BV048506653 |
| classification_rvk | QT 384 QK 800 |
| classification_tum | WIR 000 |
| ctrlnum | (OCoLC)1350780724 (DE-599)BVBBV048506653 |
| dewey-full | 658.15 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000 c 4500</leader><controlfield tag="001">BV048506653</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20240122</controlfield><controlfield tag="007">t|</controlfield><controlfield tag="008">221011s2022 xx a||| |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9783031009679</subfield><subfield code="9">978-3-031-00967-9</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1350780724</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV048506653</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-355</subfield><subfield code="a">DE-1043</subfield><subfield code="a">DE-11</subfield><subfield code="a">DE-1050</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">658.15</subfield><subfield code="2">23</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QT 384</subfield><subfield code="0">(DE-625)142118:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QK 800</subfield><subfield code="0">(DE-625)141681:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">WIR 000</subfield><subfield code="2">stub</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Jones, Colin A.</subfield><subfield code="d">1949-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)13171774X</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Real estate investment</subfield><subfield code="b">theory and practice</subfield><subfield code="c">Colin A. Jones, Edward Trevillion</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cham</subfield><subfield code="b">palgrave macmillan</subfield><subfield code="c">[2022]</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">7, xviii, 317 Seiten</subfield><subfield code="b">Illustrationen, Diagramme</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Investment Appraisal</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Real Estate Economics</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Valuation</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Real estate business</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Immobilienanlage</subfield><subfield code="0">(DE-588)4120474-8</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Immobilienanlage</subfield><subfield code="0">(DE-588)4120474-8</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Trevillion, Edward</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)1162288019</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield><subfield code="z">978-3-031-00968-6</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">Digitalisierung UB Regensburg - ADAM Catalogue Enrichment</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033883790&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033883790</subfield></datafield></record></collection> |
| id | DE-604.BV048506653 |
| illustrated | Illustrated |
| index_date | 2024-07-03T20:46:19Z |
| indexdate | 2025-03-19T11:01:48Z |
| institution | BVB |
| isbn | 9783031009679 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033883790 |
| oclc_num | 1350780724 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-1043 DE-11 DE-1050 |
| owner_facet | DE-355 DE-BY-UBR DE-1043 DE-11 DE-1050 |
| physical | 7, xviii, 317 Seiten Illustrationen, Diagramme |
| publishDate | 2022 |
| publishDateSearch | 2022 |
| publishDateSort | 2022 |
| publisher | palgrave macmillan |
| record_format | marc |
| spelling | Jones, Colin A. 1949- Verfasser (DE-588)13171774X aut Real estate investment theory and practice Colin A. Jones, Edward Trevillion Cham palgrave macmillan [2022] 7, xviii, 317 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Investment Appraisal Real Estate Economics Valuation Real estate business Immobilienanlage (DE-588)4120474-8 gnd rswk-swf Immobilienanlage (DE-588)4120474-8 s DE-604 Trevillion, Edward Verfasser (DE-588)1162288019 aut Erscheint auch als Online-Ausgabe 978-3-031-00968-6 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033883790&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Jones, Colin A. 1949- Trevillion, Edward Real estate investment theory and practice Investment Appraisal Real Estate Economics Valuation Real estate business Immobilienanlage (DE-588)4120474-8 gnd |
| subject_GND | (DE-588)4120474-8 |
| title | Real estate investment theory and practice |
| title_auth | Real estate investment theory and practice |
| title_exact_search | Real estate investment theory and practice |
| title_exact_search_txtP | Real estate investment theory and practice |
| title_full | Real estate investment theory and practice Colin A. Jones, Edward Trevillion |
| title_fullStr | Real estate investment theory and practice Colin A. Jones, Edward Trevillion |
| title_full_unstemmed | Real estate investment theory and practice Colin A. Jones, Edward Trevillion |
| title_short | Real estate investment |
| title_sort | real estate investment theory and practice |
| title_sub | theory and practice |
| topic | Investment Appraisal Real Estate Economics Valuation Real estate business Immobilienanlage (DE-588)4120474-8 gnd |
| topic_facet | Investment Appraisal Real Estate Economics Valuation Real estate business Immobilienanlage |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033883790&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT jonescolina realestateinvestmenttheoryandpractice AT trevillionedward realestateinvestmenttheoryandpractice |