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The role of european propErty within an investment portfolio

18 th European Real Estate Society (ERES) Conference Eindhoven June 2011 Graeme Newell University of Western Sydney Stanley McGreal , Martin Haran, Michael McCord University of Ulster Contact author: g.newell@uws.edu.au. The role of european propErty within an investment portfolio.

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The role of european propErty within an investment portfolio

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  1. 18th European Real Estate Society (ERES) Conference Eindhoven June 2011 Graeme Newell University of Western Sydney Stanley McGreal, Martin Haran, Michael McCord University of Ulster Contact author: g.newell@uws.edu.au The role of european propErty within an investment portfolio

  2. INTRODUCTION • International Property Investment • European Property Investment • Previous Property Research • Direct • Securitised

  3. PURPOSE OF THE PAPER • Eleven (11) major European direct property markets – 10 yrs (2001-2010) • Risk-adjusted performance • Portfolio diversification • Mixed-asset portfolios • Property investment implications

  4. GLOBAL COMPETITIVENESS

  5. CORRUPTION PERCEPTION

  6. INSTITUTIONAL GRADE PROPERTY MARKET

  7. PROPERTY TRANSPARENCY

  8. MAJOR PROPERTY FUND MANAGERS: EUROPE EXPOSURE

  9. SECURITISED PROPERTY REITs

  10. PROPERTY ACTIVITY: 2010: COUNTRIES EUROPE: $154B @ 24% global

  11. PROPERTY ACTIVITY: 2010: CITIES INDIVIDUAL TRANSACTIONS: 2010

  12. PROPERTY ACTIVITY: Q1 2011 EUROPE: $44B @ 24% global

  13. METHODOLOGY EUROPEAN DIRECT PROPERTY MARKETS : 11 COUNTRIES

  14. METHODOLOGY • Stocks (FTSE Indices) • Bonds (10Y Government Bonds) • 2001-2010 :annual • Risk-adjusted performance, portfolio diversification • European property markets omitted : 6

  15. DIRECT PROPERTY: IPD 2010

  16. DENMARK ASSET PERFORMANCE (2001-2010)

  17. FRANCE ASSET PERFORMANCE (2001-2010)

  18. SPAIN ASSET PERFORMANCE (2001-2010)

  19. UK ASSET PERFORMANCE (2001-2010)

  20. PROPERTY PERFORMANCE: 2010

  21. STOCK PERFORMANCE: 2010

  22. PROPERTY PERFORMANCE: 2001-2010

  23. STOCK PERFORMANCE

  24. PORTFOLIO DIVERSIFICATION • Within Sector • Within Country

  25. DIVERSIFICATION: PROPERTY

  26. DIVERSIFICATION: STOCKS

  27. UK DIVERSIFICATION

  28. FRANCE DIVERSIFICATION

  29. GERMANY DIVERSIFICATION

  30. SWEDEN DIVERSIFICATION

  31. SPAIN DIVERSIFICATION

  32. PROPERTY/STOCK CORRELATIONS

  33. PROPERTY/BOND CORRELATIONS

  34. EUROPEAN PROPERTY INVESTMENT IMPLICATIONS • Size; maturity; significance • Risk-Adjusted Returns • Portfolio Diversification * Sectors * Countries • Mixed-Asset Portfolios • Other Property Markets: IPD • Austria, Belgium, Czech Rep. • Italy, Poland, Switzerland, CEE • International Investor Perspectives

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