The magazine of the european non-listed real estate industry
Measuring Liquidity in Direct Real Estate Markets
At times of dislocation, whether that is the recent pandemic, the UK’s vote to leave the European Union or going back to the Global Financial Crisis (GFC), property market liquidity is of great concern to investors and managers. The direct real estate market is inherently illiquid when compared to equities or bonds; however, within that context of illiquidity, some property markets are undoubtedly more liquid than others. Read more
What can non-listed real estate do for you?
This important new INREV research paper compares the performance characteristics of non-listed real estate in a mixed-asset portfolio as well as other real estate investment routes, in particular listed real estate and direct property, asking how they contribute to an investor’s overall strategy. The in-depth analysis marries academic rigour with practical insights for investors and investment managers. Read more
ESG: Balancing investor and occupier performance objectives
No doubt COVID-19 has highlighted the importance of ESG’s impact on our investment portfolios. As we return to a ‘new normal’, ESG credentials will be reviewed with more scrutiny. So when I joined the INREV Research Committee earlier this year, I was impressed by the number of pilot projects in the making; Debt and ESG among others. Read more
‘Three gears’ of demographic demand
It is widely understood that demand for urban housing is driven by demographic trends; the more people there are, the more housing they need. However, a deeper analysis reveals that this is not simply population growth, but rather three distinct and interlinked ‘gears of demand’: population growth, urbanisation, and household formation. Read more
Routes to European non-listed real estate
Together, institutional investors and funds of funds look set to commit a minimum of €64.6 billion of new capital to global real estate in 2021. These data from the recently published Investment Intentions Survey offer a tangible sign of continuing enthusiasm for real estate among local and international investors.
Which Real Estate Assets will become obsolete?
Let’s step back from real estate as an investment. What is real estate used for? Real estate is what economists call “real capital”. Real capital are inputs, such as land, factories or apartments, which are used to produce goods and services, such as food, cars or housing. Real estate assets, therefore, provide the amount, type and quality of space to house economic activity. Read more
A decade of diversification
Together with its family of indices, INREV’s surveys represent the organisation’s most important initiative for improving transparency in the European Non-Listed Real Estate market. Over time, survey results have created a wealth of data that lets us look beyond yearly snapshots to reveal high-level property market trends. Read more
Assessing the opportunity for operational real estate
On the back of timely new research from INREV, IQ takes a look at the opportunities and challenges for investors and investment managers considering whether, and how, to get involved in operational real estate. Read more
Coming of Age
The rapid growth of the non-listed real estate industry in the first decade of the new millennium opened the opportunity to a wider range of markets, products, and investors. This evolution of the industry is detailed in INREV’s recent publication ‘Coming of age: the rebirth and renewal of the non-listed real estate industry’. Read more
Expectations for the future
INREV kicked off the year with its annual Investment Intentions Roadshow, presenting the global results from the Investment Intentions Survey with a local focus, a forward-looking view on investment allocations and trends for the non-listed industry. The events took place across London, Amsterdam, Frankfurt and Helsinki in January and were collectively attended by over 400 INREV members. Read more