Research Committee update
Committee looks at fundamentals of the industry
The INREV Research Committee is looking at the fundamentals of the industry with a major project on the benefits of non-listed property funds
The aim of the project is to get a better understanding of the characteristics of European non-listed real estate funds that form part of institutional investors’ portfolios. “Following the downturn, this is a good time to revisit this topic, which goes to the heart of our sector. This project can provide analysis through quantitative and qualitative research of the highest standards,” explains Dr Alexandra Krystalogianni, Head of Research at Allianz Real Estate and Chair of the Research Committee.
In addition, it also reflects one of the Association’s strategic goals, which is to champion the strengths of the European non-listed sector globally. “Through projects such as this, we want to present a more accurate and nuanced picture of Europe to those outside the region. The euro zone crisis has blurred that so we want to make sure investors have access to relevant research about our part of the market,” says Krystalogianni.
The project will include an analysis of funds’ characteristics against other asset classes in general as well as other European real estate investment products. It is being undertaken by Professor Andrew Baum of Property Funds Research and is due to be published in the beginning of 2014.
The second project which is being overseen by the committee is the annual Fund Terminations Study. The research will take a different approach this year and will include five case studies for funds that are in a termination process or extension. They will discuss exit strategies from both the investors’ and fund manager’s perspective. This will provide a better understanding of the decision making process, challenges and outcomes surrounding scheduled fund terminations.
“We think this real life case study approach will be useful for members, particularly as so many funds are going through this process at the moment,” said Krystalogianni. Krystalogianni was promoted to chair of the committee at the beginning of the year, providing continuity as five new members joined the group for 2013. These are Marcus Cieleback of PATRIZIA Immobilien; Adam Calman of The Townsend Group; Anne Koeman of LaSalle Investment Management; Jose Pellicer of Rockspring Property Investment Managers and Simon Mallinson of Real Capital Analytics.
“We’ve had quite a big change to the committee composition this year but the rotation system means we can continue to bring new perspectives into the group,” said Krystalogianni.
