Register now for the 2021 Nick Tyrrell Research Prize Winners' online seminar taking place on Thursday 9 December at 10:00 UK/ 11:00 CET.
The Nick Tyrrell Research Prize was established in 2011 to acknowledge innovative and high quality, applied research in real estate investment. The Prize is in memory of the work and industry contribution of Nick Tyrrell, who passed away in August 2010. Nick Tyrrell was Head of Research and Strategy and a Managing Director in J.P. Morgan Asset Management’s European real estate division. His research work was characterised by a combination of academic rigour and practical relevance.
The European Association for Investors in Non-listed Real Estate Vehicles (INREV), the Investment Property Forum (IPF) and the Society of Property Researchers (SPR) – co-sponsors of the Nick Tyrell Research Prize – have announced the 2021 winning research paper, awarding the prize to joint
authors Franz Fuerst, Nick Mansley and Zilong Wang of the Department of Land Economy, University of Cambridge.
Entitled ‘Do Specialist Funds Outperform? Evidence from European Non-listed Funds’, the paper explores the extent to which specialisation can lead to outperformance for European non-listed real estate funds. Based on an analysis of the performance of 592 funds over nearly two decades between 2001 and 2019, the research concludes that both country specialisation and a combination of a country and sector specialisation are indeed associated with superior performance, but that sector specialisation alone is not. The empirical evidence points to the fact that specialists exhibit higher total returns both on a raw unadjusted basis and also when accounting for differences in fund and market characteristics. The results indicate the importance of being able to access local knowledge and expertise and that implied information advantages and local investment managers’ market knowledge and networks may be difficult to replicate.
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