The restructuring of the institutional real estate portfolio in the UK

Jones, C., Dunse, N., Livingstone, N. and Cutsforth, K. ORCID: 0000-0001-9141-912X, 2017. The restructuring of the institutional real estate portfolio in the UK. Journal of Property Research, 34 (2), pp. 129-146. ISSN 0959-9916

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Abstract

Real estate investment portfolios of financial institutions have seen dramatic changes over the last three decades or more. Historically such property investment decisions have been seen within a portfolio diversification paradigm that has sought to balance risk and return. This paper considers the role of the supply of assets in the determining and constraining the UK institutional portfolio. The supply of real estate assets not only expands during property booms but has also been transformed by a long term urban development cycle as cities adapt to cars and the ICT revolution that has brought new property forms. The research examines long term trends in investment change by disaggregating into ten property forms rather than the usual three land use sectors. It then assesses to what extent investment patterns can be explained in terms of portfolio theory, short term net returns of individual sectors or driven by the supply of real estate assets. It concludes that the supply of real assets is an overlooked explanation.

Item Type: Journal article
Publication Title: Journal of Property Research
Creators: Jones, C., Dunse, N., Livingstone, N. and Cutsforth, K.
Publisher: Taylor & Francis
Date: 2017
Volume: 34
Number: 2
ISSN: 0959-9916
Identifiers:
NumberType
10.1080/09599916.2017.1334222DOI
1375551Other
Divisions: Schools > School of Architecture, Design and the Built Environment
Record created by: Linda Sullivan
Date Added: 12 Oct 2020 13:23
Last Modified: 12 Oct 2020 13:24
URI: http://irep.ntu.ac.uk/id/eprint/41259

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