In Europe today, there are two main vehicles for indirect investment in real estate: real estate investment funds and listed real estate companies. With these instruments not only does the investor take a position in the real estate market, he/she also acquires different risk/return structures, which may vary according to the instrument being used. In some European countries, real estate companies have modified their financial structure and tax position by adopting a legal form based on REITs (Real Estate Investment Trusts), which originated in the US; this changes their position compared to real estate funds. In this paper we compare real estate funds and listed real estate companies and analyse the appearance of REITs in Europe and their impact on the real estate industry.
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Keywords: real estate, real estate investment, real estate fund, real estate company, REIT
Introduction
Because of the increase in volume and the sophistication of investment in real estate, indirect channels of investment through investment entities are being given increasingly frequent consideration. These entities can take different legal forms and may vary in their characteristics, but they tend to be divided into two large groups: companies and real estate investment funds.本文来自辣.文-论^文·网原文请找腾讯752018766
This paper describes the main characteristics of the large indirect investment vehicles taking the form of listed companies and real estate investment funds in Europe. It includes a cross-country comparison of the performance of the two types of vehicle and direct investment in real estate.
Listed real estate companies
a)Investment
The portfolio of the 100 largest European listed real estate companies is 180 billion euros, with a market capitalization of 110 billion euros. By country of origin, the UK, France, the Netherlands, Sweden and Spain have the largest volumes The difference between the UK, with 76.6 billion euros, and the other countries is notable, despite a period of takeovers and privatisations in the UK due to an unfavourable market environment following the abolition of “Advance Corporation Tax”
British Land, from the UK, is the largest company, with a value of 17.7 billion euros. It was traded at a 10% discount to net asset value (NAV). In second place is Land Securities, also a British company, with 12.1 billion euros in real estate assets. These two companies invest only in the UK and 90% of their portfolio is invested in offices and shopping centres. The third place goes to Gecina, a French property investment company focusing on the residential and offices industry, mainly in Paris. The rest of the ten largest companies are: from the UK, Liberty International, Hammerson, and Slough Estates, focusing on the offices and commercial industries, with the exception of Slough Estates,会计学对我国目前财务预测问题的探讨-毕业论文 -
50% of whose portfolio is invested in the industrial sector; from The Netherlands, Rodamco, “a large European retail property company, with 89% of assets invested in retail and the remainder largely in offices”， from France, Unibail and Klépierre, also focusing on the offices and commercial industries.
By market capitalization, Land Securities takes first place, followed by British Land, Unibail, Rodamco Europe, Liberty International, Hammerson, Slough Estates and Corio, a Dutch real estate company with a market capitalization of 2.9 billion euros in January 2005. Corio focuses mainly on investment in shopping centres. In 2003, 71% of its portfolio was invested in commercial property, 23% in offices and 5% in the industrial sector, with investments in the Netherlands, France, Italy and Spain and a portfolio value of 3.8 billion euros. Below Corio are Gecina and the Austrian company Immofinanz, with 1.8 billion euros in market capitalization in January, 2005. Immofinanz is Austria’s largest real estate company. Its 3 billion euro, 3.54 million m² portfolio includes 900 properties from all2659
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