c)Investment characteristics: types of assets and debt.
According to the ranking of the 100 largest listed real estate companies by investment volume, the percentage of portfolio invested in the investment categories is as shown in Graph 2.
Most investment occurs in offices, with 46.45% of the portfolio, followed by retail, with 33.40%. Investment in these categories takes predominance in most of the 20 companies. The exceptions are: Gecina, which invests 42% of its portfolio in the residential sector; Slough Estates, which invests 50% of its portfolio in the logistics and industrial sector; Immofinanz, which has a diversified portfolio, investing principally in the offices sector, approximately equal amounts in the commercial, residential 本文来自辣.文-论^文·网原文请找腾讯3249,114 second largest company in terms of investment volume, has a financial leverage of just over 30%, while Metrovacesa, sixteenth largest, has a financial leverage of over 85%. British Land, the top European real estate company in the ranking, has a financial leverage equal to the European average
D）Performance of listed real estate companies
Annual chang in the EPRA Europe return index and the FTSE300. Although both indexes are very variable along the period, the annual change is bigger in the FTSE 300 than in EPRA Europe. On the other hand, the standard deviation is bigger in the EPRA index (424.64) than in the FTSE (395.39).
he highest average annual performance among the top ten can be seen in Colonial, with 26.2%, followed by Unibail and British Land, with 24.8% and 18.7%. The highest average annual performance in Europe as a whole, however, was recorded by Town Centre Securities, from the UK, with 34.2%, followed by Grainger Trust, also from the UK, with 33.3%, and Danish company Sjaelso Gruppen, which achieved an average of 32.5%.
Real estate investment funds in Europe
会计学论创造性思文-毕业论文 a) Concept:
The definition of real estate investment funds was inspired by the term UCIT, family savings management products, which were a gateway to investment in financial securities.
Real estate investment funds are unincorporated Collective Investment Institutions. Savings drawn from the public are deposited in a fund to be used basically to purchase property, which is then let in order to obtain a return. They differ enormously depending on the type of investor they are aimed at. Funds aimed at the general public, which are subject to strict monitoring by a government body, are classed as “Retail”, whilst those aimed at a privately controlled group of companies, which are not subject to any public monitoring, are classed as “Private equity”.
Another category, Closed-Ended Funds, or closed funds, can be established for the structure of real estate investment vehicles. These are funds with a limited life and a specific investment volume which does not fluctuate over time, that is, if the investor wishes to disinvest, he/she must sell the stake because the fund will not sell it for him/her, which is why these funds have an initial capital collection period. Vehicles with this structure are normally aimed at institutional investors and their activity is regulated by their own rules. This is the most common structure for indirect investment vehicles, and funds with an opportunist or core-plus style usually adopt this structure because they do not adapt easily to disinvestment and therefore require capital to be committed for a certain period of time in
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