Closed End Real Estate Funds and Real Estate Portfolio Management: Evidence from the Italian Retail Market

Profitability and financial performance of Italian real estate companies: quantitative profiles

“…This article favoured comparisons across continents (Jovanović-Milenković et al ., 2020) and countries, adding Italy to studies on China (Zhang and Wang, 2010; Huang et al ., 2022), Poland (Kowalski et al ., 2023; Marona and Tomal, 2020), Indonesia (Oey and Lim, 2020), Zambia (Munshifwa et al ., 2021), India (Karthiyaini et al ., 2020), Thailand (Khuntaweetep and Koowattanatianchai, 2022), etc. It was more difficult to compare with other studies related to Italy, although valuable (Avallone and Quagli, 2015; Mattarocci and Scimone, 2021; Gabrielli et al ., 2022) because the methodology used was different. This article also facilitated further comparisons between the two recent major economic crises, the financial crisis of 2008 and the pandemic of 2010 (Micelli and Righetto, 2022; Rai et al ., 2022; Taltavull, 2022).…”

“…Italian real estate has also been the subject of specialised analyses of closed-end real estate funds as part of a broader analysis of real estate portfolio management (Mattarocci and Scimone, 2021), as well as applications of a subset of artificial intelligence, “machine learning”, to detect market information transparency (Gabrielli et al ., 2022) and to predict house prices (Rampini and Re Cecconi, 2022).…”

Transaction Prices of German Closed-End Real Estate Funds in the Secondary Market and Their Influencing Factors

“…Closed-end real estate funds (CEREFs) are mostly unlisted real estate investment vehicles that are part of the wider private equity investment sector (Nadler 2018). Unlike open-end real estate funds (OEREFs), real estate stocks (RESs), and real estate investment trusts (REITs), CEREFs are characterized by a limited time horizon with no option for the redemption of funds to the issuing company or for their sale in a liquid stock market (Mattarocci and Scimone 2020). Once the desired amount of nominal equity of a CEREF is collected and the issuance of additional shares is closed, the only possibility to dispose of the share lies in a secondary market transaction that is accessible to all and where the supply and demand of sellers and buyers meet and de ne the price.…”