New Horizons and Familiar Landscapes: <i>New Capital Sources Confront Shifting Real Estate Fundamentals</i>

Clayton, Jim; Fabozzi, Frank J.; Giliberto, S. Michael; Gordon, Jacques N.; Liang, Youguo; MacKinnon, Greg; Mansour, Asieh

doi:10.3905/jpm.2015.41.6.011

Cited by 6 publications

(4 citation statements)

References 28 publications

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“…Managerial input frequently comes in the form of portfolio management, asset management and property management (Muczyński, 2015). Generally speaking, portfolio management focuses on deploying capital in a manner satisfying the risk and return requirements of a given group of real estate investors (Clayton et al , 2015); asset management focuses on achieving the financial goals established for each of the properties acquired (Glickman, 2004) and property management focuses on making day-to-day operational decisions, interfacing with tenants and maintaining buildings within the confines of a budget (Goss and Campbell, 2008). These definitions are admittedly incomplete but set the stage for more in-depth discussion.…”

Section: Alternate Approaches To Asset Managementmentioning

confidence: 99%

“…Figure 1 presents three plausible explanations for this phenomenon, the first of which relates to the nascent state of the real estate investment management industry overall. Only in the past four decades have portfolio management, asset management and property management evolved into the sophisticated enterprises known today (Clayton et al , 2015; Glickman, 2004; Goss and Campbell, 2008; Read et al , 2016). To the extent many real estate investment management firms are still learning how best to approach and coordinate these activities, knowledge gaps may stand in the way of comprehensive asset management.…”

Section: Potential Obstacles To Comprehensive Asset Managementmentioning

confidence: 99%

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Obstacles to comprehensive real estate asset management

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Sanderson

2020

JFMPC

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Purpose Motivated by behavioral theories of the firm, this study aims to consider the extent to which knowledge gaps, organizational inertia and conflicts of interest prevent large real estate investment management firms from approaching asset management in a comprehensive manner. Design/methodology/approach Results of 93 semi-structured interviews conducted with real estate practitioners working in the USA are thematically analyzed. Findings All of the aforementioned factors are found to influence real estate asset management practices and serve as potential obstacles to operational excellence. Research limitations/implications The qualitative analysis is limited in the sense that it focuses exclusively on the perceptions of real estate practitioners in the USA who work for relatively large organizations. However, it offers compelling evidence that comprehensive asset management is difficult under the best of circumstances, and becomes even more so in the presence of knowledge gaps, organizational inertia and conflicts of interest. Practical implications Those working in asset management or with asset managers must be mindful of the obstacles discussed if they hope to encourage and facilitate process improvement. Originality/value The study contributes to a small but growing, body of research examining the challenges large real estate investment management firms face when trying to derive value from their asset management platforms.

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Section: Alternate Approaches To Asset Managementmentioning

confidence: 99%

Section: Potential Obstacles To Comprehensive Asset Managementmentioning

confidence: 99%

Obstacles to comprehensive real estate asset management

Read

Sanderson

2020

JFMPC

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“…The increase in investment in international real estate can be attributed to financial globalization which has enabled investors to allocate their portfolio assets to foreign countries and alternative assets (Clayton et al, 2015). Much of the increase in asset allocation might be due to the relatively low interest rates which have provided for a steady stream of income and capital returns.…”

Section: Introductionmentioning

confidence: 99%

International Real Estate Review

Kim¹,

Jin²,

Lee³

2021

IRER

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Financial globalization has enabled investors to allocate some of their portfolio assets to foreign countries and alternative assets. This environment has also created an increase in investment in international real estate especially in the emerging markets. In this study, we investigate whether foreign real estate investors outperform domestic investors after controlling for property specific characteristics. Using property level transaction data of Korea from 2003 to 2016, we also examine the characteristics of commercial real estate investment associated with the probability of an acquirer being a foreign investor versus a domestic investor. The binary and multinomial probability models are used to test our research hypothesis and the structural equation model is applied to find the determinants of the internal rate of return. The result reveals foreign investors perform better than domestic investors in a holding period analysis. Furthermore, the findings support that foreign direct and indirect real estate investments are statistically significant to the age of the building, corporate bond and exchange rates, growth domestic product growth, and the equity market movement in the domestic market.

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“…In the last decade, the volume of outstanding P2P loans financing real estate investments has grown significantly year by year (Massolution, 2015). Even if the industry is still in an early stage, the new paradigm of direct online access to the mortgage market seems to be successful (Clayton et al , 2015).…”

Section: Introductionmentioning

confidence: 99%

Peer-to-peer lending and real estate mortgages: evidence from United Kingdom

Gibilaro

Mattarocci

2018

JERER

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Purpose This paper aims to collect data from a unique database provided by LendInvest and to study the key differences in the lending features for the two types of lending solutions. Findings Peer-to-peer (P2P) loans are prevalently short-term financing solutions (bridge financing), and the size of the loan is above average of the market. The loan portfolio is normally more geographically concentrated with respect to the average for the overall market and the main geographical areas for P2P lending are not just the main markets served by traditional lenders. Areas served by P2P lending have a lower population income than the national average and are characterized by below-average real estate price performance. Research/limitations/implications The results support the hypothesis of a complementary relation between conventional and P2P lending, showing that the latter represents a solution that is servicing areas that, because of the lower value of the collateral and lower average income, do not have easy access to the traditional mortgage market. Originality/value The paper is a first empirical contribution on the analysis of the market served by P2P real estate lending financing solution.

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New Horizons and Familiar Landscapes: New Capital Sources Confront Shifting Real Estate Fundamentals

Cited by 6 publications

References 28 publications

Obstacles to comprehensive real estate asset management

Obstacles to comprehensive real estate asset management

International Real Estate Review

Peer-to-peer lending and real estate mortgages: evidence from United Kingdom

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