Improving transparency of indirect private real estate

Maarten van der Spek

Research output: ThesisDoctoral ThesisScientific

47 Downloads (Pure)

Abstract

This PhD thesis focuses on the non-listed real estate fund market. This is a relatively new market, and a lack of data is one of the reasons why there is an insufficient amount of relevant academic literature. This thesis includes four studies dealing with this issue. The first study offers an overview of the performance of the non-listed real estate fund market in Europe and looks at the link between the commitment to improve sustainability on the one hand, and performance and firm characteristics on the other. The second study provides necessary additional transparency by analyzing private real estate fee structures and showing the main drivers of the fee level. The third study examines the risk and return profile of real estate debt funds, and how this form of real estate could fit the investor’s portfolio. The final study analyzes the relationship between the amount of leverage and the interest rates of a real estate loan using a new indicator for the quality of the underlying real estate. The results of this research should be useful for a wide audience, including real estate investors, as it covers some very relevant strategic issues that real estate investors are faced with within their portfolios.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • Brounen, Dirk, Promotor
  • Pownall, Rachel, Co-promotor
Award date2 Nov 2018
Place of PublicationTilburg
Publisher
Print ISBNs978 90 5668 573 7
Publication statusPublished - 2018

Fingerprint

Real estate
Transparency
Investors
Fees
Loans
Firm characteristics
Debt
Interest rates
New markets
Sustainability
Leverage
Risk and return
Performance characteristics
Strategic issues

Cite this

van der Spek, M. (2018). Improving transparency of indirect private real estate. Tilburg: CentER, Center for Economic Research.
van der Spek, Maarten. / Improving transparency of indirect private real estate. Tilburg : CentER, Center for Economic Research, 2018. 142 p.
@phdthesis{2c64d9aa9eda4e7d9c94bb1c95e5a5db,
title = "Improving transparency of indirect private real estate",
abstract = "This PhD thesis focuses on the non-listed real estate fund market. This is a relatively new market, and a lack of data is one of the reasons why there is an insufficient amount of relevant academic literature. This thesis includes four studies dealing with this issue. The first study offers an overview of the performance of the non-listed real estate fund market in Europe and looks at the link between the commitment to improve sustainability on the one hand, and performance and firm characteristics on the other. The second study provides necessary additional transparency by analyzing private real estate fee structures and showing the main drivers of the fee level. The third study examines the risk and return profile of real estate debt funds, and how this form of real estate could fit the investor’s portfolio. The final study analyzes the relationship between the amount of leverage and the interest rates of a real estate loan using a new indicator for the quality of the underlying real estate. The results of this research should be useful for a wide audience, including real estate investors, as it covers some very relevant strategic issues that real estate investors are faced with within their portfolios.",
author = "{van der Spek}, Maarten",
note = "CentER Dissertation Series Volume: 572",
year = "2018",
language = "English",
isbn = "978 90 5668 573 7",
series = "CentER Dissertation Series",
publisher = "CentER, Center for Economic Research",
school = "Tilburg University",

}

van der Spek, M 2018, 'Improving transparency of indirect private real estate', Doctor of Philosophy, Tilburg University, Tilburg.

Improving transparency of indirect private real estate. / van der Spek, Maarten.

Tilburg : CentER, Center for Economic Research, 2018. 142 p.

Research output: ThesisDoctoral ThesisScientific

TY - THES

T1 - Improving transparency of indirect private real estate

AU - van der Spek, Maarten

N1 - CentER Dissertation Series Volume: 572

PY - 2018

Y1 - 2018

N2 - This PhD thesis focuses on the non-listed real estate fund market. This is a relatively new market, and a lack of data is one of the reasons why there is an insufficient amount of relevant academic literature. This thesis includes four studies dealing with this issue. The first study offers an overview of the performance of the non-listed real estate fund market in Europe and looks at the link between the commitment to improve sustainability on the one hand, and performance and firm characteristics on the other. The second study provides necessary additional transparency by analyzing private real estate fee structures and showing the main drivers of the fee level. The third study examines the risk and return profile of real estate debt funds, and how this form of real estate could fit the investor’s portfolio. The final study analyzes the relationship between the amount of leverage and the interest rates of a real estate loan using a new indicator for the quality of the underlying real estate. The results of this research should be useful for a wide audience, including real estate investors, as it covers some very relevant strategic issues that real estate investors are faced with within their portfolios.

AB - This PhD thesis focuses on the non-listed real estate fund market. This is a relatively new market, and a lack of data is one of the reasons why there is an insufficient amount of relevant academic literature. This thesis includes four studies dealing with this issue. The first study offers an overview of the performance of the non-listed real estate fund market in Europe and looks at the link between the commitment to improve sustainability on the one hand, and performance and firm characteristics on the other. The second study provides necessary additional transparency by analyzing private real estate fee structures and showing the main drivers of the fee level. The third study examines the risk and return profile of real estate debt funds, and how this form of real estate could fit the investor’s portfolio. The final study analyzes the relationship between the amount of leverage and the interest rates of a real estate loan using a new indicator for the quality of the underlying real estate. The results of this research should be useful for a wide audience, including real estate investors, as it covers some very relevant strategic issues that real estate investors are faced with within their portfolios.

M3 - Doctoral Thesis

SN - 978 90 5668 573 7

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

CY - Tilburg

ER -

van der Spek M. Improving transparency of indirect private real estate. Tilburg: CentER, Center for Economic Research, 2018. 142 p. (CentER Dissertation Series).