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Real Estate Investment: A Strategic Approach 3rd edition [Paperback / softback]

4.67/5 (7 ratings by Goodreads)
(University of Oxford, UK)
  • Format: Paperback / softback, 340 pages, height x width: 246x174 mm, weight: 1320 g
  • Pub. Date: 20-May-2015
  • Publisher: Routledge
  • ISBN-10: 0415741610
  • ISBN-13: 9780415741613
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Real Estate Investment: A Strategic Approach 3rd editionLarger Image
  • Format: Paperback / softback, 340 pages, height x width: 246x174 mm, weight: 1320 g
  • Pub. Date: 20-May-2015
  • Publisher: Routledge
  • ISBN-10: 0415741610
  • ISBN-13: 9780415741613
Other books in subject:
Other books from this special offer: Taylor & Francis offers several science and technology titles with ISE (International Student Edition) prices
Permanent link: https://www.kriso.ee/db/9780415741613.html
Keywords:
Real Estate Investment: A Strategic Approach provides a unique introduction to both the theory and practice of real estate investing, and examines the international real estate investment industry as it reacts to the global financial crisis.

Andrew Baum outlines the market and the players who dominate it; the investment process; the vehicles available for investment; and a suggested approach to global portfolio construction. The book contains many useful features for students including discussion questions, a full further reading list and case studies drawing on international examples from the UK, continental Europe, the USA and Asia.

Ideal for undergraduate and postgraduate students on all real estate and property courses and related business studies and finance courses, Real Estate Investment is designed to provide a foundation for the next generation of investment managers, advisers and analysts.

Further resources for lecturers and students are available at: www.routledge.com/cw/baum

Reviews

This book is a useful, timely and welcome addition to the real estate literature, and to my library. While recognising that approaches to investment strategy in real estate are as diverse as the asset class, the book provides a compelling and accessible case for a 'top-down' approach that should offer a useful and thought provoking reference for both students and practitioners.

Paul Kennedy

This edition, like the others, is enriched by Baum's years and breadth of investment experience. The chapters are a lovely mix of theory and practical experience and the analysis is on the cutting edge of commercial real estate portfolio management today. Baum is effusive in thanking his colleagues for their assistance but I believe that only Andrew Baum could craft a book like this a comprehensible piece of scholarship.

Raymond Torto, Harvard Graduate School of Design, retired Global Chief Economist of CBRE. Co-founder of Torto Wheaton Research, now rebranded CBRE Econometric Advisers.

As an international real estate fund manager, I found this new edition of Real Estate Investment not only provides technical knowledge but also practical examples and case studies which are extremely relevant and essential to the decision making process of real estate professionals with a global prospective . To me, this book is the bible of real estate investment.

Humbert Pang, Managing Principal, Head of China, Member of the Investment Committee, Gaw Capital Partners

List of figures
ix
List of tables
xi
List of boxes
xv
The author xvii
Foreword to the first edition xix
Preface to the first edition xxi
Preface to the second edition xxiii
Preface to the third edition xxv
Abbreviations xxvii
Part 1 Introduction to real estate and the real estate market
1 Real estate -- the asset class
3(32)
1.1 Property -- a global asset class?
3(2)
1.2 What makes property different?
5(1)
1.3 Property depreciates
6(3)
1.4 Lease contracts control cash flows
9(1)
1.5 The supply side is inelastic
10(1)
1.6 Valuations influence performance
10(4)
1.7 Property is not liquid
14(1)
1.8 Large lot sizes produce specific risk
15(4)
1.9 Leverage is commonly used in real estate investment
19(2)
1.10 Is property an inflation hedge?
21(1)
1.11 Volatility and risk appear to be low
22(2)
1.12 Real estate cycles control returns
24(4)
1.13 Diversification -- the evidence
28(5)
1.14 Challenges
33(2)
2 The market -- and who makes it
35(32)
2.1 The global property investment universe
35(6)
2.2 Capital structure
41(12)
2.3 Market players
53(10)
2.4 Conclusions
63(4)
Part 2 The investment process
3 Building and managing the portfolio
67(20)
3.1 Real estate portfolio management
67(2)
3.2 Absolute and relative return objectives
69(1)
3.3 The top-down portfolio construction process
70(2)
3.4 Setting investment objectives
72(3)
3.5 Strengths, weaknesses, constraints: portfolio analysis
75(1)
3.6 Structure and stock selection
76(4)
3.7 Asset management
80(1)
3.8 Using forecasts and valuation models
81(2)
3.9 The role of leverage
83(1)
3.10 Modelling the portfolio risk and return
83(4)
4 Pricing real estate: the purchase and sale process
87(40)
4.1 Introduction
87(1)
4.2 Sourcing stock
88(1)
4.3 Due diligence: the building purchase process
89(1)
4.4 A property appraisal model
89(7)
4.5 The model components
96(3)
4.6 A real analysis
99(3)
4.7 The required return: additional analysis
102(3)
4.8 Forecasting rents and yields
105(22)
5 Performance measurement and attribution
127(32)
5.1 Return measures: an introduction
127(1)
5.2 Definitions
128(2)
5.3 Example: IRR, TWRR, total return or MWRR?
130(2)
5.4 Capital expenditure
132(1)
5.5 Absolute or relative returns?
133(1)
5.6 Risk-adjusted measures of performance
133(2)
5.7 Attribution analysis: sources of property returns
135(6)
5.8 Attribution analysis for the portfolio: an introduction
141(1)
5.9 The choice of segmentation
142(2)
5.10 Style
144(1)
5.11 Themes
145(1)
5.12 City selection
146(1)
5.13 Calculating attribution scores
146(3)
5.14 Attribution and portfolio management
149(2)
5.15 Alpha and beta: a new attribution approach
151(8)
Part 3 Investment vehicles
6 Listed real estate
159(24)
6.1 What is listed real estate?
159(1)
6.2 Public equity real estate -- the background
160(1)
6.3 Property companies and REITs
161(2)
6.4 Listed funds and mutual funds
163(1)
6.5 Exchange traded funds (ETFs)
163(1)
6.6 Does listed real estate offer the ideal property vehicle?
163(5)
6.7 The US REIT experience
168(2)
6.8 The UK REIT
170(1)
6.9 REIT pricing: introduction
171(3)
6.10 Explaining the premium/discount to NAV
174(2)
6.11 How do global real estate investors use REITs and REOCs in practice?
176(3)
6.12 Public debt and mortgage-backed securities (CMBS)
179(4)
7 Unlisted real estate funds
183(34)
7.1 Unlisted real estate funds: an introduction
183(3)
7.2 What is a real estate fund?
186(1)
7.3 How much global real estate is in unlisted funds?
187(2)
7.4 Unlisted fund structures
189(3)
7.5 Characteristics of real estate funds
192(4)
7.6 Liquidity and valuation issues
196(5)
7.7 The case for and against unlisted real estate funds
201(7)
7.8 Performance measurement and return attribution for property funds
208(8)
7.9 Unlisted fund performance: conclusions
216(1)
8 Property derivatives
217(30)
8.1 The search for the perfect vehicle
217(1)
8.2 A short history of the UK real estate derivatives market
218(2)
8.3 Property derivative products: a review
220(5)
8.4 International developments
225(2)
8.5 Using derivatives in portfolio management
227(1)
8.6 Pricing property derivatives
228(8)
8.7 Property derivatives: pros and cons
236(2)
8.8 Property derivatives: spin-offs
238(5)
8.9 Conclusions
243(4)
Part 4 International real estate investment
9 International real estate investment: issues
247(28)
9.1 Introduction
247(1)
9.2 The rise of cross-border capital
248(1)
9.3 The case for international real estate investment: diversification
249(5)
9.4 The case for international real estate investment: enhanced return
254(1)
9.5 Other drivers
254(2)
9.6 Currency risk
256(4)
9.7 Political and title risk
260(1)
9.8 Specific risk
260(1)
9.9 Other problems
261(1)
9.10 Taxation issues
261(3)
9.11 Conclusion
264(11)
10 Building the global portfolio
275(16)
10.1 Introduction
275(1)
10.2 The global real estate market
276(4)
10.3 Building a strategy
10.4 Pricing
280(8)
10.5 Portfolio construction
288(3)
Afterword 291(2)
Bibliography 293(10)
Index 303
Andrew Baum is an internationally respected real estate professional, researcher and author. He is Chairman of Property Funds Research, a consulting business, and Visiting Professor of Management Practice at the Saïd Business School, University of Oxford. From 2009 to 2014 he was Honorary Professor of Real Estate Investment at the University of Cambridge. He is also Emeritus Professor at the University of Reading, visiting professor at the University of North Carolina and non-executive director of, or consultant to, several other property investment businesses.