Commercial Real Estate Investment

............................Tactics and Strategies

Professor Andrew Baum

Professor Andrew Baum is a well known and highly respected author and consultant on the property market. This book analyses all aspects which relate to successful investment in real estate. It is based on many years of practical analysis and study. It is aimed at investment surveyors,fund managers, and property managers and analysts.

Contents

INTRODUCTION: WHY INVEST IN COMMERCIAL REAL ESTATE?:
Diversification; Liability matching; Benchmarking; Monopoly profits

PROPERTY: STOCK, BOND OR DIFFERENT?: What makes property different? –
Depreciation – Lease structures – The supply position; Stock or bond? – Property as bond – Property as indexed bond – Property as equity – Property as a commodity
CURRENT APPROACHES TO COMMERCIAL REAL ESTATE INVESTMENT:
Direct; Public securities; Venture capital/private equity; Owner-occupation

APPRAISING PROPERTY INVESTMENTS: DEBT, TAX ETC: A valuation model for assets; Traditional appraisals; DCF approaches – single discount rate: DCF approaches – multiple discount rates; Option-based approaches; Modelling net returns on equity

CROSS-BORDER INVESTMENT: TAXATION STRUCTURE, DEBT/ EQUITY:
Structures – limited partnerships, unit trusts, company structures; Taxation of foreign investors; Using debt to reduce tax: Fee structures

MANAGEMENT OF COMMERCIAL REAL ESTATE: Fund management; Portfolio management; Asset management; Property management

THE OUT-PERFORMING REAL ESTATE MANAGER: Structure – Sectors –Regions; Style – Active or passive – Developments; Themes – City selection – An arbitrage pricing approach; Stock selection and active management

PERFORMANCE MEASUREMENT: Indexes; Attribution systems; Benchmarks;Measuring risk and return

EMERGING MARKETS: REAL ESTATE IN THE CAPITAL MARKETS: Unitisation/securitisation; Derivatives; Futures; Options; Strips; Swaps

Chandos Publishing.Oxford.England

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