Commercial Real Estate Investment
A Strategic Approach, 2nd Edition
Estates Gazette – 2009 – 436 pages
This book uniquely combines academic literature and practical experience to provide a straightforward and integrated view on global real estate investment for pension funds, other institutions and professionals.
Thanks to growing investment in commercial property research, property investment has become better understood and better managed than ever before. Many of the problems associated with property investment in the 1980s have found workable solutions through better understanding and management. We can now say that the measurement, benchmarking, forecasting and quantitative management techniques applied to property investments are comparable with other asset classes. Unfortunately, these techniques were not enough to help investors avoid the crash of 2007-2009. We can hope that in the hands of the next generation of investment managers, advisors and analysts, the approaches described in these pages will help to provide a foundation for a responsible and professionally guided recovery.
Designed for practitioners facing the tough global market challenges, this book provides a fascinating read for fund managers, investors, banking staff, property advisors and advanced level students.
Part 1: Introduction to the Market 1. Commercial Real Estate – The Asset Class 2. The Market – and Who Makes It Part 2: The Investment Process 3. Building the Portfolio 4. Pricing Real Estate: The Purchase and Sale Process 5. Performance Measurement and Attribution Part 3: Investment Vehicles 6. Listed Real Estate 7. Unlisted Real Estate Funds 8. Property Derivatives Part 4: International Real Estate Investment 9. International Real Estate Investment 10. Building the Global Portfolio
Andrew Baum has combined business and academic life for the last 20 years. He was appointed Professor of Land Management at the Henley Business School, University of Reading, in 1989 and is now also Professor of Real Estate Investment at the University of Cambridge and a Fellow of St John's College, Cambridge.