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Indirect Investment In Real Estate: Listed Companies And Funds

In Istanbul, the business and financial services sectors form the major source of demand, with letting activity being mainly con- centrated on the European side, where more office space exists. The city’s modern Central Business District (CBD) is stretched on a ‘strip’ on the European side that crosses two separate boroughs and includes the areas of Levent, Esentepe, Zincirlikuyu and Maslak. The high quality office buildings (Class A) are mainly found in Levent and Maslak. Maslak is expected to receive additional office occupier interest now that the metro line extension is underway. The office buildings on the Asian side are mainly. | University of Navarra Working Paper WP No 602 July 2005 INDIRECT INVESTMENT IN REAL ESTATE LISTED COMPANIES AND FUNDS José Luis Suárez Amparo Vassallo Professor of Financial Management IESE Research Assistant IESE IESE Business School - University of Navarra Avda. Pearson 21 - 08034 Barcelona Spain. Tel. 34 93 253 42 00 Fax 34 93 253 43 43 Camino del Cerro del Águila 3 Ctra. de Castilla km. 5 180 - 28023 Madrid Spain. Tel. 34 91 357 08 09 Fax 34 91 357 29 13 INDIRECT INVESTMENT IN REAL ESTATE LISTED COMPANIES AND FUNDS Abstract In Europe today there are two main vehicles for indirect investment in real estate real estate investment funds and listed real estate companies. With these instruments not only does the investor take a position in the real estate market he she also acquires different risk return structures which may vary according to the instrument being used. In some European countries real estate companies have modified their financial structure and tax position by adopting a legal form based on REITs Real Estate Investment Trusts which originated in the US this changes their position compared to real estate funds. In this paper we compare real estate funds and listed real estate companies and analyse the appearance of REITs in Europe and their impact on the real estate industry. Keywords real estate real estate investment real estate fund real estate company REIT INDIRECT INVESTMENT IN REAL ESTATE LISTED COMPANIES AND FUNDS Introduction Because of the increase in volume and the sophistication of investment in real estate indirect channels of investment through investment entities are being given increasingly frequent consideration. These entities can take different legal forms and may vary in their characteristics but they tend to be divided into two large groups companies and real estate investment funds. This paper describes the main characteristics of the large indirect investment vehicles taking the form of listed companies and real estate investment