Investor's 'local' experience and asset pricing: A pan European study on logistics in key urban areas

Dennis Schoenmaker, Ken Baccam and Guillaume Oliveira

ERES from European Real Estate Society (ERES)

Abstract: Experience, i.e., the knowledge or skills acquired during a period of time, should benefit commercial real estate fund managers and investors. This as experience suggests not only greater knowledge and skills but also implies a wider network of brokers and participants for example, thus helping them in selecting and negotiating more attractive commercial real estate deals. This study addresses whether the experience influences asset pricing across a range of different size urban functional area cores. We focus on logistics as the evolution of global supply chains, alongside global trade and the rise of online commerce triggered a strong demand for logistics space, ranging from e-fulfilment centers, pan-European distribution centers, and national distribution centers to urban distribution centers. Using transaction based data over the 2003-2018 period from Real Capital Analytics, we define several measurements to investigate the experience of fund managers and investors.

Keywords: Asset Pricing; Experience; Logistics; Transaction data (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2019-01-01
New Economics Papers: this item is included in nep-ure
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