Unlisted Property Fund Investment in Urban Renewal/Regeneration Property in the U.K.: The Impact of Investment Style on Decision Making

Martin Haran, Stanley McGreal, Alastair Adair and James Webb

Journal of Real Estate Portfolio Management, 2008, vol. 14, issue 3, 185-194

Abstract: Executive Summary. This study explores the investment style characteristics of unlisted property funds investing in urban renewal/regeneration property in the United Kingdom. The unlisted property funds sector has experienced significant growth and is increasingly utilized by major financial institutions as their preferred route into the real estate market, allowing them to overcome the lack of liquidity and management costs associated with direct investment. Since institutional investors have traditionally considered urban renewal/ regeneration property a high-risk investment option, it was hypothesized that funds investing in regeneration were likely to pursue either value added (top end) or opportunistic investment styles. The findings emphasize inconsistencies in investment style classification and identify how investment style designation impacts on decision making with respect to investment in regeneration property.

Date: 2008
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DOI: 10.1080/10835547.2008.12089811

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