The Use of Benchmarks for Real Estate Portfolio Performance by U.K. Financial Institutions

Edward Trevillion, Alan Gardner, Stewart Cowe and Colin Jones

Journal of Real Estate Portfolio Management, 2020, vol. 26, issue 2, 118-131

Abstract: The paper examines the application of benchmarks in the United Kingdom primarily through the use of semi-structured interviews with 17 major investment houses, holding domestic real estate assets under management of nearly £180bn with in excess of £515bn in other countries. The MSCI/IPD database is the predominant reference point for peer and relative benchmarking, but funds also apply an absolute benchmark approach. Many fund houses indicated a reluctance to change benchmarks. However, increasing short-termism and the transformation of market fundamentals after the GFC have led to a reappraisal of the nature of existing benchmarks and there is a continuing move toward use of alternatives.

Date: 2020
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DOI: 10.1080/10835547.2020.1858620

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