The Restructuring of the Institutional Real Estate Portfolio in the UK

Colin Jones, Neil Dunse, Nicola Livingstone and Kevin Cutsforth

ERES from European Real Estate Society (ERES)

Abstract: Real estate investment portfolios of financial institutions have seen dramaticchanges over the last three decades or more. Historically such propertyinvestment decisions have been seen within a portfolio diversificationparadigm that has sought to balance risk and return. This paper considersthe role of the supply of assets in the determining and constraining the UKinstitutional portfolio. The supply of real estate assets not only expandsduring development booms but has also been transformed as the spatialstructure of cities and property forms adapt to cars and the ICT revolution.The research examines long term temporal patterns n the development ofnew forms of real estate and the change to the institutional portfolio asexemplified by the IPD database. It considers to what net investmentchanges are driven by the returns of individual sectors or vice versa basedon Granger Causality tests. It also assesses to what extent investmentpatterns can be explained in terms of portfolio theory.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2016-01-01
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