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Der vorliegende Band der vierbändigen Reihe "Immobilienwirtschaftslehre - Management, Ökonomie, Recht und Technik" fokussiert im ersten Band auf das Immobilienmanagement. Er gliedert sich in die Teile (I) immobilienwirtschaftliche Grundlagen, (II) Führung als klassischer betriebswirtschaftlicher Teil, (III) Lebenszyklus, der die Immobilie von Errichtung bis Betrieb in den Kontext von Raum, Stadt und Umwelt setzt, (IV) Strategie im Rahmen des Managements von Immobilien auf verschiedenen Ebenen und aus verschiedenen Perspektiven sowie (V) Transaktion, der auf den Veräußerungsprozess mit den Schwerpunkten der Immobilienbewertung, -investition und -finanzierung abzielt. Diesem Teil kommt im vorliegenden Werk besondere Bedeutung zu, da er den Nukleus der Philosophie der transaktionsbasierten Immobilienwirtschaftslehre bildet. Das Werk richtet sich ebenso an in der Praxis tätige Manager, wie an MBA- und MSc-Studierende und an interessierte Bachelor-Studierende immobilienwirtschaftlicher Studiengänge sowie an Teilnehmer von Weiterbildungsstudiengängen. Das Werk hilft bei der täglichen Arbeit als umfassendes Nachschlagewerk zum Gesamtkontext und gibt Antworten auf alle Fragen der Immobilienwirtschaft. Der Inhalt • Grundlagen • Führung • Lebenszyklus • Strategie • Transaktion Die Herausgeber Professor Dr. Nico B. Rottke FRICS ist Partner "Real Estate Capital and Debt Advisory" bei Ernst & Young Real Estate GmbH, Eschborn. Professor Dr. Matthias Thomas ist Chief Executive Officer von INREV, dem in Amsterdam ansässigen Europäischen Verband der Investoren in nicht-börsennotierte Immobilienanlagevehikel

The lack of portfolio‐based property indices in European property markets has led researchers to consider the use of notional property indices to determine the risk and return rewards of investing in these markets. Owing to the computation assumptions underlying notional indices, in particular their inability to capture the prevalent lease structure in a market, they are unsuitable for this purpose, and investors devising European investment strategies around them need to be wary. This paper demonstrates the differences in property investment return delivery between notional and portfolio‐based indices, concentrating particularly on lease structures, and utilises data from the UK for this purpose. German lease structures are then considered in this context.

This paper – the second half of a two‐part paper – constructs a notional property index for the German office market. The returns from this index are subject to numerous adjustments in order to produce a cash flow which reflects annual indexation changes in rent and possible reviews to open market levels at appropriate intervals, depending on the terms of the lease contracts and the rise and fall of office rents over time. The lease contracts modulate the relationship between changes in market rents and yields in the German office market (as recorded by the relevant published notional index) leading to capital value movements of the hypothetical portfolio. Attempts have also been made to take account of the effects of non‐recoverable operating costs, although depreciation and letting voids were not accounted for.

PurposeThis paper investigates the link between equity and credit markets for the government‐sponsored mortgage institutions, Fannie Mae and Freddie Mac, during the period from January 2007 until December 2008. Before the financial crisis, investors perceived these real estate finance institutions as quasi state guaranteed.Design/methodology/approachBy examining Fannie Mae and Freddie Mac during 2007 and 2008, this study extends existing research on the link between equity and credit markets. The authors employ univariate time series regression and vector autoregressive models to analyze the comovements over time and the lead‐lag relationship for equity returns, CDS spread changes, and bond spread changes.FindingsThe results provide evidence for equity returns and credit spreads of CDS and bonds being inversely related and adjusting simultaneously. The relationship between equity and credit markets intensifies during periods of heightened risks. The link between equity returns and bond spread changes is more robust in an environment of slightly elevated risk, while the relationship between equity and CDS markets intensifies during times of extreme stress. It was also found that the link between equity and credit markets completely breaks down as government intervention in the form of regulatory changes and ultimately, conservatorship, materializes.Practical implicationsInvestors active in equity and credit markets need to be aware of the relevance of the prevailing capital market regime and the role of external effects such as government support and bailout.Originality/valueThere is a growing body of empirical research employing event studies and regression analyses on the firm level to examine the link between equity and credit default swaps. Yet, to the authors' knowledge this relationship has not been explored specifically for quasi guaranteed institutions. However, given the growing number of at least partly state owned real estate finance institutions, this specific focus is important to understand future expected risk compensation of equity and credit investors. The paper ask what lessons are to be learnt from the current financial crisis about investor protection in quasi guaranteed financial institutions.

PurposeThe purpose of this paper is to examine the sources of direct real estate portfolio returns and their relative performance against Investment Property Databank (IPD) benchmark returns. Active property management consists of the concepts of property transaction execution and operational management, which can be classified as the main drivers of excess return sources.Design/methodology/approachUsing a sample of three different portfolios managed by two institutional investors, the paper is able to estimate the relevant factors of active property management on annual excess returns for commercial and residential property sectors via a panel regression technique.FindingsEmpirical evidence shows that property‐specific effects exhibit significant sources of excess returns, but property management cannot be identified as their main driver. Furthermore, the sources of excess returns do not differ significantly across sectors; when controlled for property age and size, it is found that their influence is rather limited.Practical implicationsInformation about the drivers of excess returns and their variations among property types may lead to superior investment decisions during portfolio rebalancing, and thus promote more efficient capital allocation. Information about return factors, i.e. about property and operational management, can substantially improve property selection and market timing in the asset allocation process. Hence, investors basing their property investment strategies on the impact of selected return factors could enhance the risk‐adjusted performance of their property portfolios.Originality/valueThis paper aims to contribute to the existing literature by identifying and quantifying the excess return sources of a given property portfolio over a predefined benchmark. Due to the lack of property‐related data, there is only limited research on the sources of direct property returns, such as property characteristics or active property management. The authors explore three main questions in this paper. First, they examine sources of excess returns over a benchmark index for several property sectors. Second, they analyze whether the drivers of excess returns vary significantly across these sectors. Third, they determine to what extent excess property returns are influenced by the "economic age" and "rentable area" of a building.

Alexander Reichardt provides pertinent information on the business case for sustainable buildings, which offer a large potential to abate climate change, which can be achieved at relatively affordable costs compared to other industries. He discusses- although sustainable space offers verifiable advantages to tenants like lower operating expenses, higher employee productivity and reputation benefits -, the small empirical evidence that tenants indeed pay a rent premium for leasing this space. The author, therefore, analyses if sustainable buildings command a rent premium compared to comparable conventional buildings and what contributes to this rent premium. In addition, he analyses what kind of tenants primarily rent sustainable space. It is expected that the demand for sustainable space differs between industries as different industries have different motivations for renting sustainable space. Contents Sustainable Building Certification and the Rent Premium: A Panel Data Approach Operating Expenses and The Rent Premium of Sustainable Buildings Sustainability and the Leasing Decision of Office Occupiers in the U.S. Target Groups Researchers and students in the field of real estate investment Developers, investors, building owners, policy makers, and appraisers About the Author Dr. Alexander Reichardt wrote his dissertation at the Real Estate Management Institute (REMI) of the EBS European Business School.

Nicolai C. Striewe analyzes potential opportunistic behavior of REIT managers and provides empirical evidence on the effectiveness of institutional monitoring as a corporate governance mechanism. The author also suggests ways to promote sustainable management by means of institutional participation. The results of his study provide valuable insights to enhance corporate governance, transparency and efficiency in the REIT market. They encourage (a) academics to include a behavioral component into studies of the REIT market, (b) REIT managers to incorporate effective monitoring and control mechanisms, (c) investors to become more aware of agency conflicts in REITs and (d) policy makers to facilitate a legal framework conducive to a sustainable REIT market. Contents · Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure · The Impact of Institutional Ownership on the Performance of REITs and REOCs: The Corporate Governance Effect · What Drives Institutions to Invest in REITs Target Groups · Researchers, students and practitioner in the field of real estate investment, real estate finance, corporate governance, interest alignment and REITs About the Author Dr. Nicolai C. Striewe