{"product_id":"global-trends-in-real-estate-finance-isbn-9781405151283","title":"Global Trends in Real Estate Finance","description":"To operate effectively in today’s dynamic global real estate markets, it is essential to understand the complex processes that underpin them. This up-to-date work, which brings together contributions from industry and academic experts from around the world, is a valuable corollary to effective investment decision-making within the property sector and will be of interest to post-graduate property students, researchers and practising real estate investors.  \u003cp\u003eRecent years have seen some rapid developments in the global scale and structure of real estate markets. Such transformations have been paralleled by significant changes in the financial structures, and processes that serve these markets, including sophisticated new investment and finance structures and products. Examples of these include the real estate investment trusts (REIT) products that have been developed in USA, Europe and Asia, the range of unlisted products emerging in UK and Europe, and the innovative financing structures being developed in many countries.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eGlobal Trends in Real Estate Finance\u003c\/i\u003e addresses this emerging complexity and sophistication in contemporary real estate markets by discussing the history, merits and implications of a range of products and processes. Also examined are the changes in the practices and environment needed to ensure the success of these property products, including increased disclosure, corporate governance, market transparency and improved skills base.\u003c\/p\u003e \u003cp\u003eChapters are written by leading international contributors, both academic and practitioner. The context is explicitly international, with a focus on UK, Europe, Asia, Australia and the USA. The aim is to identify specific market areas to describe the key innovations, rather than simply providing a description of various geographical markets.\u003c\/p\u003e  Preface  \u003cp\u003eContributors\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: Products\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1. Global REITs universe continues to expand and develop \u003ci\u003e(Lijian Chen and Thomas I. Mills).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eGlobal core real estate universe: $8 trillion and growing\u003c\/p\u003e \u003cp\u003eWhy have REITs succeeded?\u003c\/p\u003e \u003cp\u003eREIT proliferation: thriving in 18 countries and counting\u003c\/p\u003e \u003cp\u003eEarly growth cycle: only the tip of the iceberg\u003c\/p\u003e \u003cp\u003eRelative risk and return\u003c\/p\u003e \u003cp\u003e2. The US real estate investment trust (REIT) market \u003ci\u003e(Will McIntosh).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eThe evolution of US REITs\u003c\/p\u003e \u003cp\u003eUS REITs: creation to 1993\u003c\/p\u003e \u003cp\u003eUS REITs: the Modern Era\u003c\/p\u003e \u003cp\u003eThe investment performance of REITs\u003c\/p\u003e \u003cp\u003eThe future of REITs\u003c\/p\u003e \u003cp\u003e3. Progress on REIT regimes in Europe \u003ci\u003e(Simon Clark and Tom Road, Linklaters, Olivier Mesmin, Baker McKenzie, Matthias Roche).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eDevelopments in France: SIIC 2\/3\/4 and the OPCI\u003c\/p\u003e \u003cp\u003eOPCI: ‘the non-listed SIIC’\u003c\/p\u003e \u003cp\u003eThe German REIT\u003c\/p\u003e \u003cp\u003eThe UK REIT\u003c\/p\u003e \u003cp\u003eEU law and REITs: what are the issues?\u003c\/p\u003e \u003cp\u003e4. Listed Property Trusts in Australia \u003ci\u003e(Graeme Newell).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eBackground to LPTs\u003c\/p\u003e \u003cp\u003eLPT regulatory framework\u003c\/p\u003e \u003cp\u003eLPT profile\u003c\/p\u003e \u003cp\u003eLPT performance analysis\u003c\/p\u003e \u003cp\u003eRecent issues in the strategic development of LPTs\u003c\/p\u003e \u003cp\u003eChanging LPT and property landscape in 2007–2008\u003c\/p\u003e \u003cp\u003eConclusion\u003c\/p\u003e \u003cp\u003e5. Asian REITs: playing the yield game \u003ci\u003e(Joseph T.L. Ooi and Neo Poh Har).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eREIT markets in Asia\u003c\/p\u003e \u003cp\u003eWays to enhance distribution yield\u003c\/p\u003e \u003cp\u003eYield-accretive acquisitions\u003c\/p\u003e \u003cp\u003eConclusion\u003c\/p\u003e \u003cp\u003e6. European real estate unlisted vehicles: a mature market now or is there more to come? \u003ci\u003e(Karen Sieracki).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eCharacteristics of European real estate unlisted vehicles\u003c\/p\u003e \u003cp\u003ePerformance of European real estate unlisted vehicles\u003c\/p\u003e \u003cp\u003eManagement fees\u003c\/p\u003e \u003cp\u003eDiscussion and conclusion\u003c\/p\u003e \u003cp\u003e7. Constructing a Global Real Estate Investment Index (\u003ci\u003eIan Cullen).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eTop down or bottom up?\u003c\/p\u003e \u003cp\u003eRolling out national market indices\u003c\/p\u003e \u003cp\u003eThe first IPD multi-market index – the pan-European\u003c\/p\u003e \u003cp\u003e…and finally the world – IPD’s first global index\u003c\/p\u003e \u003cp\u003e8. Property derivatives \u003ci\u003e(Gary McNamara).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eThe history and innovation behind the property derivatives market\u003c\/p\u003e \u003cp\u003eThe drivers for change\u003c\/p\u003e \u003cp\u003ePricing and underlying index activity\u003c\/p\u003e \u003cp\u003eAlternative indices and products being traded\u003c\/p\u003e \u003cp\u003eHas the market achieved the results expected of it?\u003c\/p\u003e \u003cp\u003eHow have derivatives changed the market place?\u003c\/p\u003e \u003cp\u003eFuture expectations, unintended consequences and lessons learned\u003c\/p\u003e \u003cp\u003eConclusions\u003c\/p\u003e \u003cp\u003e9. Property markets in central and eastern Europe \u003ci\u003e(Stanley McGreal, Jim Berry and Alastair Adair).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eDevelopment of real estate markets\u003c\/p\u003e \u003cp\u003eProperty markets, data availability and economic competitiveness\u003c\/p\u003e \u003cp\u003eBank lending on property in central and eastern Europe\u003c\/p\u003e \u003cp\u003eConclusions\u003c\/p\u003e \u003cp\u003e10. Islamic finance and Shariah compliant real estate investment \u003ci\u003e(Ali Parsa, University of Ulster, and Ali Muwlazadeh).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eDefining SCI\u003c\/p\u003e \u003cp\u003eShariah funds in the research agenda\u003c\/p\u003e \u003cp\u003eConclusion\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART II: Processes\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11. Socially responsible property investment – background, trends and consequences \u003ci\u003e(Thomas Lutzkendorf and David Lorenz)\u003c\/i\u003e.\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eSocial responsibility and sustainable development – background\u003c\/p\u003e \u003cp\u003eThe principles for responsible investment\u003c\/p\u003e \u003cp\u003eTrends and concepts within the property market\u003c\/p\u003e \u003cp\u003eThe benefits of sustainable buildings and of SRIs\u003c\/p\u003e \u003cp\u003eCriteria and assessment tools\u003c\/p\u003e \u003cp\u003eRealisation of SRPIs\u003c\/p\u003e \u003cp\u003eImplications for property professionals\u003c\/p\u003e \u003cp\u003eConclusion and recommendations\u003c\/p\u003e \u003cp\u003e12. Corporate governance in the real estate industry \u003ci\u003e(Prof. Dr. Karl-Werner Schulte, Prof. Dr. Wolfgang Schäfers and Nicolas Kohl).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eReasons for the rising importance of corporate governance\u003c\/p\u003e \u003cp\u003eExisting corporate governance principles for the real estate industry\u003c\/p\u003e \u003cp\u003eImpact of corporate governance on firm value\u003c\/p\u003e \u003cp\u003eResearch agenda for corporate governance in the real estate industry\u003c\/p\u003e \u003cp\u003eAppendices\u003c\/p\u003e \u003cp\u003e13.The future of real estate education \u003ci\u003e(Tony Key).\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction\u003c\/p\u003e \u003cp\u003eThe demand for real estate skills\u003c\/p\u003e \u003cp\u003eParadigms for real estate education\u003c\/p\u003e \u003cp\u003eA real estate body of knowledge\u003c\/p\u003e \u003cp\u003eThe methods of real estate education\u003c\/p\u003e \u003cp\u003eThe future of real estate education\u003c\/p\u003e \u003cp\u003eIndex.\u003c\/p\u003e  Graeme Newell, Professor of Property Investment, School of Construction ,Property and Planning, University of Western Sydney\u003cbr\u003e \u003cp\u003eKaren Sieracki, director of KASPAR Associates Ltd - property research\u003c\/p\u003e  With the rapid developments that are taking place in the global scale and structure of real estate markets, there are significant changes in the financial structures and processes that underpin these markets, with a far greater degree of sophistication and complexity emerging. This is clearly reflected in the real estate investmenet trusts (REIT) products now being developed in Europe and Asia, the range of unlisted products emerging in UK\/Europe and the innovative financing structures being developed in many countries.\u003cbr\u003e   \u003cp\u003eChanges are also reflected in the processes and environment needed to ensure the success of these property products, including increased disclosure, corporate governance, market transparency and improved skills base.\u003c\/p\u003e \u003cp\u003eIn order to work effectivley in the future dynamics of change in the real estate markets, it is increasingly important that there is a full understanding of these new investment and finance techniques and processes that can be effectively applied to the real estate markets. This helps to ensure effective investment decision-making within the property sector.\u003cbr\u003e \u003c\/p\u003e \u003cp\u003eChapters are written by leading international contributors, both academic and practitioner. The context is explicitly international, with a focus on UK, Europe, Asia, Australia and the USA. The aim is to identify specific market areas to describe the key innovations, rather than simply providing a description of various geographical markets.\u003c\/p\u003e","brand":"Wiley-Blackwell","offers":[{"title":"Default Title","offer_id":47989298233573,"sku":"NP9781405151283","price":129.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781405151283.jpg?v=1761783567","url":"https:\/\/k12savings.com\/products\/global-trends-in-real-estate-finance-isbn-9781405151283","provider":"K12savings","version":"1.0","type":"link"}