TAILIEUCHUNG - REAL ESTATE IN THE INVESTMENT PORTFOLIO: A report prepared for the Investment Strategy Council of the Royal Ministry of Finance

This document sets out a strategy for securing the benefits of greater openness for our economy, for British business, for the global economy and especially for the world’s poorest people. This White Paper is the Government’s initial statement to our trade and investment partners across the world about how we plan to work together for mutual benefit. It also sets out the Government’s commitment to addressing the barriers that hold businesses back from trading and investing, and to ensuring that the UK is one of the most attractive places in the world to invest and do business | REAL ESTATE IN THE INVESTMENT PORTFOLIO A report prepared for the Investment Strategy Council of the Royal Ministry of Finance Professor Martin Hoesli Professor Colin Lizieri March 2007 Revised May 2007 Executive Summary This report attempts to distill research on the role of commercial real estate within mixed-asset portfolios. It draws on research-based literature from Asia Australasia Europe and North America augmented with some primary research findings in an attempt to help the Ministry of Finance s Strategy Council to address whether there is a role for real estate in the Government Pension Fund - Global. The report covers five principal areas o The Structure of the Market and Real Estate Investment Vehicles o The Risk-Return Characteristics of Real Estate Investment Assets o The Distribution of Real Estate Returns o The Role of Real Estate in the Mixed-Asset Portfolio and o Performance Measurement and Benchmarking of Real Estate. A. Market Structure Real estate is an under-researched asset class. Despite major improvements over the last decade research and analysis is hampered by poor data availability. Many markets have only low frequency short time series data The growth of specialist research and data provider services has greatly improved the transparency of real estate markets in recent years There are no definitive figures for the size of the global commercial real estate market. Estimates range from 8trillion to 22trillion. The low estimate represents around 16 of the capitalization of global equity markets the high end some 40 . Pension fund investment in non-residential real estate varies around the world. . pension funds hold around of their assets in property the share in some other major economies exceeds 10 . There are now many routes to gaining exposure to real estate markets with available investment vehicles possessing distinct risk-return characteristics market structures liquidity and transparency. These differences alter the impact

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