TAILIEUCHUNG - Choosing An Investment Vehicle European Real Estate Fund Regimes

ur mission is to provide real estate investment management services consistent with our clients’ objectives for superior long term, risk adjusted performance, preservation of capital and diversification. We believe there are economic, environmental and social implications associated with the full range of our real estate investment management decisions, and that a commitment to decision-making that incorporates sustainable real estate best practices will add long-term value to the investments that we manage for our clients | .com realestate Click to launch Choosing an investment vehicle European Real Estate Fund Regimes This booklet seeks to compare more than 30 different types of fund vehicles in a summary form by looking at a consistent set of key topics and noting major pros and cons November 2011 pwc Introduction The Czech Republic Germany Italy The Netherlands Spain EaHESniJ Austria France Ireland Luxembourg Portugal Switzerland United Kingdom Introduction Real estate fund managers face a period of new challenges and opportunities. The industry that is emerging from the market turmoil of recent years is very different from the industry in the boom years prior to the sub-prime crisis of2007. Investors are becoming more demanding and both the traditional closed-ended and open-ended fund model showed its weaknesses during the period of volatility. The recovery of the market for fund raising is likely to see the emergence of new types of funds seeking to cater for the varied demands of investors. There has been an increase in interest in debt funds and the move from defined benefit to defined contribution pension provision is also creating a driver for product development. We have also seen the emergence of arrangements that blur the boundaries between what was traditionally regarded as a fund and what was traditionally regarded as a segregated account. Real estate fund managers are also facing a wave of regulatory changes some of which will have a direct impact such as the European Union Alternative Investment Fund Managers Directive and others such as Solvency II where the impact will be indirect from changes in the behaviour of investors. Changes in lease accounting will also have an impact. All of this is creating a fertile environment for product development. Choice of fund vehicle is an important decision within this. This booklet seeks to compare more than 30 different types of fund vehicle in a summary form by looking at a consistent set of key topics and noting major

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