In the property research realm, much attention has been focused on the various behavioural and investment aspects of direct and listed property investment vehicles (Real Estate Investment Trusts (REITs), listed property companies); however, there is a paucity of literature coverage of unlisted property investment vehicles. This research focuses on unlisted property funds (UPFs) as a property investment opportunity, a branch of equity-focussed indirect property investment conduit that has, up to now, not been thoroughly researched. The aim of this research is to enhance the understanding of the significance, performance and roles of UPFs from multi-dimensional investment perspectives, be they domestic, regional or global. This research seeks to assess the performance, role and added-value benefits of UPFs across the Asia-Pacific, Europe and US in domestic, regional and global investment arenas over the period 2010-2015. The rigorous empirical investigation undertaken in this research covers nine domestic UPF markets in the US, Asia-Pacific (Australia, Japan, China) and Europe (the UK, Germany, Finland, France, the Netherlands), six regional markets in the Asia-Pacific (all Asia- Pacific, Asia Pacific ex. Australia, Asia-Pacific ex. Australia and Japan) and Europe (all Europe, Europe ex. UK, Europe ex. UK and Germany), as well as in the global context. A statistical de-smoothing filter is applied for the UPF index data to account for the valuation smoothing bias, with analyses performed using both the smoothed and de-smoothed UPF data. Four methodological clusters, namely (1) performance analysis, (2) asset allocation analysis, (3) blended property portfolio analysis and (4) long- and short-term linkage analysis, form the fundamental structure of the analysis of this research. The results of this research highlight the performance and effectiveness of UPFs and their key role in the property investment landscape at local, regional and global investment context. It is hoped that this research will be able to assist institutional investors, in particular those with significant property exposure such as pension funds, sovereign wealth funds and insurance companies, to make well-informed strategic property investment decisions regarding the key role of UPFs in their portfolios. In addition, this research is beneficial for property fund managers, in that they have independent empirical evidence to support future local, regional and global capital flows to UPFs and promote the effectiveness of UPF investment strategy. Another obvious implication of this research is the highlight on the global significance of the unlisted property investment sector, and the increased opportunities at many levels going forward. This includes further development of unlisted property investment products, increased opportunities for skilled property professionals and further development of UPF markets, especially in emerging property markets in Asia-Pacific and Sub-Sahara Africa. More importantly, this research presents the strong initiatives by the unlisted property investment industry, through professional organisations such as ANREV, INREV and NCREIF, in promoting the transparency, accuracy and accessibility of information in the unlisted property investment sector.
| Date of Award | 2018 |
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| Original language | English |
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