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- May 1, 2009: Vol. 3, Number 5

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The Bright Idea

by Stephen Roulac

1 Value, in real estate investing, is one of the most talked about concepts. It is what investors strive for, what investment managers hope to deliver and what developers aim to produce. But for all the talk and interest in the subject, for all the attention directed to measuring it and assessing it, there is relatively little understanding about how value is actually created. Six years ago, a research team at the University of Ulster set out to discover how value is created in real estate investment and development, and alternatively how it is destroyed if certain elements aren’t in place. Surveying more than 100 savvy real estate market participants in Europe and North America, the team dissected various tasks in the real estate investment process, and asked the investors, investment managers, bankers and brokers, professional service providers and real estate developers to rank their significance and allocate their relative contribution to

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