Institutional Real Estate Asia Pacific

July 1, 2010: Vol. 2, Number 7

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From the Current Issue

Asia Pacific

Historical Fund Performance: How Leverage, Size and Vintage Impact Returns

The massive real estate correction that began in 2008 is causing investors to rethink how they design, implement and monitor their investment programs. In the new investment climate, new questions have risen: Did the use of leverage improve risk-adjusted performance or was it simply a tool to amplify returns? Did the early success of some funds breed ever-larger funds that were doomed to fail? What is the relationship between investment vintage period and the economic cycle?

Asia Pacific

Managers Take More Write-Downs: Capital Depreciation Slows, Markets Show Signs of Recovery

Real estate investment managers around the globe continue to suffer from adverse conditions in the financial markets and property markets, although there are some rays of sunshine starting to emerge through the dark clouds. It's still a work in progress as they battle through the deleveraging process and continue to take write-downs on assets. These trends are reflected in the findings of a recent global survey of real estate investment managers conducted by Feri Property Funds Research in association with Institutional Real Estate, Inc.

Asia Pacific

Something for Everyone: Conditions Are Improving in Real Estate Markets Around the World, and the Opportunities Are There to Be Grasped

In 2009, the significant increase in equity values, contrasted against the severe contraction of real estate values, allowed the equity markets to outperform the non-listed real estate market. Despite these recent conditions, risk-adjusted returns for real estate over a 10-year timeframe remain attractive relative to bonds and have far exceeded the equity market. We see a number of trends that lead us to believe, broadly speaking, that real estate values may be approaching a trough and that a recovery, albeit a bumpy one, is imminent.

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