Listed and direct real estate investment : a European analysis

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The relationship between the performance of listed real estate companies and the underlying real estate markets in which they invest is a topic that has important implications for property pricing and investment strategies. Similarities in performance would suggest that the two can be regarded as substitutes in a portfolio context, leading investors to allocate capital between these alternatives based on preferences for aspects such as liquidity and control, as well as the amount of capital that is available. Moreover, owing to their greater liquidity, investments in the listed sector enhance the scope for tactical allocations in real estate. Yet empirical research has generated mixed findings as to whether these two forms of real estate do produce similar patterns of returns.

Source : EPRA


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