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Risk and Return: Constructing a property portfolio

Journal of Valuation

ISSN: 0263-7480

Article publication date: 1 March 1990

Abstract

Considers the role of property in a multi‐asset portfolio and highlights the need for property to be subject to the same analytical framework as other assets in the portfolio. Discusses the principles of portfolio construction, consisting of development of economic scenarios; forecasts of return on asset classes; asset allocation and portfolio construction; and stock selection. Sets out a strategic framework for the construction of a property portfolio, which involves an explicit consideration of risk and return relative to an appropriate benchmark. States that both the structure and stock of the fund need to be considered. Suggests that most of the published work on the subject is seriously flawed by inadequate data.

Keywords

Citation

MacGregor, B.D. (1990), "Risk and Return: Constructing a property portfolio", Journal of Valuation, Vol. 8 No. 3, pp. 233-242. https://doi.org/10.1108/EUM0000000003284

Publisher

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MCB UP Ltd

Copyright © 1990, MCB UP Limited