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The purpose of this paper is to identify possible reasons for insurance companies' scant interest in real estate as investment asset in Poland. The authors attempt to determine the impact of real estate investment on insurance companies' profitability.

After collecting the aggregated data about insurance companies' financial results for the period 2000‐2008 the authors analyzed the relationship between real estate investment and profitability indicators such as return on assets (ROA), return on equity (ROE) and return on sales (ROS). This approach reflected the shareholders' point‐of‐view. Subsequently, the same kind of analysis was carried out to investigate the impact of real estate investments on the insurance companies' return on technical activity (RTA) and return on investment activity (RIA). These indicators are meant to assess business performance from the point‐of‐view of insured persons.

The analysis revealed some negative correlations: real estate investments may reduce the profitability of insurance companies. If this is true, the unwillingness of insurance companies to purchase property would not be surprising. Yet, this conclusion should be accepted with caution.

Due to the short study period and changes in legal classification of investment categories, the available data were very imperfect and the study results may not be perceived as undisputable, hence, it is felt that further research is needed.

The paper is original, as previously no such research has been conducted in Poland.

Investigates the role of investment and finance in real estate education and researches the programs of the conferences of the American Real Estate Society (ARES), the European Real Estate Society (ERES), held in the years 1999, 2000 and 2001, and the program of the International Real Estate Society (IRES) World Congress 2001. To give a structure to the different topics of hundreds of papers, the interdisciplinary approach is taken as a framework visualised by the “House of real estate economics”. The paper comes to the conclusion that real estate investment and finance play an important role which is supposed to decrease in the future.

The overall purpose of the study is to identify the impact of heuristics, prospect theory biases and personality traits on property investment decision-making of rank and file individuals in Kosovo, with a concentration in Prishtina, which is the city with the largest number of investors and property transactions in Kosovo.

The present study used quantitative research with the questionnaire used as a research instrument. The questionnaire survey was conducted with 1,209 rank and file property investors in Prishtina, Kosovo. The sampling method used in this research was stratified random sampling.

The study finds that heuristics, prospect theory biases and personality traits as a whole model affect investment decision-making in Prishtina, Kosovo. Nevertheless, the study finds that not all dimensions of the constructed research model (heuristics, the prospect theory and personality) affect the property investment decision-making in Prishtina at the same level. Whereas prospect theory biases (regret aversion, framing and self-control) seem to very strongly influence property investment decision-making of rank and file investors in Prishtina, personality traits (conscientiousness, neuroticism and openness to new experiences) seem not to affect the real estate investment decision-making. Finally, heuristics biases also strongly influence the real estate investment decision-making with a strong statistically significant explanatory power but not to the same degree as prospect theory biases.

The present study contributes toward the understanding of the role that is played by heuristics, prospect theory biases and personality traits in Kosovo's property investment industry. More importantly, the implication of the results of the present study is that it goes some way toward enhancing understanding of heuristic and prospect theory-driven biases and their influence on property investment decision-making in a developing economy. The present study paves the way to further analyze why personality traits do not influence property investment decision-making in Kosovo.

The present study is the first quantification of the impact of heuristics, prospect theory biases and personality traits on the investment decision-making of rank and file individuals in Prishtina, Kosovo.

Environment, social, governance (ESG) has taken on increased importance in real estate investment in recent years, with benchmarking ESG being critically important for more informed real estate investment decision-making. Using 60 stakeholder interviews with senior real estate executives, this paper examines the strategic issues regarding benchmarking ESG in real estate investment; specifically, identifying areas going forward where ESG benchmarks need to be improved. This includes the issues of granularity, climate resilience and climate risk, as well as an increased focus on outcomes and performance, and using best practice procedures in delivering ESG in real estate investment.

In total, 60 stakeholder interviews were conducted with key real estate players globally to assess the use of ESG benchmarking in real estate investment at various levels (asset/fund-level, listed real estate, delivery, reporting and internal benchmarking), across regions and across different types of real estate investment players (real estate fund manager, real estate investment trust (REIT), institutional investor and real estate advisor). This enabled key strategic insights to be identified for improved ESG benchmarking practices in real estate investment going forward.

There was clear evidence of the need for improved benchmarks for ESG in real estate investment. More focus was needed on performance, outcomes and impacts, with a stronger focus on granularity around the issues of climate resilience and climate risk. Improvements in Global Real Estate Sustainability Benchmark (GRESB), as well as increased attention to Task Force for Climate-Related Financial Disclosures (TCFD) were seen as important initiatives. Clear differences were also seen in the use of these ESG benchmarks on a regional basis; with Australia and Europe seen as the world leaders. These strategic stakeholder insights regarding ESG saw the development of best practice guidelines for the more effective delivery of ESG benchmarks for more informed real estate investment decision-making, as well as a series of recommendations for improving ESG benchmarking in real estate investment.

ESG benchmarking is a critical area of real estate investment decision-making today. By utilising stakeholder interviews, the strategic insights from key players in the real estate investment space are identified. In particular, this paper identifies how the current ESG benchmarks used in real estate investment need to be improved for a more critical assessment of climate resilience and climate risk issues at a more granular level. This enables the identification and delivery of more effective ESG best practice procedures and recommendations for improving ESG benchmarking in real estate investment going forward. These issues have clear impacts on ongoing capital raisings by investors, where benchmarking ESG is an increasingly important factor for real estate investors, tenants and real estate asset managers.

Based on the stakeholder interview responses, this paper has identified key areas for improvement in the current benchmarks for ESG in real estate investment. It is anticipated that an increased focus on technology and the availability of more granular data, coupled with user demand, will see more focus on assessing performance, outcomes and impacts at a real estate asset-specific level and produce a fuller range of ESG metrics, more focused on climate resilience and climate risk. This will see a more effective range of ESG benchmarks for more informed real estate investment decision-making.

Opportunity real estate funds are an important style of real estate investing for institutional investors seeking nonlisted real estate exposure. Importantly, institutional investors have sought exposure to the China real estate market, often via opportunity real estate funds. This has been by a pure China opportunity real estate fund (100% China opportunity real estate) or by a pan-Asia opportunity real estate fund where China opportunity real estate was part of this pan-Asia opportunity real estate portfolio. Using two bespoke China opportunity real estate indices developed by the authors, this paper aims to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate in a mixed-asset portfolio over 2008–2020. It also highlights critical issues for institutional investors going forward to factor into their real estate investment decision-making for effective China real estate exposure.

This paper develops two bespoke China opportunity real estate fund performance indices to assess the risk-adjusted performance and portfolio diversification benefits of China opportunity real estate funds in a mixed-asset portfolio over 2008–2020. An asset allocation diagram is used to assess the role of China opportunity real estate in a mixed-asset portfolio via both the non-listed and listed real estate investment channels.

Over 2008–2020, China opportunity real estate exposure via pan-Asia opportunity real estate funds were seen to outperform pure China opportunity real estate funds. In both formats, China opportunity real estate funds were seen to have a significant role in a China mixed-asset portfolio across most of the portfolio risk spectrum; particularly compared to listed real estate exposure in China. On-going issues regarding real estate risk management in China will take on increased importance for institutional investors seeking China real estate exposure.

Opportunity real estate funds are an important style of real estate investing, often used by institutional investors to gain non-listed real estate exposure in a developing real estate market. This style of real estate investing has been popular with institutional investors seeking exposure to China real estate as part of the China economic growth dynamic. The results of this research highlight the importance of opportunity real estate investing in China, both via a pure China opportunity real estate fund and via a pan-Asia opportunity real estate fund. Based on this empirical analysis, China opportunity real estate exposure is seen to be more effective via a pan-Asia opportunity real estate fund than a 100% China opportunity real estate fund. A range of practical China real estate investment issues are also highlighted for the effective delivery of China real estate exposure for institutional investors going forward; this particularly relates to the on-going risk management for real estate investment in China.

This paper is the first empirical research analysis of the risk-adjusted performance of China opportunity real estate and its role in a mixed-asset portfolio. Using bespoke China opportunity real estate fund indices developed by the authors, this research enables empirically-validated, more informed and practical opportunity real estate investment decision-making regarding the strategic role of China opportunity real estate in an institutional investor's portfolio. It also highlights the importance of various facets of real estate risk management in China going forward.

Although real estate investment decisions are among the most important managerial decisions, such decisions are usually made in an ad hoc fashion in Southeast Asia. The purpose of this study is to present a two-tier multi-criteria decision-making model for real estate investment decisions across three rapidly growing but significantly understudied Southeast Asian countries: Cambodia, Myanmar and Vietnam.

Using three data sources (secondary data, two surveys and nearly 100 experts and senior executives), the authors applied a combination of the Analytic Hierarchy Process and the Simple Additive Weighting (or weighted sum) methods as two special cases of multi-criteria decision-making to assess nine real estate investment projects across Cambodia, Myanmar and Vietnam.

The results of this study indicated that Vietnam, Cambodia and Myanmar were the first, second and third most preferred countries for real estate investments, respectively. Moreover, the results clearly show a trade-off between perceived country risk and financial returns, indicating that a higher perceived country risk can be compensated for with higher financial returns.

Real estate investment decisions are usually made in an ad hoc manner in Southeast Asia. This study helps investors make more informed decisions when investing in real estate projects across three rapidly growing but significantly understudied Southeast Asian countries: Cambodia, Myanmar and Vietnam.

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

This paper aims to present an objective overview of the factual discourse around the wasting nature of real estate for an appreciation of the resultant exacting management responsibility. The durability feature of real estate has had consequential implications on the appreciation of the asset class.

The paper uses literature survey and key informant interview to identify the peculiar features of real estate to understand the exacting responsibility of its ownership and management.

The study reveals that real estate is a specialised investment asset that requires extra management care, costs and specialised expertise to retain its investment value. Thus, the asset is not inherently perpetual but wasting and requires conscious physical and functional management, which are dependent on sound financial management.

Real estate investment decisions must be made with the exacting management responsibility in mind. Both individual and corporate investors must use a sinking fund policy to meet the financial liability involved in managing both income and non-income properties. The Government of Ghana must create a National Infrastructure Maintenance Fund and adopt a National Infrastructure Management Strategy for managing the existing stock of public real estate.

It is the first literature appraisal and facts collation on the wasting nature of real estate and its attendant exacting management responsibility with a call for paradigm shift in our understanding of this investment asset.

Focussing on the UK’s institutional real estate universe, this paper analyses variations in the operational management of real estate investment portfolios. For the main categories of institutional investors, the key tasks in real estate operational management, and the ways in which these tasks are typically bundled and categorised by investment managers are reviewed. Three broad operational management models are outlined. Case studies of real estate operational management models in practice are discussed.

The research approach is primarily descriptive, drawing upon illustrative investor case studies.

A range of operating models are identified for managing real estate investment portfolios. Specialists real estate investors tend to have highly vertically integrated operating models viewing most operational management functions as core operational capabilities. Multi-asset owners tend to have a vertically disintegrated operating model outsourcing fund, asset, property and facilities management. Investing institutions such as fund houses and specialist real estate investment advisors seem to have converged upon a common hybrid operating model with high margin, analytical functions such as fund and asset management being insourced and low margin, routine functions such as property and facilities management being outsourced.

Despite the size of the global, institutional real estate investment universe (estimated by DTZ to be worth more than USD 13.6 trillion in 2015), the topic of how (and how effectively) these assets are managed by institutional investors has attracted very little attention from the real estate research community. This paper provides some initial analysis and insights into operational management models for real estate investment portfolios in the contemporary real estate investment management landscape.