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Article
Publication date: 5 March 2018

Maiia Sleptcova, Heidi Falkenbach and Wisa Majamaa

The purpose of this paper is to investigate the effect of Alternative Investment Fund Managers Directive (AIFMD) on European private equity real estate (PERE) industry.

Abstract

Purpose

The purpose of this paper is to investigate the effect of Alternative Investment Fund Managers Directive (AIFMD) on European private equity real estate (PERE) industry.

Design/methodology/approach

The paper draws upon a set of 12 semi-structured interviews with European PERE fund managers to explore their views on the reporting and risk management under the AIFMD, the costs and benefits associated with the AIFMD compliance and the effect of the AIFMD on European PERE industry.

Findings

A “one size fits all” approach adopted by the AIFMD results in difficulties in understanding and implementing the AIFMD requirements by PERE managers. Due to the limited applicability of the AIFMD risk reporting requirements to PERE funds, PERE managers have developed their own risk metrics, which they report internally. The formalization of risk management process and the separation of risk management function constitute the two most significant changes experienced by PERE managers. The managers recognize a positive branding effect from the authorization and improved risk awareness in their organizations due to the AIFMD.

Research limitations/implications

The current paper focuses on PERE fund managers and does not address other real estate funds falling under the AIFMD.

Practical implications

PERE fund managers require feedback and guidance from authorities and best practice recommendations from industry organizations to enable proper compliance. Industry-specific reporting requirements would benefit both the industry players and authorities.

Originality/value

Given the broad scope of the AIFMD, it is of interest to look at how PERE fund managers have adapted to the regulatory change.

Details

Journal of Property Investment & Finance, vol. 36 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 4 April 2008

Wisa Majamaa, Matti Kuronen, Juha Kostiainen and Chris Heywood

This paper aims to examine the identification and engagement of future inhabitants in urban planning processes using a new “public–private–people partnerships (4Ps)”…

Abstract

Purpose

This paper aims to examine the identification and engagement of future inhabitants in urban planning processes using a new “public–private–people partnerships (4Ps)” participation method, where public, private and people are in partnership. This form of participation gives new information, related to consumers’ residential choice, unlike those environments produced by using other participation methods.

Design/methodology/approach

The empirical study is based in innovation theory where end‐users are primary stakeholders in the innovation process, and even innovators themselves. A case study of a new participation method based on a two‐phase internet questionnaire is used to research practical solutions in integrating end‐users into urban planning process.

Findings

This paper demonstrates that the widely used theory of communicative action in planning and its aim of increasing citizens’ activity in planning and development processes can be developed to the stage that it also includes future inhabitants as stakeholders. Thus urban planning processes become innovative and customer‐oriented through their openness, end‐user orientation and interpretative nature.

Originality/value

The case study findings indicate that the new participation method described here gives flexibility and benefits to all stakeholders and is a method to create consumer desirable neighborhoods. Engaging future inhabitants in planning processes opens previously unseen potential for including consumerist possibilities for cities and developers. This paper illustrates that this new 4Ps participation method makes comprehensive participatory planning and development possible through giving an opportunity to include consumers’ opinions and needs into an alternative to traditional communicative planning.

Details

International Journal of Housing Markets and Analysis, vol. 1 no. 1
Type: Research Article
ISSN: 1753-8270

Keywords

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Article
Publication date: 29 August 2008

Wisa Majamaa, Matti Kuronen, Chris Heywood and Juha Kostiainen

The purpose of this paper is to examine the identification and engagement of future inhabitants in planning processes for residential developments using a new “4Ps”…

Abstract

Purpose

The purpose of this paper is to examine the identification and engagement of future inhabitants in planning processes for residential developments using a new “4Ps” participation method, where the 4Ps denote public, private and people are in partnership. This form of participation gives new information, related to consumers' residential choice, unlike those environments produced by using other participation methods.

Design/methodology/approach

The empirical study is based on innovation theory where end‐users are primary stakeholders in the innovation process, and even innovators themselves. A case study of a new participation method based on a two‐phase internet questionnaire is used to research practical solutions in integrating end‐users into urban planning process.

Findings

This paper demonstrates that the widely used theory of communicative action in planning and its aim of increasing citizens' activity in planning and development processes can be developed to the stage that it also includes future inhabitants as stakeholders. Thus urban planning processes become innovative and customer‐oriented through their openness, end‐user orientation and interpretative nature.

Originality/value

The case study findings indicate that the new participation method described here gives flexibility and benefits to all stakeholders and is a method to create consumer‐desirable neighbourhoods. Engaging future inhabitants in planning processes opens previously unseen potential for including consumerist possibilities for cities and developers. This paper illustrates that this new 4Ps participation method makes comprehensive participatory planning and development possible through giving an opportunity to include consumers' opinions and needs into an alternative to traditional communicative planning.

Details

International Journal of Housing Markets and Analysis, vol. 1 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Content available
Article
Publication date: 29 April 2021

Cristina Boniotti

In light of the difficulties the governments typically face in conserving and managing their rich public cultural heritage, which often lingers in a condition of neglect…

Abstract

Purpose

In light of the difficulties the governments typically face in conserving and managing their rich public cultural heritage, which often lingers in a condition of neglect, this study aims to identify a set of additional tools capable of providing adequate financial resources as well as skills.

Design/methodology/approach

The general research methodology adopted is of a qualitative, rather than a quantitative, nature. In fact, the resulting considerations are mainly the consequence of a first broad theoretical examination, aimed at analyzing the different management models a public entity may adopt, and an applicable verification, aimed at describing some case histories selected by means of interviews.

Findings

The study develops a preliminary reflection on possible sector-specific models for public-built cultural heritage management that have not been well defined yet, especially so in reference to one of the institutional options, namely, the adoption of public–private–people agreements. Indeed, in addition to establishing the ties needed to link public institutions with the business sector, some strong involvement of society as a whole is advised to foster the implementation of projects and expedite the solution of shared problems. At a local level, for instance, private stakeholder participation must be encouraged, with special attention to the latter's cultural closeness to the territory involved.

Originality/value

This research identifies some tools suitable for adoption in the cultural heritage field, which would serve as perfect examples of community involvement and commitment, and some useful case studies resulting from the Italian context.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1266

Keywords

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Article
Publication date: 14 October 2014

Jussi Vimpari and Seppo Junnila

The value of waiting to invest has been acknowledged in management of real capital investments. Investment decision should be undertaken only if it can justify giving up…

Abstract

Purpose

The value of waiting to invest has been acknowledged in management of real capital investments. Investment decision should be undertaken only if it can justify giving up the value of the option to wait; the same logic is proposed here to be applicable on divestment management of a real estate fund. The purpose of this paper is to test option pricing to quantify the option to wait in a residential real estate fund divestment. It is argued that standard industry valuation practices miss the value of active fund management that should be included when planning a fund divestment strategy.

Design/methodology/approach

Dynamic programming, specifically binomial option-pricing model is suggested to complement the current industry standard valuation approaches. The approach is tested in an embedded case study where assets of a residential real estate fund are valuated using the model.

Findings

Option pricing can provide risk-neutral quantified value whether an apartment building portfolio should be divested in a single transaction or in multiple transactions over time. In the case study, an option value of 6.6 per cent was found for a residential real estate portfolio.

Originality/value

This study is the first of its kind to propose that value of waiting to divest is an important element when planning a real estate fund divestment. The approach proposed in this study risk-neutrally calculates the value appreciation from the range of the potential values. This provides the decision-maker a deeper understanding of the implications regarding the chosen line of action.

Details

Property Management, vol. 32 no. 5
Type: Research Article
ISSN: 0263-7472

Keywords

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