Jones, CA;
Dunse, N;
Livingstone, ND;
Cutsforth, K;
(2017)
The restructuring of the institutional real estate portfolio in the UK.
Journal of Property Research
, 34
(2)
pp. 129-146.
10.1080/09599916.2017.1334222.
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Abstract
Real estate investment portfolios of financial institutions have seen dramatic changes over the last three decades or more. Historically such property investment decisions have been seen within a portfolio diversification paradigm that has sought to balance risk and return. This paper considers the role of the supply of assets in the determining and constraining the UK institutional portfolio. The supply of real estate assets not only expands during property booms but has also been transformed by a long term urban development cycle as cities adapt to cars and the ICT revolution that has brought new property forms. The research examines long term trends in investment change by disaggregating into ten property forms rather than the usual three land use sectors. It then assesses to what extent investment patterns can be explained in terms of portfolio theory, short term net returns of individual sectors or driven by the supply of real estate assets. It concludes that the supply of real assets is an overlooked explanation.
| Type: | Article |
|---|---|
| Title: | The restructuring of the institutional real estate portfolio in the UK |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/09599916.2017.1334222 |
| Publisher version: | https://doi.org/10.1080/09599916.2017.1334222 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Portfolios, financial institutions, urban development cycle, new property forms, Property supply |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning |
| URI: | https://discovery.ucl.ac.uk/id/eprint/1559139 |
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