CONSTRUCTING AN INTERNATIONAL REAL ESTATE PORTFOLIO

CONSTRUCTING AN INTERNATIONAL REAL ESTATE PORTFOLIO

The real estate team of a large pension fund manages a portfolio of £7 billion which is invested almost exclusively in UK assets including 100% equity owned, PUTs and Limited Partnerships. It has also used the growing real estate derivatives market for tactical asset allocation. They are conscious of the level of home country bias in their real estate portfolio and would like to diversify by investing in non-UK markets. They are prepared to consider listed real estate as a way of gaining exposure to overseas markets. However, there is considerable skepticism about whether investment in real estate companies provides direct exposure to ‘pure’ real estate investment risk and returns. They would like to an evaluation of:
• The advantages and disadvantages of different approaches to gaining exposure to international real estate markets.(of doing it direct, indirect-listed/unlisted funds)
• An evaluation of different options in the acquisition and management of 100% equity interests in cross-border real estate investments. (What is the most effective way of finding buildings to buy in overseas markets? What is the most effeective way of deciding which buildings to reject or to bid for? Which is the most effective way to organise the buying process? Which is the best way to get buildings managed once they are acquired? Would you use a single (London-based) agent to search, negotiate etc on your behalf? Would you use a number of agents? Would you try to identify the best agency firm in each city? How many relationships do you want to manage? Think of the same issues in transaction execution for legal services etc. What are the disadvantages and advantages in the different approaches?)
They require for a concise and rigorous report focussing entirely on the questions posed, with supporting research, literature and empirical evidence.
Task 1

You should provide a professional report which is ‘pitched’ at the appropriate level given the client’s existing knowledge. It is normally not appropriate to include materials from textbooks and/or academic papers in such a report. However, the fund manager is very interested in having a record of the body of published knowledge that exists. The report should include an executive summary. The executive summary should consist of 6-8 single sentence bullet points that address the purpose of the report, the issues addressed and the key conclusions and recommendations. I have included a suggested approach to laying out a report. There are lots of possible approaches. It isn’t a template but it provides something for you to improve upon. But – ensure that yours is better.

Since this is a professional rather than academic exercise, there is no requirement to fulfil the requirements of academic referencing. However, it is important to bear in mind that you should not present the work of others as your own. This is potentially serious academic misconduct. Find another way of making the point. Use different words. It is also important to bear in mind that when quoting figures. it is best to ‘source’ them. It enables the reader to evaluate their reliability and provenance. Provide a bibliography of e-sources and other sources cited in the document. In addition, the organisation would like a list of the key sources used. I repeat – the fund manager is very interested in having a record of the body of published knowledge that exists.

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