Research Themes REIF

Research Themes REIF

Real Estate Investment & Finance

Modern London ArchitectureThe School of Real Estate & Planning has a long tradition of undertaking leading research in the investment and finance areas of real estate. This work aims to combine innovative academic research together with a mission to disseminate findings and to work with stakeholders in the real estate investment community.

Recent research considering the direct property market includes the spatial concentration on real estate portfolios (Professor Peter Byrne), the application of real options to development projects (Dr Tommaso Gabrieli and Dr Gianluca Marcato) and commonalities in real estate cycles (Professor Simon Stevenson). Dr Gianluca Marcato is currently involved in a major IPF (Investment Property Forum) funded piece considering asset allocation in the context of pension funds, whilst he is also continuing his work on liquidity in property markets. Other current funded work includes a major project for the Royal Institution of Chartered Surveyors on the inflation hedging ability of real estate (Professor Simon Stevenson and Dr Anupam Nanda). The recent arrival of Professor Sotiris Tscolacos has provided further depth to the group in terms of the econometric modelling of real estate markets. Recent projects in this arena include the role of sentiment in the modelling of real estate (Dr Gianluca Marcato & Dr Anupam Nanda). In addition, the Investment Property Forum, through the provision of a PhD scholarship, is supporting research, led by Professor Simon Stevenson, examining the accuracy of property forecasts.

Research has also considered a wide range of issues outside of the direct property market. Dr Gianluca Marcato has an ongoing strand of work on the CMBS market, whilst both he and Professor Stevenson have undertaken work on property derivative pricing. A number of members of staff have ongoing research interests in both the private fund and listed real estate sectors. Professor Simon Stevenson's research on REITs has considered topics such as monetary policy and interest rate sensitivity, REIT volatility and the distribution characteristics of listed real estate, whilst both Professor Stevenson and Dr SeungHan Ro have undertaken research examining real estate mutual funds and the focus vs. diversification question with REITs. Professor Simon Stevenson and Professor Charles Ward, with colleagues in ICMA have recently worked on a project funded by EPRA looking at the impact of index inclusion in the European listed market.

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