Commercial real estate investment : a strategic approach by Andrew Baum

By Andrew Baum

* writer of excessive reputation, either in academia and enterprise * basically written, available and entirely revised for traders, managers, advisors and scholars * hugely topical in modern-day hard industry conditionsThis ebook uniquely combines educational literature and useful event to supply a simple and built-in view on worldwide actual property funding for pension money, different associations and execs, rather within the united kingdom. The booklet is split into 3 sections. half One describes the marketplace, the and the funding automobiles to be had, in addition to a functionality his. learn more... disguise; Prelims_Prelims.pdf; Part1_Layout 1.pdf; Chapter1_Layout 1.pdf; Chapter2_Layout 1.pdf; Part2_Layout 1.pdf; Chapter3_Layout 1.pdf; Chapter4_Layout 1.pdf; Chapter5_Layout 1.pdf; Part3_Layout 1.pdf; Chapter6_Layout 1.pdf; Chapter7_Layout 1.pdf; Chapter8_Layout 1.pdf; Part4_Layout 1.pdf; Chapter9_Layout 1.pdf; Chapter10_Layout 1.pdf; References_Layout 1.pdf; Index_Layout 1.pdf

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These are expressed in the form of developments, rents and yields, with these in turn driving capital values and returns. 2 illustrates what many would describe as a cycle in UK property returns over the period 1971–99. 2: UK property returns, 1971–99 (%) Source: IPD The graph shows two sharp UK commercial property downturns, in 1974 (–16%) and 1990 (–8%). This sets up an interesting hypothesis — is there a 16-year cycle? Was the crash of 2007 marginally delayed, but inevitable? This type of ‘technical’ analysis is intriguing but ultimately less valuable than a ‘fundamental’ view of the property cycle, which begins with property development.

Just as homeowners can, in times of rising house prices and low interest rates, significantly enhance the return on the cash they invest by borrowing, property companies and private commercial property investors use debt finance to increase returns on equity. By using rents to pay interest and (if possible) some capital repayment (amortisation), investors can enjoy a return on their equity investment in excess of the reported total return available to wholeequity investors, such as pension funds.

Every property is unique, which means that time and effort have to be expended on researching its physical qualities, its legal title and its supportable market value. In addition, the process by which properties are marketed and sold can be very risky to both sides. In many markets, including the US and England and Wales, there is a large risk of abortive expenditure, because buyers and sellers are not committed until contracts are exchanged, and last minute overbids by another buyer, or a price reduction (or ‘chip’) by the buyer, are common.

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