Global Property Investment

Andrew E. Baum 지음

Wiley-Blackwell 2011년 11월 02일 출간

작품소개

책소개

Developments in the sophistication of global real estate markets mean that global real estate investment is now being executed professionally. Thanks to academic enquiry, professional analysis and entrepreneurial activity, backed by the globalisation of all investment activity, there is now an available body of material which forms the basis of this scholarly but practical summary of the new state of this art.The measurement, benchmarking, forecasting and quantitative management techniques applied to property investments are now compatible with those used in other asset classes, and advances in property research have at last put the ongoing debate about the role of real estate onto a footing of solid evidence.The truly global scope and authorship of this book is unique, and both authors here are singularly well qualified to summarise the impact and likely future of global innovations in property research and fund management. Between them, they have experienced three real estate crashes, and have observed at first hand the creation of the real estate debt and equity instruments that led to the global crisis of 2008-9.Global Property Investment: strategies, structure, decisions offers a unique perspective of the international real estate investment industry with:a close focus on solutions to real life investment problemsno excessive theoretical paddinga target of both students and professionalshighly qualified dual-nationality authorshipWith many cases, problems and solutions presented throughout the book, and a companion website used for deeper analysis and slides presentations (see below), this is a key text for higher-level real estate students on BSc, MSc, MPhil and MBA courses worldwide as well as for practising property professionals worldwide in fund management, investment and asset management, banking and real estate advisory firms.

목차

Preface xAcknowledgements xvPART ONE REAL ESTATE AS AN INVESTMENT: AN INTRODUCTION 1Chapter 1 Real estate &~ the global asset 31.1 The global property investment universe 31.2 Market players 61.3 Property &~ its character as an asset class 111.4 Conclusions 28Chapter 2 Global property markets and real estate cycles 322.1 Introduction 322.2 The United States 342.3 The UK property market &~ a performance history 672.4 Continental Europe 802.5 Asia 832.6 Conclusions 91Chapter 3 Market fundamentals and rent 943.1 Introduction: the global property cycle 943.2 The economics of rent 953.3 Forecasting rents 1093.4 Conclusions 116Chapter 4 Asset pricing, portfolio theory and real estate 1174.1 Risk, return and portfolio theory 1174.2 A property appraisal model 1244.3 The model components 1324.4 The required return for property assets 1404.5 Forecasting real estate returns 1424.6 Conclusions: a simple way to think about real estate returns 151PART TWO MAKING INVESTMENT DECISIONS AT THE PROPERTY LEVEL 155Chapter 5 Basic valuation and investment analysis 1575.1 Introduction 1575.2 Estimating future cash flows 1615.3 The discount rate 1665.4 Conclusions 170Chapter 6 Leasing 1716.1 Introduction 1716.2 Legal characteristics of leases 1736.3 The leasing process 1746.4 Important economic elements of a lease 1746.5 Lease economics and effective rent 1926.6 Conclusions 199Chapter 7 Valuing commercial real estate: the unleveraged case 2037.1 Introduction: the investment opportunity 2037.2 Developing a pro-forma income statement 2067.3 Valuation using the cap rate 2107.4 Valuation using cash flows 2127.5 Applying discounted cash flow to analyze investment feasibility 2197.6 Conclusions 221Chapter 8 Mortgages: an introduction 2228.1 Introduction 222

출판사 서평

“This comprehensive guide to international real estate investment provides detailed information on the unique challenges of remote investment in the global marketplace and presents practical advice for successful outcomes.” (Book News, 1 April 2012)&

작가정보

저자(글) Andrew E. Baum

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Andrew Baum was appointed Professor of Land Management at the University of Reading, UK in 1989. He is now Professor of Real Estate Investment at the University of Cambridge and a Fellow of St John's College, Cambridge. He is former Head of Research, Prudential; CIO Property and Head, International Property, Henderson Global Investors, and has chaired the investment committee for the CBRE Global Investors Multi-Manager business since 2008.David Hartzell is Steven D. Bell and Leonard W. Wood Distinguished Professor in Real Estate and Professor of Finance at the Kenan-Flagler Business School, University of North Carolina, USA. He is a former vice president at Salomon Brothers Inc. in New York and is now a board member with Highwoods Properties, a REIT.