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Institutional Real Estate Investment Practices: Swedish and United States Experiences

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    Abstract

    In recent years, institutional real estate investment activity has experienced major changes in many countries throughout the world. In Sweden, large-scale investment projects have increasingly been dominated by several major financial institutions. As in other places, real estate investment analysis in Sweden has undergone considerable change in terms of rigor, focus, and perspective. This study is the first effort ever to systematically assess the current situation in the market for commercial real estate in Sweden. The study presents the results of a comprehensive 1988 survey of over 200 commercial real estate investment participants in Sweden including insurance companies, pension funds, construction firms, property management firms, and investment companies. The survey results are compared with results reported in the United States and elsewhere within the corporate and real estate capital budgeting literatures. The results reported here can thus be compared cross-sectionally as well as over time across numerous dimensions.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol08n03/v08p293.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 8 (1993)
    Issue (Month): 3 ()
    Pages: 293-324

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    Handle: RePEc:jre:issued:v:8:n:3:1993:p:293-324

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Klammer, Thomas, 1972. "Empirical Evidence of the Adoption of Sophisticated Capital Budgeting Techniques," The Journal of Business, University of Chicago Press, vol. 45(3), pages 387-97, July.
    2. James R. Webb, 1984. "Real Estate Investment Acquisition Rules for Life Insurance Companies and Pension Funds: A Survey," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(4), pages 495-520.
    3. Mao, James C T, 1970. "Survey of Capital Budgeting: Theory and Practice," Journal of Finance, American Finance Association, vol. 25(2), pages 349-60, May.
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    Cited by:
    1. Armonat, Stefan & Pfnür, Andreas, 2002. "Basel II and the German credit crunch?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35585, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. Dirk P.M. De Wit, 1996. "Real Estate Portfolio Management Practices of Pension Funds and Insurance Companies in the Netherlands: A Survey," Journal of Real Estate Research, American Real Estate Society, vol. 11(2), pages 131-148.

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