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The Benefits Of Public And Private Real Estate

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  • Stephen Lee

Abstract

There is extant literature using showing that private real estate has a major part to play in the mixed-asset portfolio. There is also a good deal of evidence showing that Real Estate Investment Trusts (REITs) makes a substantial contribution to the mixed-asset portfolio. But only two studies have explicitly examined what risk/return benefits real estate actually offers the mixed-asset portfolio. However, neither study examined whether real estate, either public or private, offers a benefit to the mixed-asset portfolio if such a portfolio already includes the alternative real estate asset class. This paper examines this issue using the method suggested by Liang and McIntosh (1999), which decomposes the overall risk-adjusted benefits of an investment to an existing portfolio into its diversification benefits and return benefits.

Suggested Citation

  • Stephen Lee, 2010. "The Benefits Of Public And Private Real Estate," ERES eres2010_364, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2010_364
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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