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Development of benchmarking investment real estate: the Dutch experience

Author

Listed:
  • Bert Teuben
  • Mark Clacy-Jones
  • Peter Hobbs

Abstract

In the 90’s the real estate investment environment, when most of the real estate indexes in Europe started, differed a lot from the current environment. Asset owners were often in full control of all the different real estate investment activities sometimes from portfolio management up to the property management at that time. The separation into different organizations (portfolio management to asset management) could result in agency problems. In parallel those indexes have shifted from (peer group) market indicators for transparency to independent financial benchmarks. Also asset owners and management houses often operate globally what wasn’t the case a couple of decades ago and both have to show their value added. This paper will look more in detail in the developments in the Netherlands and in particular of the IPD Netherlands index. Besides describing those trends some results will highlight the performance differences within that index, like spread of returns, segment returns and attribution analyses.

Suggested Citation

  • Bert Teuben & Mark Clacy-Jones & Peter Hobbs, 2016. "Development of benchmarking investment real estate: the Dutch experience," ERES eres2016_277, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2016_277
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    More about this item

    JEL classification:

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

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