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The Use of Benchmarks for Real Estate Portfolio Performance by UK Financial Institutions

Author

Listed:
  • Edward Trevillion
  • Alan Gardner
  • Stewart Cowe
  • Colin Jones

Abstract

The MSCI/IPD database is the predominant reference point for peer and relative benchmarking in the UK but funds also apply an absolute benchmark approach. Absolute benchmarks take the form of inflation plus a target, typically between 2-7% The recent past has seen the emergence of a willingness to alter benchmarks more often. Increasing short-termism and the transformation of market fundamentals in the aftermath of the GFC have led to a re-appraisal. In addition traditional indices are no longer true representations of the market given substantial inward investment. Questions are now whether the nature of existing benchmarks are fit for purpose.

Suggested Citation

  • Edward Trevillion & Alan Gardner & Stewart Cowe & Colin Jones, 2019. "The Use of Benchmarks for Real Estate Portfolio Performance by UK Financial Institutions," ERES eres2019_352, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2019_352
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2019-352
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    More about this item

    Keywords

    Benchmarks; financial instiutions; Global Financial Crisis; real estate indices;
    All these keywords.

    JEL classification:

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

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