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Property Investment Results Of Dutch Pension Funds (2004-2008): International Diversification Is Disappointing

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  • Jan-Willem Dijkhuis
  • Mariette Meulman

Abstract

In this study 30 Dutch pension funds were analysed in respect of the results achieved on their property investments over the period 2004 ñ 2008. The conclusion is that the pension funds that mainly invest internationally have incurred a higher risk than those that invested mainly in the Netherlands. At the same time that higher risk has not produced a higher return. Along with the fact that the return-risk profile of the international property investments (IPD Global) in the period measured was less favourable than the Dutch investments (ROZ-IPD) the most important explanation of the unfavourable risk profile lies in the implementation of the property investment strategy. Dutch pension funds that invested mostly internationally in property have realized a much less favourable return-risk profile in the implementation of the strategy than might be expected on the basis of the global index.

Suggested Citation

  • Jan-Willem Dijkhuis & Mariette Meulman, 2010. "Property Investment Results Of Dutch Pension Funds (2004-2008): International Diversification Is Disappointing," ERES eres2010_318, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2010_318
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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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