Pan-European Real Estate Investment and Market Opportunities

Diploma Thesis , 2006 , 179 Pages , Grade: 1,0

Business economics - Miscellaneous

The intention of this thesis is to provide an insight in the Pan-European Investment scene on the basis of a leading Investment management company which is located in one of the world’s most prospering markets. In order to point out the special aspects of this topic, we supplemented the theoretical introduction about the Real Estate market in general and its particularities with the analysis of a current Investment vehicle of Curzon Global Partners.
In this context, we focus our thesis on the examination of prevailing and future market opportunities and the execution of convenient Investment strategies that are customised on Pan-European markets.

Inhaltsverzeichnis (Table of Contents)

• 1. Introduction
  • 1.1. Motivation
  • 1.2. Thesis methodology
• 2. Real Estate Investment
  • 2.1. Definition and Characteristics of the Real Estate Market
    • 2.1.1. Definition of the Real Estate Asset Class
    • 2.1.2. Characteristics of the Real Estate Market
  • 2.2. Forms of Real Estate Investment
    • 2.2.1. Direct Real Estate Investment
    • 2.2.2. Indirect Investment - Indirect Investment Vehicles
  • 2.3. Closed-end Real Estate Funds
    • 2.3.1. Basic Knowledge about Closed-end Funds
    • 2.3.3. Advantages and Risks of Closed-end Funds
    • 2.3.4. Design of a Closed-end Fund in the U.K.
      • 2.3.4.1. Financial Design
      • 2.3.4.2. Legal Design
        • 2.3.4.2.1. Legal Structure
        • 2.3.4.2.2. Purchase Strategy
      • 2.3.4.3. Fiscal Design
    • 2.3.5. German Real Estate Funds investing in the U.K. – Focus London
  • 2.4. Conclusion
• 3. Empirical analysis of the Closed-end Real Estate Fund "European Property Investors" L.P.
  • 3.1. Curzon Global Partners
  • 3.2. Basic Principles of the European Property Investors L.P.
    • 3.2.1. What is Private Equity?
    • 3.2.2. EPI Fund Profile
  • 3.3. Pan-European Market Opportunities
    • 3.3.1. Introduction
    • 3.3.2. The "Great Exchange"- Real Estate Externalisation
    • 3.3.3. European Real Estate Market Dimensions
    • 3.3.4. European Cross-border Real Estate Purchasing Activity
    • 3.3.5. European Real Estate Capital Markets at a glance
    • 3.3.6. Interview
  • 3.4. Pan-European Investment Strategy
    • 3.4.1. Investment Profile
      • 3.4.1.1. Outsourcing Transactions
      • 3.4.1.2. Sale and leaseback Transactions
    • 3.4.2. Portfolio Strategy – Pan-European Diversification
    • 3.4.3. Acquisition and Purchase Strategies
      • 3.4.3.1. Due Dilligence
      • 3.4.3.2. Lease Structures and Terms in the respective countries
  • 3.5. Outlook: Investment Opportunities in Central and Eastern Europe

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis aims to provide an in-depth analysis of the Pan-European real estate investment landscape, focusing on the strategies and opportunities offered by a leading investment management company based in London. The analysis combines theoretical insights into the real estate market with a practical examination of a specific investment vehicle from Curzon Global Partners.

• Characteristics and dynamics of the Pan-European real estate market
• Investment strategies and opportunities in the context of a closed-end real estate fund
• Empirical analysis of the European Property Investors L.P. fund from Curzon Global Partners
• The role of private equity and its impact on real estate investment
• Emerging market opportunities and investment potential in Central and Eastern Europe

Zusammenfassung der Kapitel (Chapter Summaries)

• Chapter 1: Introduction
  • Provides a concise overview of the thesis' motivation and methodology.
• Chapter 2: Real Estate Investment
  • Defines the real estate asset class and explores its unique characteristics.
  • Examines different forms of real estate investment, including direct and indirect approaches.
  • Delves into the structure and operation of closed-end real estate funds, highlighting their advantages and risks.
  • Presents a detailed analysis of the legal, financial, and fiscal considerations involved in structuring a closed-end real estate fund in the UK.
  • Focuses on the specific case of German real estate funds investing in the UK, with a particular emphasis on London.
• Chapter 3: Empirical analysis of the Closed-end Real Estate Fund "European Property Investors" L.P.
  • Introduces Curzon Global Partners, the investment management company behind the European Property Investors L.P. fund.
  • Outlines the key principles and characteristics of the EPI fund, including its investment strategy and target markets.
  • Explores the broader Pan-European market opportunities, including the phenomenon of real estate externalization and the changing demographics and capital markets landscape.
  • Analyzes the EPI fund's investment strategy in detail, examining its approach to portfolio diversification, acquisition, and purchase strategies.
  • Offers an outlook on investment opportunities in Central and Eastern Europe.

Schlüsselwörter (Keywords)

This preview focuses on key terms like Pan-European real estate investment, closed-end funds, private equity, real estate externalization, market opportunities, investment strategies, and portfolio diversification.

• College: Nürtingen University; Geislingen
• Grade: 1,0
• Authors: Diplom Betriebswirtin Judith Blickle (Author), Carolin Schusser (Author)
• Publication Year: 2006
• Pages: 179
• Catalog Number: V55263
• ISBN (eBook): 9783638502641
• ISBN (Book): 9783656785651
• Language: English
• Tags: Pan-European, Real, Estate, Investment, Market, Opportunities