Critical Success Factors in Private Real-Estate Funds Performance from an Investor’s Perspective

Nielsen, Britta (2019) Critical Success Factors in Private Real-Estate Funds Performance from an Investor’s Perspective. DBA thesis, University of Gloucestershire. doi:10.46289/HILO2199

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Alternatives are increasingly part of the investment portfolio for most institutional investors and real estate is a significant item in this allocation. Non-listed real estate is one way to acquire real estate and the market for this has risen in Europe over the last two decades. Despite the high investment value, non-listed real estate funds have not been explored thoroughly in academic research. Most existing studies are quantitative and only focus on the UK. This study focuses on Germany and is qualitative. The research was conducted via semi-structured interviews with participants from Germany or those that have German clients. Market participants were investors, fund managers and consultants. Interviews were the main data source, supported by feedback from market participants and a case study. The findings of the research highlight that market participants are aware of the complex nature of non-listed real-estate funds and the results are visualised in a framework. However, not all success factors are incorporated in the performance measurement framework as it applies to a wide range of funds and focuses only on a few items. The four main perspectives are fund manager, fund structure, properties and financial aspects. This research contributes to academic understanding of the performance measurement of non-listed real estate funds which is not found in any other studies to date. It provides new insights into the success factors for non-listed real estate funds as seen by market participants. This includes the use of expert judgement (most probably including elements of gut feeling) and the dependence on very specific factors for the success of any fund. These findings have both academic and practical significance.

Item Type: Thesis (DBA)
Thesis Advisors:
Thesis AdvisorEmailURL
Uncontrolled Keywords: Private Real-Estate Investment fund performance; Europe
Subjects: H Social Sciences > HG Finance > HG4501 Investment, capital formation, speculation
Divisions: Schools and Research Institutes > School of Business, Computing and Social Sciences
Depositing User: Susan Turner
Date Deposited: 16 Mar 2021 12:33
Last Modified: 01 Aug 2023 12:43

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