"Research is the fundamental background to any effective investment decision."
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The EPRA Research Committee combines the best regarded professionals working on behalf of the leading Universities.
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EPRA continues to develop new products to support the investment decisions and clarity surrounding the nature of listed real estate. In the pipeline: Bonds. |
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This filter enables you to select and download EPRA research and indices data. Searches can be made under a variety of timeframes - note that the locked PDFs are for EPRA members only.
The question of cost
The average cost globally of pension funds investing in real estate is 76 basis points, but more than double for direct real estate (83 bps) than for REITs (41 bps). Overall, real estate investing carries significantly lower costs than private equity or hedge funds research on 884 funds shows.
Alarm over BaFin targeting of REITs
EPRA has voiced alarm at an unexpected proposal by Germany’s Supervisory Authority BaFin to include domestic REITs within the scope of the EU’s AIFMD. The potential classification of listed real estate companies as part of the 'fund' sector is of most concern.
"If implemented, it would be detrimental to the future growth of the German listed property sector, the efficiency of the broader domestic real estate industry and hit the wider economy." EPRA.
Surge in real estate securities funds reflects growing appetite for listed RE
Assets under management of real estate securities funds grew 68% to USD 250 billion from 2007 to 2012. Real estate securities funds increased 39% to 677 in the same period. Why? “Above-average dividend yields and secure long-term cashflows generated by listed real estate companies." Convincing new research evidence suggests that having listed real estate in a portfolio can also improve returns and diversify risk.
EPRA Newsletter: German, Spain, Ireland and all things REIT
We look at the wave of new REIT legislation taking shape in Europe, and consider how the German listed property sector could well double in size over the coming two years. The predicament faced by savers is explore, and the how 'listed' can fit their needs. How could regulation generate new REIT waves in European corporate real estate? What is current thinking on the cost and transparency of listed investment allocations?
Larger publicly quoted real estate sector could boost German economy |
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The experiences from elsewhere show that a stronger listed property sector would be beneficial for Germany - including: job creation, greater investment in urban centres, more transparency, lower investment costs, strong dividend flows for pensions. An historical window of opportunity for Germany. More >> |
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AIFMD regulatory clarity for real estate welcomed
EPRA has broadly welcomed the approach taken by ESMA in its recent consultation covering key concepts of the AIFM Directive. Our strong view is that listed property companies and REITs are commercial operating businesses, not funds, and should therefore fall outside of the scope of the AIFMD. |
Ireland and Spain on the REIT courseSpain and Ireland, the two eurozone countries worst affected by real estate crises that have damaged their banking systems and plunged their economies into recession, are, despite very different approaches to dealing with their property problems, both implementing new REIT regimes in 2013, the European Public Real Estate Association (EPRA) said. Madrid and Dublin see real estate investment trusts listed on the equities markets as one of the most effective and transparent ways of recapitalizing their property sectors. |
New Spanish REIT changes to boost listed property sector |
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The Spanish authorities confirmed (Dec 20, 2012) the welcomed reshaping of their REIT (SOCIMI) legislation. EPRA’s view is that the new regime is more closely aligned to European and global best practice, and that the Spanish listed property sector is now fully primed to thrive and contribute towards the broader Spanish economy’s return to growth. More >> |
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ETFs linked to EPRA indices hit USD 7.1 billion in a year |
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Investors have been attracted into these tracker funds by high yields, quality diversified real estate exposure in a tradable form and the outperformance of listed real estate relative to general equities indices. The combination of real estate stocks' attractive high yields and the chance to gain exposure to some of the best located and managed buildings in major world cities are key factors driving these allocations. More >> |
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Property stocks outperforming direct real estate on all fronts, first global pensions study shows
Pension funds worldwide are on average getting poorer performance, higher costs, less transparency and liquidity by investing directly in bricks and mortar or using funds to do so. New research find that opting for property stocks, and particularly the efficient listed Real Estate Investment Trust (REIT) structure, is the way forward.
Europe's financial crisis bears parallels to US 1990's Savings & Loans - possible listed RE role in solution
Europe’s financial crisis has some striking similarities to the US Saving & Loan real estate debt problems of the early 1990s, and a major contribution to its solution may similarly lie in repackaging distressed property assets into attractive listed vehicles for investors - EPRA reseach suggests.
Case strengthened for pension fund allocation shift to listed real estate stock
The most conclusive evidence to-date that institutional investors can achieve the same diversification benefits of real estate as an asset class by increasing the proportion of listed real estate in their portfolios. All with the additional benefits of greater liquidity and lower costs say two independent research studies.
EU should prioritise listed property for Growth & Green
The EU may be able to achieve the biggest pay-offs in its key twin policy goals of boosting growth and cutting the bloc’s energy consumption by 20% by 2020, through harnessing the economic power of Europe’s real estate industry and channelling financing through the transparent and efficient listed property sector. By prioritising the listed sector, the EU would give a large boost to its chances of meeting its targets and lifting economic growth at the same time.
Solution to Spain's real estate crisis may lie in US Savings & Loan REIT model
European REITs satisfy thirst for dividend yields
High investor demand for dividend yield, against a background of weak equity markets and ultra-low interest rates, can be met by income flows from European listed property companies and particularly REITs, new EPRA research shows.
Dividend yields from the sector have remained consistently above equities and bond yields over the past five years.
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The lack of a large, dynamic, listed corporate real estate sector in Germany, comparable with neighbouring economies, appears to have curtailed investor returns over the long-term by limiting their property investment options. EPRA findings conclude that the restrictions on the development of a vibrant listed German real estate sector appear to have cost investors dearly in terms of long-term property investment performance. More >> More >> |
EPRA in drive to improve sustainability reporting for European listed real estate sector. |
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EPRA has launched Best Practice Recommendations for Sustainability Reporting in the listed property sector, as it aims to drive up standards in this crucial area and replicate successes already delivered via the EPRA BPR financial reporting. More >> |
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Listed property sector plays vital role in economic recovery says new EPRA chairman. |
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David Atkins, CEO of UK property company Hammerson, has been appointed as Chairman of the European Public Real Estate Association. Speaking at the industry body’s annual conference (Sept 2011), he said that the key role listed property firms play in European economies, mean they are vital to a sustainable economic recovery. More >> |
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