{"title":"澳大利亚农田作为房地产行业对机构投资者的战略重要性","authors":"Graeme Newell, Jufri Marzuki","doi":"10.1108/pm-01-2024-0012","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>Farmland is an important property sector that has attracted the attention of institutional investors globally in recent years. This paper examines the risk-adjusted performance and portfolio diversification benefits of Australian farmland in a portfolio over the eight-year period of Q2:2015–Q2:2023, highlighting the unique property management dimensions to this property sector for its effective role in an institutional investor's property portfolio.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>Using the quarterly ANREV Australian farmland index over Q2:2015–Q2:2023, the risk-adjusted performance and portfolio diversification potential of Australian farmland is assessed. Constrained mixed-asset portfolios are used to assess the potential added-value role of Australian farmland in a mixed-asset portfolio. Analyses are also done for the farmland sub-sectors of annual farmland and permanent farmland.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>Australian farmland is seen to show strong risk-adjusted performance but at a much higher risk level than that seen for direct property. Diversification benefits from Australian farmland are also evident, with an important role by Australian farmland seen in the mixed-asset portfolio. Specific farmland property management strategies are identified for the effective inclusion of farmland in an institutional investor's property portfolio, including the potential benefits towards net zero carbon strategies.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>This is the first research that provides an independent empirical examination of the strategic importance of Australian farmland property for institutional investors using the institutional investment-grade ANREV Australian farmland database, from both an investment and environmental perspective. The unique property management implications for Australian farmland property are also highlighted, including the potential role of Australian farmland in net zero carbon strategies by institutional investors.</p><!--/ Abstract__block -->","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.1000,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The strategic importance of Australian farmland as a property sector for institutional investors\",\"authors\":\"Graeme Newell, Jufri Marzuki\",\"doi\":\"10.1108/pm-01-2024-0012\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>Farmland is an important property sector that has attracted the attention of institutional investors globally in recent years. This paper examines the risk-adjusted performance and portfolio diversification benefits of Australian farmland in a portfolio over the eight-year period of Q2:2015–Q2:2023, highlighting the unique property management dimensions to this property sector for its effective role in an institutional investor's property portfolio.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>Using the quarterly ANREV Australian farmland index over Q2:2015–Q2:2023, the risk-adjusted performance and portfolio diversification potential of Australian farmland is assessed. Constrained mixed-asset portfolios are used to assess the potential added-value role of Australian farmland in a mixed-asset portfolio. Analyses are also done for the farmland sub-sectors of annual farmland and permanent farmland.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>Australian farmland is seen to show strong risk-adjusted performance but at a much higher risk level than that seen for direct property. Diversification benefits from Australian farmland are also evident, with an important role by Australian farmland seen in the mixed-asset portfolio. Specific farmland property management strategies are identified for the effective inclusion of farmland in an institutional investor's property portfolio, including the potential benefits towards net zero carbon strategies.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>This is the first research that provides an independent empirical examination of the strategic importance of Australian farmland property for institutional investors using the institutional investment-grade ANREV Australian farmland database, from both an investment and environmental perspective. The unique property management implications for Australian farmland property are also highlighted, including the potential role of Australian farmland in net zero carbon strategies by institutional investors.</p><!--/ Abstract__block -->\",\"PeriodicalId\":46102,\"journal\":{\"name\":\"Property Management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.1000,\"publicationDate\":\"2024-06-28\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Property Management\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/pm-01-2024-0012\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"MANAGEMENT\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Property Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/pm-01-2024-0012","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"MANAGEMENT","Score":null,"Total":0}
The strategic importance of Australian farmland as a property sector for institutional investors
Purpose
Farmland is an important property sector that has attracted the attention of institutional investors globally in recent years. This paper examines the risk-adjusted performance and portfolio diversification benefits of Australian farmland in a portfolio over the eight-year period of Q2:2015–Q2:2023, highlighting the unique property management dimensions to this property sector for its effective role in an institutional investor's property portfolio.
Design/methodology/approach
Using the quarterly ANREV Australian farmland index over Q2:2015–Q2:2023, the risk-adjusted performance and portfolio diversification potential of Australian farmland is assessed. Constrained mixed-asset portfolios are used to assess the potential added-value role of Australian farmland in a mixed-asset portfolio. Analyses are also done for the farmland sub-sectors of annual farmland and permanent farmland.
Findings
Australian farmland is seen to show strong risk-adjusted performance but at a much higher risk level than that seen for direct property. Diversification benefits from Australian farmland are also evident, with an important role by Australian farmland seen in the mixed-asset portfolio. Specific farmland property management strategies are identified for the effective inclusion of farmland in an institutional investor's property portfolio, including the potential benefits towards net zero carbon strategies.
Originality/value
This is the first research that provides an independent empirical examination of the strategic importance of Australian farmland property for institutional investors using the institutional investment-grade ANREV Australian farmland database, from both an investment and environmental perspective. The unique property management implications for Australian farmland property are also highlighted, including the potential role of Australian farmland in net zero carbon strategies by institutional investors.
期刊介绍：
Property Management publishes: ■Refereed papers on important current trends and reserach issues ■Digests of market reports and data ■In-depth analysis of a specific area ■Legal updates on judgments in landlord and tenant law ■Regular book and internet reviews providing an overview of the growing body of property market research
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