长期租赁房地产——房地产在养老基金投资组合中的修订角色

IF 1.6 Q3 BUSINESS, FINANCE
Nick Mansley, Zilong Wang
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引用次数: 0

摘要

目的长期租赁房地产基金(2020年第三季度超过150亿英镑)已成为英国养老基金房地产投资组合中越来越重要的一部分。本文探讨了他们戏剧性成长的原因、特点和表现。设计/方法论/方法本研究使用了直接从基金经理和AREF/MSCI收集的2004-2020年期间的数据,并进行了实证分析,以探索其特征和表现。Findings养老基金的去风险和监管指导支持了长期租赁房地产基金的大幅增长。相对于平衡的房地产基金(租赁期较短)和更广泛的房地产市场,长期租赁房地产基金带来了强劲的风险调整回报。当整体房地产市场表现疲软时,这种相对表现尤其强劲。长期租赁基金的目标与负债匹配一致,其表现表明它们是风险较低(更像债券)的投资。此外,我们的分析强调,它们对更广泛的房地产市场的反应远不如平衡基金。然而,就其与金边债券收益率变动的短期关系而言,它们与平衡型房地产基金没有显著差异。实际含义对于养老基金和其他投资者来说,本文强调,长期租赁房地产基金提供的风险敞口与平衡房地产基金不同。长期租赁基金的目标与养老基金投资的总体目标更为一致,但在短期内作为负债对冲,其可靠性并不明显高于平衡房地产基金。对于房地产基金经理、占用人、开发商和其他活跃在房地产市场的人来说,本文强调了为什么这些基金一直(并且可能继续)对投资者有吸引力,从而导致对长期租赁房地产投资的巨大需求。独创性/价值这是第一项回顾英国房地产基金领域这一日益重要的部分的研究。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Long lease real estate – a revised role for real estate in pension fund portfolios
PurposeLong lease real estate funds (over £15bn in Q3 2020) have emerged as an increasingly important part of UK pension fund real estate portfolios. This paper explores the reasons for their dramatic growth, their characteristics and performance.Design/methodology/approachThis study uses data for the period 2004–2020 collected directly from fund managers and from AREF/MSCI and empirical analysis to explore their characteristics and performance.FindingsPension fund de-risking and regulatory guidance have supported the dramatic growth of long lease real estate funds. Long lease real estate funds have delivered strong risk-adjusted returns relative to both balanced property funds (with shorter lease terms) and the wider property market. This relative performance has been particularly strong when wider property market performance has been weak. Long lease funds have objectives aligned with liability matching and their performance suggests they are lower risk (more bond-like) investments. In addition, our analysis highlights they are far less responsive to the wider property market than balanced funds. However, they are not significantly different from balanced property funds in terms of their short-term relationship with gilt yield movements.Practical implicationsFor pension funds and other investors the paper highlights that long lease real estate funds offer a different exposure than balanced property funds. Long lease funds have objectives more closely aligned to the overall objectives for pension fund investment but are not significantly more reliable than balanced property funds in the short-term as a liability hedge. For real estate fund managers, occupiers, developers and others active in the real estate market, the paper highlights why these funds have been (and are likely to remain) attractive to investors leading to substantial demand for long lease real estate investments.Originality/valueThis is the first study to review this increasingly important part of the UK real estate fund universe.
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来源期刊
CiteScore
3.50
自引率
23.10%
发文量
33
期刊介绍: Fully refereed papers on practice and methodology in the UK, continental Western Europe, emerging markets of Eastern Europe, China, Australasia, Africa and the USA, in the following areas: ■Academic papers on the latest research, thinking and developments ■Law reports assessing new legislation ■Market data for a comprehensive review of current research ■Practice papers - a forum for the exchange of ideas and experiences
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