都长大了?伦敦专门建造的学生住宿市场的成熟度和投资

IF 1.6 Q3 BUSINESS, FINANCE
N. Livingstone, Danielle Sanderson
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引用次数: 4

摘要

目的近几十年来,英国专门建造的学生宿舍(PBSA)行业进行了大量的机构投资。本文揭示了该行业的当代趋势和观点。它质疑PBSA是否已经从“替代品”转变为“主流”住宅资产类别,并从市场成熟度的角度进行分析。设计/方法论/方法论这些方法使用真实资本分析(RCA)的数据,结合对英国PBSA投资者和利益相关者的40次半结构化访谈的结果,对从文献中提取的关于PBSA作为一种资产类别的演变的观点进行了三角分析,并举例说明了2005年至2020年间英国各地的投资趋势,而其他区域城市被整合以进行比较。调查结果表明,伦敦的PBSA市场领先于目前在地区城市复制的趋势。然而,与伦敦相比,这些地区目前提供了更大的回报潜力和风险承担机会,伦敦的收益率被压缩,市场被认为风险更低。成熟度的概念作为评估市场的框架仍然很有用,但有必要对行业进行更细致的分析,以进一步了解行业内的资产类别。PBSA继续在英国各地进行溢价交易;它被认为是最成熟的住宅资产类别。实际含义PBSA作为一种资产类别的出现继续在住宅行业和英国投资市场中发挥着发展作用。在将PBSA纳入机构投资组合时,风险、价值和当地环境仍然是关键,并且作为第一个从定性研究方法考虑英国市场的公司,这项研究提供了2021年这些影响的快照。Originality/value我们的方法对英国各地的投资趋势提供了独到的见解,是第一个专门关注伦敦市场的方法。该研究强调了PBSA作为投资者进入住宅的先锋资产类别的作用,将其增长置于市场成熟度的框架内,并从采访中得出市场的细微差别。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
All grown up? Market maturity and investment in London's purpose-built student accommodation sector
PurposeThe UK's purpose-built student accommodation (PBSA) sector has seen significant institutional investment in recent decades. This paper unpacks contemporary trends and perspectives on the sector. It questions whether PBSA has moved from being an “alternative” to “mainstream” residential asset class, framing the analysis through the lens of market maturity.Design/methodology/approachThe methods triangulate perspectives drawn from literature on the evolution of PBSA as an asset class with illustrations of investment trends across the UK between 2005 and 2020 using data from Real Capital Analytics (RCA), combined with findings from 40 semi-structured interviews with investors and stakeholders in PBSA in the UK London is the focus of the work, whilst other regional cities are integrated for comparison.FindingsThe results demonstrate that London's PBSA market is ahead of trends currently being replicated in regional cities. However, the regions currently offer greater return potential and opportunities for risk taking compared to London, where yields are compressed, and the market is considered lower risk. The concept of maturity remains useful as a framework for evaluating markets, however a more granular analysis of sectors is necessary to further understand asset classes within sectors. PBSA continues to trade at a premium across the UK; it is considered the most mature residential asset class.Practical implicationsThe emergence of PBSA as an asset class continues to play a developing role within the residential sector and UK investment market. Risk, value and local context remain key when integrating PBSA into institutional portfolios, and as the first to consider the UK market from a qualitative research approach, this research provides a snapshot of these influences in 2021.Originality/valueOur approach offers original insight into investment trends across the UK and is the first to focus reflections on the London market specifically. The research highlights the role of PBSA as a vanguard asset class for investors into residential, situating its growth within the framework of market maturity and drawing out market nuances from interviews.
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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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