scholarly journals Innovative real estate development finance – evidence from Europe

2016 ◽  
Vol 21 (1) ◽  
pp. 54-72 ◽  
Author(s):  
Graham Squires ◽  
Norman Hutchison ◽  
Alastair Adair ◽  
Jim Berry ◽  
Stanley McGreal ◽  
...  
Keyword(s):  
Real Estate ◽  
Large Scale ◽  
Real Estate Development ◽  
Equity Financing ◽  
Private Debt ◽  
Content Type ◽  
Development Finance ◽  
Fund Managers ◽  
The Individual ◽  
Multi Stakeholder

Purpose – This research aims to provide an insight into large-scale real estate projects in Europe and how they are using a more innovative blend of finance. Design/methodology/approach – The methodology involved a mix of desk-based study, interviews and case studies. Interviews were held with financiers, policymakers, developers, investors, fund managers and academics. The specific case projects were Battersea Power Station Development in London; Leipziger Platz site in Berlin; and the Lammenschans site in the city of Leiden, The Netherlands. Findings – The research found that there is growth in the blend of financial products used in real estate development within large-scale mixed-use projects. This new blend is set with greater equity financing, often from domestic and foreign consortiums generating institutional funds – alongside private debt financing – that utilise a mix of large-scale multi-bank finance. Practical implications – The scale of the challenge in financing real estate development allied with capital budget constraints has meant that the appetite for innovative finance mechanisms has gained considerable momentum in practice and policy. This research investigates current examples in development finance and provides a discussion of the opinion of key multi-stakeholder participants in the individual cases, and trends more strategically at a broader level. Originality/value – This detailed study of three major development sites and at a more broader strategic level is significant, in that it provides a better understanding of the differing blends of finance that are being used.

scholarly journals Cap rates and risk: a spatial analysis of commercial real estate

2018 ◽  
Vol 35 (1) ◽  
pp. 25-43
Author(s):  
Florian Unbehaun ◽  
Franz Fuerst
Keyword(s):  
Real Estate ◽  
Risk Perceptions ◽  
Large Scale ◽  
Risk Premia ◽  
Real Estate Market ◽  
Commercial Real Estate ◽  
Data Series ◽  
Large Set ◽  
Content Type ◽  
The Impact

Purpose This study aims to assess the impact of location on capitalization rates and risk premia. Design/methodology/approach Using a transaction-based data series for the five largest office markets in Germany from 2005 to 2015, regression analysis is performed to account for a large set of asset-level drivers such as location, age and size and time-varying macro-level drivers. Findings Location is found to be a key determinant of cap rates and risk premia. CBD locations are found to attract lower cap rates and lower risk premia in three of the five largest markets in Germany. Interestingly, this effect is not found in the non-CBD locations of these markets, suggesting that the lower perceived risk associated with these large markets is restricted to a relatively small area within these markets that are reputed to be safe investments. Research limitations/implications The findings imply that investors view properties in peripheral urban locations as imperfect substitutes for CBD properties. Further analysis also shows that these risk premia are not uniformly applied across real estate asset types. The CBD risk effect is particularly pronounced for office and retail assets, apparently considered “prime” investments within the central locations. Originality/value This is one of the first empirical studies of the risk implications of peripheral commercial real estate locations. It is also one of the first large-scale cap rate analyses of the German commercial real estate market. The results demonstrate that risk perceptions of investors have a distinct spatial dimension.

scholarly journals Tax increment financing and major league venues

2020 ◽  
Vol 10 (4) ◽  
pp. 495-517
Author(s):  
Robert Sroka
Keyword(s):  
Real Estate ◽  
Future Research ◽  
Real Estate Development ◽  
Tax Increment Financing ◽  
General Reference ◽  
Data Set ◽  
Content Type ◽  
Capital Costs ◽  
Major League ◽  
Sports Venues

PurposeThis article intends to shine a light on venue-related tax increment financing (TIF) through the first comprehensive inventory of its use at the major league level.Design/methodology/approachFor each 2018 venue in the five North American major leagues, data was collected on TIF contributions to direct venue capital costs as well as to projects using TIF to enable real estate development ancillary to a venue. Neighborhoods surrounding a venue were also assessed for the presence of a TIF district. With both the direct and ancillary elements, data was collected from government, industry, academic, mapping and media sources. A review of this data set and findings are followed by a discussion of implications and directions for future work.FindingsOver one-third of the TIF eligible permanent stadiums and arenas studied in the five major leagues have a direct or strong TIF connection. Direct TIF contributions to sports venues, as well as TIF use intended to generate real estate development around these venues, are most frequent and financially significant in arenas and soccer-specific stadiums. Additionally, arena and stadium projects using TIF often accompany ancillary real estate development.Originality/valueA primary purpose of this article is to provide a previously missing general reference resource to governments and citizens of jurisdictions considering facility TIF use on the scope, nature, extent and identity of TIF projects related to major league sports venues. More generally, the inventory and assessment of TIF use in professional sports venues offered by this article sets the stage for future research on associative relationships between TIF contributions and facility finance outcomes as well as the normative value of venue-related TIF.

Application of DSM in process management of a PE commercial real estate development project

2018 ◽  
Vol 36 (1) ◽  
pp. 20-36
Author(s):  
Guofeng Ma ◽  
Tiancheng Zhu
Keyword(s):  
Real Estate ◽  
Process Model ◽  
Process Management ◽  
Development Project ◽  
Commercial Real Estate ◽  
Real Estate Development ◽  
Content Type ◽  
Design Structure ◽  
Dependency Model ◽  
Objective Basis

Purpose After the drawbacks in the process management of China PE commercial real estate development project are analyzed, it is necessary to introduce a more integrated and advanced tool to solve them. The paper aims to discuss this issue. Design/methodology/approach A standard process model was proposed first. Based on the model, a coupled activity dependency model was also built by structural tool design structure matrix (DSM), the detailed matrix involving 119 activities and 322 information dependencies. Next, two large processes coupled blocks were generated by the sequencing algorithm and tearing algorithm. Then, the general simulation framework with rework probability and rework effect was introduced to do empirical research for one of the activities blocks due to the merit of solving rework of DSM. Findings These results showed that key activities were rearranged, that information interactive scope for them was optimized and that collaborative organization interface was built. And the expected duration after simulation was 131 days at 90 percent percentile, providing the objective basis of process arrangement to some extent and decreasing the risk of prospective yields during fund period. Originality/value This paper is a qualitative and quantitative practical research for the process management of PE commercial real estate development projects in China based on a real project which has begun construction in 2014.

scholarly journals Detection and Differentiation of Two Koala Gammaherpesviruses by Use of High-Resolution Melt (HRM) Analysis Reveals Differences in Viral Prevalence and Clinical Associations in a Large Study of Free-Ranging Koalas

2019 ◽  
Vol 57 (3) ◽  
Author(s):  
P. K. Vaz ◽  
A. R. Legione ◽  
C. A. Hartley ◽  
J. M. Devlin
Keyword(s):  
High Resolution ◽  
Clinical Significance ◽  
Large Scale ◽  
Diagnostic Methods ◽  
High Resolution Melt ◽  
Phascolarctos Cinereus ◽  
Content Type ◽  
Island Populations ◽  
Chlamydia Pecorum ◽  
The Individual

ABSTRACTThe iconic koala (Phascolarctos cinereus) is host to two divergent gammaherpesviruses, phascolarctid gammaherpesviruses 1 and 2 (PhaHV-1 and -2), but the clinical significance of the individual viruses is unknown and current diagnostic methods are unsuitable for differentiating between the viruses in large-scale studies. To address this, we modified a pan-herpesvirus nested PCR to incorporate high-resolution melt analysis. We applied this assay in a molecular epidemiological study of 810 koalas from disparate populations across Victoria, Australia, including isolated island populations. Animal and clinical data recorded at sampling were analyzed and compared to infection status. Between populations, the prevalence of PhaHV-1 and -2 varied significantly, ranging from 1% to 55%. Adult and older animals were 5 to 13 times more likely to be positive for PhaHV-1 than juveniles (P< 0.001), whereas PhaHV-2 detection did not change with age, suggesting differences in how these two viruses are acquired over the life of the animal. PhaHV-1 detection was uniquely associated with the detection of koala retrovirus, particularly in females (P= 0.008). Both viruses were significantly associated (P< 0.05) with the presence of genital tract abnormalities (uterine/ovarian cysts and testicular malformation), reduced fertility in females, urinary incontinence, and detection ofChlamydia pecorum, although the strength of these associations varied by sex and virus. Understanding the clinical significance of these viruses and how they interact with other pathogens will inform future management of threatened koala populations.

Heat Pollution by Large Buildings and the Effects upon Astrometric Observations

1991 ◽  
Vol 112 ◽  
pp. 326-326
Author(s):  
James A. Hughes ◽  
Calvin A. Kodres
Keyword(s):  
Real Estate ◽  
Boundary Conditions ◽  
Large Scale ◽  
Stokes Equations ◽  
Navier Stokes ◽  
Real Estate Development ◽  
Atmospheric Effects ◽  
Navier Stokes Equations ◽  
Naval Observatory ◽  
The U.S

ABSTRACTRecent, large scale, real estate development near the U.S. Naval Observatory has led to an investigation of the systematic atmospheric effects which heat from large buildings can cause. Results show that non-negligible slopes of the atmospheric layers can be induced which cause a surprisingly large anomalous refraction. The Navier-Stokes equations were numerically integrated using the appropriate boundary conditions and the resulting isopycnic tilts using the appropriate boundary conditions and the resulting isopycnic tilts charted. Rays were then essentially traced through the perturbed atmosphere to determine the magnitude of the anomalous refraction.

A real estate development model for Turkey: real estate certificates and integrated project delivery

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Eymen Cagatay Bilge
Keyword(s):  
Real Estate ◽  
Delivery System ◽  
Development Process ◽  
Project Delivery ◽  
Real Estate Development ◽  
Integrated Project Delivery ◽  
Content Type ◽  
The Real Estate ◽  
Technological Developments ◽  
Integrated Project

PurposeTechnological developments are having an impact on the construction sector and are creating a paradigm shift in project delivery methods. Traditional project delivery systems are inadequate in current project development processes. A more integrated project delivery system and the establishment of contractual and financial structures are needed. The purpose of this study is to incorporate integrated project delivery and real estate certificate concepts and propose a model for real estate development.Design/methodology/approachAs a methodology, both integrated project delivery and real estate certificate concepts are reviewed individually, and a case to real estate certificate in Turkey is examined.FindingsA real estate certificate is a new method for financing the development process. The system covers the financial dimension of the integrated project delivery system. When these two concepts are combined, they provide an alternative to the real estate development process.Research limitations/implicationsThis study is a preliminary study and lays the foundation for future studies.Practical implicationsIn theory, both concepts have many advantages, in practice, it is essential to create the necessary legal basis for these advantages to be valid. As this process requires significant planning and contract management, the proposed model must be properly designed at the start of the project.Originality/valueThis study proposes a new model for real estate development by combining integrated project delivery and real estate certificate concepts.

Creating the Conditions for Disclosure of Internal Capacity of the Individual Estate Agent Through the Development of Personnel in the Organization

2015 ◽  
Vol 4 (1) ◽  
pp. 19-26
Author(s):  
Леднева ◽  
S. Ledneva ◽  
Чумакова ◽  
S. Chumakova
Keyword(s):  
Real Estate ◽  
Real Estate Development ◽  
Individual Employee ◽  
Psychological Competence ◽  
Effective System ◽  
The Individual ◽  
A Company ◽  
Internal Capacity

The article reveals the problem of creation of a company providing services in the field of real estate development of an effective system of personnel focused on the disclosure of internal capacity of the individual employee. This concept is treated as a set of qualities that underlie their professional, social and psychological competence. The authors offer a practice-oriented model of development staff allows to update the internal capacity of the individual realtors and use it effectively in the implementation of real estate transactions.

Germany will face long-term housing problems

2018 ◽  
Keyword(s):  
Young People ◽  
Real Estate ◽  
Housing Market ◽  
Social Housing ◽  
Large Scale ◽  
Content Type ◽  
Housing Investment ◽  
Will Force ◽  
German Cities

Subject Germany's housing dilemma. Significance Demographic changes and the shift from publicly to corporately owned housing have led to accommodation shortages and rising rents in West German cities. Despite the government's plans for large-scale social housing investment, these trends will have long-term implications for Germany's housing market. Impacts Over-priced real estate will force developers to invest overseas. Accommodation shortfalls and rising prices will result in mass mobilisation and protests of young people across Germany. Lack of social housing will increase rates of homelessness in German cities.

Experiencing Lean Six Sigma in the French residential construction

2016 ◽  
Vol 7 (4) ◽  
pp. 346-368 ◽  
Author(s):  
Zakaria Dakhli ◽  
Zoubeir Lafhaj ◽  
Antoine Bos
Keyword(s):  
Real Estate ◽  
Information Flow ◽  
Six Sigma ◽  
Manufacturing Industry ◽  
Lean Six Sigma ◽  
Real Estate Development ◽  
Content Type ◽  
Real Value ◽  
Practical Implications ◽  
Practical Recommendations

Purpose Compared to the manufacturing industry, Lean Six Sigma (LSS) lacks a clear methodology for its application in the tertiary service. One reason is the difficulties to assess information flow compared to physical flow. Indeed, the use of information flow as a process entry in the LSS method is not well investigated, mainly due to the difficulties in collecting adequate and sufficient data. The purpose of this research study is to investigate the application of LSS in the tertiary service, in particular, real estate development. Design/methodology/approach The paper is based on an action research methodology where LSS methodology is applied to solve client-dissatisfaction issue. One of its main causes is found to be the late delivery time. The work describes how the method was applied. Findings LSS is an adequate approach for making well-thought-out improvement in real estate development. Practical implications The work provides an implementation of LSS in real estate development. It also gives new insights into the LSS application in the tertiary service. The work also suggests practical recommendations and solutions to address the main challenges faced by real estate development. Originality/value Construction is governed by many processes that are difficult to identify and, even more, to assess. LSS helps identifying those which create real value for the client.

Behavior of land markets and restrictions on housing access in Buenos Aires between 2003 and 2013

2016 ◽  
Vol 9 (4) ◽  
pp. 538-553 ◽  
Author(s):  
Luis Baer ◽  
Mark Kauw
Keyword(s):  
Economic Growth ◽  
Real Estate ◽  
Latin American ◽  
Social Inclusion ◽  
Buenos Aires ◽  
Real Estate Development ◽  
Land Markets ◽  
Content Type ◽  
The Real Estate ◽  
The City

Purpose This paper aims to understand the paradoxal development in Buenos Aires, Argentina, where economic growth was not accompanied by improved housing access. The period between the years 2003 and 2013 was characterized by a sustained economic growth with social inclusion and a great expansion of both social and private housing supply in the cities of Argentina. However, this growth was not accompanied by an improvement in the overall access to land and housing. On the contrary, the habitation problems in terms of access to formal, environmentally safe and well-located land with decent facilities have worsened. The City of Buenos Aires is one of the places where this paradox is most manifested. Design/methodology/approach The functioning of the land markets and the real estate development in Buenos Aires will be analyzed in the period 2003-2013 in relation to the macroeconomic context, the monetary effort for the acquisition and rent of a formal dwelling and certain logics of urban development. Findings The rhythm of urban land valorization continuously surpassed that of other commodities and services. The expansion of residential production did not improve the access to formal housing. On the contrary, habitation issues have worsened and conflicts concerning access to land, housing and the city have rapidly increased since 2003. Originality/value In a Latin American context, this paper is the first to establish a conceptual relationship based on empirical data between land price dynamics and real estate development. The paper is also original in its identification of a change in valorization rhythm and pattern of real estate development in the past decade (2003-2013).

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