Abstract: During the economic downturn after the Great Financial Crisis, investors were confronted with the negative impact of leverage. Consequently, investors questioned loan-to-value (LTV) levels in their funds. Before the GFC, percentages around 50%–65% were...
Abstract: Although fees in real estate are important for investors and fund managers, they have received little attention in the finance literature. In this paper, I examine fee structures for private equity real estate funds from an investor's perspective. Fee...
Abstract: This paper analyzes the risk return profile of real estate debt. Using a Monte Carlo simulation model, different debt layers (mezzanine and senior) are analyzed and compared to real estate investments. The results clearly show that senior debt is not heavily...
Abstract: Over the past decades, the European institutional non-listed real estate fund market has matured into an investment category that consists of almost 340 funds, representing well over 200 billion euro of gross asset value. In this paper, we use the Global...
