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German public real estate open-ended funds in Japan

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dc.contributor.advisor David Geltner. en_US Hayashi, Rokuhei en_US
dc.contributor.other Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. en_US 2006-06-20T12:54:46Z 2006-06-20T12:54:46Z 2005 en_US 2005 en_US
dc.description Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005. en_US
dc.description This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. en_US
dc.description Includes bibliographical references (leaves 176-178). en_US
dc.description.abstract The German real estate open-ended fund, a major indirect real estate investment vehicle for German individual investors, is now suffering a strong pressure of globalization from its investors because of the sluggish German domestic real estate market. In order to deal with such pressure, many funds have begun to invest in the US and now looking for opportunities in Asia, especially in Japan. For a German fund which is basically a core investor with a long-term investment horizon, the Japanese market fits its investment policy because of the maturity and stability. At the same time, the low correlation with its fatherland market and the currency hedge gain in Japan is worthy of special mention, along with the recovering market. However, many funds seem to encounter difficulties in acquiring Japanese properties. Among several reasons, the most significant problem is likely to be the problem of the accessibility to deal flows. Currently, many transactions are conducted among the limited market community of participants in Japan. Otherwise bidding requires a fairly high premium on the market consensus because of the small number of publicly available transactions. Nevertheless, some foreign investors have successfully acquired properties in Japan, so the German open-ended fund will surely be able to have opportunities, too. en_US
dc.description.abstract (cont.) In this thesis, four measures are proposed: the close relationship to Japanese leading real estate companies or their intimate advisory firms, the entry in the retail sector, the participation in development projects, and the investment in PFI projects. Some of them may have already been examined by funds, but the advantages and disadvantages of these alternatives are examined from the perspective of a Japanese real estate professional, which should help German funds comprehend possibilities in the Japanese market. en_US
dc.description.statementofresponsibility by Rokuhei Hayashi. en_US
dc.format.extent 178 leaves en_US
dc.format.extent 3249187 bytes
dc.format.extent 3248999 bytes
dc.format.mimetype application/pdf
dc.format.mimetype application/pdf
dc.language.iso eng en_US
dc.publisher Massachusetts Institute of Technology en_US
dc.rights M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. en_US
dc.subject Urban Studies and Planning. en_US
dc.title German public real estate open-ended funds in Japan en_US
dc.type Thesis en_US S.M. en_US
dc.contributor.department Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. en_US
dc.identifier.oclc 65470822 en_US

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