MIT Libraries logoDSpace@MIT

MIT
View Item 
  • DSpace@MIT Home
  • MIT Libraries
  • MIT Theses
  • Graduate Theses
  • View Item
  • DSpace@MIT Home
  • MIT Libraries
  • MIT Theses
  • Graduate Theses
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.

German public real estate open-ended funds in Japan

Author(s)
Hayashi, Rokuhei
Thumbnail
DownloadFull printable version (3.098Mb)
Other Contributors
Massachusetts Institute of Technology. Dept. of Urban Studies and Planning.
Advisor
David Geltner.
Terms of use
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. http://dspace.mit.edu/handle/1721.1/7582
Metadata
Show full item record
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.
 
(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.
 
Description
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.
 
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
 
Includes bibliographical references (leaves 176-178).
 
Date issued
2005
URI
http://hdl.handle.net/1721.1/33187
Department
Massachusetts Institute of Technology. Department of Urban Studies and Planning
Publisher
Massachusetts Institute of Technology
Keywords
Urban Studies and Planning.

Collections
  • Graduate Theses

Browse

All of DSpaceCommunities & CollectionsBy Issue DateAuthorsTitlesSubjectsThis CollectionBy Issue DateAuthorsTitlesSubjects

My Account

Login

Statistics

OA StatisticsStatistics by CountryStatistics by Department
MIT Libraries
PrivacyPermissionsAccessibilityContact us
MIT
Content created by the MIT Libraries, CC BY-NC unless otherwise noted. Notify us about copyright concerns.