Real Estate Investment: A Strategic Approach provides a unique introduction to both the theory and practice of real estate investing, and examines the international real estate investment industry as it reacts to the global financial crisis.
Andrew Baum outlines the market and the players who dominate it; the investment process; the vehicles available for investment; and a suggested approach to global portfolio construction. The book contains many useful features for students including discussion questions, a full further reading list and case studies drawing on international examples from the UK, continental Europe, the USA and Asia.
Ideal for undergraduate and postgraduate students on all real estate and property courses and related business studies and finance courses, Real Estate Investment is designed to provide a foundation for the next generation of investment managers, advisers and analysts.
Further resources for lecturers and students are available at: www.routledge.com/cw/baum
Table of Contents
Part 1: Introduction to the Market 1. Commercial Property: The Asset Class 2. The Market – and Who Makes It Part 2: The Investment Process 3. Building the Portfolio 4. Pricing Real Estate: The Purchase and Sale Process 5. Performance Measurement and Attribution Part 3: Investment Vehicles 6. Listed Real Estate 7. Unlisted Real Estate Funds 8. Property Derivatives Part 4: International Real Estate Investment 9. International Real Estate Investment 10. Building the Global Portfolio
Andrew Baum is an internationally respected real estate professional, researcher and author. He is Chairman of Property Funds Research, a consulting business, and Visiting Professor of Management Practice at the Saïd Business School, University of Oxford. From 2009 to 2014 he was Honorary Professor of Real Estate Investment at the University of Cambridge. He is also Emeritus Professor at the University of Reading, visiting professor at the University of North Carolina and non-executive director of, or consultant to, several other property investment businesses.
This book is a useful, timely and welcome addition to the real estate literature, and to my library. While recognising that approaches to investment strategy in real estate are as diverse as the asset class, the book provides a compelling and accessible case for a 'top-down' approach that should offer a useful and thought provoking reference for both students and practitioners.
This edition, like the others, is enriched by Baum's years and breadth of investment experience. The chapters are a lovely mix of theory and practical experience and the analysis is on the cutting edge of commercial real estate portfolio management today. Baum is effusive in thanking his colleagues for their assistance but I believe that only Andrew Baum could craft a book like this – a comprehensible piece of scholarship.
Raymond Torto, Harvard Graduate School of Design, retired Global Chief Economist of CBRE. Co-founder of Torto Wheaton Research, now rebranded CBRE Econometric Advisers.
As an international real estate fund manager, I found this new edition of Real Estate Investment not only provides technical knowledge but also practical examples and case studies which are extremely relevant and essential to the decision making process of real estate professionals with a global prospective . To me, this book is the bible of real estate investment.
Humbert Pang, Managing Principal, Head of China, Member of the Investment Committee, Gaw Capital Partners