Pan-European Real Estate Investment and Market Opportunities

Inhaltsverzeichnis (Table of Contents)

• 1. Introduction
  • 1.1. Motivation
  • 1.2. Thesis methodology
• 2. Real Estate Investment
  • 2.1. Definition and Characteristics of the Real Estate Market
    • 2.1.1. Definition of the Real Estate Asset Class
    • 2.1.2. Characteristics of the Real Estate Market
  • 2.2. Forms of Real Estate Investment
    • 2.2.1. Direct Real Estate Investment
    • 2.2.2. Indirect Investment - Indirect Investment Vehicles
  • 2.3. Closed-end Real Estate Funds
    • 2.3.1. Basic Knowledge about Closed-end Funds
    • 2.3.3. Advantages and Risks of Closed-end Funds
    • 2.3.4. Design of a Closed-end Fund in the U.K.
      • 2.3.4.1. Financial Design
      • 2.3.4.2. Legal Design
        • 2.3.4.2.1. Legal Structure
        • 2.3.4.2.2. Purchase Strategy
      • 2.3.4.3. Fiscal Design
    • 2.3.5. German Real Estate Funds investing in the U.K. – Focus London
  • 2.4. Conclusion
• 3. Empirical analysis of the Closed-end Real Estate Fund "European Property Investors" L.P.
  • 3.1. Curzon Global Partners
  • 3.2. Basic Principles of the European Property Investors L.P.
    • 3.2.1. What is Private Equity?
    • 3.2.2. EPI Fund Profile
  • 3.3. Pan-European Market Opportunities
    • 3.3.1. Introduction
    • 3.3.2. The "Great Exchange"- Real Estate Externalisation
    • 3.3.3. European Real Estate Market Dimensions
    • 3.3.4. European Cross-border Real Estate Purchasing Activity
    • 3.3.5. European Real Estate Capital Markets at a glance
    • 3.3.6. Interview
  • 3.4. Pan-European Investment Strategy
    • 3.4.1. Investment Profile
      • 3.4.1.1. Outsourcing Transactions
      • 3.4.1.2. Sale and leaseback Transactions
    • 3.4.2. Portfolio Strategy – Pan-European Diversification
    • 3.4.3. Acquisition and Purchase Strategies
      • 3.4.3.1. Due Dilligence
      • 3.4.3.2. Lease Structures and Terms in the respective countries
  • 3.5. Outlook: Investment Opportunities in Central and Eastern Europe

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This thesis aims to provide an in-depth analysis of the Pan-European real estate investment landscape, focusing on the strategies and opportunities offered by a leading investment management company based in London. The analysis combines theoretical insights into the real estate market with a practical examination of a specific investment vehicle from Curzon Global Partners.

• Characteristics and dynamics of the Pan-European real estate market
• Investment strategies and opportunities in the context of a closed-end real estate fund
• Empirical analysis of the European Property Investors L.P. fund from Curzon Global Partners
• The role of private equity and its impact on real estate investment
• Emerging market opportunities and investment potential in Central and Eastern Europe

Zusammenfassung der Kapitel (Chapter Summaries)

• Chapter 1: Introduction
  • Provides a concise overview of the thesis' motivation and methodology.
• Chapter 2: Real Estate Investment
  • Defines the real estate asset class and explores its unique characteristics.
  • Examines different forms of real estate investment, including direct and indirect approaches.
  • Delves into the structure and operation of closed-end real estate funds, highlighting their advantages and risks.
  • Presents a detailed analysis of the legal, financial, and fiscal considerations involved in structuring a closed-end real estate fund in the UK.
  • Focuses on the specific case of German real estate funds investing in the UK, with a particular emphasis on London.
• Chapter 3: Empirical analysis of the Closed-end Real Estate Fund "European Property Investors" L.P.
  • Introduces Curzon Global Partners, the investment management company behind the European Property Investors L.P. fund.
  • Outlines the key principles and characteristics of the EPI fund, including its investment strategy and target markets.
  • Explores the broader Pan-European market opportunities, including the phenomenon of real estate externalization and the changing demographics and capital markets landscape.
  • Analyzes the EPI fund's investment strategy in detail, examining its approach to portfolio diversification, acquisition, and purchase strategies.
  • Offers an outlook on investment opportunities in Central and Eastern Europe.

Schlüsselwörter (Keywords)

This preview focuses on key terms like Pan-European real estate investment, closed-end funds, private equity, real estate externalization, market opportunities, investment strategies, and portfolio diversification.