IDEAS home Printed from https://ideas.repec.org/a/taf/repmxx/v26y2020i1p27-36.html

Some searches may not work properly. We apologize for the inconvenience.

   My bibliography  Save this article

Closed End Real Estate Funds and Real Estate Portfolio Management: Evidence from the Italian Retail Market

Author

Listed:
  • Gianluca Mattarocci
  • Xenia Scimone

Abstract

Closed-end real estate funds (REMFs) are indirect real estate investment vehicles, traded in markets worldwide, that are considered an alternative to real estate investment trusts for indirect investments in the real estate market. REMFs are subject to a fixed time constraint that managers must consider in their portfolio management strategy to be able to refund quota holders by the expiration date. This additional constraint is a unique feature of the REMF industry in some European markets. We evaluate active management policy for a real estate portfolio of a sample of REMFs with respect to the expiration date of the financial instrument, and measure the impact of active management on the performance of real estate investment vehicles. We show that the time constraint affects the active management policy and that more active REMFs are usually positively evaluated by the market, especially when they can sell assets before the expiration date.

Suggested Citation

  • Gianluca Mattarocci & Xenia Scimone, 2020. "Closed End Real Estate Funds and Real Estate Portfolio Management: Evidence from the Italian Retail Market," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 26(1), pages 27-36, October.
    • Handle: RePEc:taf:repmxx:v:26:y:2020:i:1:p:27-36
    DOI: 10.1080/10835547.2020.1834289
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/10835547.2020.1834289
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/10835547.2020.1834289?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:repmxx:v:26:y:2020:i:1:p:27-36. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/repm20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.