Key-elements nell allocazione delle risorse degli investitori internazionali

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1 Key-elements nell allocazione delle risorse degli investitori internazionali Alcune evidenze dalla «INREV» Accounting, Control, Finance & Real Estate Department

2 Real Estate a Hot Ticket for Global Diversification Income Return Risk Adjusted Performance Enhance Returns Asia Pacific European North American All Inflation Hedge Least Important Most Important

3 42.5 Billion Targeting Global Real Estate billion billion Asia Pacific European North American 3

4 Allocation to Real Estate to Rise Equally Weighted Weighted 14% 14% 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% Asia Pacific European North American All 0% Asia Pacific European North American All 4

5 Target Allocation A Closer Look at Real Estate Allocations 30% 25% Korea Italy 20% Canada Austria Singapore 15% Germany Switzerland Sweden Taiwan Finland 10% Denmark Netherlands Belgium 5% China Japan Australia UK France US 0% 0% 5% 10% 15% 20% 25% 30% Current Allocation 5

6 Views Aligned for Top Ranking Markets 2015 Rank Market Asia Pacific European North American All Fund of Funds Managers Fund Managers 1 Germany UK France Sweden Netherlands Finland Spain Higher rank Same rank Lower rank 6

7 Biggest Movers Market 2015 Rank 2014 Rank Movement Italy Eastern Europe Switzerland Portugal Baltics Turkey Norway

8 Hot Markets for 2015 Year Number 1 Number 2 Number Germany Retail Germany Office UK Office 2014 UK Office France Office Germany Office 2013 Nordic Retail Germany Retail Germany Residential 2012 Germany Retail Nordic Retail Nordic Office 2011 Germany Retail France Office Germany Office 2010 UK Office France Office UK Retail 2009 UK Office UK Retail UK Diversified 8

9 Italy Relative to France and Germany All All FoF Managers All Fund Managers Markets FR GER IT FR GER IT FR GER IT Office Retail Ind/Logistics Residential Other Ranking out of 95 market segments >2014 ranking =2014 ranking <2014 ranking 9

10 A Return to the Fund Model Overall Route to Investment Non-Listed Funds JVs & Club Deals Direct Real Estate Real Estate Debt Separate Accounts Listed Real Estate Fund of Funds RE Derivatives

11 Routes to the Italian Market 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 63% Joint Ventures & Club Deals 56% Direct Real Estate 44% Non Listed Funds 31% Separate Accounts 25% Real Estate Debt 13% 7% Listed Real Estate Fund of Funds 0% Real Estate Derivatives Increase No Change Decrease Do Not Invest In 11

12 Fund Strategies Shift Up the Risk Curve 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Core Value Added Opportunity 12

13 , PhD Professor & Head of EMCFB Track in Real Estate Accounting, Control, Corporate Finance & Real Estate Department SDA Bocconi School of Management Milano Italy

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