Key-elements nell allocazione delle risorse degli investitori internazionali Alcune evidenze dalla «INREV» Accounting, Control, Finance & Real Estate Department
Real Estate a Hot Ticket for Global Diversification Income Return Risk Adjusted Performance Enhance Returns Asia Pacific European North American All Inflation Hedge 1 2 3 4 5 Least Important Most Important
42.5 Billion Targeting Global Real Estate 45 40 35 30 25 20 15 10 34.9 billion 12.8 18.7 42.5 billion 12.7 20.1 5 0 9.7 3.4 2014 2015 Asia Pacific European North American 3
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
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
Views Aligned for Top Ranking Markets 2015 Rank Market Asia Pacific European North American All Fund of Funds Managers Fund Managers 1 Germany 1 1 1 1 1 1 2 UK 2 2 3 2 2 2 3 France 3 3 2 3 3 3 4 Sweden 4 4 5 4 4 7 5 Netherlands 8 7 12 8 6 4 6 Finland 6 5 11 5 5 9 7 Spain 13 12 4 10 7 5 Higher rank Same rank Lower rank 6
Biggest Movers Market 2015 Rank 2014 Rank Movement Italy 8 11 +3 Eastern Europe 14 16 +2 Switzerland 13 14 +1 Portugal 16 17 +1 Baltics 18 19 +1 Turkey 17 13-4 Norway 11 8-3 7
Hot Markets for 2015 Year Number 1 Number 2 Number 3 2015 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
Italy Relative to France and Germany All All FoF Managers All Fund Managers Markets FR GER IT FR GER IT FR GER IT Office 4 2 21 7 3 19 5 3 19 Retail 8 1 19 9 4 25 7 2 16 Ind/Logistics 9 7 45 10 8 31 9 6 33 Residential 57 17 93 44 15 88 50 14 86 Other 45 50 78 67 51 64 51 32 89 Ranking out of 95 market segments >2014 ranking =2014 ranking <2014 ranking 9
A Return to the Fund Model Overall Route to Investment 2008 2009 2010 2011 2012 2013 2014 2015 Non-Listed Funds 1 1 1 1 4 3 2 1 JVs & Club Deals 3 3 2 2 1 2 3 2 Direct Real Estate 4 2 3 3 2 1 1 3 Real Estate Debt - - - - - 4 4 4 Separate Accounts - - - - 5 5 5 5 Listed Real Estate 2 4 4 4 3 6 6 6 Fund of Funds 5 5 5 5 6 7 7 7 RE Derivatives - - - - - 8 8 8 10
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
Fund Strategies Shift Up the Risk Curve 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Core Value Added Opportunity 12
, PhD Professor & Head of EMCFB Track in Real Estate Accounting, Control, Corporate Finance & Real Estate Department SDA Bocconi School of Management Milano Italy giacomo.morri@sdabocconi.it www.sdabocconi.it/realestate www.propertyfinance.it 13