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Article

New Horizons and Familiar Landscapes: New Capital Sources Confront Shifting Real Estate Fundamentals

Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon and Asieh Mansour
The Journal of Portfolio Management Special Real Estate Issue 2015, 41 (6) 11-20; DOI: https://doi.org/10.3905/jpm.2015.41.6.011
Jim Clayton
is head of investment strategy & analytics at Cornerstone Real Estate Advisers in Hartford, CT. jclayton@cornerstoneadvisers.com
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  • For correspondence: jclayton@cornerstoneadvisers.com
Frank J. Fabozzi
is a professor of finance at EDHEC Business School in Nice, France. frank.fabozzi@edhec.edu
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  • For correspondence: frank.fabozzi@edhec.edu
S. Michael Giliberto
is an adjunct professor at the Graduate School of Business at Columbia University in New York, NY. michael.giliberto@verizon.net
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  • For correspondence: michael.giliberto@verizon.net
Jacques N. Gordon
is global investment strategist at LaSalle Investment Management in Chicago, IL. jacques.gordon@lasalle.com
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  • For correspondence: jacques.gordon@lasalle.com
Youguo Liang
is global head of research, real estate and infrastructure at the Abu Dhabi Investment Authority in Abu Dhabi, UAE. youguo.liang@adia.ae
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  • For correspondence: youguo.liang@adia.ae
Greg MacKinnon
is director of research at the Pension Real Estate Association in Hartford, CT. greg@prea.org
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  • For correspondence: greg@prea.org
Asieh Mansour
is a senior advisor to The Townsend Group in San Francisco, CA. amansour@townsendgroup.com
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  • For correspondence: amansour@townsendgroup.com
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Abstract

Real estate has continued to evolve as an asset class. In this introduction to the special issue, the authors examine new sources of capital that have entered real estate, some of which have already had a large impact and others that have the potential to bring major changes in the future. While the capital market foundations of the asset class are changing, the traditional cycle in property fundamentals remains a distinguishing feature, albeit changed from past cycles. As new sources of capital encounter real estate’s fundamentals cycle, in-depth understanding of the asset class is imperative. The authors review these trends and suggest how the other articles in this special issue can help investors navigate this confluence of new and old.

  • © 2015 Institutional Investor, LLC
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The Journal of Portfolio Management: 41 (6)
The Journal of Portfolio Management
Vol. 41, Issue 6
Special Real Estate Issue 2015
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New Horizons and Familiar Landscapes: New Capital Sources Confront Shifting Real Estate Fundamentals
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2015, 41 (6) 11-20; DOI: 10.3905/jpm.2015.41.6.011

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New Horizons and Familiar Landscapes: New Capital Sources Confront Shifting Real Estate Fundamentals
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2015, 41 (6) 11-20; DOI: 10.3905/jpm.2015.41.6.011
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  • Article
    • Abstract
    • NEW SOURCES FOR REAL ESTATE CAPITAL
    • INDIVIDUAL INVESTORS AND REAL ESTATE INVESTMENT
    • FUNDAMENTALS STILL MATTER
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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