Real Estate Multi-Manager

Library

Our library is a repository for our views on global real estate investing and relevant research articles.

Each quarter, we publish a global outlook entitled "Our View." All issues of "Our View" are currently wrtten by Ed Casal, our Chief Investment Officer, or Russ Bates, Portfolio Manager, both officers of Aviva Investors North America, Inc. Issues prior to the fourth quarter of 2008 were written while they were principals of Madison Harbor Capital, LLC.*

Investing in Real Estate - The case for real estate in your portfolio

Russ Bates, Head of the Americas for Aviva Investors Global Real Estate Multi-Manager Group, was recently part of a panel of real estate investment experts for a web seminar hosted by Pensions & Investments. The subject debated was “Investing in Real Estate – The case for real estate in your portfolio” and included discussion on the state of real estate investing in 2010, industry trends, international real estate investing and REITs. As investors continue to look for yield, the early signs of recovery in the real estate investment market during the first half of the year are encouraging to institutional investors looking to allocate to real estate.

The complete web seminar is now available on demand!

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Current Outlook: Oh what a relief it is...

News from economic and real estate corners in the first half of 2011 seems to be quite an improvement over the past three years. So much so that there is talk of “bubbles” pricing for fully leased real estate assets-how can this be? And, while it is generally good that capital starvation to the industry in general is no longer a risk, you have to ask yourself, “how often has following the herd been a successful investment strategy?”
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Archive: Our View | Thoughts from the Global Real Estate Multi-Manager Team
Aftershocks and Imbalances [+/-] summary 3rd Quarter 2010
While the tone of the real estate investment industry has improved globally, the events of 2010 have been thus far as complex and interrelated as any in our careers. Certainly, global growth is rebounding from the depths of the Global Financial Crisis (hereafter, the “GFC”), however, uncertainty regarding the medium-term direction of the global economy is significant, as the fiscal imbalances – which were at the heart of the causes of the GFC – remain unresolved.
The End of the Beginning? [+/-] summary 1st Quarter 2010
After its worst annual result in thirty years, global GDP is projected to return a positive 3.9% in 2010, marking the likely end to the worst synchronized global contraction in the post-war era. Nevertheless, future demand drivers worldwide are far from certain and downside risks are prevalent. This quarter we review a number of important turn-of-the-decade cross currents or relative uncertainties investors should consider carefully and that will likely affect investment returns for years to come.
Errors: Portals of Discovery [+/-] summary 3rd Quarter 2009
The third quarter of 2009 continues a particularly difficult period for real estate globally as demand for real estate of all types has declined in the face of a global economic slowdown and rising unemployment. This quarter we provide a few direct quotes we've excerpted from recent real estate fund manager reports, so you can feel, without interpretation, the tone of the market. We then focus in on a few key take-aways from the current downturn that we believe may lead to greater risk mitigation going forward.
Into the maelstrom 2nd Quarter 2009
Brace for Impact 1st Quarter 2009
Financial Myopia that Led to this Crisis 4th Quarter 2008
Sounding for the Bottom 3rd Quarter 2008
Watershed Events 2nd Quarter 2008
Economic events move beyond central bank control - commercial real estate repricing begins 1st Quarter 2008
Cross-currents and Investing Challenges 4th Quarter 2007
Liquidity Crisis: A Return to Rationality 3rd Quarter 2007
Correction in the credit market resulting in tightened loan underwriting standards 2nd Quarter 2007
Has excess liquidity in the capital market created a commercial real estate value "bubble" ? 1st Quarter 2007
U.S. single family housing sector has peaked and is in rapid decline 4th Quarter 2006
Commercial real estate fundamentals continue to improve even though the housing sector is falling and the U.S. economy is slowing 3rd Quarter 2006