In this study 30 Dutch pension funds were analysed in respect of the results achieved on their property investments over the period 2004 ñ 2008. The conclusion is that the pension funds that mainly invest internationally have incurred a higher risk than those that invested mainly in the Netherlands. At the same time that higher risk has not produced a higher return. Along with the fact that the return-risk profile of the international property investments (IPD Global) in the period measured was less favourable than the Dutch investments (ROZ-IPD) the most important explanation of the unfavourable risk profile lies in the implementation of the property investment strategy. Dutch pension funds that invested mostly internationally in property have realized a much less favourable return-risk profile in the implementation of the strategy than might be expected on the basis of the global index.
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Dijkhuis, Jan-Willem, and Mariette Meulman. "PROPERTY INVESTMENT RESULTS OF DUTCH PENSION FUNDS (2004-2008): INTERNATIONAL DIVERSIFICATION IS DISAPPOINTING." In 17th Annual European Real Estate Society Conference. ERES: Conference. Milan, Italy, 2010.
Section: Indirect Real Estate Investment (sponsored by INREV)