Improving transparency of indirect private real estate

This PhD thesis focuses on the non-listed real estate fund market. This is a relatively new market, and a lack of data is one of the reasons why there is an insufficient amount of relevant academic literature. This thesis includes four studies dealing with this issue. The first study offers an overview of the performance of the non-listed real estate fund market in Europe and looks at the link between the commitment to improve sustainability on the one hand, and performance and firm characteristics on the other. The second study provides necessary additional transparency by analyzing private real estate fee structures and showing the main drivers of the fee level. The third study examines the risk and return profile of real estate debt funds, and how this form of real estate could fit the investor’s portfolio. The final study analyzes the relationship between the amount of leverage and the interest rates of a real estate loan using a new indicator for the quality of the underlying real estate. The results of this research should be useful for a wide audience, including real estate investors, as it covers some very relevant strategic issues that real estate investors are faced with within their portfolios