The Nick Tyrrell Research Prize

The Nick Tyrrell Research Prize is awarded annually to innovative and high-quality, applied research in real estate investment. It was established in 2011 by the IPF, INREV and SPR  in memory of the work and industry contribution of Nick Tyrrell, who passed away in August 2010. Nick Tyrrell was Head of Research and Strategy and a Managing Director in J.P. Morgan Asset Management’s European real estate division. His research work was characterised by a combination of academic rigour and practical relevance.

The Prize is funded by the Nick Tyrrell Memorial Fund, which is supported by the three sponsoring organisations and administered by the IPF.  An outline of the prize is provided below.

Most recent Prize winners

The 2022 Prize was awarded to joint authors Neil Crosby, University of Reading and Professor Aart Hordijk, Tilburg University, (retired) for their paper, ‘Approaches for Prudent Property Valuations across Europe’. The paper explores previous research on the topic, including the IPF’s major report.  Long-term Value Methodologies in Commercial Real Estate Lending, published in July 2020.  The researchers then carried out a detailed analysis of the different concepts of value, analysed the differences between exchange price, through-the-cycle and under-the-cycle methods, and discussed how the new definition of prudent value fitted into these different concepts. The over-riding conclusion was that the prudent value process is a market analysis not a valuation process.

Neil and Aart presented their paper in an IPF, INREV and SPR webinar on 1 June 2023. This is available to download from the IPF website.

Approaches for Prudent Property Valuations across Europe

The 2021 Research Prize was awarded to joint authors Franz Fuerst, Nick Mansley and Zilong Wang of the Department of Land Economy, University of Cambridge.

Entitled ‘Do Specialist Funds Outperform? Evidence from European Non-listed Funds’, their paper (an abstract of which is available below) explores the extent to which specialisation can lead to outperformance for European non-listed real estate funds. Based on an analysis of the performance of 592 funds over nearly two decades between 2001 and 2019, the research concludes that both country specialisation and a combination of a country and sector specialisation are indeed associated with superior performance, but that sector specialisation alone is not.

Do Specialist Funds Outperform? Evidence from European Non-Listed Real Estate Funds