The Nick Tyrrell Research Prize was established in 2011 by the IPF, INREV and SPR to acknowledge innovative and high quality, applied research in real estate investment. The Prize is 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 response of the research community to the inaugural Prize in 2012 was very encouraging, with a large number of quality and diverse papers submitted by leading academics and practitioner researchers from around the world. Since then, the number and diversity of submissions has expanded and the Prize has established itself as an increasingly prestigious award.
Topics covered by prize-winning papers include: the relationship between REIT and direct real estate returns (Hoesli & Oikarinen); analysis of pension fund investments in real estate (Andonov, Kok & Eichholtz); price discovery in UK unlisted real estate funds (Schneider); the impact of international investment on real estate cap rates (McAllister & Nanda); a consideration of the effects of sustainable investment on the value and performance of listed real estate investment firms (Devine & Yonder); considers an optimum mix of liquid, publicly-traded assets that may be added to a property fund portfolio (Ametefe, Devaney & Stevenson). The 2019 prize-winning paper explores the economic impacts of the UK government’s Help to Buy policy—the most important new UK housing policy since the implementation of Right to Buy in 1980. The policy was introduced in 2013, in an attempt to address an unprecedented housing affordability crisis in parts of the country – mainly the Greater London Authority and the South East of England (Carozzi, Hilber & Yu). For details of the 2019 Prize-winning paper please click here.
An additional award, the Nick Tyrrell Under-35 Research Prize, was created in 2016 to allow the Judges to recognise work by younger members of the research community. This change reflects both the original aims of the Prize and the growing number of high-quality papers submitted by younger researchers. In order to qualify for this new award all authors should be below the age of 35 on the closing date for submissions (i.e., the 31 May 2018).
The 2019 Judging Panel comprised Andrew Smith (Hearthstone Investments Plc) (Chair), Professor Marc Francke (University of Amsterdam), Dr. Alexandra Krystalogianni (Allianz Real Estate GmbH), Nick Mansley (University of Cambridge).
The Prize includes a Prize of £2,000 (£1,000 for the under-35 award), the opportunity to present and discuss the paper at a seminar organised by the sponsoring organisations and the inclusion of the article (or a summary thereof) in one or more of the sponsoring organisations’ publications. The Prize is funded by the Nick Tyrrell Memorial Fund, which is supported by the three sponsoring organisations and administered by the IPF.
The Prize is managed by Rita Gosrani, SPR Membership Secretary.
Submissions for 2020 Prize
The Nick Tyrrell Research Prize is awarded annually to innovative and high-quality, applied research in real estate investment. The deadline for the 2020 Prize is 31 May 2020 and all submissions should be made through the secretariat for the Prize, Rita Gosrani at email@example.com.