Do foreign buyers compress office real estate cap rates? Nick Tyrrell Prize 2015
30
Sep
2015
EUROPEAN REAL ESTATE ASSOCIATIONS ANNOUNCE FOURTH RESEARCH AWARD WINNER IN MEMORY OF INDUSTRY LEADER
The Nick Tyrrell Research Prize recognises the best in real estate investment research
Industry associations and sponsors, the European Association for Investors in Non-listed Real Estate Vehicles (INREV), the Investment Property Forum (IPF) and the Society of Property Researchers (SPR), have awarded the fourth Nick Tyrrell Research Prize to Professor Pat McAllister and Dr Anupam Nanda of the Henley Business School for their paper ‘Do Foreign Buyers Compress Office Real Estate Cap Rates?’ The paper uses data from DTZ’s – now Cushman & Wakefield - Investment Transaction Database to establish a significant negative effect between the activity of foreign investors and observable levels of capitalisation rates in 28 major European office markets.
Dr Paul McNamara, Chair of the Judging Panel commented ‘This highly relevant and accessible research, which assesses the implications of foreign investment on office market pricing across many European cities will fascinate investment practitioners and is a worthy winner of the 2015 Prize. It was selected from a total of 36 submissions - the highest number yet received for this increasingly prestigious award’.
Prof. McAllister and Dr Nanda will be invited to present their paper at a special industry seminar in London in November.
The judging panel felt that the quality of submissions received this year was outstanding and, in addition to the winning paper three other entries, on topics ranging from the effects of supply constraints on English house prices, the effect of distance on investment returns and the impact of foreign investors on residential Parisian residential prices, were specifically commended by the judges.
The Nick Tyrrell Research Prize is awarded annually to innovative and high-quality, applied research in real estate investment. The deadline for the 2016 Prize is 30 May 2016 and all submissions should be made through the secretariat for the Prize, Dr Paul Kennedy at [email protected] or Henri Vuong at [email protected].
About the Nick Tyrrell Research Prize
The Nick Tyrrell Research Prize was established in 2011 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 Prize includes a cash prize of £2,000, 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 Educational Trust. The Prize is managed by Henri Vuong, Director of Research and Market Information at INREV and Dr Paul Kennedy, Head of Real Estate Strategy for the Abu Dhabi Investment Authority.
The 2015 Judging Panel comprises Dr Paul McNamara (Linden Parkside Consultancy, formerly with M&G Real Estate), Professor Martin Hoesli (University of Geneva), Dr Brenna O’Roarty (RHL Strategic Solutions), Dr Neil Turner (Schroders) and Nick Mansley (University of Cambridge, formerly with AVIVA).
The Winning Submission, 2015
McAllister P and Nanda A (2015) Do Foreign Buyers Compress Office Real Estate Cap Rates?
Commended Submissions (in alphabetic order), 2015
Cvijanovic D and Spaenjers C (2015) Real Estate as Luxury Good: Non-Resident Demand and Property Prices in Paris
Eichholz Piet, Holternmans R and Yönder E (2015) The Economic Effects of Owner Distance and Local Property Management in U.S. Office Markets
Hilber C.A.L. and Vermeulen W (2014) The Impact of Supply Constraints on House Prices in England
Past Winners of the Nick Tyrrell Research Prize
2012: Martin Hoesli and Elias Oikarinen, Are REITs Real Estate?
2013: Aleksander Andanov, Nils Kok and Piet Eichholtz, A Global Perspective on Pension Fund Investments in Real Estate
2014: Paul Schneider, Price Discovery in UK unlisted real estate funds