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首页> 外文期刊>The Journal of real estate finance and economics >Do Alternative Real Estate Investment Vehicles Add Value to REITs? Evidence from German Open-ended Property Funds
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Do Alternative Real Estate Investment Vehicles Add Value to REITs? Evidence from German Open-ended Property Funds

机译：替代性房地产投资工具会增加房地产投资信托的价值吗？德国开放式不动产基金的证据

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Besides the more commonly used REITs, German investors can also invest in a lesser-known real estate vehicle, Open-ended Property Funds. OPFs are considered a compromise between listed and direct real estate investments. OPF fund managers generally provide daily (perfect) liquidity. However, if liquidity falls below 5%, share redemptions in these funds can be temporarily suspended for a period of up to two years. During this time, investors will only be able to sell shares on the secondary market (exchange), and are thus subject to significant liquidity risk. The objective of this paper is to analyze whether OPFs add value to investor portfolios above that provided by REITs. We show that OPFs have a diversification advantage over REITs in low-risk portfolios, despite their larger potential liquidity risk. REIT liquidity is comparable to that of ordinary common stock, but OPFs exhibit an average initial discount to funds' NAV of about 6% when share redemptions are temporarily suspended. However, in the long-run, this potential redemption suspension does not negatively influence OPF performance (in case OPFs reopen again). This makes OPFs an attractive investment alternative to REITs for investors who have a high level of risk aversion and a long-term investment horizon, such as endowments, insurance companies, and pension funds.
机译：除了更常用的房地产投资信托基金，德国投资者还可以投资于鲜为人知的房地产工具开放式房地产基金。 OPF被认为是上市房地产和直接房地产投资之间的折衷方案。 OPF基金经理通常提供每日（完美）流动性。但是，如果流动性跌至5％以下，则可以暂时中止这些基金的股票赎回，最长期限为两年。在此期间，投资者将只能在二级市场（交易所）上出售股票，因此承受巨大的流动性风险。本文的目的是分析OPF是否能为房地产投资组合增加超过REIT提供的价值。我们显示，尽管OPFs潜在的流动性风险较大，但它在低风险投资组合中相对于REITs具有多元化优势。 REIT的流动性与普通普通股相当，但是当股票赎回被暂时中止时，OPF与基金的资产净值相比平均初始折让约为6％。但是，从长远来看，这种潜在的赎回暂停不会对OPF的表现产生负面影响（以防OPF重新开放）。对于拥有高风险规避水平和长期投资前景的投资者（例如捐赠基金，保险公司和养老基金）而言，这使得OPF成为REIT的有吸引力的投资选择。

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