Question 1
You have been asked to undertake an investment analysis of a listed (traded) real estate security for a large international multi-asset fund.

Using what you have learned during this course prepare a PowerPoint presentation with a maximum of 25 slides on a company of your choice. You can choose from any market globally, and it can be a REIT or a property company.

The report should consider aspects such as:

Economic and sector background
Analysis of the firms focus and future strategy
Analysis of financial performance relative to comparable firms
Prospects for operating and financial performance
Recent share price performance, relative to comparable firms, the sector and the market overall
Prospects for operating and financial performance valuation
A target share price and recommendation (time horizon of your choice)
The assignment should conclude with a recommendation of: buy, hold or sell.

Question 2
In the years leading up to 2007 increasing attention was placed upon the listed real estate sector by more mainstream investors. Whilst the sector did go through a challenging period in 2007-9 it has retained its visibility and attractiveness to potential investors. One area that has particularly gathered attention in recent years is that of “Blended Portfolios” where listed real estate is added to an underlying direct market property portfolio.

You have been requested to prepare a report detailing the advantages and disadvantages of investing in listed real estate from the perspective of an institutional investor who has a large allocation to direct real estate. The report should:

Examine the relative merits and disadvantages of listed real estate versus direct investment in property
Compare and contrast REITs with the private real estate market
Empirically examine the potential role that REITs may play in a blended portfolio
The report should be in the region of 2,000 words excluding tables, references and any information you wish to include in an Appendix

Question 1 You have been asked to undertake an investment analysis...