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Asset strongallocationstrong versus entrepreneurial decisions in real.pdf
Stefan Armonat and Andreas Pfnür
Asset allocation versus
entrepreneurial decisions in
real estate investment
Arbeitsbereich öffentliche Wirtschaft am
Fachbereich Wirtschaftswissenschaften der
Universität Hamburg
No. 030
November 2003
Tor zur Welt der Wissenschaft
Asset allocation versus entrepreneurial decisions in real estate investment
Stefan Armonat Andreas Pfnuer
th th
First version: April 15 2003. This version: May 12 2003
Stefan Armonat, Senior Manager for Real Estate Finance, Eversmann Partner, Corporate
Real Estate Consultants; Research project “Property Investment in Germany”; e-mail:
s.armonat@eversmann-und-partner.de
PD Dr. Andreas Pfnuer, Associate Professor for Real Estate Business Administration and
Construction Management, TU Darmstadt; e-mail: pfnuer@bwl.tu-darmstadt.de.
1
Asset allocation versus entrepreneurial decisions in real estate investment
Abstract:
Although the application of capital market theory is questionable in real estate investment,
many institutional investors still perform asset allocation with historic real estate data.
Entrepreneurial investment analysis relies on a different information setting. To date it is
unclear which approach, or what data set, offers the most efficient solutions for the use of
capital. In order to evaluate policy recommendations for decision making in pension fund real
estate investment, we describe an empirical investigation of the investment environment in
Germany.
We find that current market information restricts the application of capital market models.
While the use of investment model
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