房地产准则外文译文.doc

From：[IESE Business School – University of Navarra Avda ] INVESTMENT IN REAL ESTATE: LISTED COMPANIES AND FUNDS Abstract ： In Europe today, there are two main vehicles for indirect investment in real estate: real estate investment funds and listed real estate companies. With these instruments not only does the investor take a position in the real estate market, he/she also acquires different risk/return structures, which may vary according to the instrument being used. In some European countries, real estate companies have modified their financial structure and tax position by adopting a legal form based on REITs (Real Estate Investment Trusts), which originated in the US; this changes their position compared to real estate funds. In this paper we compare real estate funds and listed real estate companies and analyse the appearance of REITs in Europe and their impact on the real estate industry. Keywords: real estate, real estate investment, real estate fund, real estate company, REIT Introduction Because of the increase in volume and the sophistication of investment in real estate, indirect channels of investment through investment entities are being given increasingly frequent consideration. These entities can take different legal forms and may vary in their characteristics, but they tend to be divided into two large groups: companies and real estate investment funds. This paper describes the main characteristics of the large indirect investment vehicles taking the form of listed companies and real estate investment funds in Europe. It includes a cross-country comparison of the performance of the two types of vehicle and direct investment in real estate. Listed real estate companies a)Investment The portfolio of the 100 largest European listed real estate companies is 180 billion euros, with a market capitalization of 110 billion euros. By country of origin, the UK, France, the Netherlands, Sweden and Spain have the largest volumes The difference between the