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Bert Teuben

Bert Teuben
Executive Director, MSCI Research

About the Contributor

Bert Teuben is responsible for MSCI’s Real Estate Index Management Research and specializes in maintaining, enhancing and developing index and analytic methodologies, overall index quality as well as conducting research for the private real estate indexes. He joined one of MSCI’s predecessors in the Netherlands in 2004. Bert holds an MSc in Architecture, Building and Planning from the Eindhoven University of Technology under the master program for Real Estate Management & Development.

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Contributions by Bert Teuben

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  1. BLOG

    Open- vs. Closed-End Real Estate Funds: How the Choice Mattered 

    Mar 30, 2021 Bryan Reid , Luis O’Shea , Bert Teuben , Luis O’shea

    Real Estate Investing

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    The aggregate performance of closed- and open-end real estate funds in the U.S. was strikingly similar in recent years, despite large differences in their strategy and roles in portfolios. But did some investors gain an edge through fund selection?

  2. BLOG

    Currency-Risk Hedging in Real Estate Benchmarks 

    Feb 22, 2021 Bert Teuben , Lionel Ebener , Chirag Gosar

    Real Estate Investing , Risk Management , Global Investing

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    Global real estate investors can expose themselves to currency risk. Using a hedged index, they may better align their benchmark and investment approach and ensure currency risk is accurately treated in allocation modeling and performance attribution.

  3. PAPER

    Myths Debunked - Listed and Private Real Estate: Putting the pieces back together 

    Oct 14, 2020 Bert Teuben , Fritz Louw

    Risk Management , Investing (Investment Management)

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    This new condensed version of ‘Listed and Private Real Estate: Putting the Pieces Back Together’ explores whether a property owned by a listed real estate company, such as a Real Estate Investment Trust (REIT) or a real estate management and development company, produces returns close to those of an equivalent asset that is privately owned. Specifically, how do equity market factors, financial structures and individual properties contribute to performance? This research paper uses MSCI’s unique global dataset to focus on several key areas important to the discussion around listed vs private real estate performance.

  4. MSCI began systematically estimating the size of professionally managed real estate investment markets in 2004. These estimates are fundamental to the creation of the MSCI Global Annual Property Index and a range of other multinational indexes and benchmarks, and they provide insights into the coverage of MSCI’s direct property indexes. This paper sets out the 2019 market size estimates and explains the main changes between 2018 and 2019.

  5. MSCI began systematically estimating the size of professionally managed real estate investment markets in 2004. These estimates are fundamental to the creation of the IPD Global Annual Property Index and a range of other multinational indexes, and they provide insights into the coverage of MSCI’s direct property indexes. This paper sets out the 2017 market size estimates and explains the main changes that occurred between 2016 and 2017.

    • Market size rose in 2017.  The size of the professionally managed global real estate investment market increased from $7.4 trillion in 2016 to $8.5 trillion in 2017.
    • Currency was a big driver of market size estimates.  Currency movements effectively increased the size of the global real estate investment market by approximately 5.3% in U.S. dollars (USD), in contrast to their negative impact in 2016 (-2.3%). Capital value growth and new developments in the market, such as new construction and sale and leaseback transactions, also contributed to the growth in market size.
    • U.S. weighting decreased. The relative weight of the U.S. within the IPD® Global Annual Property Index declined in 2017, following seven successive years of increases.
    • Germany replaced China as the fourth-largest market. Germany ranked as the fourth-largest national market, overtaking China, which had held this position for two years (2015 and 2016). Although both markets grew in 2017, Germany’s increase was larger.
    • MSCI’s index coverage increased by 50 bps globally and by 10 bps within the IPD Global Annual Property Index. A number of country level changes were more pronounced. The representativeness of MSCI’s asset-level real estate indexes increased most in Hong Kong and Belgium, but decreased in Denmark and Spain.

  6. The MSCI real estate market size report 2017 is now live. Discover the 2017 market size estimates and understand the main changes between 2016 and 2017 now.

    MSCI began systematically estimating the size of professionally managed real estate investment markets in 2004. These estimates are fundamental to the creation of the IPD Global Annual Property Index and a range of other multinational indexes and benchmarks, and they provide insights into the coverage of MSCI’s direct property indexes. This paper sets out the 2016 market size estimates and explains the main changes between 2015 and 2016.

    • Global market size rose in 2016.  The size of the professionally managed global real estate investment market grew marginally from $7.1 trillion in 2015 to $7.4 trillion in 2016.
    • Currency movements distorted national changes.  Currency movements effectively reduced the size of the global real estate investment market by approximately 2.3% in U.S. dollar (USD) terms. In contrast, capital value growth and new developments in the market, such as new construction and sale & leaseback transactions, were the main contributors to the growth in market size.
    • The U.S. weighting climbed again. The relative weight of the U.S. increased within the IPD® Global Annual Property Index in 2016, for the seventh consecutive year. The higher weighting of the U.S. in the index resulted from capital growth, new developments and other capital expenditure, as well as continued depreciation of many currencies against the U.S. dollar.
    • Japan overtook the U.K. for second spot. Japan has once again become the second biggest market, overtaking the U.K., which had been the second biggest market in the previous two years (2014 and 2015); this was mainly due to the U.K. currency’s depreciation in 2016.
    • Capital value growth pulled up global markets. Capital value growth in local currencies in both the U.S. (2.6%) and Japan (2.7%) surpassed the global average of 2.5% in 2016, based on the IPD Global Annual Property Index. However the U.K., the third largest market in 2016, had a negative capital value growth of -0.8%.

  7. BLOG

    Listed and private real estate: Putting the pieces back together 

    Apr 19, 2017 Bert Teuben

    Real Estate Investing

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    A property owned by a listed real estate company, such as a Real Estate Investment Trust (REIT) or a real estate management and development company, should produce returns close to those of an equivalent asset that is privately owned. In reality, however, the results differ, especially when looking at short-term performance. The challenge for real estate investors is to be able to use both listed and direct real estate in their real estate allocations and understand the performance drivers for each. Specifically, how do equity market factors, financial structures and individual properties contribute to performance?

  8. PAPER

    Listed and Private Real Estate : Putting the pieces back together 

    Apr 19, 2017 Bert Teuben , Ian Cullen

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    A Study of the Drivers of European Listed Real Estate Performance in Association with the European Public Real Estate Association.

  9. Real estate investors can analyze performance of direct real estate in detail. However, listed real estate, which includes public REITs, rarely offers detailed data, making it challenging to monitor a portfolio consisting of both private and public assets. Two developments are focusing issue: 1) real estate will constitute a new GICS® sector as of August 31 and 2)  many asset owners seek to globalize their real estate portfolios: adding international listed securities is a simple and often liquid way of achieving this goal. This paper proposes mapping listed real estate asset and vehicle performance to existing benchmarks, potentially enhancing market transparency, analytics and benchmarks.

  10. MSCI began systematically estimating the size of professionally managed real estate investment markets in 2004. These estimates are fundamental to the creation of the IPD Global Annual Property Index and a range of other multinational indexes and benchmarks, and they provide insights into the coverage of MSCI’s direct property indexes. This paper sets out the 2015 market size estimates and explains the main changes between 2014 and 2015.

    • Market size rose in 2015.  The size of the professionally managed global real estate investment market grew marginally from USD 7.0 trillion in 2014 to USD 7.1 trillion in 2015.
    • China climbed in rankings.  Although individual market size estimates changed, they have proved relatively consistent from year to year for the 25 countries within the IPD® Global Annual Property Index. China moved into the fourth position in 2015 among all 32 countries included in the market size estimates while in 2014 it had been ranked sixth.
    • Currency movements distorted national changes. Currency movements effectively reduced the size of the global real estate investment market by approximately 4.6% in U.S. dollars (USD). In contrast, capital value growth and new developments in the market, such as new construction and sale & leaseback transactions, were the main contributors to growth in market size.
    • The U.S. weighting climbed again. The relative weight of the U.S. increased within the IPD Global Annual Property Index in 2015, for the sixth consecutive year. The higher weighting of the U.S. within the Index resulted from strong capital growth as well as continued depreciation of many currencies against the U.S. dollar.
    • The U.K. and Japan held the second and third spots. The U.K., whose market size had overtaken Japan in 2014, maintained second position in the rankings for the second consecutive year.
    • Capital value growth pulled up global markets. Capital value growth in local currencies in both the U.S. (6.7%) and the U.K. (8.0%) surpassed the global average of 5.4% in 2015. Japan, the third largest market in 2015, lagged the global average capital value growth by 1.4%.

  11. PAPER

    Real Estate Market Size 2014 

    Jun 30, 2015 Bert Teuben , Mark Clacy-Jones

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    Insights into the size of the professionally managed global real estate market.

  12. PAPER

    Research Insight - Findings of the 2013 Global Asset Owner Survey - February 2014 

    Feb 11, 2014 Bert Teuben , Neil Gilfedder , Zita Marossy , Peter Hobbs

    Asset Allocation and Asset Liability Management , Investing (Investment Management) , Risk Management

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    This Research Insight presents the results of the 2013 MSCI Global Asset Owner Survey, which focuses on understanding the asset allocation processes of institutional asset owners, with a close examination of risk management of the real estate exposure. The findings come from in-person interviews with staff at 40 asset owners from around the world, representing $3.2 trillion in assets, as well as online survey responses from another 40 asset owners, representing $0.7 trillion in assets. These in-person interviews were supplemented by asset-allocation and real-estate allocation data gathered during the same period from annual reports and other public documents of 138 global asset owners, representing $10.3 trillion in assets. The main findings of the survey fall into two areas: 1) global asset allocation trends, processes and challenges, and 2) risk management techniques for the real estate exposure.

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