LAND ECONOMY
Real Estate Research Centre Colin has mentioned some of the projects being led by members of the Real Estate Research Centre on issues related to urban development, building density and energy efficient buildings. We are also undertaking a project looking at economies of scale in European real estate companies and a project looking at hurdle rates of return and their use in the real estate decision-making process. We continue to work closely with British Land and I am delighted that the Government Investment Corporation of Singapore has also become a research partner along with BL. We continue to be actively involved in promoting and disseminating research and have taken the lead in Future Cities Initiative supported by London property company Capital and Counties Properties PLC (Capco). This comprises an annual conference, a visiting fellowship by an expert in the field, and a grant for eight postgraduate fellows to conduct bespoke research on issues shaping future cities and related policy. The inaugural Future Cities Conference will take place on 29th June at Clare College bringing together over 100 researchers, developers/investors and policymakers interested in the challenges and opportunities for cities. The Conference will tackle subjects such as the impact of technology on cities, high-rise living and density, resilience to climate change, and what makes cities and developments work well in terms of “happiness”. Speakers will include Lord (Chris) Smith, Professors Paul Cheshire, Philip McCann and Catharine Ward Thompson and Professor Edward Ng. Professor Ng has been awarded the Capco Visiting Fellowship, who will spend a fortnight in the Department developing ideas and building research networks with a focus on sustainable architecture and design. We continue to lead the Cambridge Real Estate Research Club (bringing heads of research and CIOs from real estate investors and consultancies together) and the Long-Term Investor Event (bringing
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Sovereign Wealth Funds and other longterm investors together) and will also be hosting an academic symposium in September.
The Cornell Real Estate Competition A team of six final year undergraduates went to New York to take part in the Cornell Real Estate Case Competition in early November. The students were accompanied by Nick Mansley, who arranged for them to work from Aviva Investors’ offices on Park Avenue and to hear from his former colleagues about real estate private equity investing. The case this time involved assessing a portfolio of three properties across the US (Charlotte, South LA and Oklahoma City), devising a property strategy for each, selecting from different financing options and structuring a joint venture. 19 universities from around the world took part, with teams having five
Nick Mansley Executive Director, Real Estate Research Centre days to prepare a presentation setting out their proposal with respect to the case which was then judged by industry professionals, who expressed how impressed they were with the quality of the presentations. The students had a great time and described it as a fantastic educational experience.
The MSt in Real Estate Preparations for the first cohort of the new parttime Masters in Real Estate continue apace. We would welcome support from CULS members with presentations, cases and site visits.
Six final year undergraduates take part in Cornell Real Estate Case Competition