By Angus P. J. McIntosh, Stephen G. Sykes (auth.)
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Extra resources for A Guide to Institutional Property Investment
It has become an increasingly popular medium for investment in its own right. Not only has the quantity of property owned for investment purposes increased, so has the number and type of organisations indulging in this kind of investment activity. In Chapter 2 various property owning institutions are discussed. The purpose of this chapter is to review the various property funds within these organisations. These include pension funds, life insurance companies, unit trusts and managed pension funds.
Property values are generally less volatile than shares and can usually be expected to rise, but not necessarily in line with inflation. When the stock market is depressed it is still normally possible to sell property at a reasonable value. Property companies are often highly geared making their return less secure than other shares or direct property investment. The dividend on equities is paid half-yearly in arrear yet most commercial property leases nowadays require the tenant to pay rent quarterly in advance.
Such practice was not always followed by a sale-andleaseback. The assets of some companies were simply sold off. No company was immune from asset-stripping. Even nationalised industries became vulnerable. Dr Beeching became particularly famous in 1962 when he produced 'The Beeching Plan' as it became known. The objective was to close those parts of the railway which were unprofitable and sell off the assets, including land. The revenue Growth of Institutional Property Investment 25 produced from the sales, it was intended, should be invested in the railway to make what remained of the system profitable.
A Guide to Institutional Property Investment by Angus P. J. McIntosh, Stephen G. Sykes (auth.)