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"Whitepaper" re: Listed vs Direct Real Estate (Of interest to folks investing in TIAA R.E. Account)

ibartman
edited March 2017 in The Bullpen
AMP Capital: Don't tell me this isn't real estate, May 2016

https://www.ampcapital.com/AMPCapitalGlobal/media/contents/Articles/Insights-Papers/glre-dont-tell-me-whitepaper.pdf
...Direct real estate assets have several disadvantages such as relatively low liquidity, high transaction costs and lumpiness. The listed real estate market was developed in the 1960s to circumvent these complications so that all investors, big or small, could reap the benefits of a well-diversified real estate allocation...

Many lessons have been learnt and now, more so than ever before, listed real estate is back to where it should have always been: a proxy for direct real estate.

... The two asset classes are essentially the same over the longer term as the returns are driven by the underlying real estate cash flows they have in common..."

https://en.wikipedia.org/wiki/AMP_Capital
AMP Capital is a large global investment manager headquartered in Sydney, Australia. It is part of the AMP Group, one of Australia's largest retail and corporate pension providers and its largest life insurance provider, with most assets originating from the aligned entity.
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