European Real Estate Investment Trusts - Articles on Their Characteristics and Properties

Jaakko Niskanen

    Research output: ThesisDoctoral ThesisCollection of Articles


    Public real estate equity vehicles provide an investor with standardized trading process, transparency, and high liquidity. The European listed real estate market is divided between real estate operating companies (REOCs), which make up two-thirds of the market, the real estate investment trusts (REITs), which cover the remaining one-third. The emergence of European REITs has been accelerating during the past years. An increasing number of European countries have been recently adopted legislation regarding REITs, pass-through entities that, under certain conditions, avoid paying taxes and distribute most of their earnings as dividends to shareholders. The research aim of this dissertation is to increase knowledge about European real estate investment trusts and their characteristics: the correlation of different asset classes, capital structure, and liquidity, to name but a few. The findings of the study indicate that, in many ways, REITs exhibit different properties from their counterparts REOCs. For example, European REITs have significantly different capital structure as European REOCs (less dept.) REITs also have more liquidity as trading assets. Moreover, differences in the ownership bases can also be found. Thus, judged from several perspectives, it can be noted that the legislative efforts in numerous European countries pertaining to the creation of a new form of real estate investment (REITs), seem to have been working.
    Translated title of the contributionEurooppalaiset REIT-kiinteistösijoitusyhtiöt - Artikkeleita ominaisuuksista ja tunnusmerkeistä
    Original languageEnglish
    QualificationDoctor's degree
    Awarding Institution
    • Aalto University
    • Viitanen, Kauko, Supervising Professor
    • Falkenbach, Heidi, Thesis Advisor
    Print ISBNs978-952-60-4912-0
    Electronic ISBNs978-952-60-4913-7
    Publication statusPublished - 2012
    MoE publication typeG5 Doctoral dissertation (article)


    • real estate economics
    • real estate finance
    • real estate investment trusts
    • real estate investing
    • European listed real estate

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