Future Cities

PERE

Read 'Future Cities', the second in a series of special reports brought to you by TH Real Estate and PERE.

In 2015, PERE published 'The Future of Real Estate'. It was a concerted effort to demonstrate where an international real estate investment thesis should begin. Centred on our Megatrends research, the report comprised studies of five demographic trends aimed at underpinning a multi-jurisdiction, institutional investment strategy. Through an effective understanding of the trends: urbanisation; the shift in economic power from the west to the east; the rise of the global middle class; ageing demographics and; global interconnectedness, investors should be on the path to making the right investment calls.

The next stage comes in the projection of these understandings onto the world map in order to work out which markets best reflect the Megatrends. Real estate as an institutional investment asset class is split into four major food groups: offices, retail, residential and logistics, as well as a growing number of alternative sectors including hotels, student accommodation and care homes to name just a few.

In each chapter, our research team analyses five cities for each major asset class which it believes benefit from one or more of the Megatrends. A further fifth chapter is dedicated to the alternative asset classes as these too are expected to play an increasingly important part in the institutional portfolio.

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This document is intended solely for the use of professionals and is not for general public distribution. Any assumptions made or opinions expressed are as of the dates specified or if none at the document date and may change as subsequent conditions vary. In particular, the document has been prepared by reference to current tax and legal considerations that may alter in the future. The document may contain "forward-looking" information or estimates that are not purely historical in nature. Such information may include, among other things, illustrative projections and forecasts. There is no guarantee that any projections or forecasts made will come to pass. International investing involves risks, including risks related to foreign currency, limited liquidity particularly where the underlying asset comprises real estate, less government regulation in some jurisdictions, and the possibility of substantial volatility due to adverse political, economic or other developments. Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and are not guaranteed. Rates of exchange may cause the value of investments to go up or down. Any favourable tax treatment is subject to government legislation and as such may not be maintained. The valuation of property is generally a matter of valuer’s opinion rather than fact. The amount raised when a property is sold may be less than the valuation. Nothing in this document is intended or should be construed as advice. The document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. Issued by Henderson Real Estate Asset Management Limited (reg. no. 2137726), (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3BN) which is authorised and regulated by the Financial Conduct Authority to provide investment products and services. Telephone calls may be recorded and monitored. COMP201600071

Alice Breheny

Alice Breheny

Global Head of Research

Alice's biography

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