Program - Europe Real Estate

Program 

Welcome 

Dear ERES Delegates, 

I am very pleased to address this message to all of you, and I want to thank you all for your support 

over my year as ERES President. 

I am proud of our network: ERES continues to grow and prosper, in a fast growing industry and in a 

fast changing global business environment. 

I recognize it is due to the dedication of each and every one of you. And the ERES Board of Directors 

works hard to best serve the needs of the several hundred people who rely on us. 

The Real Estate Community is more and more recognizing the value that ERES brings to a very 

diversified population of researches and practitioners. ERES is a nice combination of cultural 

leadership and highly rewarded research activity. 

Strong leadership is one of the first ingredients for strong teams, and ERES "owns" the information 

that more and more often determine the direction of the markets. 

Better information transform the terms of collaboration amongst businesses. And ERES' focus is to 

create a " wave " of young professionals able to work, markets based, on international best practises. 

ERES networks a very advanced educational system. The results of a superior " vision" lead to a 

superior business model for associations too. 

I hope to see many of you with us at the next ERES Conference in June 2006, from the 7 th to the 10 th , 

in Weimar, Germany. 

You will discover the ERES concepts and values again: I do believe that creativity and innovation are 

always in demand. 

So from myself and all the Directors of the ERES Board great associations would not be so great if 

they didn’t have great people doing the work, I wish you all a very fruitful and enjoyable Conference. 

Paola G. Lunghini 

President of the European Real Estate Society 

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ERES Board of Directors 

President Paola Lunghini, Economia Immobliare 

Vice-President Matthias Thomas, DiD, HAWK Holzminden 

Past-President Ken Gibb, University of Glasgow 

Executive Director Eamonn D'Arcy, University of Reading 

2006 Conference & Program Chair Ramon Sotelo, Bauhaus-Universität Weimar 

2007 Conference & Program Chair Tony McGough, City University 

Newsletter Editor Uberto Visconti, ING Real Estate Development 

Director for the ERES Educational Paloma Taltavull de la Paz, University of Alicante 

& Research Network 

Director for Corporate Relations Sotiris Tsolacos, Jones Lang LasSalle 

IRES Representative Martin Hoesli, University of Geneva, University of 

Aberdeen, Bourdeaux Business School 

Membership Director & Gerjan Vos, University of Amsterdam 

VOGON National Ogranisation Director 

GIF National Organisation Director Victoria Wahlbröhl, LaSalle Investment Management 

Eastern European Directors Stanislav Belniak, Cracow University of Economics 

Directors at Large Hanna Kaleva, KTI 

Koloman Ivanicka, Slovak University of Technology 

Stephen Brown, RICS 

Ingrid Nappi-Choulet, ESSEC School of Management 

Alessandro Bronda, Aberdeen Property Investors 

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SPO 

Best Paper Awards 

A number of best paper awards are available at the conference. Special issues of ‘The Journal of 

Property Investment and Finance’, ‘The Journal of Property Research’ and “Zeitschrift für 

Immobilienökonomie “ will be produced from the conference. 

European Real Estate Society Award for the Best Paper Presented at 

the Doctoral Session 

Gerald Brown Memorial Prize for the Best Paper Presented on Real 

Estate Appraisal & Valuation, sponsored by Emerald (Contact: Nick 

French JPIF@NickFrench.org.uk) 

Journal of Property Research, Prize for the Best Paper, in any area 

covering the operation of property markets (Contact: Dinane Alves 

d.alves@aberdeen.ac.uk ) 

American Real Estate Society Foundation Prize for the Best Paper 

Presented at the ERES 2006 Conference in any area of Real Estate 

(Contact: Eamonn D’Arcy p.e.darcy@reading.ac.uk ) 

IPD Prize for the Best Paper in Property Investment (Contact: Sotiris 

Tsolacos sotiris.tsolacos@eu.jll.com) 

Grosvenor Prize for the Best Paper on Comparative Analysis of 

International Real Estate (Contact: Sotiris Tsolacos 

sotiris.tsolacos@eu.jll.com) 

EFG Eurobank-PropIndex S.A. Prize for the Best Paper on Balkan 

Real Estate (Contact: Sotiris Tsolacos sotiris.tsolacos@eu.jll.com) 

Centre for the Study of Real Estate Brokerage & Markets, Cleveland 

State University Prize for the Best Paper on Real Estate 

Brokerage/Agency (Contact: Eamonn D’Arcy 

p.e.darcy@reading.ac.uk ) 

BIIS Price for the Best Paper in Valuation (Contact: Markus 

Hentzschel markus.hentzeschel@biis.info) 

Authors are encouraged to submit completed copies of presented papers for consideration for one or 

more of the awards. Submissions should be sent in all cases to the relevant contact person for each 

award in Word or pdf format via e-mail by July 31. 

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Media Partner 

Economia Immobiliare 

Gewerbemiete und Teileigentum 

Immobilien Manager ZIÖ 

Grundstücksmarkt 

und Grundstückswert 

Europe Real Estate 

Immobilienbrief 

FAZ 

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NSOREN 

Sponsors of Conference 

PLATIN 

GOLD 

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Sponsors of Conference 

SILVER 

BRONZE 

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Wednesday, 7 th June 2006 

13:30-18:00 Registration - Hauptgebäude 

14:30-16:00 Doctoral Session I OLS 

16:00-16:30 Coffee Break 

16:30-18:00 Doctoral Session II OLS 

16:00-18:30 ERES Board Meeting 

19:30-23:00 Opera Gala and Dinner - German National Theatre 

sponsored by Berlin Hyp 

Thursday, 8 th June 2006 

08:30-11:00 Registration - Audimax AM 


09:30-11:15 Opening Session AM 

11:15-11:45 Break 

11:45-13:15 Session 1 

1-A Return and Liquidity 105 

1-B Public Real Estate 108 

1-C The Housing Market - Policy Interface 109 

1-D Shopping Centers 110 

1-E Market Information and Research 002 

1-F GIS and Property Market Analysis 005 

Panel 1 - City Planning at the Edge of Privatization OLS 

13:30-14:30 Lunch - Mensa am Park 

14:30-16:00 Session 2 


2-A REITs 105 

2-B Lending Value and Automated Valuation Models 108 

2-C Real Estate Indexes and Market Indicators 109 

2-D Operating Costs in Housing 110 

2-E Applied Housing Market Analysis 002 

2-F Urban Issues 005 

Panel 2 - Pressure Groups within the German Property Market OLS 

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16:30-18:00 Session 3 

3-A REITs and Corporate Finance 105 

3-B Office Market Dynamics 108 

3-C Leverage and Risk Analysis 109 

3-D Housing Market Speculation and Adjustment 110 

3-E New Developments in Property Market Analysis 002 

3-F Commercial Market Topics 005 

Panel 3 - Transnational Investments in the Real Estate Industry 

18:30-20:00 Reception - Neues Museum NM 

Friday, 9 th June 2006 

sponsored by "Mit einer Stimme - Bündelungsinitiative 

in der Deutschen Immobilienwirtschaft e.V." 


08:00-09:30 Session 4 


10:00-11:30 Session 5 


4-A PPP Projects, Mechanism and Instruments 105 

4-B Unlisted Real Estate - INREV Session 

sponsored by INREV 

4-C Securitized Real Estate 109 

4-D Housing and Public Policy 110 

4-E Real Estate Portfolio Management 002 

4-F Case Studies and Other Topics 005 

Panel 4 - The German Real Estate Market; a Question of Transparency? OLS 

5-A PPP - The European Experience 105 

5-B Sentiment and Leading in Real Estate Analysis 108 

5-C Modelling the Housing Market 109 

5-D Vacant Housing 110 

5-E Corporate Real Estate Strategy 002 

5-F Planning and Development 005 

Panel 5 - Real Estate Investment Vehicles OLS 

108 

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12:00-13:30 Session 6 

PPP - Symposium I - Upcoming Markets in Europe 105 

6-B Econometric Modelling for Forecasting 108 

6-C Influencing House Prices 109 

6-D Policy and Residential Markets 110 

6-E Valuation Methodology 002 

6-F Investment Issues 005 

Panel 6 - Real Estate Private Equity OLS 


14:30-16:00 Session 7 


16:15-17:45 Session 8 

PPP - Symposium II - Methods and Instruments for PPP 105 

7-B German REITs in Competition 

sponsored by Polis AG 

7-C Learning from Comparative Housing Markets 109 

7-D Real Estate Portfolio and Asset Management 110 

7-E National and Regional Issues in Valuation 002 

7-F Urban Regeneration 005 

Panel 7 - Middle and Eastern Europe OLS 

8-A PPP Law and Governance 105 

8-B Property Management Issues I 108 

8-C Housing Market Fundamentals 109 

8-D Economics, Spatial and Regulatory Effects on Office Markets 110 

8-E Marketing and Education 002 

8-F Industrial Property and Land Markets 005 

Panel 8 - Asset Management as Real Estate Development OLS 

18:00-18:45 AGM OLS 

20:00-23:45 Gala-Dinner - Neue Weimarhalle ccnw 

108 

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Saturday, 10 th June 2006 

09:00-10:30 Session 9 


11:00-12:30 Session 10 

9-A Private Participation in Developing Countries 105 

9-B International Valuation Standards 108 

9-C International Real Estate Investments 109 

9-D Property Management Issues II 110 

9-E Urban Development and Real Estate Market 002 

9-F Facility Management 005 

Panel 9 - Real Estate Education OLS 

10-A PPP and Finance 105 

10-B Comparing Housing Markets 108 

10-C Real Estate Debt and Securitization 109 

10-D Risk Premia and Behaviour in the Institutional Market 110 

10-E Getting your Research Published 002 

10-F Brownfields, Sustainability and Development 005 

Panel 10 - Valuation Standards around the World OLS 

14:00-15:00 Lunch and Closing - Mensa am Park 

15:00 

10:00 and 

15:00 

15:00 

Sightseeing Tour Weimar 




If you wish you can make a Sighseeing Tour in 

Weimar. 

Please ask at the Conference Office for the Meeting 

Point. 

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Session Details 

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Program, 7 th June 2006 

Wednesday, 7 th June 2006 

14:30-16:00 Doctoral Session I OLS 

chair: Elaine Worzala, Johns Hopkins University, Alastair Adair, University of Ulster 

The Relationship between Quality of Life and Housing Characteristics: A 

Review of the Literature. 

Esther Bernabeu Garcia, University of Alicante 

Market knowledge for housing development 

Berndt Lundgren, Royal Institute of Technology 

Urban Structure and Energy: a Case of Planned versus Traditional Residential 

Neighbourhoods in India 

Anil Kashyap, University of Ulster 

The Effect of Land Supply Restriction on the Risk of Hong Kong Indirect Real 

Estate 

Ervi Liusman, The University of Hong Kong 

16:30-18:00 Doctoral Session II OLS 

chair: Karl-Werner Schulte, European Business School, Graeme Newell, University of Sydney 

Institutional Real Estate Investors and Regional Development: Appropriate 

Investment Locations for Open-ended Real Estate Funds. 

Matthias Pink, Martin-Luther-Universität Halle-Wittenberg 

The Market Value of Office Features 

Philip W. Koppels, Delft University of Technology 

Forecasting Models for Office Markets 

Ferdinand Spies, European Business School 

20:00-23:00 Opera Gala and Dinner German National Theatre DNT 

Speakers: Wilhelm Alfen, Director of the Graduate and Undergraduate 

Programs in Management 

Andreas Trautvetter, 

Jan Bettink CEO Berlin Hyp 

Thuringian Minister of Construction 

and Transport 

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09:30-11:15 Opening Session AM 

Speakers: Eamonn D'Arcy, Executive Director ERES 

Paola Lunghini, President ERES 

Hartmut Bulwien, President gif 

Gerd Zimmermann, Rector Bauhaus-Universität Weimar 

Keynote Speaker: CF Sirmans, University of Connecticut 

11:45-13:15 Session 1-A 

Return and Liquidity 

chair: Tony McGough, Cass Business School 

Depreciation and its Impact on the Total Return of UK Commercial Real 

Estate, 1994-2003. 

Neil Crosby, University of Reading, Steven Devaney, University of Reading 

The liquidity of direct real estate in institutional investors’ portfolios: The 

Netherlands. 

Aart Hordijk, ROZ/IPD Property Index, Bert J.J. Teuben, ROZ/IPD Property Index 

An impulse for a more “modern” way of portfolio analysis: benchmarking real 

estate investments on return and risk 

Willem G. Keeris, Delft University of Technology, Ralph van Polanen Petel, DTZ Zadelhoff 

The Impact of Structural Changes in the REIT Industry on REIT Returns and 

Volatility 

Robert D. Campbell, Hofstra University, Riza Emekter, Sankarya University, Benjamas 

Jirasakuldech, University of the Pacific 

11:45-13:15 Session 1-B 

Public Real Estate 

chair: Gabriel Lee, University of Regensburg 

Management, Development and Exploitation of the Public Real Estate 

Property of Greece 

Asimina Demou, National Technical University of Athen, Panagiotis Zentelis, National Technical 

University of Athen 

The Perception of the Life Cycle Concept in Public Real Estate Management 

Katrin Fischer, Bauhaus-Universität Weimar 

Principles of Management in Poland of Public Real Estates from 1990 

Andrzej Muczynski, University of Warmia and Mazury, Zbigniew Sujkowski, University of 

Warmia and Mazury, Ryszard Zrobek, University of Warmia and Mazury 

Public Choice Theory Approach in Managing State-owned Tourist Properties 

in Greece 

Ioanna Alexandropoulou, Attorney of Law, Nicolaos Triantafyllopoulos, University of Thessaly 

105 

108 

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11:45-13:15 Session 1-C 

The Housing Market - Policy Interface 

chair: Sally Sims, Oxford Brookes University 

Property Stigma: Just the latest Fashion 

Peter Dent, Oxford Brookes College, Dan Rapson, Oxford Brookes College, Sally Sims, Oxford 

Brookes College 

Theta Model Forecasts Real Estate Values 

V. Assimakopoulos, Ministry of Economy and Finance Athen, A. Litsa, National Technical 

University of Athens, Elli Pagourtzi, National Technical University of Athens 

Asset Pricing and the Spanish Housing Market 

Laura Galguera Garcia, University of Oviedo, Christos I. Giannikos, City University of New 

York, Hany Guirguis, Manhattan College New York, Stephen Roulac, University of Ulster 

Analysis of Special Aspects of the German Market of Residential Properties – 

an Empirical Project. 

Stephan Kippes, Nürtingen-Geislingen University 

11:45-13:15 Session 1-D 

Shopping Centers 

chair: Claire Roberts, Oxford Brookes University 

Shopping Centre and its Role as a Lifestyle Centre 

Lawrence Chin, National University of Singapore 

Local Centres as a Challenge: An alternative Approach for Redevelopment of 

Small-scale Shopping Centres. 

Ingrid I. Janssen, Eindhoven University of Technology, Jos J.A.M. Smeets, Rob Soeterboek, 

Eindhoven University of Technology 

Patterns of Tenant Mix Variety in Regional Shopping Centres: an 

Examination on the Consistency between UK and US cases 

Colin Lizieri, University of Reading, Shun-Te Tony Yuo, Chinese Culture University Taipeh 

Energy efficient refurbishment in Australian Shopping Centres. 

Richard G. Reed, University of Melbourne, Sara J. Wilkinson, University of Melbourne 

11:45-13:15 Session 1-E 

Market Information and Research 

chair: Eamonn D'Arcy, The University of Reading 

Real Estate Market Research in Germany. Structures, Methods, and 

Challenges: A Comparison of 2003 and 2005. 

Thomas Beyerle, Deutsche Gesellschaft für Immobilienfonds mbH 

The German Property Market - How to get to Information? 

Claus-Michael Kinzer, Gesellschaft der Immobilien- und Bauexperten GIB 

The European Real Estate Development Industry: Structure and Dynamics. 

R.J. Dorenbos, University of Groningen, E.F. Nozeman, University of Groningen 

Real Estate Market Simulations - an Adequate Instrument for Assessing 

Emerging Real Estate Markets? 

Christian Focke, European Business School 

109 

110 

002 

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11:45-13:15 Session 1-F 

GIS and Property Market Analysis 

chair: Alastair Adair, University of Ulster 

Clustering Effects on Office Rents: Herding in the Amsterdam Market? 

Dirk Brounen, Erasmus University Rotterdam and Maarten Jennen, PhD RSM Erasmus University 

Added Values of Geographic Information Systems in the Real Estate Life 

Cycle 

Christian von Malottki, University of Technology Kaiserslautern, Michael Nadler, University of 

Technology Kaiserslautern 

Towards Market Transparency for Investments: Location Analysis with new 

GIS-Tools and Data Sets 

Axel Borchert, Borchert GeoInfo GmbH 

Corporate Location and Office Market in Shanghai 

Sun Sheng Han, National University of Singapore, Bo Qin, National University of Singapore 

11:45-13:15 Panel 1 - City Planning at the Edge of Privatization OLS 

chair: Jens Friedemann, Frankfurter Allgemeine Zeitung 

Alan Evans, University of Reading 

Pierre Laconte, President of the Foundation for the Urban Environment 

Hilmar von Lojewski, Senatsverwaltung für Stadtentwicklung, Berlin 

Guy Perry, President Investment Environments, Warschau 


14:30-16:00 Session 2-A 

REITs 

Lunch Speaker: Hartmut Bulwien, gif 

chair: Karen Sieracki, Kaspar Associates 

Hot Hands in REITs: A Second Look on Return Persistence. 

Dirk Brounen, Erasmus University Rotterdam, Joop Huij, Erasmus University Rotterdam, 

Wessel Marquering, Erasmus University Rotterdam 

The Room for Manoeuvre: a New Category for the Understanding of Property 

Investment Vehicles 

Ramon Sotelo, Bauhaus-Universität Weimar 

Efficient Real Estate Asset Allocation - Do sector-specific REITs outperform 

Diversified REITs? 

Tobias Pfeffer, ebs Real Estate Center 

Open End Real Estate Funds - Diamonds or Danger? 

Steffen Sebastian, University of Regensburg, Marcel Tyrell 

005 

105 

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14:30-16:00 Session 2-B 

Lending Value and Automated Valuation Models 

chair: Gerrit Leopoldsberger, Leopoldsberger & Partner 

Automated Valuation Models: Automation vs. Hybrid Blending Technology 

and Human Intervention 

Victoria Cassens Zillioux, Appraisal Institute Strategic Dev Worldwide 

Mass Appriasal: Political and Methodological Issues 

John MacFarlane, University of Western Sydney 

The Mortgage Lending Value: Prospects for Development within Europe. 

Sven Bienert, University of Applied Sciences Kufstein, Heinz Rehkugler, Albert-Ludwigs- 

Universität Freiburg im Breisgau 

Lending value projection for housing properties using loan application data 

Alexander Adam, Kaiser Baucontrol 

14:30-16:00 Session 2-C 

Real Estate Indexes and Market Indicators 

chair: Matthias Thomas, HAWK Holzminden 

The Impact of Different Types of Transactions on the Property Prices 

K.W. Chau, The University of Hong Kong, Zengxiang Jin, The University of Hong Kong 

Extending the Index Time Series: The Performance of the German Property 

Market from 1989 through 2005 

Björn-Martin Kurzrock, ebs Real Estate Center 

Is there a Functional Relation between the Repeat-Sales Index and the Median 

Index? 

Arnaud Simon, DRM-CEREG 

Exit Options for Opportunistic Real Estate Investors and their Potential 

Effects on Real Estate Markets: German Evidence. 

Thomas Beyerle, Deutsche Gesellschaft für Immobilienfonds mbH, Nico B. Rottke, ebs Real 

Estate Center 

14:30-16:00 Session 2-D 

Operating Costs in Housing 

chair: Andreas Saxinger, HfWU Nürtingen-Geislingen 

Benchmarking of Operating Costs: Experiences in the Housing Sector in 

Germany. 

Siegfried Rehberg, Verband Berlin-Brandenburgischer Wohnungsunternehmen e.V., Reinhard 

Zehl, WohnCom GmbH Berlin 

The „Geislinger Konvention“: a new Tool for Optimizing Operating Costs of 

Rental Apartments. 

Hansjörg Bach, Hochschule für Wirtschaft und Umwelt HfWU Nürtingen - Geisling 

Service Life of 20th-century Dwelling Houses in Germany: Present Findings 

and Projections. 

Konstantin Kortmann, Technische Universität Darmstadt 

Benchmarking of Service Charges: The Analysis Tool immobench.de 

Marc Gentles, TREUREAL GmbH, Dirk Toenges, TREUREAL GmbH 

108 

109 

110 

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14:30-16:00 Session 2-E 

Applied Housing Market Analysis 

chair: Fotis Mouzakis, Cass City University 

Emerging Risks: The Dynamics of the Home Ownership Market in New 

Zealand, 

1990-2004. 

Lawrence Murphy, University of Auckland 

Understanding the Housing Market in Northern Ireland: An Exploratory 

Approach. 

Louise Brown, University of Ulster, Kenneth Gibb, University of Glasgow, Stanley McGreal, 

University of Ulster 

The Demand for Environmental Attributes and Housing Characteristics: 

Estimation of a Structural Hedonic Model with Heterogenous Consumers. 

Marco Salvi, Zürcher Kantonalbank 

14:30-16:00 Session 2-F 

Urban Issues 

Financial Arrangements, Housing Prices and Home Ownership 

Karl Robertsen, Agder University College, Theis Theisen, Agder University College 

chair: Marcus Cieleback, Eurohypo 

Urban Blights to Northern Lights? The Effect of Autonomous Speculative 

Investment in UK Housing Market Renewal Areas 

Mike Waters, College of Estate Management, Nikos Karadimitriou, University College London 

Land Readjustment – the Public-Private Partnership Experiment in Urban 

Renewal in China 

Xin Li, The University of Hong Kong, Li Ling-Hin, The University of Hong Kong 

The Role of Farmland in Investment Portfolios 

Chris Eves, University of Western Sydney, Graeme Newell, University of Western Sydney 

Danwei and the Consumption of Housing in Post-Reform China 

Sun Sheng Han, National University of Singapore 

14:30-16:00 Panel 2 - Pressure Groups within the German Property Market OLS 

chair: Karl-Georg Loritz, Universität Bayreuth 

Jan Bettink, CEO BerlinHyp, member of board "Verband deutscher Pfandbriefbanken" 

Bernd Kottmann, "Mit einer Stimme - Bündelungsinitiative in der Deutschen Immobilienwirtschaft 

e.V." 

Johannes Peter Henningsen, President IVD 

Robert Scholl, German Federal Ministry of Transport, Building and Urban Development 

Walter Rasch, Chairman of the Board BfW 

Dolf Weber, Founder Member of Board Initiative Corporate Governance 

002 

- 17 -


16:30-18:00 Session 3-A 

REITs and Corporate Finance 

chair: Hanna Kaleva, KTI 

Explaining the Variation in REIT Capital Structure: The Role of Asset 

Liquidation Value. 

Erasmo Giambona, Roger Williams University, John Harding, University of Connecticut and CF 

Sirmans, University of Georgia 

Shareholder Wealth Effects of Real Estate Finance Mergers: An Empirical 

Assessment. 

Maximilian Keisers, European Business School, Dirk Schiereck, European Business School 

Transparency and Firm Valuation: The REIT-effect 

Rob Bauer, Piet M.A. Eichholtz, University of Maastricht, Nils Kok, Maastricht University 

European property stocks trade in reversal patterns; country indices follow 

momentum. 

Piet Eichholtz, Maastricht University, Harm Meijer, JP Morgan 

16:30-18:00 Session 3-B 

Office Market Dynamics 

chair: Martin Hoesli, University of Geneva 

The Unbalanced Office Market 

Philip W. Koppels, Delft University of Technology, Jo P. Soeter, Delft University of Technology 

Investigating the Interaction Effects of Office Rent Determinants 

Vasif Attila Öven, Istanbul Technical University, Dilek Pekdemir, Istanbul Technical University 

Investigation of Influencing Factors determining Office Rents in German 

Meptropolitan Areas - an Empirical Analysis. 

Simon Kempf, ebs Real Estate Center 

A Spatiotemporal Autoregressive Price Index for the Paris Office Property 

Market 

Tristan Maury, ESSEC Business School-Paris, Ingrid Nappi-Chaulet, ESSEC Business School- 

Paris 

16:30-18:00 Session 3-C 

Leverage and Risk Analysis 

chair: Andrew Baum, The University of Reading 

Leverage in Real Estate Investments - an Optimisation Approach 

Jesse Bostwick, and Nick Tyrrell, JPMorgan Asset Management 

The Role of Gearing in the Australian Property Investment Market. 

Anthony De Francesco, Colonial First State 

Assessing Real Estate Influence on Portfolio Risk: A Copula-Based Approach. 

Matthieu Dulguerov, Ecole Polytechnique Fédérale de Lausanne 

Systematic Property Risk: quantifying UK Property Betas 1983-2005 

Alan Gardner, Gerald Eve, George Matysiak, University of Reading 

105 

108 

109 

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16:30-18:00 Session 3-D 

Housing Market Speculation and Adjustment 

chair: Kenneth Gibb, Glasgow University 

Was There A British House Price Bubble? Evidence from a Regional Panel 

Gavin Cameron, John Muellbauer, Nuffield College Oxford, Anthony Murphy 

Housing Supply and Prices Equilibrium. A Case Study on the Spanish 

Housing Market 

Paloma Taltavull de La Paz, University of Alicante 

An Asset Pricing Model of the London Residential Market 

Fotis Mouzakis, Cass Business School City of London, Simon Stevenson, Cass Business 

School City of London 

The Anatomy of Speculation in a House Price Boom 

Mark Andrew, University of Reading and Alan Evans, University of Reading 

16:30-18:00 Session 3-E 

New Developments in Property Market Analysis 

chair: Thomas Beyerle, DEGI 

Integrating three related Markets – Space, Capital and Physical Assets. 

David Rees, Mirvac Group 

The Potential Contribution of Qualitative Research to Property Education, 

Theory and Practice 

Christina Lee, University of Auckland, Deborah Levy, University of Auckland 

Is the Category Imperative? Categories as Invisible Obstacles to Effective 

Real Estate Research. 

M. Gordon Brown, Eindhoven University of Technology 

Markets and Market Structures in Real Estate: Expanding the Research 

Paradigm. 

Eamonn D'Arcy, University of Reading 

16:30-18:00 Session 3-F 

Commercial Market Topics 

chair: Stanislav Belniak, Cracow University of Economy 

Real Estate Controlling of Institutional Real Estate Investors in Germany 

Matthias Eder, ebs Real Estate Center 

Asset Meltdown - Fact or Fiction? 

Raimond Maurer, Goethe-Universität Frankfurt am Main, Marcel Marekwica, Steffen Sebastian, 

University of Regensburg 

An Investigation of the Nature of Vacant Commercial and Industrial Property 

Mutale Katyoka, University of the West of England, Peter Wyatt, University of the West of 

England 

Uncertainty about the vacancy rate in the Dutch office market, due to the 

different vacancy types and stratified structure. 

Willem G. Keeris, Delft University of Technology, Philip W. Koppels, Delft University of 

Technology 

110 

002 

005 

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16:30-18:00 Panel 3 - Transnational Investments in the Real Estate Industry OLS 

chair: Paola Lunghini, Economia Immobiliare 

Alessandro Bronda, Aberdeen Property Investors, Head of Research 

Marcus Cieleback, Eurohypo – Real Estate Appraisal & Consulting, Head of Research 

Tony Key, University of Reading 

Valentina Delli Santi, Delli Santi Legal Firm, Rom, Partner 

18:30-20:00 Reception - Neues Museum NM 

- 20 -



08:00-09:30 Session 4-A 

PPP Projects, Mechanism and Instruments 

chair: Timothy Dixon, Oxford Brookes University 

Valuation Criteria in Italian Public Private Partnership PPP 

Laura Gabrielli, IUAV Venice University of Architecture, Giuliano Marella, University of Padua 

Public Private Partnership Projects for Health Care 

Thomas Gartung, IPM Ingenieurgesellschaft für Projektmanagement mbH 

Implementing the PPP Approach into Education 

Hans Wilhelm Alfen, Bauhaus-Universität Weimar, Renate Fruchter, Stanford University, Andrea 

Jungbecker, Bauhaus-Universität Weimar 

Equity Investments in German Public Private Partnership Projects 

Philip Boll, ebs Real Estate Center 

08:00-09:30 Session 4-B 

Unlisted Real Estate - INREV Session 

chair: Ville Raitio, INREV, Robin Goodchild, LaSalle Investment Management 

Managing Specific Risk in Property Portfolios 

Andrew Baum, University of Reading, Peter Struempell, OPC 

The Growth of Private Property Vehicles 

Nina Kutsch, University of Reading, Patrick McAllister, University of Reading 

Risks and Possibilities for Finnish Institutional Investors in Non-Listed 

Property Funds 

Jaakko Leinonen, RAKLI 

Private REITs in Germany 

Tobias Pfeffer, ebs Real Estate Center, Patrick Schlump, ebs Real Estate Center 

08:00-09:30 Session 4-C 

Securitized Real Estate 

chair: CF Sirmans, University of Connecticut 

Liquidity of Property Shares: a second Look across Countries. 

Dirk Brounen, Erasmus University Rotterdam, Piet Eichholtz, Maastricht University, David Ling 

Permanent and Transitory Drivers of Securitised Real Estate 

Chee Cheong, Richard Gerlach, Simon Stevenson, Cass Business School City of London, 

Patrick Wilson, University of Technology Sydney, Ralf Zurbrugg, University of Adelaide 

The Discount Paradox Inverted: The Swiss Case. 

Steffen Sebastian, University of Regensburg 

Real Estate Investment in India and Law 

Neelkanth Aher, Associate Fox Mandal Solicitors & Advocates, Srishty Aher, Associate Fox 

Mandal Solicitors & Advocates 

105 

108 

109 

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08:00-09:30 Session 4-D 

Housing and Public Policy 

chair: Stanley McGreal, University of Ulster 

Comparing Social Objectives for Decision-Making in Housing Corporations 

Bert Kramer, ORTEC, D. Kronbichler, J. Putman, T. van Welie 

Rent Control Revisited: Effects on the Principal Agent Problem in Property 

Management 

Roger J. Brown, IMOJIM Investments, Beate Klingenberg, Marist College 

Spain National Housing Policy: Developing a Profile of Beneficiaries of Public 

Housing Assistance? 

Luis Castellanos, Montserrat Díaz, University of Oviedo, Miguel Fernandez, University of 

Oviedo, Laura Galguera, University of Oviedo, Christos Giannikos, City University of New York, 

Paz Mendez 

Housing and Social Policy in Malaysia: Provision for the Elderly. 

David Baldry, University of Salford, Les Ruddock, University of Salford, Noralfishah Sulaiman, 

University of Salford 

08:00-09:30 Session 4-E 

Real Estate Portfolio Management 

chair: Graeme Newell, University of Western Sydney 

Face the Risks associated with Real Estate Portfolios 

Sebastian Merkle, Nuertingen-Geislingen University, Tobias Streckel, Nuertingen-Geislingen 

University 

Investment based Real Estate Portfoliomanagement 

Stefan Armonat, Merrill Lynch, European Loan Trading, Andreas Pfnuer, Technische Universität 

Darmstadt 

Building Analysis in Real Estate Portfolio Management - A market-based 

Assessment Tool. 

Henric Hahr, University of Stuttgart 

Real Estate Portfolio Risk Management Practices of Institutional Investors in 

Germany: A Survey. 

Alexandra Stock, ebs Real Estate Center 

110 

002 

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08:00-09:30 Session 4-F 

Case Studies and Other Topics 

chair: Paola Lunghini, Economia Immobiliare 

2006 Property Investment Market Trends. Focus on Paris Region. 

Beatrice de Quinsonas, IPD, Stéphanie Galiègue, IPD France 

Benchmarking in Real Estate Journalism: A Multi-National Online Survey. 

Jenny Arens, ebs Real Estate Center, Nikolaus Jackob, Johannes-Gutenberg Universität 

Mainz, Thomas Zerback, Johannes-Gutenberg Universität Mainz 

Individual Commissioning of Dwellings: The Private Habitant as Contractor. 

Stephan Maussen, Eindhoven University of Technology 

The Relationship between Weekly Time Allocation and Self-Gratification: A 

Case Study of Tainan City. 

Hao-Ching Hsia, Kan-Chung Huang, Kun Shan University Taiwan, Kuang-Yih Yeh, National 

Cheng Kung University Taiwan 

08:00-09:30 Panel 4 - The German Real Estate Market; a question of 

transparency? 

chair: Robert Ummen, Dr. ZitelmannPB GmbH 

Jens Nagel, Akelius 

Matthias Thomas, DID 

Andreas Schulten, BulwienGesa AG 

Jean Bernard Wurm, Land America 

10:00-11:30 Session 5-A 

PPP - The European Experience 

chair: Andreas Pfnuer, Technische Universität Darmstadt 

PPPs, the Business Cycle, and the Political Cycle 

Rui Monteiro, Universidade Técnica de Lisboa 

Preventive Law and Risk Management in Finnish PPP Projects 

Antti Tieva, Helsinki University of Technology, Juha-Matti Junnonen, Helsinki University of 

Technology 

Public-Private Partnerships in Greece: Past Experience and Perspectives. 

Ioanna Alexandropoulou, Attorney of Law, Nicolaos Triantafyllopoulos, University of 

Thessaly 

The Paradoxes of small Public Private Partnerships: Another Economy, a Life 

in a Cradle or Voluntary Innovation? 

Christian Koch, Technical University of Denmark, Jesper Ole Jensen, Technical University of 

Denmark 

005 

OLS 

105 

- 23 -


10:00-11:30 Session 5-B 

Sentiment and Leading in Real Estate Analysis 

chair: Kristin Wellner, Credit Suisse AM 

Construction Cycles and Stock Markets: An International Empirical 

Investigation. 

Yuming Fu, National University of Singapore and Maarten Jennen, PhD RSM Erasmus 

University 

European Office Market Cycles: An Empirical Study of Lead-Lag 

Relationships 

Ilga Gebert, MEAG Munich ERGO Asset Management GmbH 

Stock Market Movements and the Office Market: a European analysis 

Marcus Cieleback, Eurohypo AG 

Using Occupier Surveys as an Indicator of Future Office Demand: Three 

Surveys in London and South East England 

Andrew Marston, Atisreal, Kim Politzer, Atisreal, Jo Warren, Atisreal 

10:00-11:30 Session 5-C 

Modelling the Housing Market 

chair: Edwin Deutsch, University of Technology, Vienna 

Modelling the Spatial Structure of Residential Land Markets: Application to 

Belgium and its new Residential Developments. 

Jean-Marie Halleux, University of Liège 

Macroeconomic Risk Exposure of Housing Accounting for Spatio-Temporal 

Correlations 

Steffen Sebastian, University of Regensburg 

A Role of Credit Channel and Uncertainty on Housing and Business Cycle 

Victor Dorofeenko, Gabriel Lee, University of Regensburg, Kevin D. Salyer 

Housing Finance and Equity Capital Markets 

Michael Anikeeff, Johns Hopkins University, Peter Chinloy, Isaac Megbolugbe, Johns Hopkins 

University 

10:00-11:30 Session 5-D 

Vacant Housing 

chair: Peter Wyatt, University of the West of England 

Estimating a Housing Stock Vacancy Rate 

Peter Wyatt, University of the West of England 

Investments into the Existing Housing Stock of West and East Germany 

Holger Oertel, Ludwig Schätzl, gif 

Why Demolish?: East Germany’s Vacant Housing. 

Kristof Dascher, Viadrina University Frankfurt/Oder 

Anticipatory Management of Strategic Risks as a Part of Sustainable 

Management of Housing Companies 

Thomas Lützkendorf, Universität Karlsruhe, Oliver Urschel, Universität Karlsruhe 

108 

109 

110 

- 24 -


10:00-11:30 Session 5-E 

Corporate Real Estate Strategy 

chair: Wolgang Schäfers, Universität Regensburg 

Service Oriented Real Estate Business 

Nils Gersberg; Helsinki University of Technology, Suvi Nenonen, Helsinki University of 

Technology, Heidi Rasila, Helsinki University of Technology 

Energy Consumption of Swiss Office Buildings 

Christian Stoy, Harvard University 

Corporate Real Estate keep Factors and Customer Intimacy Strategies 

Rianne Appel-Meulenbroek, Eindhoven University of Technology 

Best Practice Transfer in Care Homes for the Elderly: Case Study 

Methodology. 

David Baldry, University of Salford, Les Ruddock, University of Salford, Noralfishah Sulaiman, 

University of Salford 

10:00-11:30 Session 5-F 

Planning and Development 

chair: Jim Berry, University of Ulster 

Office Environments for the Future: The Importance of Interdisciplinary 

Concepts 

Sascha Becker, ebs Real Estate Center, Bettina Staniek, Technische Universität Darmstadt 

The Leasehold System as a Means of Sustainable Urban Planning – A Hong 

Kong Case Study. 

Eric C.K. Ho, The University of Hong Kong 

Mixed-used Quarter Developments: An Interdisciplinary Approach to Strategic 

Urban Planning 

Philipp Feldmann, ebs Real Estate Center, Holger Mrosek, Deutsche Annington Immobilien 

GmbH, Elmar Schütz, Vivico Real Estate GmbH 

Integrating Interests in Redevelopment Processes: The case of Den Haag 

Zuidwest 

Jeroen Pieter Traudes, Amsterdam School of Real Estate 

10:00-11:30 Panel 5 - Real Estate Investment Vehicles OLS 

chair: Andrew Baum, University of Reading 

Bernd Kottmann, IVG 

Barbara Deisenrieder, AMB Generali 

Robin Goodchild, LaSalle Investment Management 

Gareth Lewis, British Property Federation 

H. Jürgen Tiemann, KapHag, BfW 

002 

005 

- 25 -


12:00-13:30 PPP - Symposium I 

Upcoming markets in Europe 

chair: Hans Wilhelm Alfen, Bauhaus-Universität Weimar 

Patrick Boeuf, La Mission d’Appui à la réalisation des contrats de Partenariat, 

Rui Sousa Monteiro, Finance Ministry PPP Unit Parpública SA, Lisboa 

Regina Cablitz, PPP Task Force, Finance Ministry Nordrhein-Westfalen, 

12:00-13:30 Session 6-B 

Econometric Modelling for Forecasting 

chair: Fabrice Barthelemy, University Cergi-Pontoise 

Predictible or not? Forecasting German and US Office Rental Markets 

H.-J. Dobner, HTWK Leipzig, Franz Fuerst, Atisreal Consult, Ullrich Werling, Berlin 

Capturing UK Real Estate Volatility 

Robert Fourt, Gerald Eve, Alan Gardner, Gerald Eve, George Matysiak, University of Reading 

Yield Differences between Office Markets along Time: Econometric Panel 

Analysis. 

Oliver Voß, Oppenheim Immobilien-KAG 

Modelling Central and Eastern European Commercial Real Estate Markets: A 

Panel Data Approach 

George Matysiak, University of Reading, Fotis Mouzakis, Cass Business School City of London 

12:00-13:30 Session 6-C 

Influencing House Prices 

chair: Ingrid Nappi-Chaulet, ESSEC Business School Paris 

Does the Overall Quality in the Supply of an Urban Bus Service affect House 

Prices? - A North-American Case Study. 

François Des Rosiers, Laval University Quebec City, Jean Dubé, Laval University Quebec City, 

Marius Thériault, Laval University Quebec City, Marion Voisin, Laval University Quebec City 

Residential Property Sales by Auction: An Analysis of the Sydney Residential 

Sales Market. 

Chris Eves, University of Western Sydney 

Power Lines and House Prices: Real versus Perceived Impacts. 

Sally Sims, Oxford Brookes University 

First-Time Buyers going Dutch 

Dirk Brounen, Erasmus University Rotterdam, Peter Neuteboom, Erasmus University Rotterdam 

105 

108 

109 

- 26 -


12:00-13:30 Session 6-D 

Policy and Residential Markets 

chair: Monika Dobberstein, HCU Hamburg 

German Retirees living in Alicante: The Revival Survey. 

Jose Manuel Casado, M. Angeles Casado, Karen Gibler, Vicente Rodriguez, Paloma 

Taltavull de la Paz, University of Alicante 

Affordable Housing Policy and the Changing Socio-Spatial Structure in 

Transitional Beijing 

Sun Sheng Han, National University of Singapore, Wenpei You, National University of Singapore 

Housing Market Development in Estonia: Is there Real Estate Boom 

expected? 

Angelika Kallakmaa-Kapsta, Tallinn University of Technology , Ene Kolbre, Tallinn University of 

Technology, Taavi Ojala 

Local Housing Markets in Poland and their Adjustment to the Market Rules 

Magdalena Zaleczna, University of Lodz, Konrad Zelazowski, University of Lodz 

12:00-13:30 Session 6-E 

Valuation Methodology 

chair: Nick French, The University of Reading 

Damage Limitation – Could Judicial Decisions in Valuation Methodology have 

a wider Impact 

Malcolm Hollis, University of Reading 

The Residuals Analysis as the Source Diagnosing of Stochastic Factors 

influent on the Real Estate Value 

Malgorzata Beata Renigier, University of Warmia and Mazury, Ryszard Zrobek, University of 

Warmia and Mazury 

Expanding Valuation Theory by Incorporating Synergy Principles 

Olgierd Nicholas Ordway, University of Hawaii 

Short-cut Approaches to Calculating Depreciation in the Cost Method of 

Valuation 

Nalumino Akakandelwa, The Copperbelt University Zambia 

12:00-13:30 Session 6-F 

Investment Issues 

chair: Gerjan Vos, University of Amsterdam 

External Influences on Property Investment Decisions: the UK case. 

Deborah S. Levy, University of Auckland, Claire Roberts, Oxford Brookes University 

Opportunistic Real Estate Investment – What can Property Development do? 

Stephan Bone-Winkel, BEOS Projektentwicklung, Tobias Pfeffer, ebs Real Estate Center 

The Influence of Institutional Real Estate Owners on Real Estate Market: Case 

Study of Olsztyn, Poland 

Radoslaw Cellmer, University of Warmia and Mazury, Andrzej Muczynski, University of Warmia 

and Mazury 

Is there a Market of Sustainable Property Investment Products? 

David Lorenz, Universität Karlsruhe, Thomas Lützkendorf, Universität Karlsruhe 

110 

002 

005 

- 27 -


12:00-13:30 Panel 6 - Real Estate Private Equity OLS 

chair: Wolfgang Schäfers, Universität Regensburg 

Ralph Winter 

Jon Lekander, Aberdeen 

Nico Rottke, European Business School 

Christian Schulz-Wulkow, Ernst & Young 


Lunch Speaker: Jürgen Ehrlich 

14:30-16:00 PPP - Symposium II 

Methods and Instruments for PPP 


Patrick Boeuf, La Mission d’Appui à la réalisation des contrats de Partenariat, 

Rui Sousa Monteiro, Finance Ministry PPP Unit Parpública SA, Lisboa 

Regina Cablitz, PPP Task Force, Finance Ministry Nordrhein-Westfalen, 

14:30-16:00 Session 7-B 

German REITs in Competition - Polis AG Session 

chair: Alan Cadmus, Polis AG 

Tax Treatment of REIT models: Evidence of International Practice and 

Lessons for the UK REIT Market. 

Farida Namata, Investment Property Databank London 

The Introduction of German REITs: Best Practice and the Political Situation 

Ramon Sotelo, Bauhaus-Universität Weimar 

Outsourcing German Corporate Real Estate via REITs 

Martin Becker, ebs Real Estate Center, Karl Werner Schulte, ebs Real Estate Center 

The Inflation-Hedging Properties of REITs in Emerging Markets: The Evidence 

from Turkey. 

Isil Erol, Middle East Technical University 

105 

108 

- 28 -


14:30-16:00 Session 7-C 

Learning from Comparative Housing Markets 

chair: Bert Kramer, ORTEC 

Comparative Residential Real Estate Rents and Values In Moscow vs. 

Philadelphia: A Ten-Year Perspective. 

Stephen Paul Marshall, Widener University, Hasan H. Valiullin, International University "Dubna" 

Housing Co-Operatives: A Study concerning Students as Housing 

Demanders. 

Sascha Hempe, , Markus Mändle, Nürtingen University 

The Dutch and the Swiss: Two Unitary Rental Markets compared. 

Vincent Gruis, Delft University of Technology, Joris E. Van Wezemael, University of Zurich 

Economic Aspects of Residential Rental Real Estate: A Comparison of 

Germany, the Netherlands, and the USA 

Tom Geurts, Marist College, Guido Spars, Technical University Berlin 

14:30-16:00 Session 7-D 

Real Estate Portfolio and Asset Management 

chair: Stephen Lee, University of Reading 

Optimal Holding Period in Real Estate Portfolio. 

Michel Baroni, ESSEC, Fabrice Barthelemy, THEMA - Cergy-pontoise University, Mahdi 

Mokrane, THEMA - Cergy-pontoise University 

Strategic Portfolio Construction for Hotel Investments 

Graeme Newell, University of Western Sydney, Ross Seabrook, University of Western Sydney 

Are the Benefits from Geographical Diversification declining within Europe? 

Daniel Piazolo, DID Deutsche Immobilien Datenbank 

Asset Management with Life Cycle Costs 

Andrea Pelzeter, Pelzeter . Lebenszyklus-Management 

14:30-16:00 Session 7-E 

National and Regional Issues in Valuation 

chair: Neil Crosby, University of Reading 

Changes in Terms and Conditions of German Office Leases 

Lars Dierkes, Christian Hantelmann, ebs Real Estate Center 

The Role of Valuation in the Effective Management of Public Property - A UK 

Case Study. 

Nick French, University of Reading, Laura Gabrielli, Venice University of Architecture 

The Valuation and Management of Property in a Transition Economy: The 

Case of Belarus. 

Rossoha Evgenij, Belarusian State Technological University, Leonid Rusjanov, Institute of Real 

Estate and Valuation, Minsk, Nikolai Siniak, Belarusian State Technological University 

Property Taxation Revenue Vs. Best Value Service Provision in Local 

Authorities: The Malaysian Experience 

Maziah Ismail, Kolej Universiti Teknologi Tun Hussein Onn, Johor 

109 

110 

002 

- 29 -


14:30-16:00 Session 7-F 

Urban Regeneration 

chair: Timothy Dixon, Oxford Brookes University 

German Experience in Urban Regeneration: Conclusions for Poland? 

Malgorzata Zieba, Cracow University of Economics 

‘Company City’ to ‘Sports City’: Torino 2006 as a Catalyst of Urban 

Restructuring and Property Market Change 

Eamonn D'Arcy, University of Reading, Uberto Visconti di Massino, ING Real Estate 

Development Italy 

Real Estate Strategies in a large-scale Urban Development Project: 

Generating a high-quality Public Good by Developing Competitive and 

Transparent Market-driven Approaches and Processes. The HafenCity 

Hamburg Project. 

Jürgen Bruns-Berentelg, HafenCity Hamburg GmbH 

Attracting Institutional Investment into Regeneration: necessary Conditions 

for effective Funding. 

Alastair Adair, University of Ulster, Jim Berry, University of Ulster, Norman Hutchison, 

University of Aberdeen, Stanley McGreal, University of Ulster 

14:30-16:00 Panel 7 - Middle and Eastern Europe OLS 

chair: Holger Ladewig, L / A / M 

Wolfgang R. Bays, Brune-Consulting GmbH 

Marlene Mersmann, Rödl & Partner 

Paul Kennedy, Invesco, London 

Dieter Rebitzer, FH-Nürtingen 

16:15-17:45 Session 8-A 

PPP Law and Governance 

chair: Jesper Ole Jensen, Technical University of Denmark 

“Public Interest Performance of Public-Private Partnerships in Urban 

Development” 

W.D. Bult-Spiering, University of Twente, G.P.M.R. Dewulf, University of Twente, Marnix Smit, 

University of Twente 

The Public Private Partnership acceleration law in Germany and its effects 

on current practice 

Tatjana Lohmann, Universität Stuttgart 

Greek law on PPP: Protecting EU economic operators’ participation 

Ioanna Alexandropoulou, Attorney of Law 

National establishing processes of Public Private Partnerships- Towards an 

understanding of emergent dynamics 

Christian Koch, Technical University of Denmark, Jesper Ole Jensen, Technical University of 

Denmark 

005 

105 

- 30 -


16:15-17:45 Session 8-B 

Property Management Issues I 

chair: Aart Hordijk, ROZ/IPD Property Index 

Part-Sales as an Investment Strategy: Analysis of Part-Selling of Residential 

Units in the Netherlands. 

Aart Hordijk, ROZ/IPD Property Index, Jos E. Janssen, AZL B.V. and Bert J.J. Teuben, 

ROZ/IPD Property Index 

Comparing the Discreet Affluent ones: A new Database for Real Estate Funds 

in Germany. 

Gerry F. Dietel, DID Deutsche Immobilien Datenbank GmbH, Daniel Piazolo, DID Deutsche Immobilien 

Datenbank GmbH, Matthias Thomas, HAWK Holzminden 

Urban Economic Change and Property Investment 

Colin Jones, Heriot-Watt University Edinburgh 

Socially Responsible Property Investment SRPI: A Review of UK Investment 

practices 

Miles Keeping, Oxford Brookes University, Daniel Rapson, Oxford Brookes University, Claire 

Roberts, Oxford Brookes University, David Shiers, Oxford Brookes University 

16:15-17:45 Session 8-C 

Housing Market Fundamentals 

chair: Paloma Taltavull de la Paz, University of Alicante 

Rationality and Irrationality in Romanian House Prices 

Basarab Gogoneata, Academy of Economic Studies Bucharest 

The Fundamental Determinants of House Price Developments in Industrial 

Countries 

Karsten Junius, DekaBank,Patrick Gilles, DekaBank, Gunnar Meyke, DekaBank und Stefan 

Subroweit, DekaBank 

On Growing or Declining Polarization in Housing Tenures 

Edwin Deutsch, University of Technology Vienna 

Income Allocation-Based Housing Demand Model: A Case Study of Tainan 

City. 

Hao-Ching Hsia, Kan-Chung Huang, Kun Shan University Taiwan, Kuang-Yih Yeh, National 

Cheng Kung University Taiwan 

108 

109 

- 31 -


16:15-17:45 Session 8-D 

Economics, Spatial and Regulatory Effects on Office Markets 

chair: Tony Key, Cass City University 

Recent trends in the Edinburgh and Glasgow Office Markets 

Edward Trevillion, GVA Grimley, Lulu Wang, GVA Grimley, Toby Withall, GVA Grimley 

Development of Urban Renovation and Rehabilitation Programmes in the 

Historic Centers. Effects on the European Real Estate Market. 

Roberto Cervelló Royo, Polytechnic University of Valencia, Baldomero Segura Garcia del Rio, 

Polytechnic University of Valencia F.J. Ribal Sanchis, Polytechnic University of Valencia A. 

Blasco Riuz, Polytechnic University of Valencia 

Exploring the Athens Office Real Estate Market Crisis 

Nicolaos Triantafyllopoulos, University of Thessaly 

Stock-Flow-Trend Analysis of Capital Formation in Buidlings 1960-2020. 

Jo P. Soeter, Delft University of Technology 

16:15-17:45 Session 8-E 

Marketing and Education 

chair: Michael Anikeeff, Johns Hopkins University 

Naming Rights and Marketing of Sport Arenas 

Sascha Becker, ebs Real Estate Center, Nora Oettgen, ebs Real Estate Center 

Office Branding – Towards an integrated brand building strategy 

Sascha Becker, ebs Real Estate Center, Philipp Feldman, ebs Real Estate Center, Friederike 

Sperl, ebs Real Estate Center 

Feasibility Studies: A Didactic Instrument for Interdisciplinarity in Real Estate 

Education 

Rolf Kyrein, Rudolf Schäfer, Technische Universität Berlin 

Bringing the Outside In: The Coalescence of Industry and Academics in Real 

Estate Education 

Lisa Chambers, University of San Diego, Jennifer Holm, University of San Diego, Elaine 

Worzala, Johns Hopkins University 

16:15-17:45 Session 8-F 

Industrial Property and Land Markets 

chair: Tom Kauko, University of Delft 

Demand for Industrial Property in the European Market over the next Decade: 

Comparing the UK & Germany 

Kilian Mahler, Bob Thompson, RETRI Group 

Classifying Land Market Systems: Land of Glory? 

Wim van der Post, Amsterdam School of Real Estate 

Extracting the Land Value out of the Values of Improved Properties 

Ünsal Özdilek, University of Quebec 

Property Value Problems at an Enterprise: a Case Study 

Veronika Ilsjan, Tallinn University of Technology 

110 

002 

005 

- 32 -


16:15-17:45 Panel 8 - Asset Management as Real Estate Development OLS 

chair: Andreas Schiller, Immobilien Manager 

Alan Cadmus, Polis AG 

Frank Billand, Difa 

Stephan Bone-Winkel, BEOS Projektentwicklung 

18:00-18:45 AGM OLS 

20:00-23:45 Gala-Dinner - Congress Centrum Neue Weimarhalle ccnw 

Speakers: Eamonn D'Arcy, Executive Director 

Matthias Thomas, HAWK Holzminden 

- 33 -



09:00-10:30 Session 9-A 

Private Participation in Developing Countries 

chair: Rui Monteiro, Universidade Técnica de Lisboa 

Public Private Partnerships in Asia: Enabling Framework and Risk Profile. 

Martinus Abednego, Asian Institute of Technology, Amber Y.C. Jan, Bauhaus-Universität 

Weimar, Boeing Singh IITM, India 

A partnership of Public and Private Sectors as a Model for the Implementation 

of Urban Revitalization Projects 

Stanisław Belniak, Cracow University of Economics 

Good Project Governance for better Public-Private Partnerships 

Martinus Abednego, Asian Institute of Technology Thailand, Stephen O. Ogunlana, Asian 

Institute of Technology Thailand 

PPP Public Private partnership application to Real Estate in Turkey 

Feyzullah Yetgin, Emlak Real Estate Ivestment Company 

09:00-10:30 Session 9-B 

International Valuation Standards 

chair: Wolfgang Kälberer, TEGoVA 

Valuation in Emerging Markets 

Nikolai Trifonov, Belarusian Society of Valuers 

Implementation of International Valuation Standards in an Emerging Market - 

Threats and Opportunities: The Case of Poland. 

Ewa Kucharska-Stasiak, University of Lodz 

International Valuation Standards: Challenges for Real Estate Valuation. 

Ion Anghel, Academy of Economic Studies Bucharest 

Quality of Valuation - A Comparison between Valuation and Sales Prices in 

Germany and Great Britain 

Gerrit Leopoldsberger, Dr.Leopoldsberger + Partner 

09:00-10:30 Session 9-C 

International Real Estate Investments 

chair: Nico Rottke, European Business School 

The Impact of Country Risk on International Real Estate Returns 

Stephen Lee, University of Reading 

Risk and Return in European Property Markets – an Empirical Investigation 

David Lorenz, Universität Karlsruhe, Stefan Trück, Queensland University of Technology 

Foreign Exchange Risk Management Practice by LPTS in Australia 

Ian McIntosh, Macquarie Office Trust, Graeme Newell, University of Western Sydney 

Investment Prospective in EU Accession Countries: an Example. 

Michele Businaro, REAG Spa, Manuela Rainini, REAG Spa, Elena Zanlorenzi, REAG Spa 

105 

108 

109 

- 34 -


09:00-10:30 Session 9-D 

Property Management Issues II 

chair: Steffen Sebastian, University of Regensburg 

Target Group-specific Clustering of Office Tenants in Germany - An empirical 

Analysis. 

Philipp Feldmann, ebs Real Estate Center, Tobias Pfeffer, ebs Real Estate Center 

Live with property specific and managerial risks 

Willem G. Keeris, Delft University of Technology 

Property Management and Facility Management in Poland 

Katarzyna Najbar, Cracow University of Economics 

Portfolio Management Based on Benchmarks in the Public Real Estate 

Management 

Stephan Seilheimer, Bergische Universität Wuppertal 

09:00-10:30 Session 9-E 

Urban Development and Real Estate Market 

chair: Alan Evans, The University of Reading 

Shrinking and Growing Cities: Asymmetric Real Estate Price Reactions? 

Lisa Dust, Universität Hamburg, Wolfgang Maennig, Universität Hamburg 

Area based Urban Regeneration and Economic Restructuring: The Role of Tax 

based Incentives in the Developing the International Financial Services Centre 

in Dublin. 

Brendan Williams, University College Dublin 

The Conditions for Investments and Opportunities in Belarus 

Nikolai Siniak, Belarusian State Technological University 

Standing in the Shadow: The Problem of the „Class B“ Urban 

Agglomerations. 

Bernhard Schneider, University of Klagenfurt, Magdalena Zaleczna, University of Lodz 

09:00-10:30 Session 9-F 

Facility Management 

chair: Hansjörg Bach, Hochschule für Wirtschaft und Umwelt HfWU Nürtingen - Geisling 

Real Estate Marketing for Leisure and Entertainment Parks 

Christine Haberzettl, Julia Jedelhauser, FHS Kufstsein Tirol, , Philipp Kaufmann, TU Wien 

Market Report for Offices in the Western Austrian Federal States 

Anton Holzapfel, Julia Jedelhauser, FHS Kufstsein Tirol, Philipp Kaufmann, TU Wien 

Controlling in Real Estate Management: A new comprehensive Concept 

Julia Jedelhauser, FHS Kufstsein Tirol, Philipp Kaufmann, TU Wien, Peter Prischl 

Integration of Stakeholder Management into Facility Management 

Philipp Kaufmann, TU Wien, Alexander Redlein, 

Real Estate Management, Facility Managent and Feng Shui 

Julia Jedelhauser, FHS Kufstsein Tirol, Philipp Kaufmann, TU Wien, Hans Jörg Ötzbrugger 

110 

002 

005 

- 35 -


09:00-10:30 Panel 9 - Real Estate Education OLS 

chair: Karl-Werner Schulte, European Business School 

Roy Black, Georgia State University 

Tony McGough, Cass Business School 

Paloma Taltavull de la Paz, University of Alicante 

Fritz Berner, Universität Stuttgart 

11:00-12:30 Session 10-A 

PPP and Finance 


Financing of PPPs in Germany 

Dirk Daube, Bauhaus-Universität Weimar, Susann Vollrath, Bauhaus-Universität Weimar 

Are there Options to PPP or PFI Procurement Models? 

Nicholas Anderson, SEK Swedish Export Credit Corporation, Juhani Kiiras, Helsinki University 

of Technology 

Real Estate Financing by PPP: the Role of Capital Markets and Intermediaries. 

Ursula Walther, Technische Universität Bergakademie Freiberg 

11:00-12:30 Session 10-B 

Comparing Housing Markets 

chair: Stephan Kloss, Curem 

Residential Location and Housing Values: an Assessment of Real Estate 

Value Distribution in Istanbul. 

Kerem Arslanli, Istanbul Technical University, Vedia Dokmeci, Istanbul Technical University, 

Ferhan Gezici, Istanbul Technical University 

Moscow and St.Petersburg Residential Markets in last years: the 

Comparative Analysis. 

Yuri Kochetkov, development company "Kvartira.Ru" 

Housing Consumption and Preferences at the Micro Level – Comparison of 

AHP Exercises from six different European Market Segments 

Tom Kauko, Delft University of Technology 

Equilibrium Housing Vacancy Rate from Perceived Shortage 

Phillipe Thalmann, EPFL Ecole Polytechnique Fédérale de Lausanne 

105 

108 

- 36 -


11:00-12:30 Session 10-C 

Real Estate Debt and Securitization 

chair: Elaine Worzala, Johns Hopkins University 

Real Estate Securitisation - A comparison of European Debt Securitisation 

Structures 

Manuel Breidenbach, ebs Real Estate Center, Marc Breidenbach, Berenberg Bank 

Workout Management of Non Performing Loans: a Formal Model based on 

Transaction Cost Economics. 

Nico B. Rottke, ebs Real Estate Center, Julia Gentgen, ebs Real Estate Center 

Share Price Reaction of Banks in the Context of Disposal of Non Performing 

Real Estate Loan Portfolios: Evidence from Germany. 

Nico B. Rottke, European Business School and Dirk Schiereck, European Business School 

The Determinants of Business Performance of Estate Agents in England and 

Wales 

Qiulin Ke, Nottingham Trend University, P.Dalton, University of Greenwich, D. Isaac, University 

of Greenwich 

11:00-12:30 Session 10-D 

Risk Premia and Behaviour in the Institutional Market 

chair: Thomas Lützkendorf, Universität Karlsruhe 

Property Size Effect: South East UK Ofiices 1983-2005 

Alan Gardner, Gerald Eve, George Matysiak, University of Reading, Alexander Vaughan- 

Jones, Gerald Eve 

Geographical Concentration in the Institutional Market for Office Property in 

England and Wales 

Peter Byrne, University of Reading, Stephen Lee, University of Reading 

Occupiers' Incentives and the Real Estate Cycle 

Willem G. Keeris, Delft University of Technology, Philip W. Koppels, Delft University of 

Technology 

11:00-12:30 Session 10-E 

Getting your Research Published 

chair: Graeme Newell, University of Sydney 

Nick French, University of Reading 

Gabriel Lee, University of Regensburg 

N.N., Editor 

109 

110 

002 

- 37 -


11:00-12:30 Session 10-F 

Brownfields, Sustainability and Development 

chair: Stephan Bone-Winkel, BEOS Projektentwicklung 

The UK Property Development Industry and Sustainable Urban Brownfield 

Regeneration: An Analysis of Case Studies in Thames Gateway and Greater 

Manchester. 

Timothy Dixon, Oxford Brookes University 

Solutions to the Five Key Brownfield Valuation Problems 

Alastair Adair, University of Ulster, Stanley McGreal, University of Ulster, Bruce Weber, 

University of Ulster 

Property Market under Transitional Economy in Chinese Cities: Case Study of 

Institutional Mechanism of Property Development in Shanghai 

Ze Li, National University of Singapore, Zhang Tianjie, National University of Singapore 

The Management of Property Development Risks in Malaysia - Risk 

management and the Property Development Process: A Review. 

Sabariah Eni, Tun Hussein Onn College University of Technology, Zaharah Manaf, Tun Hussein 

Onn College University of Technology and Najib Razali, Tun Hussein Onn College University of 

Technology 

11:00-12:30 Panel 10 - Valuation Standards around the World OLS 

chair: Ramon Sotelo, Bauhaus-Universität Weimar 

Hermann Altmeppen, Altmeppen & Partner 

Neil Crosby, University of Reading 

Wolfgang Kälberer, TEGoVA, Verband Dt. Pfandbriefbanken 

Wolfgang Kleiber, Hochschule Anhalt 

Gerrit Leopoldsberger, RICS, Leopoldsberger & Partner 

Wayne A. Nygard, KTR Newmark Real Estate Services LLC, New York 

14:00-15:00 Lunch and Closing - Mensa am Park 

005 

- 38 -

Program - Index 

Index 

-A- 

Martinus Abednego (Asian Institute of Technology) 9-A 

Alastair Adair (University of Ulster) 1-F, 7-F, 

10-F 

Alexander Adam (Kaiser Baucontrol) 2-B 

Shristy Aher (Fox Mandal Solicitors & Advocates) 4-C 

Neelkanth Aher (Fox Mandal Solicitors & Advocates) 4-C 

Nalumino Akakandelwa (The Copperbelt University) 6-E 

Ioanna Alexandropoupou (Attorney at Law) 1-B, 5-A, 

8-A 

Wilhelm Alfen (Bauhaus-Universität Weimar) 4-A, 10-A 

Nicholas Anderson (SEK Swedish Export Credit Corporation) 10-A 

Mark Andrew (University of Reading) 3-D, 6-D 

Ion Anghel (Academy of Economic Studies Bucharest) 9-B 

Michael Anikeeff (Johns Hopkins University) 5-C, 8-E 

Rianne Appel-Meulenbroek (Eindhoven University of 

Technology) 

5-E 

Jenny Arens (ebs Real Estate Center) 4-F 

Stefan Armonat 4-E 

Kerem Arslanli (Istanbul Technical University) 10-B 

V. Assimakopoulos (National Technical University of Athens) 1-C 

-B- 

Hansjörg Bach (Hochschule für Wirtschaft Nürtingen- 

Geisling) 

2-D, 9-F 

David Baldry (University of Salford) 4-D, 5-E 

Michel Baroni (ESSEC) 7-D 

Fabrice Barthelemy (THEMA - Cergy-pontoise University) 6-B, 7-D 

Rob Bauer 3-A 

Andrew Baum (University of Reading) 3-C, 4-B 

Sascha Becker (European Business School) 5-F, 8-E 

Martin Becker (ebs Real Estate Center) 7-B 

Stanislaw Belniak (Cracow University of Economics) 9-A , 3-F 

Esther Bernabeu Garcia (University of Alicante) Doc I 

Jim Berry (University of Ulster) 5-F, 7-F 

Thomas Beyerle (Head of Research and Strategy DEGI) 1-E, 2-C, 

3-E 

Sven Bienert (University of Applied Sciences Kufstein) 2-B , 

Philip Boll (Real Estate Academy) 4-A 

Stephan Bone-Winkel (BEOS Projektentwicklung) 6-F, 10-F 

Axel Borchert (Borchert GeoInfo GmbH) 1-F 

Jesse Bostwick 3-C 

Manuel Breidenbach (Real Estate Academy) 10-C 

Marc Breidenbach (Berenberg Bank) 10-C 

Dirk Brounen (Erasmus University Rotterdam) 1-F, 2-A, 

4-C, 6-C 

Roger Brown (IMOJIM Investments) 4-D 

Gordon M. Brown (Eindhoven University of Technology) 3-E 

Louise Brown (University of Ulster) 2-E 

Jürgen Bruns-Berentelg (HafenCity Hamburg GmbH) 7-F 

W. D. Bult-Spiering (University of Twente) 8-A 

Michele Businaro (REAG Spa) 9-C 

Peter Byrne (University of Reading) 10-D 

-C- 

Alan Cadmus (Polis AG) 7-B 

Gavin Cameron 3-D 

Robert D. Campbell (Hofstra University) 1-A 

M. Angeles Casado 6-D 

Jose Manuel Casado 6-D 

Victoria Cassens Zillioux (Appraisal Institute Strategic Dev 

Worldwide) 

2-B 

Luis Castellanos 4-D 

Radoslaw Cellmer (University of Warmia and Mazury) 6-F 

Roberto Cervello Royo (Universidad Politécnica de Valencia) 8-D 

Lisa Chambers (University of San Diego) 8-E 

K. W. Chau (The University of Hongkong) 2-C 

Chee Cheong 4-C 

Lawrence Chin (National University of Singapore) 1-D 

Peter Chinloy 5-C 

Marcus Cieleback (Eurohypo AG) 2-F, 5-B 

Neil Crosby (University of Reading) 1-A , 7-E 

-D- 

P. Dalton (University of Greenwich) 10-C 

Eamonn D'Arcy (University of Reading) 1-E, 3-E, 

7-F 

Kristof Dascher (Viadrina University) 5-D 

Dirk Daube (Bauhaus-Universität Weimar) 10-A 

Anthony De Francesco (Colonial First State) 3-C 

Beatrice de Quinsonas (IPD France) 4-F 

Asimina Demou (National Technical University of Athens) 1-B 

Peter Dent (Oxford Brookes University) 1-C 

Francois Des Rosiers (Laval University) 6-C 

Edwin Deutsch (University of Technology Vienna) 5-C, 8-C 

Steven Devaney (University of Reading) 1-A 

G. P.M.R. Dewulf (University of Twente) 8-A 

Montserrat Diaz 4-D 

Lars Dierkes 7-E 

Gerry F. Dietel (DID) 8-B 

Timothy Dixon (Oxford Brookes University) 4-A, 7-F, 

10-F 

Monika Dobberstein (HCU Hamburg) 6-D 

H.-J. Dobner (HTWK Leipzig) 6-B 

Vedia Dokmeci (Istanbul Technical University) 10-B 

Ruud Dorenbos (University of Groningen) 1-E 

Victor Dorofeenko 5-C 

Jean Dubé (Laval University) 6-C 

Matthieu Dulguerov (Ecole Polytechnique Fédérale de 

Lausanne) 

3-C 

Lisa Dust (Universität Hamburg) 9-E 

-E- 

Matthias Eder (ebs Imobilienakademie) 3-F 

Piet Eichholtz (University of Maastricht) 3-A, 4-C 

Riza Emekter (Sakarya University) 1-A 

Sabariah Eni (Kolej Universiti Teknologi Tun Hussein Onn, 

Johor) 

10-F 

Isil Erol (Middle East Technical University) 7-B 

Alan Evans (University of Reading) 3-D, 10-E 

- 39 -


Chris Eves (University of Western Sydney) 2-F, 6-C 

Rossoha Evgenij (Belarusian State Technological University) 7-E 

-F- 

Philipp Feldmann (ebs Real Estate Center) 5-F, 8-E, 

9-D 

Miguel Fernandez 4-D 

Katrin Fischer (Bauhaus-Universität Weimar) 1-B 

Christian Focke (Euopean Business School) 1-E 

Robert Fourt (Gerald Eve) 6-B 

Nick French (University of Reading) 6-E, 7-E 

Renate Fruchter (Stanford University) 4-A 

Yuming Fu (National University of Singapore) 5-B 

Franz Fuerst (Atisreal Consult) 6-B 

-G- 

Laura Gabrielli (IUAV Venice University) 4-A, 7-E 

Laura Galguera Garcia (University of Oviedo) 1-C, 4-D 

Stéphanie Galiègue (IPD France) 4-F 

Alan Gardner (Gerald Eve) 3-C, 6-B, 

10-D 

Thomas Gartung (IPM Ingernieurgesellschaft für Projektmanagement 

mbH) 

4-A 

Ilga Gebert (MEAG MUNICH ERGO) 5-B 

Julia Gentgen (ebs Real Estate Center) 10-C 

Marc Gentles (TREUREAL GmbH) 2-D 

Richard Gerlach 4-C 

Nils Gersberg (Helsinki University of Technology) 5-E 

Tom Geurts (Marist College) 7-C 

Ferhan Gezici (Istanbul Technical University) 10-B 

Erasmo Giambona (Roger Williams University) 3-A 

Christos Giannikos (City University of New York) 1-C, 4-D 

Kenneth Gibb (University of Glasgow) 2-E, 3-D 

Karen Gibler (Georgia State University) 6-D 

Patrick Gilles 8-C 

Basarab Gogoneata (Academy of Economic Studies 

Bucharest) 

8-C 

Robin Goodchild (LaSalle Investment Management) 4-B 

Vincent Gruis (Delft University of Technology) 7-C 

Hany Guirguis (Manhattan College New York) 1-C 

-H- 

Christina Haberzettl 9-F 

Henric Hahr (University of Stuttgart) 4-E 

Jean-Marie Halleux (University of Liège) 5-C 

Sun Sheng Han (National University of Singapore) 1-F, 2-F, 6- 

D 

Christian Hantelmann (European Business School) 7-E 

John Harding 3-A 

Sascha Hempe 7-C 

Eric C.K. Ho (The University of Hongkong) 5-F 

Martin Hoesli (University of Geneva) 3-B 

Malcolm Hollis (University of Reading) 6-E 

Jennifer Holm (University of San Diego) 8-E 

Anton Holzapfel 9-F 

Aart Hordijk (University of Amsterdam) 1-A, 8-B 

Hao-Ching Hsia 4-F, 8-C 

Kan-Chung Huang (Kun Shan University) 4-F, 8-C 

Joop Huij (Erasmus University Rotterdam) 2-A 

Norman Hutchison (University of Aberdeen) 2-C, 7-F 

-I- 

Veronika Ilsjan (Tallinn University of Techology) 8-F 

D. Isaac (University of Greenwich) 10-C 

Maziah Ismail (Kolej Universiti Teknologi Tun Hussein Onn, 

Johor) 

-J- 

7-E 

Nikolaus Jackob (Johannes-Gutenberg Universität Mainz) 4-F 

Amber Y.C. Jan (Bauhaus-Universität Weimar) 9-A 

Jos E. Janssen (AZL B.V.) 8-B 

Ingrid I. Janssen (Eindhoven University of Technology) 1-D 

Julia Jedelhauser (FHS Kufstein Tirol) 9-F 

Maarten Jennen (RAM Eramus University) 1-F, 5-B 

Jesper Ole Jensen (Technical University of Danmark) 5-A, 8-A, 

9-A 

Zengxiang Jin (The University of Hongkong) 2-C 

Benjamas Jirasakuldech (University of the Pacific) 1-A 

Colin Jones (Heriot-Watt University) 8-B 

Andrea Jungbecker (Bauhaus-Universität Weimar) 4-A 

Karsten Junius (DekaBank) 8-C 

Juha-Matti Junnonen (Helsinki University of Technology) 5-A 

-K- 

Wolfgang Kälberer 9-B 

Hanna Kaleva (KTI) 3-A 

Angelika Kallakmaa-Kapsta (Tallinn University of 

Technology) 

6-D 

Nikos Karadimitriou (University College London) 2-F 

Anil Kashyap (University of Ulster) Doc I 

Mutale Katyoka (University of the West of England) 3-F 

Philipp Kaufmann (Tu Wien) 9-F 

Tom Kauko (Delft University of Technology) 8-F, 10-B 

Qiulin Ke (Nottingham Trent University) 10-C 

Miles Keeping 8-B 

Willem G. Keeris (Delft University of Technology) 1-A, 3-F, 

9-D, 10-D 

Maximilian Keisers (European Business School) 3-A 

Simon Kempf (Real Estate Academy) 3-B 

Tony Key (Cass City University) 8-D 

Juhani Kiiras (Helsinki University of Technology) 10-A 

Claus-Michael Kinzer (Gesellschaft der Immobilien- und 

Bauexperten) 

1-E 

Stephan Kippes (Nürtingen-Geislingen University) 1-C 

Beate Klingenberg (Marist College) 4-D 

Stephan Kloss (CUREM) 10-B 

Christian Koch (Technical University of Danmark) 5-A, 8-A 

Yuri Kochetkov (Kvartira Ru.) 10-B 

Nils Kok (Maastricht University) 3-A 

Ene Kolbre (Tallinn University of Technology) 6-D 

Philip W. Koppels (Delft University of Technology) 3-B, 3-F, 

10-D, Doc II 

Konstantin Kortmann (Technische Universität Darmstadt) 2-D 

Bert B Kramer (ORTEC) 4-D, 7-C 

D. Kronbichler 4-D 

Ewa Kucharska-Stasiak (University of Lodz) 9-B 

Björn-Martin Kurzrock (DID) 2-C 

Nina Kutsch (University of Reading) 4-B 

- 40 -


Rolf Kyrein 8-E 

-L- 

Gabriel Lee (University of Regensburg) 1-B, 5-C 

Stephen Lee (University of Reading) 7-D, 9-C, 

10-D 

Christina Lee (University of Auckland) 3-E 

Jaakko Leinonen (RAKLI) 4-B 

Gerrit Leopoldsberger (Dr. Leopoldsberger + Partner) 2-B, 9-B 

Deborah Levy (University of Auckland) 3-E, 6-F 

Ze Li (National University of Singapore) 10-F 

Xin Li (University of Hong Kong) 2-F 

David Ling 4-C 

Li Ling-Hin (University of Hong Kong) 2-F 

A. Litsa (National Technical University of Athens) 1-C 

Ervi Liusman (University of Hongkong) Doc I 

Colin Lizieri (University of Reading) 1-D 

Tatjana Lohmann (Universität Stuttgart) 8-A 

David Lorenz (Universität Karlsruhe) 6-F, 9-C 

Berndt Lundgren (Royal Institute of Technology) Doc I 

Paola Lunghini (Reddys Group) 4-F 

Thomas Lützkendorf (Universität Karlsruhe) 5-D, 6-F 

Merrill Lynch (European Loan Trading) 4-E 

-M- 

John MacFarlane (University of Western Sydney) 2-B 

Wolfgang Maennig (Universität Hamburg) 9-E 

Kilian Mahler 8-F 

Zaharah Manaf (Kolej Universiti Teknologi Tun Hussein Onn, 

Johor) 

10-F 

Markus Mändle (Nürtingen University) 7-C 

Marcel Marekwica 3-F 

Giuliano Marella (University of Padua) 4-A 

Wessel Marquering (Erasmus University Rotterdam) 2-A 

Paul Stephen Marshall (Widener University) 7-C 

Andrew Marston (Atisreal) 5-B 

George Matysiak (University of Reading) 3-C, 6-B, 

10-D, 

Raimond Maurer (Goethe-Universität Frankfurt am Main) 3-F 

Tristan Maury (ESSEC Business School Paris) 3-B 

Stephan Maussen (Eindhoven University of Technology) 4-F 

Patrick McAllister (University of Reading) 4-B 

Tony McGough (Cass Business School) 1-A 

Stanley McGreal (University of Ulster) 2-E, 4-D, 

7-F, 10-F 

Ian McIntosh (Macquarie Office Trust) 9-C 

Isaac Megbolugbe (Johns Hopkins University) 5-C 

Harm Meijer (JP Morgan) 3-A 

Paz Mendez 4-D 

Sebastian Merkle ( Nuertingen University) 4-E 

Gunnar Meyke 8-C 

Mahdi Mokrane (THEMA - Cergy-pontoise University) 2-A, 7-DA 

Rui Monteiro (Universidade Técnica de Lisboa) 8-A, 5-A 

Fotis Mouzakis (Cass Business SchoolCity of London) 2-E, 3-D, 

6-B 

Holger Mrosek (Deutsche Annington Immobilien GmbH) 5-F 

Andrzej Muczynski (University of Warmia and Mazury) 1-B, 6-F 

John Muellbauer (Nuffield College Oxford) 3-D 

Anthony Murphy 3-D 

Lawrence Murphy (University of Auckland) 2-E 

-N- 

Michael Nadler (University of Technology Kaiserslautern) 1-F 

Katarzyna Najbar (Cracow University of Economics) 9-D 

Farida Namata (Investment Property Data Bank) 7-B 

Ingrid Nappi-Choulet (ESSEC Business School Paris) 3-B , 6-C 

Suvi Nenonen (Helsinki University of Technology) 5-E 

Peter Neuteboom (Erasmus University) 6-C 

Graeme Newell (University of Western Sydney) 2-F, 4-E, 

7-D, 9-C 

Ed F. Nozeman (University of Groningen) 1-E 

-O- 

Holger Oertel 5-D 

Nora Oettgen (Research assistent ebs) 8-E 

Stephen O. Ogunlana (Asian Institute of Technology) 9-A 

Taavi Ojala 6-D 

Olgierd Nicholas Ordway (University of Hawaii) 6-E 

Hans Jörg Ötzbrugger 9-F 

Vasif Attila Öven (Istanbul Technical University) 3-B 

Ünsal Özdilek (University of Quebec) 8-F 

-P- 

Elli Pagourtzi (National Technical University of Athens) 1-C 

Dilek Pekdemir (Istanbul Technical University) 3-B 

Andrea Pelzeter (Pelzeter . Lebenszyklus-Management) 7-D 

Tobias Pfeffer (ebs Real Estate Center) 2-A, 4-B, 

6-F, 9-D 

Andreas Pfnuer (Technische Universität Darmstadt) 4-E, 5-A 

Daniel Piazolo (DID) 7-D, 8-B 

Matthias Pink (Martin-Luther-Universität Halle-Wittenberg) Doc II 

Kim Politzer (Atisreal) 5-B 

Peter Prischl 9-F 

J. Putman 4-D 

-Q- 

Bo Qin (National University of Singapore) 1-F 

-R- 

Ville Raitio (INREV) 4-B 

Daniel Rapson (Oxford Brookes University) 1-C, 8-B 

Heidi Rasila (Helsinki University of Technology) 5-E 

Najib Razali (Kolej Universiti Teknologi Tun Hussein Onn, 

Johor) 

10-F 

Alexander Redlein 9-F 

Richard G. Reed (University of Melbourne) 1-D 

David Rees (Mirvac Group) 3-E 

Siegfried Rehberg (Verband Berlin-Brandenburgischer Wohnungsunternehmen 

e.V.) 

2-D 

Heinz Rehkugler (Albert-Ludwig-Universität Freiburg) 2-B 

Malgorzata Renigier (Warmia and Mazury University) 6-E 

Claire Roberts (Oxford Brookes University) 1-D, 6-F, 

8-B 

Karl Robertsen (Agder University College) 2-E 

Vicente Rodriguez 6-D 

Nico B. Rottke (European Business School) 2-C, 9-C, 

10-C 

Stephen Roulac (University of Ulster) 1-C 

Les Ruddock (University of Salford) 4-D, 5-E 

- 41 -


Leonid Rusjanov (Institute of Real Estate and Valuation) 7-E 

-S- 

Marco Salvi (Zürcher Kantonalbank) 2-E 

Kevin D. Salyer 5-C 

Andreas Saxinger (HfWU) 2-D 

Rudolf Schäfer (Technische Universität Berlin) 8-E 

Wolfgang Schäfers (Universität Regensburg) 5-E 

Ludwig Schätzl (gif) 5-D 

Dirk Schiereck (European Business School) 3-A, 10-C 

Patrick Schlump (ebs Real Estate Center) 4-B 

Bernhard Schneider (University of Klagenfurt) 9-E 

Karl-Werner Schulte (European Business School) 7-B 

Elmar Schütz (Vivico Real Estate GmbH) 5-F 

Ross Seabrook (University of Western Sydney) 7-D 

Steffen Sebastian (Regensburg University) 2-A, 3-F, 4- 

C, 5-C, 9-D 

Stephan Seilheimer (Bergische Universität Wuppertal) 9-D 

David Shiers 8-B 

Karen Sieracki (Kaspar Associates) 2-A 

Arnaud Simon (DRM-CEREG) 2-C 

Sally Sims (Oxford Brookes University) 1-C, 6-C 

Boing Singh (IITM) 9-A 

Nikolai Siniak (Belarusian State Technological University) 7-E, 9-E 

C. F. Sirmans ( University of Connecticut) 3-A, 4-C 

Jos J.A.M. Smeets 1-D 

Marnix Smit (University of Twente) 8-A 

Jo P. Soeter (Delft University of Technology) 3-B, 8-D 

Rob Soeterboek (Eindhoven University of Technology) 1-D 

Ramon Sotelo (Bauhaus-Universität Weimar) 2-A, 7-B 

Guido Spars (Technical University Berlin) 7-C 

Friederike Sperl (European Business School) 8-E 

Ferdinand F. Spies (European Business School) Doc II , 

Bettina Staniek (Research Assistent ebs) 5-F 

Simon Stevenson (Cass Business School) 3-D, 4-C 

Alexandra Stock (ebs Real Estate Centerebs Real Estate 

Center) 

4-E 

Christian Stoy (Harvard University) 5-E 

Tobias Streckel (Nuertingen University) 4-E 

Peter Struempell (OPC London) 4-B 

Stefan Subroweit 8-C 

Zbigniew Sujkowski (University of Warmia and Mazury) 1-B 

Noralfishah Sulaiman (University of Salford) 4-D, 5-E 

-T- 

Paloma Taltavull de La Paz (Universidad de Alicante) 3-D, 6-D, 

8-C 

Bert J.J. Teuben (ROZ/IPD Property Index) 1-A, 8-B 

Philippe Thalmann (Ecole Polytechnique Fédérale de 

Lausanne) 

10-B 

Theis Theisen (Agder University College) 2-E 

Marius Thériault (Laval University) 6-C 

Zhang Thianjie 10-F 

Matthias Thomas (HAWK Holzminden) 7-B, 8-B 

Bob Thompson (RETRI Group) 8-F 

Antti Tieva (Helsinki University of Technology) 5-A 

Dirk Toenges (TREUREAL GmbH) 2-D 

Jeroen P. Traudes (Amsterdam School of Real Estate) 5-F 

Edward Trevillion (GVA Grimley) 8-D 

Nikolaos Triantafyllopoulos (University of Thessaly) 1-B, 5-A, 

8-D 

Nikolai Trifonov (Belarusian Society of Valuers) 9-B 

Stefan Trück (Queensland University of Technology) 9-C 

Nick Tyrrell (JPMorgan Asset Management) 3-C 

-U- 

Oliver Urschel (Universität Karlsruhe) 5-D 

-V- 

Hasan H. Valiullin (International University Dubna) 7-C 

Wim van der Post (Amsterdam School of Real Estate) 8-F 

Ralph van Polanen Petel (DTZ Zadelhoff) 1-A 

T. van Welie 4-D 

Joris E. van Wezemael (University of Zurich) 7-C 

Alexander Vaughan-Jones (Gerald Eve) 10-D 

Uberto Visconti di Massino (ING Real Estate Development) 3-E, 7-F 

Marion Voisin (Laval University) 6-C 

Susann Vollrath (Bauhaus-Universität Weimar) 10-A 

Christian von Malottki (University of Technology 

Kaiserslautern) 

1-F 

Gerjan Vos (University of Amsterdam) 6-F 

Oliver Voß (Oppenheim Immobilien-KAG) 6-B 

-W- 

Ursula Walther (TU Bergakademie Freiberg) 10-A 

Lulu Wang (GVA Grimley) 8-D 

Jo Warren (Atisreal) 5-B 

Mike Waters (College of Estate Management) 2-F 

Bruce Weber (University of Ulster) 10-F 

Kristin Wellner (Credit Suisse AM) 5-B 

Ullrich Werling 6-B 

Sara J Wilkinson (University of Melbourne) 1-D 

Brendan Williams (University College Dublin) 9-E 

James Patrick Wilson (University of Technology, Sydney) 3-A, 4-C 

Toby Withall (GVA Grimley) 8-D 

Elaine Worzala (Johns Hopkins University) 8-E, 10-C 

Peter Wyatt (University of the West of England) 3-F, 5-D, 

5-D 

-Y- 

Kuang-Yih Yeh (National Cheng Kung University) 4-F, 8-C 

Feyzullah Yetgin (Emlak Real Estate Ivestment Company) 9-A 

Wenpei You (National University of Singapore) 6-D 

Shun-Te Tony Yuo (Chinese Culture University) 1-D 

-Z- 

Magdalena Zaleczna (University of Lodz) 6-D, 9-E 

Elena Zanlorenzi (REAG Spa) 9-C 

Reinhard Zehl (WohnCom GmbH Berlin) 2-D 

Konrad Zelazowski (University of Lodz) 6-D 

Panagiotis Zentelis (National Technical University of Athens) 1-B 

Thomas Zerback (Johannes-Gutenberg Universität Mainz) 4-F 

Malgorzata Zieba (Cracow University of Economics) 7-F 

Ryszard Zrobek (Warmia and Mazury University) 1-B, 6-E 

Ralf Zurbrugg (University of Adelaide) 4-C 

- 42 -

Program - Europe Real Estate

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