Answer the following questions

Anonymous

Question Description

Answering those questions in a few sentences.

  1. Reflect on what you know of UKTTPS's investments and objectives. Is the board of directors' memo to Enberg consistent with those objectives? In what ways?
  2. Read carefully the facts and exhibits provided in the case and assess whether you agree with each manager's interpretation and justification of their funds' results. You will need to review the returns before and after fees for each property and fund to answer this, distinguishing between elements that indicate skill vs. luck. I suggest you draw a grid with the returns.
  3. Based upon your qualitative and quantitative analyses in Questions 1 and 2, as well as any other information from the case you deem relevant, provide a recommendation to the pension fund's investment committee on whether to continue to engage the managers (i.e., continue to be LP to the GP's real estate private equity funds in the UK) or to fire the managers (i.e., not allocate funds to the GP's next funds). Explain your decision.

Unformatted Attachment Preview

These student exhibits relate to the case Cause and Effect: Performance Attribution in Commercial Real Estate, Case #KEL996. ©2017 by the Kellogg School of Management at Northwestern University. This case was prepared by Professor Craig Furfine with research assistance from Kwangwoo Kim ’16. Cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. To order copies or request permission to reproduce materials, call 800-545-7685 (or 617-783-7600 outside the United States or Canada) or e-mail custserv@hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Kellogg Case Publishing. UKTTPS investments to private real estate in 2004 Fund Black Oak Real Estate Value Fund II Square Peak Commercial Property Fund IV Portfolio Manager Dan Beatty Bruce Reilly In millions Capital raised from outside investors Commitment made Capital called Total capital raised £ 20.00 £ 19.30 £ 41.41 £ 39.33 £ 20.00 £ 12.70 £ 36.45 £ 35.36 Summary of fund performance Fund Black Oak Real Estate Value Fund II Square Peak Commercial Property Fund IV Unlevered return before fees 8.16% 11.51% Unlevered return after fees 7.31% 10.82% Levered return Levered return after Total fees paid over before fees fees life of fund (millions) 12.78% 10.88% £ 8.68 20.72% 18.96% £ 9.43 See case for full exhibit Financial performance of Snowhill Place Purchase year Exit year Equity investment Mortgage LTV Mortgage maturity (years) Amortized period Mortgage payments per year Interest rate GP property-related management fees £ in millions NOI Capex Yield (=Operating cash flow) Purchase Reversion Unlevered cash flow before fees GP property-related management fees Unlevered cash flow after fees Debt principal drawdown Debt principal repayment Principal balance EOP Interest expense Levered cash flow before fees Levered cash flow after fees £ 2004 2013 17.05 65.0% 15 30 1 4.50% 0.40% of purchase price IRR 2004 -£ 10.31% -£ -£ 2005 £ 3.60 £ 0.66 £ 2.95 48.70 48.70 £ £ 48.70 £ 2.95 0.19 2.75 £ 31.66 £ £ 31.66 £ £ 0.52 31.14 1.42 17.05% -£ 16.26% -£ 17.05 £ 17.05 £ 1.00 0.81 2006 2007 2008 2009 2010 2011 2012 £ 3.76 £ 3.86 £ 4.15 £ 3.95 £ 3.95 £ 3.89 £ 3.85 £ 0.69 £ 0.70 £ 0.76 £ 0.72 £ 0.72 £ 0.71 £ 0.70 £ 3.07 £ 3.15 £ 3.40 £ 3.23 £ 3.23 £ 3.18 £ 3.15 £ £ £ 3.07 £ 0.19 £ 2.88 £ 3.15 £ 0.19 £ 2.96 £ 3.40 £ 0.19 £ 3.20 £ 3.23 £ 0.19 £ 3.03 £ 3.23 £ 0.19 £ 3.04 £ 3.18 £ 0.19 £ 2.98 £ 3.15 0.19 2.95 £ £ £ 0.54 £ 30.59 £ 1.40 £ 0.57 £ 30.03 £ 1.38 £ 0.59 £ 29.44 £ 1.35 £ 0.62 £ 28.82 £ 1.32 £ 0.65 £ 28.17 £ 1.30 £ 0.68 £ 27.49 £ 1.27 £ 0.71 26.79 1.24 £ £ 1.13 £ 0.93 £ 1.21 £ 1.01 £ 1.45 £ 1.26 £ 1.28 £ 1.09 £ 1.29 £ 1.09 £ 1.23 £ 1.04 £ 1.20 1.01 2013 2014 £ 3.86 £ 3.93 £ 0.70 £ 0.72 £ 3.15 £ 3.21 £ £ £ £ 74.35 77.51 0.19 77.31 £ £ £ 26.79 1.21 £ £ 49.51 49.32 Financial performance of Revolver Shopping Park Purchase year Exit year Equity investment Mortgage LTV Mortgage maturity (years) Amortized period Mortgage payments per year Interest rate GP property-related management fees £ in millions NOI Capex Yield (=Operating cash flow) Purchase Reversion Unlevered cash flow before fees GP property-related management fees Unlevered cash flow after fees £ 2006 2014 15.40 60.0% 15 30 1 4.00% 0.40% of purchase price IRR 4.39% Debt principal drawdown Debt principal repayment Principal balance EOP Interest expense Levered cash flow before fees Levered cash flow after fees 4.88% 3.98% 2004 2005 2006 2007 2008 2009 2010 2011 2012 £ 1.93 £ 1.98 £ 1.86 £ 1.72 £ 2.00 £ 2.11 £ 0.30 £ 0.31 £ 0.29 £ 0.27 £ 0.31 £ 0.33 £ 1.63 £ 1.67 £ 1.57 £ 1.45 £ 1.69 £ 1.78 -£ 38.50 -£ 38.50 £ £ 38.50 £ -£ 1.63 £ 0.15 £ 1.47 £ 1.67 £ 0.15 £ 1.51 £ 1.57 £ 0.15 £ 1.41 £ 1.45 £ 0.15 £ 1.30 £ 1.69 £ 0.15 £ 1.54 £ 1.78 0.15 1.63 £ 23.10 £ £ 23.10 £ £ 0.41 £ 22.69 £ 0.92 £ 0.43 £ 22.26 £ 0.91 £ 0.45 £ 21.81 £ 0.89 £ 0.46 £ 21.35 £ 0.87 £ 0.48 £ 20.87 £ 0.85 £ 0.50 20.37 0.83 -£ -£ 15.40 £ 15.40 £ 0.29 £ 0.14 £ 0.33 £ 0.18 £ 0.23 £ 0.08 -£ 0.12 £ 0.04 £ 0.36 £ 0.20 £ 0.45 0.30 2013 2014 2015(E) £ 2.19 £ 2.20 £ 2.22 £ 0.34 £ 0.34 £ 0.35 £ 1.85 £ 1.86 £ 1.88 £ £ £ £ 1.85 £ 0.15 £ 1.69 £ 38.61 40.47 0.15 40.31 £ £ £ 0.52 £ 19.85 £ 0.81 £ 19.85 0.79 £ £ 0.51 £ 0.36 £ 19.82 19.67 Financial performance of Ockham Industrial Park Purchase year Exit year Equity investment Mortgage LTV Mortgage maturity (years) Amortized period Mortgage payments per year Interest rate GP property-related management fees £ in millions NOI Capex Yield (=Operating cash flow) Purchase Reversion Unlevered cash flow before fees GP property-related management fees Unlevered cash flow after fees £ 2005 2014 8.96 60.0% 15 30 1 4.50% 0.40% of purchase price IRR 7.79% Debt principal drawdown Debt principal repayment Principal balance EOP Interest expense Levered cash flow before fees Levered cash flow after fees 11.72% 10.86% 2004 2005 -£ 22.40 -£ 22.40 -£ 22.40 £ 13.44 £ 13.44 -£ -£ 8.96 8.96 2006 2007 2008 2009 2010 2011 2012 £ 1.79 £ 1.79 £ 1.86 £ 1.85 £ 1.57 £ 1.64 £ 1.69 £ 0.24 £ 0.24 £ 0.25 £ 0.25 £ 0.21 £ 0.22 £ 0.23 £ 1.55 £ 1.55 £ 1.61 £ 1.60 £ 1.36 £ 1.42 £ 1.47 £ £ £ 1.55 £ 0.09 £ 1.46 £ 1.55 £ 0.09 £ 1.46 £ 1.61 £ 0.09 £ 1.52 £ 1.60 £ 0.09 £ 1.51 £ 1.36 £ 0.09 £ 1.27 £ 1.42 £ 0.09 £ 1.33 £ 1.47 0.09 1.38 £ £ £ 0.22 £ 13.22 £ 0.60 £ 0.23 £ 12.99 £ 0.59 £ 0.24 £ 12.75 £ 0.58 £ 0.25 £ 12.50 £ 0.57 £ 0.26 £ 12.23 £ 0.56 £ 0.27 £ 11.96 £ 0.55 £ 0.29 11.67 0.54 £ £ 0.73 £ 0.64 £ 0.72 £ 0.64 £ 0.78 £ 0.69 £ 0.77 £ 0.69 £ 0.54 £ 0.45 £ 0.59 £ 0.50 £ 0.64 0.55 2013 2014 2015(E) £ 1.71 £ 1.73 £ 1.76 £ 0.23 £ 0.23 £ 0.24 £ 1.48 £ 1.50 £ 1.53 £ £ £ £ 1.48 £ 0.09 £ 1.39 £ 25.28 26.78 0.09 26.69 £ £ £ 0.30 £ 11.37 £ 0.53 £ 11.37 0.51 £ £ 0.65 £ 0.56 £ 14.90 14.81 Financial performance of Black Oak Real Estate Value Fund II Initial investment year Final disposition year % equity from LP % equity from GP Preferred return Promote 2004 2014 95% 5% 8% 20% Additional GP fund-related fees (as % of prior period invested equity) £ in millions Unlevered cash flow before fees Total GP fees Unlevered cash flow after fees 1.25% IRR 2004 2005 8.16% -£ 48.70 -£ 19.45 £ 0.40 7.31% -£ 48.70 -£ 19.85 Debt principal drawdown Debt principal repayment Principal balance EOP Interest expense Levered cash flow before fees Levered cash flow after fees £ £ 12.78% -£ 10.88% -£ 31.66 £ £ 31.66 £ £ 13.44 0.52 44.58 1.42 17.05 -£ 17.05 -£ 7.96 8.35 LP Equity Capital: Beginning equity investment balance Pre-promote cash flow received Preferred return earned Ending equity investment balance £ -£ £ £ 16.19 16.19 £ -£ £ £ 16.19 7.94 1.30 25.42 GP Equity Capital Account: Beginning equity investment balance Pre-promote cash flow received Preferred return earned Ending equity investment balance £ -£ £ £ 0.85 0.85 £ -£ £ £ 0.85 0.42 0.07 1.34 £ - £ - Promote Cash surplus after preferred & return of capital LP promote GP promote Levered cash flow after fees: LP cash flows: GP cash flows: £ £ 10.88% -£ 10.47% -£ 16.87% -£ - £ £ 17.05 -£ 16.19 -£ 0.85 -£ 8.35 7.94 0.42 2006 2007 2008 2009 2010 2011 2012 -£ 33.88 £ 6.33 £ 6.67 £ 6.39 £ 6.05 £ 6.29 £ 6.40 £ 0.60 £ 0.95 £ 0.98 £ 1.00 £ 1.03 £ 1.07 £ 1.10 -£ 34.48 £ 5.38 £ 5.70 £ 5.40 £ 5.02 £ 5.22 £ 5.29 £ £ £ £ 23.10 0.76 66.91 2.01 £ £ £ £ 1.21 65.70 2.90 £ £ £ £ 2.22 £ 1.27 £ 1.26 64.44 2.84 £ £ £ £ 2.57 £ 1.59 £ 1.32 63.13 2.79 £ £ £ £ 2.29 £ 1.29 £ 1.37 61.76 2.73 £ £ £ £ 1.94 £ 0.91 £ 1.43 60.32 2.67 £ £ £ £ 1.49 58.83 2.61 2.18 £ 1.12 £ 2.29 1.19 -£ -£ 13.55 £ 14.15 £ £ -£ £ £ 25.42 13.44 2.03 40.90 £ £ £ £ 40.90 1.21 3.27 42.96 £ £ £ £ 42.96 1.52 3.44 44.88 £ £ £ £ 44.88 1.23 3.59 47.25 £ £ £ £ 47.25 0.87 3.78 50.16 £ £ £ £ 50.16 1.06 4.01 53.11 £ £ £ £ 53.11 1.13 4.25 56.23 £ -£ £ £ 1.34 0.71 0.11 2.15 £ £ £ £ 2.15 0.06 0.17 2.26 £ £ £ £ 2.26 0.08 0.18 2.36 £ £ £ £ 2.36 0.06 0.19 2.49 £ £ £ £ 2.49 0.05 0.20 2.64 £ £ £ £ 2.64 0.06 0.21 2.80 £ £ £ £ 2.80 0.06 0.22 2.96 £ - £ - £ 0.00 £ - £ 0.00 £ - £ 0.00 £ £ -£ -£ -£ - £ £ 14.15 £ 13.44 £ 0.71 £ - £ £ 0.00 £ 0.00 £ 1.27 £ 1.21 £ 0.06 £ 1.59 £ 1.52 £ 0.08 £ - £ £ 0.00 £ 0.00 £ 1.29 £ 1.23 £ 0.06 £ 0.91 £ 0.87 £ 0.05 £ - £ £ 0.00 0.00 1.12 £ 1.06 £ 0.06 £ 1.19 1.13 0.06 2013 2014 £ 80.83 £ 67.25 £ 1.14 £ 0.41 £ 79.69 £ 66.83 £ £ £ £ 27.61 31.22 2.55 £ £ £ £ 31.22 1.31 £ £ 50.68 £ 49.54 £ 34.72 34.31 £ £ £ £ 56.23 47.06 4.50 13.67 £ £ £ £ 13.67 14.76 1.09 - £ £ £ £ 2.96 2.48 0.24 0.72 £ £ £ £ 0.72 0.78 0.06 - £ - £ 18.77 £ £ £ £ £ - £ £ 15.02 3.75 49.54 £ 47.06 £ 2.48 £ 34.31 29.78 4.53 See case for full exhibit Financial performance of Hotel Aberdeen Purchase year Exit year Equity investment Mortgage LTV Mortgage maturity (years) Amortized period Mortgage payments per year Interest rate GP property-related management fees £ in millions NOI Capex Yield (=Operating cash flow) Purchase Reversion Unlevered cash flow before fees GP property-related management fees Unlevered cash flow after fees £ 2005 2013 11.17 65.0% 15 30 1 5.00% 0.50% of purchase price IRR 2004 16.40% Debt principal drawdown Debt principal repayment Principal balance EOP Interest expense Levered cash flow before fees Levered cash flow after fees 27.88% £ 27.01% £ *Estimated at time of sale. Actual 2014 NOI unknown. - 2005 -£ 31.90 -£ 31.90 -£ 31.90 £ 20.74 £ 20.74 -£ -£ 11.17 11.17 2006 2007 2008 2009 2010 2011 2012 £ 2.55 £ 3.50 £ 4.11 £ 3.50 £ 3.80 £ 3.86 £ 4.25 £ 0.54 £ 0.74 £ 0.87 £ 0.74 £ 0.81 £ 0.82 £ 0.90 £ 2.01 £ 2.76 £ 3.24 £ 2.76 £ 3.00 £ 3.04 £ 3.34 £ £ £ 2.01 £ 0.16 £ 1.85 £ 2.76 £ 0.16 £ 2.60 £ 3.24 £ 0.16 £ 3.08 £ 2.76 £ 0.16 £ 2.60 £ 3.00 £ 0.16 £ 2.84 £ 3.04 £ 0.16 £ 2.88 £ 3.34 0.16 3.18 £ £ £ 0.31 £ 20.42 £ 1.04 £ 0.33 £ 20.10 £ 1.02 £ 0.34 £ 19.75 £ 1.00 £ 0.36 £ 19.39 £ 0.99 £ 0.38 £ 19.01 £ 0.97 £ 0.40 £ 18.61 £ 0.95 £ 0.42 18.19 0.93 £ £ 0.66 £ 0.50 £ 1.41 £ 1.25 £ 1.89 £ 1.73 £ 1.41 £ 1.25 £ 1.65 £ 1.49 £ 1.69 £ 1.53 £ 2.00 1.84 2013 2014(E)* £ 4.51 £ 4.63 £ 0.96 £ 0.98 £ 3.55 £ 3.64 £ £ £ £ 66.56 70.11 0.16 69.95 £ £ £ 18.19 0.91 £ £ 51.00 50.84 Financial performance of Kingston House Purchase year Exit year Equity investment Mortgage LTV Mortgage maturity (years) Amortized period Mortgage payments per year Interest rate GP property-related management fees £ in millions NOI Capex Yield (=Operating cash flow) Purchase Reversion Unlevered cash flow before fees GP property-related management fees Unlevered cash flow after fees £ 2005 2014 12.93 75.0% 15 30 1 3.75% 0.50% of purchase price IRR 2004 8.08% Debt principal drawdown Debt principal repayment Principal balance EOP Interest expense Levered cash flow before fees Levered cash flow after fees 15.01% £ 13.81% £ - 2005 -£ 51.70 -£ 51.70 -£ 51.70 £ 38.78 £ 38.78 -£ -£ 12.93 12.93 2006 2007 2008 2009 2010 2011 2012 £ 2.71 £ 2.83 £ 2.94 £ 2.93 £ 3.09 £ 3.39 £ 3.57 £ 0.71 £ 0.74 £ 0.77 £ 0.77 £ 0.81 £ 0.89 £ 0.93 £ 2.01 £ 2.09 £ 2.17 £ 2.17 £ 2.28 £ 2.50 £ 2.64 £ £ £ 2.01 £ 0.26 £ 1.75 £ 2.09 £ 0.26 £ 1.84 £ 2.17 £ 0.26 £ 1.91 £ 2.17 £ 0.26 £ 1.91 £ 2.28 £ 0.26 £ 2.02 £ 2.50 £ 0.26 £ 2.25 £ 2.64 0.26 2.38 £ £ £ 0.72 £ 38.05 £ 1.45 £ 0.75 £ 37.31 £ 1.43 £ 0.78 £ 36.53 £ 1.40 £ 0.80 £ 35.73 £ 1.37 £ 0.84 £ 34.89 £ 1.34 £ 0.87 £ 34.02 £ 1.31 £ 0.90 33.13 1.28 -£ -£ 0.17 -£ 0.43 -£ 0.08 -£ 0.34 -£ 0.00 -£ 0.26 -£ 0.01 £ 0.27 -£ 0.11 £ 0.15 £ 0.33 £ 0.07 £ 0.47 0.21 2013 2014 2015(E) £ 3.72 £ 3.92 £4.039 £ 0.97 £ 1.02 £1.055 £ 2.75 £ 2.90 £ 2.98 £ £ £ £ 2.75 £ 0.26 £ 2.49 £ 74.80 77.70 0.26 77.44 £ £ £ 0.93 £ 32.19 £ 1.24 £ 32.19 1.21 £ £ 0.58 £ 0.32 £ 44.30 44.04 Financial performance of Old Street Tower Purchase year Exit year Equity investment Mortgage LTV Mortgage maturity (years) Amortized period Mortgage payments per year Interest rate GP property-related management fees £ in millions NOI Capex Yield (=Operating cash flow) Purchase Reversion Unlevered cash flow before fees GP property-related management fees Unlevered cash flow after fees Debt principal drawdown Debt principal repayment Principal balance EOP Interest expense Levered cash flow before fees Levered cash flow after fees £ 2004 2014 12.36 70.0% 15 30 1 5.05% 0.50% of purchase price IRR 2004 -£ 11.71% -£ -£ 2005 £ 3.38 £ 0.62 £ 2.76 41.20 41.20 £ £ 41.20 £ 2.76 0.21 2.56 £ 28.84 £ £ 28.84 £ £ 0.43 28.41 1.46 20.17% -£ 19.13% -£ 12.36 £ 12.36 £ 0.88 0.67 2006 2007 2008 2009 2010 2011 2012 £ 3.48 £ 3.53 £ 3.72 £ 3.68 £ 3.68 £ 3.82 £ 3.89 £ 0.64 £ 0.64 £ 0.68 £ 0.67 £ 0.67 £ 0.70 £ 0.71 £ 2.85 £ 2.88 £ 3.04 £ 3.01 £ 3.01 £ 3.12 £ 3.18 £ £ £ 2.85 £ 0.21 £ 2.64 £ 2.88 £ 0.21 £ 2.68 £ 3.04 £ 0.21 £ 2.84 £ 3.01 £ 0.21 £ 2.80 £ 3.01 £ 0.21 £ 2.80 £ 3.12 £ 0.21 £ 2.91 £ 3.18 0.21 2.97 £ £ £ 0.45 £ 27.96 £ 1.43 £ 0.47 £ 27.48 £ 1.41 £ 0.50 £ 26.98 £ 1.39 £ 0.52 £ 26.46 £ 1.36 £ 0.55 £ 25.91 £ 1.34 £ 0.58 £ 25.33 £ 1.31 £ 0.61 24.72 1.28 £ £ 0.96 £ 0.75 £ 1.00 £ 0.79 £ 1.15 £ 0.95 £ 1.12 £ 0.92 £ 1.12 £ 0.91 £ 1.23 £ 1.03 £ 1.29 1.08 2013 2014 2015(E) £ 3.97 £ 4.08 £4.084 £ 0.73 £ 0.75 £0.745 £ 3.25 £ 3.34 £ 3.34 £ £ £ £ 3.25 £ 0.21 £ 3.04 £ 72.94 76.27 0.21 76.07 £ £ £ 0.64 £ 24.08 £ 1.25 £ 24.08 1.22 £ £ 1.36 £ 1.16 £ 50.97 50.77 Financial performance of Square Peak Real Estate Fund IV Initial investment year Final disposition year % equity from LP % equity from GP Preferred return Promote 2004 2014 97% 3% 7.5% 20% Additional GP fund-related fees (as % of prior period invested equity) £ in millions Unlevered cash flow before fees Total GP fees Unlevered cash flow after fees 1.10% IRR 2004 2005 11.51% -£ 41.20 -£ 80.84 £ 0.34 10.82% -£ 41.20 -£ 81.18 Debt principal drawdown Debt principal repayment Principal balance EOP Interest expense Levered cash flow before fees Levered cash flow after fees £ £ 20.72% -£ 18.96% -£ 28.84 £ £ 28.84 £ £ 59.51 0.43 87.92 1.46 12.36 -£ 12.36 -£ 23.21 23.55 LP Equity Capital: Beginning equity investment balance Pre-promote cash flow received Preferred return earned Ending equity investment balance £ -£ £ £ 11.99 11.99 £ -£ £ £ 11.99 22.85 0.90 35.73 GP Equity Capital Account: Beginning equity investment balance Pre-promote cash flow received Preferred return earned Ending equity investment balance £ -£ £ £ 0.37 0.37 £ -£ £ £ 0.37 0.71 0.03 1.11 £ - £ 0.00 Promote Cash surplus after preferred & return of capital LP promote GP promote Levered cash flow after fees: LP cash flows: GP cash flows: £ £ 18.96% -£ 17.57% -£ 38.65% -£ - £ £ 0.00 0.00 12.36 -£ 11.99 -£ 0.37 -£ 23.55 22.85 0.71 2006 2007 2008 2009 2010 2011 2012 £ 6.86 £ 7.74 £ 8.45 £ 7.94 £ 8.28 £ 8.66 £ 9.16 £ 1.02 £ 1.04 £ 1.06 £ 1.07 £ 1.09 £ 1.10 £ 1.12 £ 5.84 £ 6.70 £ 7.39 £ 6.87 £ 7.19 £ 7.56 £ 8.04 £ £ £ £ £ £ 1.48 86.43 3.93 £ £ £ £ 1.45 £ 0.43 £ 1.55 84.88 3.86 £ £ £ £ 2.33 £ 1.28 £ 1.62 83.27 3.79 £ £ £ £ 3.04 £ 1.98 £ 1.69 81.58 3.72 £ £ £ £ 2.53 £ 1.46 £ 1.77 79.81 3.65 £ £ £ £ 2.87 £ 1.78 £ 1.84 77.97 3.57 £ £ £ £ 1.92 76.04 3.49 3.25 £ 2.15 £ 3.75 2.63 £ £ £ £ 35.73 0.42 2.68 37.99 £ £ £ £ 37.99 1.25 2.85 39.60 £ £ £ £ 39.60 1.92 2.97 40.64 £ £ £ £ 40.64 1.41 3.05 42.28 £ £ £ £ 42.28 1.73 3.17 43.72 £ £ £ £ 43.72 2.08 3.28 44.92 £ £ £ £ 44.92 2.55 3.37 45.73 £ £ £ £ 1.11 0.01 0.08 1.18 £ £ £ £ 1.18 0.04 0.09 1.22 £ £ £ £ 1.22 0.06 0.09 1.26 £ £ £ £ 1.26 0.04 0.09 1.31 £ £ £ £ 1.31 0.05 0.10 1.35 £ £ £ £ 1.35 0.06 0.10 1.39 £ £ £ £ 1.39 0.08 0.10 1.41 £ - £ - £ 0.00 £ - £ 0.00 £ - £ 0.00 £ £ £ £ £ - £ £ 0.43 £ 0.42 £ 0.01 £ - £ £ 0.00 £ 0.00 £ 1.28 £ 1.25 £ 0.04 £ 1.98 £ 1.92 £ 0.06 £ - £ £ 0.00 £ 0.00 £ 1.46 £ 1.41 £ 0.04 £ 1.78 £ 1.73 £ 0.05 £ - £ £ 0.00 0.00 2.15 £ 2.08 £ 0.06 £ 2.63 2.55 0.08 2013 2014 £ 76.11 £ 153.98 £ 1.13 £ 0.46 £ 74.98 £ 153.51 £ £ £ £ 19.76 56.28 3.40 £ £ £ £ 56.28 2.42 £ £ 52.94 £ 51.82 £ 95.27 94.81 £ £ £ £ 45.73 49.16 3.43 - £ £ £ £ - £ £ £ £ 1.41 1.52 0.11 - £ £ £ £ - £ 1.13 £ 94.81 £ £ 0.91 £ 0.23 £ 75.85 18.96 £ £ £ 51.82 £ 50.07 £ 1.75 £ 94.81 75.85 18.96 Compounded performance for q 2001 2002 2001 2002 5.0 7.3 8.2 15.6 5.5 6.4 14.1 3.8 10.4 15.5 11.4 9.8 6.7 7.3 8.0 2.6 6.7 7.1 6.5 7.3 7.9 4.2 7.1 7.1 -1.5 0.1 0.2 12.8 -1.2 -0.6 7.1 -3.3 2.3 10.9 4.1 2.6 2.9 4.2 2.9 17.4 2.8 3.3 2.8 -6.5 1.0 3.5 -0.6 -0.9 -4.0 -3.6 4.9 1.9 All Property and Sectors Performance Measures Index returns excluding Transactions and Developments Total Return Retail Office Industrial Residential Other All Property Income Return Retail Office Industrial Residential Other All Property Capital Growth Retail Office Industrial Residential Other All Property Rental Value Growth Retail Office Industrial Residential Other All Property Yield Impact Retail Office Industrial Residential Other All Property -2.1 1.7 -3.7 -3.5 2.0 13.8 3.3 3.6 5.4 5.9 5.0 6.1 17.4 5.7 5.2 1.1 1.8 21.4 3.6 3.1 Yield Shift Retail Office Industrial Residential Other All Property Net Income Growth Retail Office Industrial Residential Other All Property Initial Yield Retail Office Industrial Residential Other All Property Equivalent Yield Retail Office Industrial Residential Other All Property Costs Index returns excluding Transactions and Developments Expenditure and Receipts Portfolio including Transactions and Developments Total Expenditure £m Retail Office Industrial Residential Other All Property 2313.7 2582.6 1248.9 17.9 62.9 6225.8 4929.8 1822.7 1673.2 16.9 162.3 8604.7 1825.9 1553.2 597.4 28.2 103.7 4108.5 3730.6 2419.0 723.6 51.9 131.0 7056.1 487.8 1029.3 651.4 -10.3 -40.8 2117.4 1199.1 -596.3 949.6 -35.1 31.3 1548.7 4139.6 4135.8 1846.3 46.0 166.7 10334.3 8660.4 4241.7 2396.8 68.8 293.2 15660.8 113.6 393.5 152.1 0.7 48.0 123.8 369.4 134.1 0.0 16.8 Total Receipts £m Retail Office Industrial Residential Other All Property Net Investment £m Retail Office Industrial Residential Other All Property Turnover £m Retail Office Industrial Residential Other All Property Expenditure on Developments £m Retail Office Industrial Residential Other All Property 707.9 644.1 205.8 150.1 72.0 0.4 13.9 442.3 362.9 122.4 72.4 2.3 12.4 572.4 1994.3 2038.9 1024.7 16.7 1.0 5075.6 4443.1 1330.9 1466.7 14.5 133.1 7388.3 185 136 316 11 23 671 427 166 329 11 45 978 535 224 157 14 21 ...
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Tutor Answer

Prof_Cain
School: New York University

Attached.

1

Running Head: Investments

UKTTPS's Investments

Student name:
Institutional affiliation:

2

Investments
UKTTPS's Investments

1. Reflect on what you know of UKTTPS's investments and objectives. Is the board of
directors' memo to Enberg consistent with those objectives? In what ways?
The memo to Enberg is consistent with UKTTPS’s investments and objectives.
According to the memo, the board wants to reduce the annual expenditure in multimillionpound funds on external management. First, the objective of UKTTPS investment is to
benefit the former and current employees (totaling to about 33,000) of United Kingdom
Telecom and Technology, a communications hardware and Software Company. This
implies that reduci...

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