Focussing on the UK’s institutional real estate universe, this paper analyses variations in the operational management of real estate investment portfolios. For the main categories of institutional investors, the key tasks in real estate operational management, and the ways in which these tasks are typically bundled and categorised by investment managers are reviewed. Three broad operational management models are outlined. Case studies of real estate operational management models in practice are discussed.,The research approach is primarily descriptive, drawing upon illustrative investor case studies.,A range of operating models are identified for managing real estate investment portfolios. Specialists real estate investors tend to have highly vertically integrated operating models viewing most operational management functions as core operational capabilities. Multi-asset owners tend to have a vertically disintegrated operating model outsourcing fund, asset, property and facilities management. Investing institutions such as fund houses and specialist real estate investment advisors seem to have converged upon a common hybrid operating model with high margin, analytical functions such as fund and asset management being insourced and low margin, routine functions such as property and facilities management being outsourced.,Despite the size of the global, institutional real estate investment universe (estimated by DTZ to be worth more than USD 13.6 trillion in 2015), the topic of how (and how effectively) these assets are managed by institutional investors has attracted very little attention from the real estate research community. This paper provides some initial analysis and insights into operational management models for real estate investment portfolios in the contemporary real estate investment management landscape.

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创建操作Alpha？房地产管理的运营模式

本文着眼于英国的机构房地产领域，分析了房地产投资组合的运营管理中的变化。对于机构投资者的主要类别，审查了房地产运营管理中的关键任务以及投资经理通常将这些任务捆绑和分类的方式。概述了三种主要的运营管理模型。在实践中讨论了房地产运营管理模型的案例研究。研究方法主要是描述性的，借鉴了说明性的投资者案例研究。确定了用于管理房地产投资组合的一系列运营模型。房地产投资专家通常具有高度垂直整合的运营模型，这些运营模型将大多数运营管理功能视为核心运营功能。多资产所有者往往具有垂直分解的运营模式外包资金，资产，财产和设施管理。诸如基金公司和专业房地产投资顾问之类的投资机构似乎已经趋同于具有高利润率的通用混合运营模式，外包了诸如基金和资产管理之类的分析功能，而外包了诸如物业和设施管理之类的低利润率的常规功能。，尽管全球机构房地产投资领域非常庞大（根据戴德梁行的估计，2015年其规模将超过13.6万亿美元），机构投资者如何（以及如何有效）管理这些资产的话题很少引起房地产研究界的关注。本文为当代房地产投资管理领域的房地产投资组合的运营管理模型提供了一些初步的分析和见解。