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The Cambridge European Property Industry Capital Structure Survey 2011

Report on findings

The Cambridge European Property Industry Capital Structure Survey 2011


Together with the Cambridge Real Estate Finance Group, we present the final report of the 2011 European Capital Structure Survey. With a focus on the lessons that property investors can learn from the recent debt-fuelled property cycle, the Survey represents the outcome of a significant research project across the entire EPRA membership undertaken over the summer of 2011 and examines trends surrounding:

  1. The capital structure and cost of capital for property companies, both in theory and in practice;
  2. How and why property companies raise capital across the property investment cycle;
  3. Capital budgeting tools that such companies are using in assessing projects and investments; and,
  4. Significant  differences in capital structure and decision-making between REITs and non-REITs, and between UK and other European property companies

Conducted over two years, the survey was sent to all EPRA members and covers listed property companies and REITs in the UK and continental Europe.  

The next cycle of the survey will take place during 2013.

For further information, please contact:

  • Professors Andrew Baum and Colin Lizeri, Department of Land Economy, University of Cambridge
  • David E Brown, Partner, Deloitte


 Download The Cambridge European Property Industry Capital Structure Survey 2011 (PDF)

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