Wiesbaden, 24 February 2012 - The Real Estate Management Institute (EBS REMI) of the EBS Business School and Aareal Bank AG have granted for the fifth time the Aareal Award of Excellence in Real Estate Research for academically-outstanding research work in real estate economics. A total of approximately 50 papers for this annual research prize were submitted this year. About half the applications came from abroad and especially from North America and Asia. The price is worth
12,000 Euro. The award ceremony took place today on the Schloss Reichartshausen campus in Oestrich-Winkel at the 13th EBS Real Estate Congress.
The jury is as international as the applicants. Just under 30 experts, principally professors in the national and international REMI research network, assessed the work on this year's topics in the three categories: Dissertation, Research Paper, MSc-/BSc-/Diploma Thesis. This year's topics were Real Estate Finance, Real Estate Investment Vehicles and Residential. The winners received their prize money and awards from the initiators: Professor Nico B. Rottke, EBS REMI, Dr Wolf Schumacher, Aareal Bank AG and Elke Rudolph, Immobilien Manager Verlag.
The winners are:
- Dr. Alexander Reichardt, EBS Real Estate Management Institute of the EBS Business School, Wiesbaden, in the category of Dissertation/Ph.D for his work "Sustainability in Commercial Real Estate Markets".
- Dr. Martin Wersing, TU Technische Universität Berlin, Institut für Volkswirtschaftslehre und Wirtschaftsrecht, Berlin, in the category of Research Paper for his work: "Renting versus Owning and the Role of Human Capital: Evidence from Germany".
- Norman Ebner, St. Edmund’s College, University of Oxford, England, in the category of MSc-/BSc-/Diploma Thesis for his work: "Market Timing & Target Leverage of the U.S. REITs".
Professor Nico B. Rottke, head of the EBS Real Estate Management Institute, said: "This international Aareal Award has become a fixture as an academic prize in real estate economics research in the last five years. An international independent jury selects the best submission. We are happy to see that both work of methodological excellence and exciting submissions had the chance of winning this year."
REMI pursues an international, interdisciplinary and hands-on approach. The aim is the ongoing development and assurance of the profitability of the property sector. "The property industry is well-set for the future, as it has a mixture of academic and hands-on expertise at the international level. A good example of REMI's leading role is the selection of topics for this year's Aareal Award: for the first time, a topic related to residential property was set. This is a subject which scholars have been neglecting so far in favour of commercial property. But residential properties are of more and more interest to the investment allocation of institutional investors" said Dr Wolf Schumacher, chairman of the Management Board at Aareal Bank. He added that Aareal Bank had been working both in commercial and residential property financing for more than 50 years and so knew about the special importance of researching this area in a scholarly and hands-on way.
Aareal Award 2013 and further information
Submissions can be lodged for the Aareal Award of Excellence in Real Estate Research 2013 until 16 November 2012. The topics set this year are: International Real Estate Research, Real Estate Finance and Real Estate Management. The conditions of entry are at www.aareal-award.com. The prizes will be awarded on 22 February 2013.
(To editors: photos of the award ceremony are available on request)