Journal of Property Finance: Volume 3 Issue 2

Managing Currency Exposures Associated with Foreign Acquisitions

Chris Mitchell

Discusses hedging currency exposures that arise from foreignacquisitions. Particular emphasis is placed on the use of currency swapsand their derivatives. Argues that hedging…

Housing Associations Stock Issues

Jennie Gubbins, Adrien Carter

Considers the legal status of the typical housing association.Discusses the role of The Housing Corporation in monitoring housingassociations. Describes the funding requirements…

The Credit Risk of Non‐Agency Mortgage Securities: Definition, Measurement and Diversification

Youngblood

Seeks to define, measure and diversify house price change for theadvantage of lenders and investors in the non‐agency mortgage market.Comments that the Daiwa average has been…

The Potential of Capital Allowances in Purchased Property

Paul Blakeley

Confirms that capital gains are claimable on plant and machinery.Offers a definition of machinery. Indicates how plant might be defined.Discusses the qualifications and basis for…

Monte Carlo Analysis: A Practical Application to Development Appraisal

Alec H. Evans

Discusses the shortcomings of the so‐called conventional method ofappraising development sites at the pre‐purchase stage. Demonstrates howmultiple‐outcome simulations, Monte Carlo…

Bridging Finance

Neville Freed

Reviews the wider applications of bridging. Considers the varioustypes of bridging finance available. Discusses their costs andlimitations. Concludes that although bridging is…

Investment Property Portfolio Purchase by Private Subscription of Shares

John A. Theophilus

Looks at the acquisition of a portfolio of properties by theprivate subscription of shares. Considers the assembling of theportfolio and the professional team. Examines the…

The 1985‐1995 Property Cycle, the Finances in Olympia and York, and Property Investment Criteria

Cedric Pugh

Discusses the nature of the property cycle. Charts the course offinancial success and failure of Olympia and York. Discusses therestructuring of over‐indebted property finance…

VAT and the Surrender of Leases

Alan M. Cushnir

Considers the effect of the European Court′s ruling in relation toVAT zero rating of transactions concerning land and buildings. Describessome legitimate tax planning. Discusses…