Welcome to Consilia Capital

Consilia Capital is a London based research and advisory firm that specialises in implementing real estate strategies for corporate and institutional clients.

Background

Consilia Capital is owned by Alex Moss who has spent over 30 years specializing in the real estate sector globally, encompassing award winning sell side research, corporate broking, private equity and fund management. He formed AME Capital in 2002, which developed a proprietary database and analytical tool for all global listed real estate companies and real estate securities funds. This business was sold to Macquarie Securities in 2008, where he stayed for over three years as Head of Global Property Securities Analytics. He formed Consilia Capital in 2012, and is a Visiting Professor, Real Estate, at Cass Business School, where he teaches the Capital Markets module for the MSc Real Estate Investment course and a Visiting Professor in the Real Estate and Planning Department at Henley Business School, University of Reading.

What We Do

Our current product range includes:

MONTHLY REPORTS Regular performance data for real estate, infrastructure, and real asset funds with feature articles on fund management topics such as Smart Beta, REIT Trading Strategies, and Index Composition.

COMMISSIONED RESEARCH REPORTS Topics have included Infrastructure, Asian listed real estate, and the use of listed real estate in asset management.

ADVISORY WORK. Typically, launching global real estate securities funds and implementing real estate strategies using the listed sector..

SPEICALIST SURVEYS on the application of listed real estate in investment strategies

INDUSTRY PAPERS AND SURVEYS. We particpate in induston related topics, such as the role of real estate in DC pension schemes, and contribute the data for the annual Global REIT Survey

ACADEMIC PAPERS on liquidity premia, REIT trading strategies, and the impact of blending listed and unlisted real estate.

Recently completed research projects and monthly publications are available here

Consilia Capital
2nd Floor, Berkeley Square House, Berkeley Square, London, W1J 6BD

Tel: + 44 (0) 207 887 6086

Latest News

NEW REPORT: REIT ETF FUND FLOWS

5th January 2017

The November Monthly report looks at REIT ETF Ffund flows, examining the link between flows, performance, and investor sentiment, using our proprietary database.

Our findings are that for both US and International Real ETFs net inflows matched the performance and

sentiment in the first half of 2016, whilst in the second half there was a divergence between Global Real Estate

ETFs which suffered net out flows (as expected) and US Real Estate ETFs which managed to maintain positive

inflows, albeit at a significantly reduced rate.

The full report can be found here.

NEW REPORT: CONTRIBUTION OF REITS TO PENSION FUND PERFORMANCE

3rd January 2017

The October Monthly looks at the report by CEM Benchmarking which looks at asset allocation and net (of

investment cost) returns for US Pension Funds over the period 1998-2014. We focus on the contribution of REITS.

To see the full report click here.

NEW REPORT: SIZE AND VINTAGE EFFECT IN FUND PERFORMANCE

2nd January 2017

The September Monthly report takes a look at the size and vintage effect in listed real estate securities fund performance. There has been a lot of work done on this topic for unlisted funds, but little for listed.

Using a sample of global real estate securities funds, we find that :

 Since 2011 large global real estate securities have outperformed smaller ones.

 In the bull market of 2004-2007 larger funds underperformed.

 Funds launched pre 2000 have better 3 and 5 year track records

 Funds launched in 2011 have outperformed

The full report can be found here

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