Public Real Estate / Real Estate Occupier

RE01
Lecture 11: Real Estate Securities
& Real Estate in the Company

Thies Lindenthal / Colin Lizieri
htl24@cam.ac.uk

Feb 2024

<div class='figure'>
			<p class='title'>Hammerson vs. Shaftesbury</p>
			       <img src="imgs/hmsoshb-1.svg" height="400">
			<p class='source'>Source: <a href='https://finance.yahoo.com/chart/HMSO.L#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-'>Yahoo Finance</a>; red box indicates rights issue period (from previous slide)</p>
		</div>

Supply and relative market share dynamic

Bubble size relative to # units. Red (blue) is high (low) market share.

RE01Lecture 11: Real Estate Securities& Real Estate in the Company

RE01
Lecture 11: Real Estate Securities
& Real Estate in the Company