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V.l. Dr. Wolf Schumacher, Aareal Bank AG, Professor Dr. Nico B. Rottke, EBS REMI, Dr. Oliver Bischoff, Universität Hamburg, Prof. Dr. Helmut Herwartz, Georg-August-Universität Göttingen, Richard Fell, University of Reading, und Elke Rudolph, Immobilien Manager Verlag.

Aareal Award of Excellence in Real Estate Research awarded for the sixth time – high quality of the submissions

Aareal Bank AG and the Real Estate Management Institute of the EBS Business School (EBS REMI) and have granted for the sixth time the Aareal Award of Excellence in Real Estate Research for academically-outstanding research work in real estate economics. The prize is worth a total of 12,000 Euros and has three categories: dissertation, research paper and MSc/BSc/ diploma thesis. The award took place on Friday, 22nd of February at Campus Schloss Reichartshausen in Oestrich-Winkel on the occasion of the 14th EBS Immobilienkongress.

Just under 30 experts, including especially professors in the international and national academic researcher network of EBS REMI, appraised the submissions from all over the world on this year's topics: International Real Estate Research, Real Estate Finance and Real Estate Management. 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.

"Teaching and research on the one hand and proximity to market and practice on the other are two sides of the same coin. Particularly Aareal Bank as an international specialised bank knows how important the blend of research and practice is for the ongoing development of the real estate sector and its up and coming talent", said Dr Wolf Schumacher, Chairman of the Management Board at Aareal Bank. He added that Aareal's goal was to foster young real estate talent and to network research and teaching internationally. "REMI has a global network, an interdisciplinary approach and is geared systematically to hands-on practice so it has been an ideal partner for Aareal Bank for many years now in its cultivation of specialised up and coming talent."

The prize winners of the Aareal Award in 2013 are among these outstanding young researchers. The winner in the Bachelor category was Richard Fell of the University of Reading, U.K. His thesis is called: "Deciphering mixed signals: do dynamic conditional correlations and cointegration tests remove or reinforce the case for listed real estate equities within the domestic UK mixed-asset portfolio over time?” He addresses the differences among various property shares using advanced econometric methods.

The prize for the best dissertation went to Dr Oliver Bischoff of Universität Hamburg, Germany, for his paper "Essays on selected characteristics of the German housing market". It looks at a topical subject in research, namely that of residential housing. Dr Bischoff analyses the German residential property market after reunification and tackles the question of the low home ownership in Germany.

Professor Dr Helmut Herwartz at Georg-August-Universität Göttingen, Germany, was awarded the prize for the best research paper. In his work: "On housing booms and credit market conditions: A state space model", he investigates the relationship between the boom in the residential property market and the conditions on the capital market. His model sees a much stronger link here between both markets than assumed hitherto.

Professor Nico B. Rottke, head of the EBS Real Estate Management Institute said: "During the last five years, this international Real Estate Research Award has become a fixture as an academic prize in real estate economics research, and the best submissions are selected by an international independent jury. We are happy that both methodologically-excellent work and submissions relevant to practice had a chance of winning this year."

Aareal Award 2014
The closing date for submissions for the Aareal Award of Excellence in Real Estate Research 2014 is 15 November 2013. The topics set for 2014 are: property financing, real estate management, sustainability/environmental efficiency in the real estate sector. The prizes will be awarded on 21 February 2014. Further info at: www.aareal-award.com

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