Nick Tyrrell Research Prize
The Nick Tyrrell Research Prize was established in 2011 by the IPF, INREV and SPR to acknowledge innovative and high quality, applied research in real estate investment. The Prize is in memory of the work and industry contribution of Nick Tyrrell, who passed away in August 2010. Nick Tyrrell was Head of Research and Strategy and a Managing Director in J.P. Morgan Asset Management’s European real estate division. His research work was characterised by a combination of academic rigour and practical relevance.
An additional award, the Nick Tyrrell Under-35 Research Prize, was created in 2016 to allow the Judges to recognise work by younger members of the research community. This change reflects both the original aims of the Prize and the growing number of high-quality papers submitted by younger researchers. In order to qualify for this new award all authors should be below the age of 35 on the closing date for submissions (i.e. 15 October 2022).
Topics covered by prize-winning papers include: the relationship between REIT and direct real estate returns (Hoesli & Oikarinen); analysis of pension fund investments in real estate (Andonov, Kok & Eichholtz); price discovery in UK unlisted real estate funds (Schneider); the impact of international investment on real estate cap rates (McAllister & Nanda); a consideration of the effects of sustainable investment on the value and performance of listed real estate investment firms (Devine & Yonder); considers an optimum mix of liquid, publicly-traded assets that may be added to a property fund portfolio (Ametefe, Devaney & Stevenson), the economic impacts of the UK Government's Help-to-Buy policy (Carozzi, Hilber &Yu).
The Prize includes a Prize of £2,000 (£1,000 for the under-35 award), the opportunity to present and discuss the paper at a seminar organised by the sponsoring organisations and the inclusion of the article (or a summary thereof) in one or more of the sponsoring organisations’ publications. The Prize is funded by the Nick Tyrrell Memorial Fund, which is supported by the three sponsoring organisations and administered by the IPF.
The 2022 Judging Panel comprised of Andrew Smith (Hearthstone Investments plc) (Chair), Dr Russell Chaplin (Intrinsic Value Real Estate Advisers), Dr Alexandra Krystalogianni, Mahdi Mokrane (PATRIZIA AG), and Prof. Simon Stevenson, University of Washington.
Submissions for 2022 Prize
The Nick Tyrrell Research Prize is awarded annually to innovative and high-quality, applied research in real estate investment. The deadline for the 2022 Prize is 15 October 2022 and all submissions should be made through the secretariat for the Prize, Iryna Pylypchuk. Email: [email protected].
The full guidelines for the 2022 prize can be found here To red
2022 Prize winners
The winners of the 2022 Nick Tyrrell Research Prize are Neil Crosby, University of Reading and Professor Aart Hordijk, Tilburg University, (retired) with the paper ‘Approaches for Prudent Property Valuations across Europe’.
The paper explored previous research on the topic and carried out a detailed analysis of the different concepts of value, analysed the differences between exchange price, through-the-cycle and under-the-cycle methods, and discussed how the new definition of prudent value fitted into these different concepts. It explores recommendations to be made on how the prudent value definition could be applied in practice. The over-riding conclusion is that the prudent value process is a market analysis not a valuation process.
To read the full paper click here.