The Role of Real Estate in Endowment Portfolios: The Case of Christ Church College Harvard Case Solution & Analysis

The main focus of this case is on the Treasurer of Christ Church, James Lawrie, who is considering his alternatives for investing a portion of the School's endowment in real estate. About 1/3 of the total $690 million endowment was allocated towards real estate, substantially higher than the typical 4% allotment by his American counterparts. Real estate has remained a vital part of the Christ Church endowment since its founding in the mid-16th century. The Faculty started with significant property holdings initially received from Henry VIII, which seeded the College's endowment.

In the early 1980s, real estate represented 70% of the endowment's holdings and from 2002-2015, Christ Church's direct investments returned c.10% annually. Lawrie chews over the future purpose of real estate in the College's portfolio, evaluates the functionality of the "US Endowment Model" and compares Christ Church's performance against others as he considers a number of investment strategies including; redevelopment, property sales, specialist funds, pooling capital with the other Oxford Colleges, and taking on more debt considering the once-in-a-generational low interest rates.

PUBLICATION DATE: June 21, 2016 PRODUCT #: 216086-PDF-ENG

This is just an excerpt. This case is about FINANCE & ACCOUNTING

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