The growth of private property vehicles in the UK: causes and conditions

The UK private indirect real estate market has seen a rapid growth in the last seven years. The gross asset value (GAV) of the private property vehicle (PPV) market has about tripled from a GAV of £22.6bn in 1998 to a GAV of £67.1 billion at the end of 2005 (OPC, 2006). Although this trend of growing syndication of real estate is not only a UK phenomenon, the rate of growth has been significantly faster in the UK. For example the German open-ended funds have grown over the same period from €50.4bn to €85.1bn (BVI, 2006). In the US the market capitalization of equity real estate investment trusts (REIT) has grown 155% since 1999 to US$ 301bn (NAREIT, 2006). Each jurisdiction is offering different formats to invest indirectly into real estate but at the core all these vehicles are the same in that they provide a different route for investors to access real estate. In the UK, although the range of ‘products’ is now quite diverse, all structures have in common the ‘wrapping’ of property assets into a multi-investor vehicle. This paper examines the nature, pattern and process of market growth in PPVs and constructs a series of associations between causes and effects to explain this market shift.

Private property vehicles: the valuation of interests in limited partnerships

This paper examines the extent to which the valuation of partial interests in private property vehicles should be closely aligned to the valuation of the underlying assets. A sample of vehicle managers and investors replied to a questionnaire on the qualities of private property vehicles relative to direct property investment. Applying the Analytic Hierarchy Process (AHP) technique the relative importance of the various advantages and disadvantages of investment in private property vehicles relative to acquisition of the underlying assets are assessed. The results suggest that the main drivers of the growth of the this sector have been the ability for certain categories of investor to acquire interests in assets that are normally inaccessible due to the amount of specific risk. Additionally, investors have been attracted by the ability to ‘outsource’ asset management in a manner that minimises perceived agency problems. It is concluded that deviations from NAV should be expected given that investment in private property vehicles differs from investment in the underlying assets in terms of liquidity, management structures, lot size, financial structure inter alia. However, reliably appraising the pricing implications of these variations is likely to be extremely difficult due to the lack of secondary market trading and vehicle heterogeneity.

Abundance and diversity of wild bees along gradients of heavy metal pollution

1. Wild bees are one of the most important groups of pollinators in the temperate zone. Therefore, population declines have potentially negative impacts for both crop and wildflower pollination. Although heavy metal pollution is recognized to be a problem affecting large parts of the European Union, we currently lack insights into the effects of heavy metals on wild bees. 2. We investigated whether heavy metal pollution is a potential threat to wild bee communities by comparing (i) species number, (ii) diversity and (iii) abundance as well as (iv) natural mortality of emerging bees along two independent gradients of heavy metal pollution, one at Olkusz (OLK), Poland and the other at Avonmouth (AVO), UK. We used standardized nesting traps to measure species richness and abundance of wild bees, and we recorded the heavy metal concentration in pollen collected by the red mason bee Osmia rufa as a measure of pollution. 3. The concentration of cadmium, lead and zinc in pollen collected by bees ranged from a background level in unpolluted sites [OLK: 1·3, 43·4, 99·8 (mg kg−1); AVO: 0·8, 42·0, 56·0 (mg kg−1), respectively] to a high level on sites in the vicinity of the OLK and AVO smelters [OLK: 6·7, 277·0, 440·1 (mg kg−1); AVO: 9·3, 356·2, 592·4 (mg kg−1), respectively]. 4. We found that with increasing heavy metal concentration, there was a steady decrease in the number, diversity and abundance of solitary, wild bees. In the most polluted sites, traps were empty or contained single occupants, whereas in unpolluted sites, the nesting traps collected from 4 to 5 species represented by up to ten individuals. Moreover, the proportion of dead individuals of the solitary bee Megachile ligniseca increased along the heavy metal pollution gradient at OLK from 0·2 in uncontaminated sites to 0·5 in sites with a high concentration of pollution. 5. Synthesis and applications. Our findings highlight the negative relationship between heavy metal pollution and populations of wild bees and suggest that increasing wild bee richness in highly contaminated areas will require special conservation strategies. These may include creating suitable nesting sites and sowing a mixture of flowering plants as well as installing artificial nests with wild bee cocoons in polluted areas. Applying protection plans to wild pollinating bee communities in heavy metal-contaminated areas will contribute to integrated land rehabilitation to minimize the impact of pollution on the environment.

Virtual reality Post Traumatic Stress Disorder (PTSD) exposure therapy results with active duty OIF/OEF service members

Posttraumatic stress disorder (PTSD) is reported to be caused by exposure to traumatic events including (but not limited to) military combat, violent personal assault, being kidnapped or taken hostage and terrorist attacks. Initial data suggest that at least 1 out of 6 Iraq War veterans are exhibiting symptoms of depression, anxiety and PTSD. Virtual reality (VR) delivered exposure therapy for PTSD has been used with reports of positive outcomes. The aim of the current paper, is to present the rationale and brief description of a Virtual Iraq/Afghanistan PTSD VR therapy application and present initial findings from its use with PTSD patients. Thus far, Virtual Iraq/Afghanistan consists of a series of customizable virtual scenarios designed to represent relevant Middle Eastern VR contexts for exposure therapy, including a city and desert road convoy environment. User-centered design feedback, needed to iteratively evolve the system, was gathered from returning Iraq War veterans in the USA and from a system deployed in Iraq and tested by an Army Combat Stress Control Team. Results from an open clinical trial at San Diego Naval Medical Center of the first 20 treatment completers indicate that 16 no longer met PTSD screening criteria at post-treatment, with only one not maintaining treatment gains at 3 month follow-up.

Tropical-extratropical interactions over Southern Africa: three cases of heavy summer season rainfall

The synoptic evolution of three tropical–extratropical (TE) interactions, each responsible for extreme rainfall events over southern Africa, is discussed in detail. Along with the consideration of previously studied events, common features of these heavy rainfall producing tropical temperate troughs (TTTs) over southern Africa are discussed. It is found that 2 days prior to an event, northeasterly moisture transports across Botswana, set up by the Angola low, are diverted farther south into the semiarid region of subtropical southern Africa. The TTTs reach full maturity as a TE cloud band, rooted in the central subcontinent, which is triggered by upper-level divergence along the leading edge of an upper-tropospheric westerly wave trough. Convection and rainfall within the cloud band is supported by poleward moisture transports with subtropical air rising as it leaves the continent and joins the midlatitude westerly flow. It is shown that these systems fit within a theoretical framework describing similar TE interactions found globally. Uplift forcing for the extreme rainfall of each event is investigated. Unsurprisingly, quasigeostrophic uplift is found to dominate in the midlatitudes with convective processes strongest in the subtropics. Rainfall in the semiarid interior of South Africa appears to be a result of quasigeostrophically triggered convection. Investigation of TTT formation in the context of planetary waves shows that early development is sometimes associated with previous anticyclonic wave breaking south of the subcontinent, with full maturity of TTTs occurring as a potential vorticity trough approaches the continent from the west. Sensitivity to upstream wave perturbations and effects on anticyclonic wave breaking in the South Indian Ocean are also observed.

Emission: a simple new technique to correct rainfall estimates from attenuation due to both the radome and heavy rainfall

We present a new technique for correcting errors in radar estimates of rainfall due to attenuation which is based on the fact that any attenuating target will itself emit, and that this emission can be detected by the increased noise level in the radar receiver. The technique is being installed on the UK operational network, and for the first time, allows radome attenuation to be monitored using the increased noise at the higher beam elevations. This attenuation has a large azimuthal dependence but for an old radome can be up to 4 dB for rainfall rates of just 2–4 mm/h. This effect has been neglected in the past, but may be responsible for significant errors in rainfall estimates and in radar calibrations using gauges. The extra noise at low radar elevations provides an estimate of the total path integrated attenuation of nearby storms; this total attenuation can then be used as a constraint for gate-by-gate or polarimetric correction algorithms.

Decay to equilibrium for jump processes with heavy tails

The case is made for a more careful analysis of the large time asymptotic of infinite particle systems in the thermodynamic limit beyond zero density. The insufficiency of current analysis even in the model case of free particles is demonstrated. Recent advances based on more sophisticated analytical tools like functions of mean variation and Hardy spaces are sketched.

Motion planning of autonomous vehicles in a non-autonomous vehicle environment without speed lanes

Planning is one of the key problems for autonomous vehicles operating in road scenarios. Present planning algorithms operate with the assumption that traffic is organised in predefined speed lanes, which makes it impossible to allow autonomous vehicles in countries with unorganised traffic. Unorganised traffic is though capable of higher traffic bandwidths when constituting vehicles vary in their speed capabilities and sizes. Diverse vehicles in an unorganised exhibit unique driving behaviours which are analysed in this paper by a simulation study. The aim of the work reported here is to create a planning algorithm for mixed traffic consisting of both autonomous and non-autonomous vehicles without any inter-vehicle communication. The awareness (e.g. vision) of every vehicle is restricted to nearby vehicles only and a straight infinite road is assumed for decision making regarding navigation in the presence of multiple vehicles. Exhibited behaviours include obstacle avoidance, overtaking, giving way for vehicles to overtake from behind, vehicle following, adjusting the lateral lane position and so on. A conflict of plans is a major issue which will almost certainly arise in the absence of inter-vehicle communication. Hence each vehicle needs to continuously track other vehicles and rectify plans whenever a collision seems likely. Further it is observed here that driver aggression plays a vital role in overall traffic dynamics, hence this has also been factored in accordingly. This work is hence a step forward towards achieving autonomous vehicles in unorganised traffic, while similar effort would be required for planning problems such as intersections, mergers, diversions and other modules like localisation.

Multi-level planning for semi-autonomous vehicles in traffic scenarios based on separation maximization

The planning of semi-autonomous vehicles in traffic scenarios is a relatively new problem that contributes towards the goal of making road travel by vehicles free of human drivers. An algorithm needs to ensure optimal real time planning of multiple vehicles (moving in either direction along a road), in the presence of a complex obstacle network. Unlike other approaches, here we assume that speed lanes are not present and that different lanes do not need to be maintained for inbound and outbound traffic. Our basic hypothesis is to carry forward the planning task to ensure that a sufficient distance is maintained by each vehicle from all other vehicles, obstacles and road boundaries. We present here a 4-layer planning algorithm that consists of road selection (for selecting the individual roads of traversal to reach the goal), pathway selection (a strategy to avoid and/or overtake obstacles, road diversions and other blockages), pathway distribution (to select the position of a vehicle at every instance of time in a pathway), and trajectory generation (for generating a curve, smooth enough, to allow for the maximum possible speed). Cooperation between vehicles is handled separately at the different levels, the aim being to maximize the separation between vehicles. Simulated results exhibit behaviours of smooth, efficient and safe driving of vehicles in multiple scenarios; along with typical vehicle behaviours including following and overtaking.

Planning autonomous vehicles in the absence of speed lanes using lateral potentials

Chaotic traffic, prevalent in many countries, is marked by a large number of vehicles driving with different speeds without following any predefined speed lanes. Such traffic rules out using any planning algorithm for these vehicles which is based upon the maintenance of speed lanes and lane changes. The absence of speed lanes may imply more bandwidth and easier overtaking in cases where vehicles vary considerably in both their size and speed. Inspired by the performance of artificial potential fields in the planning of mobile robots, we propose here lateral potentials as measures to enable vehicles to decide about their lateral positions on the road. Each vehicle is subjected to a potential from obstacles and vehicles in front, road boundaries, obstacles and vehicles to the side and higher speed vehicles to the rear. All these potentials are lateral and only govern steering the vehicle. A speed control mechanism is also used for longitudinal control of vehicle. The proposed system is shown to perform well for obstacle avoidance, vehicle following and overtaking behaviors.

Next-to-leading order QCD corrections to the polarized hadroproduction of heavy flavors

We present the complete next-to-leading order QCD corrections to the polarized hadroproduction of heavy flavors which soon will be studied experimentally in polarized pp collisions at the BNL Relativistic Heavy Ion Collider (RHIC) in order to constrain the polarized gluon density Δg. It is demonstrated that the dependence on unphysical renormalization and factorization scales is strongly reduced beyond the leading order. The sensitivity of the charm quark spin asymmetry to Δg is analyzed in some detail, including the limited detector acceptance for leptons from charm quark decays at the BNL RHIC.

Polarized hadro- and photoproduction of heavy quarks in NLO QCD

We present the first calculation of the complete NLO QCD corrections to the production of heavy flavors with longitudinally polarized hadrons. This reaction can be used at RHIC to extract the gluon helicity density and may shed light on the "heavy quark enigma". The theoretical uncertainties are briefly discussed.