Risk and return of open-end real estate funds : the German case

Open-end real estate funds (so called “Offene Immobilienfonds”) play a major role in the German market for securitised real estate investments. Such funds are pools of money from many investors, which are invested in real estate by special investment management companies. This study seeks to identify the risk and return profile of this investment vehicle (before and after income taxes), to compare them with those of other major asset classes, and to provide implications for their appropriate role in a mixed-asset portfolio. Addition-ally, an overview of the institutional architecture and role of German open-end real estate funds is given. Empirical evidence suggests that the financial characteristics of open-end real estate funds are in many respects similar to those reported for direct real estate invest-ments. Accordingly, German open-end real estate funds qualify for medium and long-term investment horizons, rather than for shorter holding periods

Life cycle assessment of AnMBR technology for urban wastewater treatment: A case study based on a demo-scale AnMBR system

This study aims at assessing the environmental performance of a projected full-scale anaerobic membrane bioreactor (AnMBR) treating urban wastewater (UWW) at ambient temperature. To this aim, data from an AnMBR demonstration plant equipped with commercially available equipment, including industrial hollow fiber and degassing membranes, was used for projecting a full-scale facility. The use of real operation data allows to obtain robust results that contribute to improve the knowledge of the environmental performance of this technology, pointing out its strengths and the challenges that still need to be addressed. Life cycle assessment (LCA) was applied by means of Ecoinvent data base and ReCiPe2016 methodology considering 1 kg of removed COD as functional unit. Additionally, sensitivity and uncertainty analysis were conducted. Energy balance showed AnMBR performing as energy producer (net energy surplus up to - 0.688 kWh⋅kg CODrem - 1 ) and carbon sink (emissions credit up to 0.223 kgCO2eq⋅kgCODrem - 1). Results also showed energy recovery, heavy metals in sludge, dissolved methane in the effluent, and effluent nutrient content as the most important aspects affecting LCA outcome. Construction phase affected some impact categories significantly (e.g., 51-71% in mineral resource scarcity, 18-27% in fossil resource scarcity, 21-28% in water consumption), therefore its exclusion should be carefully evaluated. CHP efficiency, dissolved methane recovery, filtration productivity, membrane scouring, reactor mixing, HRT and SRT appeared most influencing parameters. Finally, actions leading to increase the recovery and valorization of dissolved methane and/or of nutrients through, for instance, fertigation, improve the environmental performance of AnMBR for UWW treatment

The road to magnesium-diboride thin films, Josephson junctions and SQUIDs

The remarkably high critical temperature at which magnesium diboride (MgB2) undergoes transition to the superconducting state, Tc approx 40 K, has aroused great interest and has encouraged many groups to explore the properties and application potential of this novel superconductor. For many electronic applications and further basic studies, the availability of superconducting thin films is of great importance. Several groups have succeeded in fabricating superconducting MgB2 films. An overview of the deposition techniques for MgB2 thin film growth will be given, with a special focus on the in situ two-step process

Bottom-up approach in the assessment of environmental impacts and costs of an innovative anammox-based process for nitrogen removal

In recent decades, the wastewater treatment sector has undergone a shift to adapt to increasing discharge limits. In addressing the evaluation of innovative technologies, it is necessary to determine the scale at which reliable and representative values of environmental impacts and costs can be obtained, ensuring that the system under assessment follows the direction of eco-efficiency. This study has evaluated the environmental and economic indicators of an autotrophic nitrogen removal technology (ELAN®) from laboratory conception (1.5 L) to full scale (2 units of 115 m3) using the Life Cycle Assessment (LCA) methodology. Indirect emissions related to electricity consumption are the main contributor in all impact categories except eutrophication. Electricity consumption referred to the functional unit (1 m3 of treated wastewater) decreases as the scale increases. The rationale behind this can be explained, among other reasons, by the low energy efficiency of small-scale equipment (pumps and aerators). Accordingly, a value of approximately 25 kg CO2eq per m3 of treated water is determined for laboratory scale, compared to only 5 kg CO2eq per m3 at full-scale. When it comes to assessing the reliability of data, a pilot scale system of 0.2 m3 allowed to perform a trustworthy estimation of environmental indicators, which were validated at full-scale. In terms of operational costs, the scale of approximately 1 m3 provided a more accurate estimate of the costs associated with energy consumptionThis research was supported by the UE projects: Pioneer_STP (PCIN-2015-22 (MINECO)/ID199 (WaterJPI) and Run4Life (730285-1). The authors (A. Arias, I. Cámara Salim, A. Pedrouso, A. Mosquera-Corral, G. Feijoo and M.T. Moreira) belong to the Galician Competitive Research Group (GRC ED431C 2017/29) and to the CRETUS Strategic Partnership (AGRUP2015/02)S

Anaerobic membrane bioreactors (AnMBR) treating urban wastewater in mild climates

Feasibility of an AnMBR demonstration plant treating urban wastewater (UWW) at temperatures around 25-30 ºC was assessed during a 350-day experimental period. The plant was fitted with industrial-scale hollow-fiber membranes and fed with the effluent from the pre-treatment of a full-scale municipal WWTP. Biodegradability of the UWW reached values up to 87%, although a portion of the biodegradable COD was consumed by sulfate reducing organisms. Effluent COD remained below effluent discharge limits, achieving COD removals above 90%. System operation resulted in a reduction of sludge production of 36-58% compared to theoretical aerobic sludge productions. The membranes were operated at gross transmembrane fluxes above 20 LMH maintaining low membrane fouling propensities for more than 250 days without chemical cleaning requirements. Thus, the system resulted in net positive energy productions and GHG emissions around zero. The results obtained confirm the feasibility of UWW treatment in AnMBR under mild and warm climates

A semi-industrial AnMBR plant for urban wastewater treatment at ambient temperature: Analysis of the filtration process, energy balance and quantification of GHG emissions

A semi-industrial scale AnMBR urban wastewater treatment plant was operated for 580 days at ambient temperature (ranging from 10-30 ○C) to assess its long-term filtration performance, energy balance and GHG emissions. The applied 20ºC-standardized transmembrane flux (J20) was varied between 15 and 25 LMH and the specific gas demand per m2 of membrane (SGDm) was modified between 0.10 to 0.40 Nm3·m-2·h-1 (corresponding to a specific gas demand per permeate volume (SGDP) between 10 to 20 Nm3·m-3). The filtration strategy allowed successful long-term operations without any chemical cleaning requirements and little fouling for 233 days. The plant operated as a net energy producer for more than 50 % of the experimental period, with an average net energy demand of -0.169±0.341, -0.190±0.376 and -0.205±0.447 kWh·m-3, considering 0 %, 50 % and 70 % of dissolved methane recovery, respectively. Finally, demethanization of AnMBR effluent is needed to achieve an environmentally sustainable operation of the technology. Therefore, the combination of AnMBR with degassing membranes appears as a suitable alternative to conventional wastewater treatment

Comparing the use of different domestic wastewaters for coupling microalgal production and nutrient removal.

The streams from municipal wastewater treatment plants (WWTP) have been considered a valuable medium for mass cultivation of algal biomass. The aim of this work is to test and compare the performance of Chlorella vulgaris on several streams from five stages, from two different WWTP. The results showed biomass yields ranging from 39 to 195 mg dry-weight l−1 days−1. The best performance as biomass production was obtained with the centrate (effluent from drying the anaerobic sludge). After testing a wide range of N/P ratios with centrate, the highest productivity and growth rates were obtained with the original N/P ratio (2.0) of this stream. The highest removal rates were of 9.8 (N) and 3.0 (P) mg l−1 days−1, in the centrate. Finally, this research also suggests that microalgal production seems to be a promising process when coupled to wastewater treatment

A semi-industrial scale AnMBR for municipal wastewater treatment at ambient temperature: performance of the biological process

A semi-industrial scale AnMBR plant was operated for more than 600 days to evaluate the long-term operation of this technology at ambient temperature (ranging from 10 to 27 ºC), variable hydraulic retention times (HRT) (from 25 to 41 h) and influent loads (mostly between 15 and 45 kg COD·d−1). The plant was fed with sulfate-rich high-loaded municipal wastewater from the pre-treatment of a full-scale WWTP. The results showed promising AnMBR performance as the core technology for wastewater treatment, obtaining an average 87.2 ± 6.1 % COD removal during long-term operation, with 40 % of the data over 90%. Five periods were considered to evaluate the effect of HRT, influent characteristics, COD/-S ratio and temperature on the biological process. In the selected periods, methane yields varied from 70.2±36.0 to 169.0±95.1 STP L CH4·kg−1 CODinf, depending on the influent sulfate concentration, and wasting sludge production was reduced by between 8 % and 42 % compared to conventional activated sludge systems. The effluent exhibited a significant nutrient recovery potential. Temperature, HRT, SRT and influent COD/-S ratio were corroborated as crucial parameters to consider in maximizing AnMBR performance

Influence of the aqueous matrix on the degradation of cyanotoxins by CWPO: a study on the Iberian Peninsula freshwaters

The increasing occurrence of toxic cyanobacterial blooms worldwide represents a critical health and environmental risk. Catalytic wet peroxide oxidation (CWPO) has emerged as an efficient and environmentally friendly technology for the removal of cyanotoxins in water. Nevertheless, its effectiveness has just been demonstrated in deionized water or simple synthetic aqueous matrices. In this work, the effect of the different components of the aqueous matrix on the CWPO of cyanotoxins was deeply evaluated considering the widespread properties of the Iberian Peninsula freshwaters. The presence of Cl-, HCO3- and SO42- ions reduced the oxidation rate of cylindrospermopsin (CYN) up to 70–80% at the highest concentrations tested (2000, 250 and 500 mg L−1 for Cl-, HCO3- and SO42-, respectively) due to their hydroxyl radical scavenging capacity. The presence of natural organic matter (NOM) resulted in a similar outcome (oxidation rate reduction up to 90% at the highest concentration tested, 20 mg L−1), but in this case due to the consumption of hydroxyl radicals in competition with CYN oxidation. The presence of NO3- and H2PO4- did not show any significant effect on CYN oxidation. Similarly, the presence of cyanobacteria (Chrysosporum ovalisporum, 50 µg chlorophyll-a L−1) did not appreciably affect the CYN oxidation rate. These results were consistent with those obtained by evaluating the impact of real aqueous matrices from drinking water treatment plants (DWTPs) located in Castilla y León and Extremadura regions (Spain) on CWPO performance. This knowledge is key to the implementation of the technology for the treatment of surface waters affected by toxic cyanobacterial bloomsThis research has been supported by the CYTED Ibero-American Science and Technology Program for Development (CYTED-2019) through the project TALGENTOX (PCI2020–112013) and by Spanish Ministry for Science and Innovation (MICINN) through the project PID2019–105079RB-I00. D. Ortiz thanks the Spanish Ministry of Universities (MIU) for the FPU predoctoral grant (FPU19/04816). M. Munoz thanks the Spanish MINECO for the Ramon ´ y Cajal postdoctoral contract (RYC-2016–20648). We especially thank Aqualia for providing the water samples from DWTPs employed in this study, which was performed in the framework of Rewaise project (http://rewaise.eu