REIT Takeovers: An Evaluation of Barriers to Activity

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dc.contributor.author Zochling, HH
dc.contributor.author Phipson, M
dc.contributor.editor -
dc.date.accessioned 2012-10-12T03:36:47Z
dc.date.issued 2011-01
dc.identifier.citation PRRES conference Proceedings, 2011, pp. 1 - 21
dc.identifier.other E1 en_US
dc.identifier.uri http://hdl.handle.net/10453/19336
dc.description.abstract The global financial crisis in September 2007 resulted in the most significant downturn in global real estate markets in decades. Listed real estate markets were particularly affected, as the combination of high leverage and collapsing real estate values led to massive erosion of shareholder value and investment confidence. The Australian real estate investment trust (A-REIT) market suffered one of the largest downturns relative to its global peers. Currently the downturn appears to be abating, with most A-REITs having undertaken a process of balance sheet reconstruction, via asset sales, equity raisings and debt reduction. However, many A-REITs continue to trade at a significant discount to underlying net asset values. Such circumstances typically provide takeover opportunities that may unlock significant value. However, despite the potentially attractive values, we have seen limited recent takeover activity in Australia. This paucity of A-REIT takeovers suggests there may be barriers to such activity. This research examines the barriers to takeovers currently existing in the A- REIT market.
dc.format Jessica Robinson
dc.publisher PRRES
dc.title REIT Takeovers: An Evaluation of Barriers to Activity
dc.type Conference Proceeding
dc.parent PRRES conference Proceedings
dc.journal.number en_US
dc.publocation Sydney en_US
dc.publocation Poland
dc.identifier.startpage 1 en_US
dc.identifier.endpage 21 en_US
dc.cauo.name DAB.School of Built Environment en_US
dc.conference Verified OK en_US
dc.conference International Conference on Monte Carlo and Quasi-Monte Carlo Methods in Scientific Computing
dc.conference PRESS Conference: Climate Change - Its impact now and later
dc.for 120503 Housing Markets, Development, Management
dc.personcode 105260
dc.percentage 100 en_US
dc.classification.name Housing Markets, Development, Management en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom PRESS Conference: Climate Change - Its impact now and later en_US
dc.date.activity 20110116 en_US
dc.date.activity 2010-08-15
dc.date.activity 2011-01-16
dc.location.activity Gold Coast, Queensland en_US
dc.location.activity Warsaw, Poland
dc.description.keywords REITs; A-REITs; discount to net asset value; takeover. en_US
dc.description.keywords REITs
dc.description.keywords A-REITs
dc.description.keywords discount to net asset value
dc.description.keywords takeover.
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Design, Architecture and Building
utslib.copyright.status Open Access
utslib.copyright.date 2015-04-15 12:23:47.074767+10
utslib.collection.history General (ID: 2)


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