For best experience please turn on javascript and use a modern browser!

Dirk Brounen

Real estate securitisation and corporate strategy. From bricks to bucks

This thesis focuses on the conception and performance of international real estate shares. The first part of this study concerns the transformation of illiquid real estate assets into tradable shares listed on international stock exchanges - securitisation. This includes analyses of the magnitude and effects of corporate real estate ownership by non-real estate firms, the growth of real estate lease alternatives that is offered by an expanding market of listed real estate investment companies and the relationships between the performance of the shares of these real estate companies and the fluctuations in real estate values and rents. The second part of this thesis focuses on strategic dilemmas that concern listed real estate companies around the world. By analyzing both stock and operational performance new light is shed on whether these firms should combine real estate investment activities with participations in real estate development projects and whether these firms should focus their portfolios on few real estate types and geographical regions or whether spreading their investments should be preferred. The results of this research ought to be useful for a wide audience, ranging from financial academics and real estate professionals to the interested layman.