REIT Takeovers: An Evaluation of Barriers to Activity

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dc.contributor.author Zochling, Hugh en_US
dc.contributor.author Phipson, Matthew en_US
dc.contributor.editor - en_US
dc.date.accessioned 2012-10-12T03:36:47Z
dc.date.available 2012-10-12T03:36:47Z
dc.date.issued 2011 en_US
dc.identifier 2010006372 en_US
dc.identifier.citation Zochling Hugh and Phipson Matthew 2011, 'REIT Takeovers: An Evaluation of Barriers to Activity', , PRRES, Sydney, , pp. 1-21. en_US
dc.identifier.issn - en_US
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. en_US
dc.language en_US
dc.publisher PRRES en_US
dc.relation.isbasedon http://www.prres.net/index.htm?http://www.prres.net/proceedings.htm en_US
dc.title REIT Takeovers: An Evaluation of Barriers to Activity en_US
dc.parent PRRES conference Proceedings en_US
dc.journal.volume en_US
dc.journal.number en_US
dc.publocation Sydney en_US
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.for 120503 en_US
dc.personcode 105260 en_US
dc.personcode 0000076176 en_US
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.location.activity Gold Coast, Queensland en_US
dc.description.keywords REITs; A-REITs; discount to net asset value; takeover. en_US
dc.staffid en_US


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