Universities as asset class: Private sector investment in property for universities

IF 3.4 2区 社会学 Q1 GEOGRAPHY
Kristian Ruming, Sha Liu
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Abstract

Drawing on cases from Australia, we argue that property for universities has emerged as an asset class that appeals to a range of investor/owner types, including listed Real Estate Investment Trusts (REITs), unlisted direct property funds, and private developers. The emergence of property for universities as an asset class is driven by, on the one hand, universities looking to finance development in the context of reduced state funding and the marketisation of tertiary education, and, on the other hand, private sector capital looking for new investment opportunities. Established research has explored the logics and strategies of universities in engaging in land and property transactions, often in partnership with private sector investors or developers; however, less attention has been placed on the objectives and actions of private sector stakeholders. Drawing on interviews with investors, developers, and senior university staff, we address this gap in three ways. First, we examine how, within the context of COVID-19, private sector stakeholders mobilised to position property as a solution to the financial tumult facing universities, simultaneously seeking to create new spaces for investment. Second, drawing on several developments undertaken for Western Sydney University, we reveal a diverse set of property, ownership, and financing arrangements that mediate property for universities as an investment asset. Third, we explore the appeal of property for universities as an asset, revealing a series of benefits for investor and developer owners that coalesce around three themes: rent, risk, and reputation.
大学作为资产类别:私营部门对大学物业的投资
根据澳大利亚的案例,我们认为大学物业已成为一种资产类别,吸引了一系列投资者/所有者类型,包括上市房地产投资信托基金(REITs)、非上市直接物业基金和私人开发商。大学物业作为一种资产类别的出现,一方面是由于大学希望在国家资金减少和高等教育市场化的背景下为发展提供资金,另一方面是由于私营部门的资本在寻找新的投资机会。已有研究探讨了大学参与土地和房地产交易的逻辑和策略,这些交易通常是与私营部门投资者或开发商合作进行的;但对私营部门利益相关者的目标和行动关注较少。通过对投资者、开发商和大学高级职员的访谈,我们从三个方面弥补了这一不足。首先,我们研究了在 COVID-19 的背景下,私营部门的利益相关者如何动员起来,将房地产定位为解决大学面临的金融动荡的方案,同时寻求创造新的投资空间。其次,借鉴西悉尼大学的几个开发项目,我们揭示了一系列不同的物业、所有权和融资安排,这些安排将物业作为一种投资资产为大学提供中介服务。第三,我们探讨了大学物业作为一种资产的吸引力,揭示了投资者和开发商业主的一系列利益,这些利益围绕着三个主题:租金、风险和声誉。
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来源期刊
Geoforum
Geoforum GEOGRAPHY-
CiteScore
7.30
自引率
5.70%
发文量
201
期刊介绍: Geoforum is an international, inter-disciplinary journal, global in outlook, and integrative in approach. The broad focus of Geoforum is the organisation of economic, political, social and environmental systems through space and over time. Areas of study range from the analysis of the global political economy and environment, through national systems of regulation and governance, to urban and regional development, local economic and urban planning and resources management. The journal also includes a Critical Review section which features critical assessments of research in all the above areas.
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