房地产投资信托公司内部的国际合资企业分析

Ryan Crumley, Donna K. Fisher
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引用次数: 4

摘要

本文考察了房地产投资信托基金(REITs)的国际合资企业。已经发表了许多关于国际投资作为多样化工具的论文;然而,房地产行业并没有经历过这样的研究。很少有研究者研究了合资企业对房地产行业的影响,因此,作者希望本文能对这一领域的进一步研究起到刺激作用。本文重点介绍了房地产行业最近的合资企业,包括CBL &Associates Properties, Inc.与Galileo American REIT的合资企业;开发商多元化房地产公司与澳大利亚麦格理银行的合资企业;ProLogis与澳大利亚麦格理银行的合资企业;以及大白鲨企业与澳大利亚麦格理银行的合资企业。这两位作者的研究重点是外国投资者收购美国房地产。在这项研究中,跨国合资企业似乎受到外国投资者投资美国房地产的愿望的推动。在这方面,外国投资者认为在美国投资的政治和经济风险较低。所研究的IJVs有几个特点;具体来说,国际合资企业为美国公司提供了独特的全球扩张机会,否则外国政府将禁止美国公司进行全球扩张。此外,国际合资企业允许公司获得额外的资本资源。在大多数情况下,ijv的设计既耗时又混乱。合资企业是不稳定的安排,很可能有一家公司寻求在不超过五年的时间内解散这种安排。ijv通常遵循一个非常结构化的计划,包括机会评估、评估、设计和实施。版权所有©2005 Henry Stewart Publications
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Analysis of international joint ventures within real estate investment trusts

This paper examines international joint ventures (IJVs) by Real Estate Investment Trusts (REITs). Numerous papers have been published regarding international investments as a tool for diversification; however, the real estate industry has not experienced such research. Few researchers have studied the impact of IJVs on the real estate industry and, as a result, it is the authors' hope that this paper becomes a stimulus for further research in this field.

The paper highlights recent IJVs within the real estate industry, including CBL & Associates Properties, Inc.'s JV with Galileo American REIT; Developers Diversified Realty Corporation's JV with Macquarie Bank of Australia; ProLogis' JV with Macquarie Bank of Australia; and Great White Shark Enterprises' JV with Macquarie Bank of Australia. The authors have focused their efforts on foreign investors acquiring US-based properties. The IJVs examined in this study appeared to be motivated by the foreign investors' desire to invest in US property. In this regard, foreign investors perceive US investments to be associated with less political and economic risk.

Several characteristics emerge from the IJVs studied; specifically, IJVs present unique opportunities for global expansion for US firms otherwise prohibited by foreign governments. Further, IJVs allow firms to obtain additional capital resources. In most cases, IJVs are time consuming and messy to design. IJVs are unstable arrangements with, more than likely, one firm seeking to dissolve the arrangement in no more than five years. IJVs generally follow a very structured plan that includes opportunity assessment, evaluation, design and implementation. Copyright © 2005 Henry Stewart Publications

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