Property investor behaviour : qualitative analysis of a very large transaction

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Property investor behaviour : qualitative analysis of a very large transaction

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Publication Article, peer reviewed scientific
Title Property investor behaviour : qualitative analysis of a very large transaction
Author(s) Öhman, Peter ; Söderberg, Bo ; Westerdahl, Stig
Date 2013
English abstract
Purpose – This explorative case study focuses on property investment decision making from a behavioural perspective at the very microlevel. The study contributes to an understanding of how property investors manage the decision-making process, including organizational aspects, property valuation, and financial management. Design/methodology/approach – Applying a qualitative approach, the authors analyse a very large transaction that occurred in the Swedish property market in 2008. In an open bid transaction, properties of Vasakronan Corporation were sold for SEK41.1 billion (€4.3 billion). Managers in both the purchasing company and the consortium making the second highest bid were interviewed. The authors were encouraged to speak freely, but also used an interview guide with a number of themes as well as specific questions. Findings – The findings reveal the characteristics of two types of property investment decision-making behaviour with respect to how actors organize the work, use external consultants, value the properties, and secure the financing necessary for a final bid. Practical implications – Creditors, analysts, and appraisers may benefit from the insight that property investment decision makers can use different approaches in determining their final bids. Originality/value – The authors use a qualitative empirical approach in analysing an extraordinarily large property transaction from a buyer's point of view and presents detailed information about this transaction as well as general insights into actual behaviour rarely examined in the property investment literature.
DOI http://dx.doi.org/10.1108/JPIF-09-2012-0043 (link to publisher's fulltext)
Publisher Emerald
Host/Issue Journal of Property Investment & Finance;6
Volume 31
ISSN 1463-578X
Pages 522-544
Language eng (iso)
Subject(s) Humanities/Social Sciences
Research Subject Categories::SOCIAL SCIENCES
Handle http://hdl.handle.net/2043/15975 (link to this page)

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