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Developers and External Investors

Author

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  • Sascha Becker

Abstract

Partnerships have always played an important role in real estate development, as in most cases small- and medium-sized developers do not have the necessary human resources and competencies in-house. Furthermore, due to the New Basel Capital Accord (Basel II), equity represents the scarce resource for these developers more than ever. It can be assumed, that the prove of creditworthiness and the acquisition of equity will become the main critical factors for developers within the next years. In order to overcome these fundamental problems, real estate developers frequently form strategic alliances with external investors on company- or projectlevel. Both alternatives bare advantages and disadvantages for the developer. However, only few research exists on the question, which alternative under certain circumstances turns out to be preferable. The paper critically analyses and compares the different alternatives from a developer's point of view. The analysis will presumably be based on transaction cost theory.

Suggested Citation

  • Sascha Becker, 2005. "Developers and External Investors," ERES eres2005_118, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2005_118
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2005-118
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    Cited by:

    1. Mario Rodelo Sehuanes & Candy Chamorro González & Wendell Archibold Barrios, 2021. "Formación (en competencias) investigativa(s) en los estudiantes de contaduría pública: caso Universidad del Atlántico, Colombia, 2015-2019," Revista Facultad de Ciencias Económicas, Universidad Militar Nueva Granada, vol. 29(2), pages 67-85, October.

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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