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A combined perspective of corporate real estate

Author

Listed:
  • Ingrid Nappi-Choulet

    (ESSEC Business School)

  • Kim Hiang Liow

    (NUS - National University of Singapore)

Abstract

Purpose - The purpose of this paper is to discuss three corporate real estate (CRE) perspectives (business, financial and capital market) as well as some potential issues, supported by key research studies and evidence drawn from listed retail companies in the USA, and European and Asian countries; as real estate has always been recognized as a key value driver in the retail industry. Design/methodology/approach - A significant amount of capital is locked-up in CRE by business firms, and so this paper analyzes the role of CRE from a combination of three perspectives: business, financial and capital market. These three CRE perspectives are discussed and some important issues reviewed, supported by key research studies and evidence drawn from listed retail companies in the USA and in European and Asian countries. Findings - Arising from the review and perspectives offered in this paper, it is evident that performance measures are required to assess how CRE are being used and perceived by management and investors from the business, financial and capital market perspectives. This combined approach helps position the strategic role of the CRE in the context of "whole firm" that reflects the integration of trading and real estate activities. Practical implications - With an effectiveCREAMsystem endorsed by top management, the CRE' s potential contribution and incremental performance can be factored into the financial plans of the "property-rich" retail firms and appropriately reflected in corporate valuation. Originality/value - This paper offers combined business, financial and capital market perspectives to assess the role of CRE in listed retail firms. Evidence and important issues in relation to the three perspectives are reviewed and evaluated.

Suggested Citation

  • Ingrid Nappi-Choulet & Kim Hiang Liow, 2008. "A combined perspective of corporate real estate," Post-Print hal-00629226, HAL.
    • Handle: RePEc:hal:journl:hal-00629226
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    Citations

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    Cited by:

    1. Shi Ming Yu & Kim Hiang Liow, 2009. "Do retail firms benefit from real estate ownership?," Journal of Property Research, Taylor & Francis Journals, vol. 26(1), pages 25-60, February.
    2. Christopher Heywood & Monique Arkesteijn, 2017. "Meta-Corporate Real Estate Management: Some preliminary thoughts," ERES eres2017_180, European Real Estate Society (ERES).
    3. David Ling & Andy Naranjo & Michael Ryngaert, 2012. "Real Estate Ownership, Leasing Intensity, and Value: Do Stock Returns Reflect a Firm’s Real Estate Holdings?," The Journal of Real Estate Finance and Economics, Springer, vol. 44(1), pages 184-202, January.
    4. Farahiyah Fadzil & Hishamuddin Mohd Ali & Ahmad Ariffian Bujang, 2011. "Corporate Real Estate Function: A Review," ERES eres2011_207, European Real Estate Society (ERES).

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