The Best-Owner Principle in Real Estate Management

Andreas Loepfe

ERES from European Real Estate Society (ERES)

Abstract: Unlike the usual ìmarket valueî, the ìBest-Owner principleî proposes to tie the value of a direct real estate investment ñ seen as a business unit ñ to its owner. In this model the decision whether to add an asset to a portfolio depends on the ownerís ability to extract additional value from this specific property. This approach reflects the individual investorís management skills relative to those of other potential owners. Consequently, there may be well-performing owners focused on low-performing assets.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2004-06-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2004_176

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