Real Estate Merger Motives: An Analytical Review of the Literature

Randy Anderson, Henrik Medla, Nico Rottke and Dirk Schiereck

Journal of Real Estate Literature, 2012, vol. 20, issue 1, 37-47

Abstract: This paper examines the dominant theories, motives, methodologies, and results of the existing literature on the rationale for real estate related mergers. The literature review draws on the mainstream corporate governance literature in finance as its base and highlights the differences in motives between real estate and non-real estate related merger activity. The studies highlight that the homogeneity of real estate firms, especially as they pertain to the highly regulated real estate investment trust (REIT) industry, is expected to reduce the availability of revenue and overall corporate synergies, but might allow for the ability of some firms to more readily be able to take advantage of scale efficiencies. In addition to summarizing past studies, the review concludes with a discussion of the need for continued research in this evolving literature.

Date: 2012
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DOI: 10.1080/10835547.2012.12090317

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