LIFE CYCLE MANAGEMENT OF PUBLIC REAL ESTATES FOCUSING THE PPP ROUTE

Anke Schwanck, Katrin Fischer and Hans Wilhelm Alfen

ERES from European Real Estate Society (ERES)

Abstract: The value of a commercial project development is strongly related to market cycles. Public real estate is virtually independent from market trends. To increase the value of public real estate, an efficient life cycle management provides the bases. In practice, the previously neglected maintenance, the need for reconstruction and new building projects raise the awareness of a value-oriented life cycle management. It is therefore the aim of the paper to identify forms of best practice in property management for an efficient life cycle management. One possible way to establish a real estate life cycle management is by applying the procurement model of Public Private Partnership (PPP). With PPP, a private partner takes over design, construction, finance and operation of a public building or infrastructure for a long period of contract. Because of bundling the responsibilities during the life cycle and the implementation of controlling and incentive mechanisms in PPP contracts a sound basis for optimizing life cycle costs is established. This paper will in particular look at PPP in the university and research institutes sector. German research facilities and universities face numerous legal, organisational and economic changes including the property asset management. The aim of the paper is to analyse this process of reorganisation and to identify potentials and barriers of PPP. Notwithstanding, the basis for any decisions concerning life cycle management is relevant building and operational data. The paper will discuss a data structure model which contains the crucial data elements.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2008-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2008_249

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