This volume is a multinational guide to understanding and navigating the increasingly complex and dynamic world of liquid real estate and the transactions that generate it. The sea change in the markets has meant that major real estate transactions have migrated from ‘Main Street’ to ‘Wall Street’. They often now take the form of mergers, acquisitions, takeovers, spin-offs and other corporate transactions conducted in the public markets for both equity and debt. They have grown exponentially in complexity and sophistication, and increasingly represent cross-border multinational transactions fuelled by the now global real estate capital markets and M&A professionals. They are often intermediated by international investment banks rather than local brokers, and financed with unsecured bonds or commercial mortgage-backed securities. In a fair number of cases they are instigated by private equity firms or similar catalysts, sometimes establishing portfolios to be taken public or sold to public real estate companies, and other times through buyouts of public real estate companies for repositioning or sale.
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