Strategic Alignment of Corporate Real Estate in Post-Socialist Emergent Property Markets: Can this save the day?
||Multescu, Gheorghe Petru; Barry Symonds
||Strategic Alignment of Corporate Real Estate in Post-Socialist Emergent Property Markets: Can this save the day?
||21st Annual European Real Estate Society Conference in Bucharest, Romania
||Romania has undergone major reforms and changes since 1989. The privatisation of its former derelict industrial heritage has become attractive for investment funds and private investors. As part of this state managed process, a number of former industrial platforms entered property portfolios of real estate investors keen to speculate land prices. State owned company privatisations resulted in many cases in land banking and non-business related property development rather than re-launching core production facilities and manufacturing processes. On the other hand a limited number of formerly state owned companies did survive and successfully privatised to become the successful owners and managers of portfolios including derelict industrial land, offices, high street retail outlets and manufacturing facilities. Perceived privatisation failures and the post-2008 recession combined with a lack of skills in aligning Corporate Real Estate Strategy (CRES) with Corporate Business Strategies – where neither the state nor the newly established privately managed companies seem to understand the role and potential of CRES – set the scene for a stalemate in the emergent Romanian real estate market. How can CRES make a difference and be a part in re-launching investment in post-socialist emergent property markets? The paper looks at how aligning CRES with strategic business objectives could successfully contribute to make a difference in the ongoing privatisation process and successful development of already privatised companies. A case study approach provides access to a mix of qualitative and quantitative data.
Post discussion ...
||B : Corporate Real Estate
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