The problematic differentiation between property bonds and leases in healthcare provision

Ellison, Andrew; Squires, Graham; Dempsey, Patrick G.

doi:10.1108/pm-10-2013-0051

Cited by 2 publications

(2 citation statements)

References 25 publications

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“…More literature is available in this field reporting positive and negative experiences to learn from (Ellison et al , 2015). The healthcare sector in particular (Newell and Jufri Marzuki, 2018) identifies some drivers of the healthcare property sector: ageing population demographics, lack of suitable accommodation, need for modern facilities, long leases for operators, indexed rental income and highly regulated industry.…”

Section: Background and Contextmentioning

confidence: 99%

New perspectives in the Italian property market: the funeral sector

Morena

Truppi

Ierecitano³

et al. 2019

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Purpose The purpose of this paper is to investigate a particular type of property market, that of funeral homes, of which little is known, despite the fact that it is an expanding market, reflecting a social and cultural change in Italy. Design/methodology/approach A qualitative analysis of the funeral property market was carried out. Information and data were collected from funeral companies, with reference to their market strategy, and from institutional investors, in order to gauge their knowledge of that specific sector and their willingness to invest in this specific property type. The instruments used were questionnaires, telephone interviews and on-site visits. Findings The results of this study suggest that Italian funeral companies identified a new property market, responding to the demands of a changing social context, especially in Northern Italy. Limited experience in the management of this asset and the lack of a clear and uniform legislative regulation at the national level appear to be among the main difficulties. From the investors’ point of view, the main problems in investing in this property were the lack of adequate knowledge in the sector and moral qualms about the specific type of assets. Research limitations/implications The small sample restricts generalization beyond the companies that participated in the research. Furthermore, the research only focused on the private sector related to niche market strategy and property investments. Practical implications The paper could raise awareness of a specific and not well-known property market among the real estate operators. Originality/value The originality of the analysis lies in investigating a relevant phenomenon from the social point of view that has been little or not at all addressed from the point of view of real estate, particularly in Italy.

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Section: Background and Contextmentioning

confidence: 99%

New perspectives in the Italian property market: the funeral sector

Morena

Truppi

Ierecitano³

et al. 2019

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“…Research by Squires and Lord (2012) and Squires (2012) also reflected on the extensive use of TIF approaches in the USA for similar reasons. Loan and bond mechanisms, whether in value capture or otherwise, are more often used in real estate development to attract private investment in well-functioning capital markets, with bonds providing institutional investors, such as pension funds with both limited risk and stable yields (Merk et al, 2012;Squires and Moate, 2012;Ellison et al, 2015). Some government loans, such as the subordinated loan, can fill financial gaps formed between loans and equity.…”

Section: Literature Review: Mechanisms In Innovative Real Estate Development Financementioning

confidence: 99%

Innovative real estate development finance – evidence from Europe

Squires

Hutchison

Adair

et al. 2016

Journal of Financial Management of Property and Construction

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Purpose – This research aims to provide an insight into large-scale real estate projects in Europe and how they are using a more innovative blend of finance. Design/methodology/approach – The methodology involved a mix of desk-based study, interviews and case studies. Interviews were held with financiers, policymakers, developers, investors, fund managers and academics. The specific case projects were Battersea Power Station Development in London; Leipziger Platz site in Berlin; and the Lammenschans site in the city of Leiden, The Netherlands. Findings – The research found that there is growth in the blend of financial products used in real estate development within large-scale mixed-use projects. This new blend is set with greater equity financing, often from domestic and foreign consortiums generating institutional funds – alongside private debt financing – that utilise a mix of large-scale multi-bank finance. Practical implications – The scale of the challenge in financing real estate development allied with capital budget constraints has meant that the appetite for innovative finance mechanisms has gained considerable momentum in practice and policy. This research investigates current examples in development finance and provides a discussion of the opinion of key multi-stakeholder participants in the individual cases, and trends more strategically at a broader level. Originality/value – This detailed study of three major development sites and at a more broader strategic level is significant, in that it provides a better understanding of the differing blends of finance that are being used.

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The problematic differentiation between property bonds and leases in healthcare provision

Cited by 2 publications

References 25 publications

New perspectives in the Italian property market: the funeral sector

New perspectives in the Italian property market: the funeral sector

Innovative real estate development finance – evidence from Europe

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