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The purpose of this paper is to contribute to the literature on secondary equity offerings (SEOs) by examining the impact of the Black Economic Empowerment (BEE) policy on secondary equity offering (SEO) pricing dynamics of South African Real Estate Investment Trusts (REITs).

With a sample of 152 SEOs of South African REITs from 2010 to 2020, ordinary least squares (OLS) models, fixed effect models, parametric and non-parametric tests were applied to test for the impact of BEE on the underpricing of SEOs.

Significant underpricing is discovered in highly compliant (BEE) REITs; in other words, SEOs pricing of BEE compliant REITs are more underpriced compared to non-compliant BEE REITs. With this, BEE compliant REITs and more so, highly compliant BEE REITs in particular leave more money on the table.

The government is therefore aware of the impact policy interventions play when REITs raise financing through SEOS. With these, highly compliant BEE REITs will need to be more strategic when making BEE compliance decisions as this is shown in our study to impact the underpricing of SEOs.

This is the first study to investigate SEO underpricing for the BEE policy using the South African REITs context.

The purpose of this paper is to examine the benefits of benchmarking among Nigerian facilities management (FM) practitioners.

Data collection was through semi-structured interviews with 34 FM heads from three selected cities in Nigeria. Of this number, 16 were from Lagos, 10 from Abuja, while 8 managers were from Port Harcourt. These managers were selected using purposive sampling based on their experience in the field of FM across the various sectors of the economy. The interviews were analysed with Nvivo 10 software qualitative computer software so as to reduce manual tasks, discover tendencies and recognize themes on the practice, meaning and benefits of benchmarking. Matrix coding of the Nvivo software was used to distinguish between benefits realized by those that conduct formal and informal benchmarking.

The paper found that those that perform informal benchmarking find that the benchmarking tool helps them to improve performance, service quality and their processes. On the other hand, those that perform formal benchmarking affirmed that benchmarking helped them in making strategic plans, striving to be the best in the industry and obtaining explanations for those improvements that are made now and in the near future.

The results, therefore, suggest that formal benchmarking in Nigeria is needed in performing strategic role in FM, as well as in making good business case agitations. Practitioners also need to know the benefits of benchmarking to improve its usage.

The paper categorised FM benchmarking benefits. Also, there are limited empirical studies on benchmarking benefits in developing countries.