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The individual levels involved in real estate management are thoroughly discussed in the literature. This paper provides a structured meta-analysis of the different theoretical approaches in German-speaking countries. It also investigates the integration of transaction management and technical due diligence into the concepts of organisation theory. In this process, the interfaces are analysed and optimised models are developed for transferring the technical due diligence findings to the operational level.

Interviews with transaction management experts were conducted based on a narrative literature review. These interviews shed light on how the components of transaction management and due diligence are integrated into the transaction process, with a particular focus on technical due diligence. They also provide insights into how the related results are taken into account in relation to the transaction, and how they are transferred into the operational phase.

It becomes apparent that the role of transaction management is not clearly defined and delimited in the structural model of the real estate industry. Technical due diligence findings are usually transferred to the operation of the property via several, manual interfaces with corresponding losses of knowledge. The related models derived and developed for the purpose of operational optimisation define the role of transaction management against a technical background and identify the interfaces to be considered.

The significance of transaction management for subsequent operations is discussed and elaborated on. More specifically, transferring safety-relevant, high-priority findings from the technical due diligence exercise plays a crucial role for the modelling stage. On the implementation level, the derived models serve as a basis for customising the internal organisational structure.

In Germany, there has hardly been any research into the involvement of technical experts in the real estate transaction process to date. This paper provides initial approaches to optimising organisational structures and sustainably integrating technical due diligence findings into real estate operations.

This research provides fundamentals for generating (partially) automated standardized due diligence reports. Based on original digital building documents from (institutional) investors, the potential for automated information extraction through machine learning algorithms is demonstrated. Preferred sources for key information of technical due diligence reports are presented. The paper concludes with challenges towards an automated information extraction in due diligence processes.

The comprehensive building documentation including n = 8,339 digital documents of 14 properties and 21 technical due diligence reports serve as a basis for identifying key information. To structure documents for due diligence, 410 document classes are derived and documents principally checked for machine readability. General rules are developed for prioritized document classes according to relevance and machine readability of documents.

The analysis reveals that a substantial part of all relevant digital building documents is poorly suited for automated information extraction. The availability and content of documents vary greatly from owner to owner and between document classes. The prioritization of document classes according to machine readability reveals potentials for using artificial intelligence in due diligence processes.

The paper includes recommendations for improving the machine readability of documents and indicates the potential for (partially) automating due diligence processes. Therefore, document classes are derived, reviewed and prioritized. Transaction risks can be countered by an automated check for completeness of relevant documents.

This paper is the first published (empirical) research to specifically assess the automated digital processing of due diligence reports. The findings are helpful for improving due diligence processes and, more generally, promoting the use of machine learning in the property sector.

The purpose of this paper is to show how Sarbanes‐Oxley is motivating corporate boards to bring heightened scrutiny for all aspects of the acquisition process, including valuation. This paper examines how in addition to the high‐tech M&A strategic objective, the decision on the post closing integration strategy should be considered as part of a target's firm valuation.

The paper argues that, within the high‐tech sector, the target firm characteristics in relation to the market are not sufficient for the basis of valuation. Planned management interventions, including the acquirer's management integration strategy decision, should also be considered. It further argues that intellectual capital retention, an important element of the target firm's valuation, is directly related to how closely the pace and degree of integration matches the acquirer's strategic objectives and the outcome of the due diligence.

Based on the findings from a set of interviews with M&A practitioners in the high‐tech field, due diligence, post closing integration planning and identity are viewed as important factors to the acquisition outcome. They appear not to be considered for the target firm valuation, which may result in an acquirer paying an excessive premium.

Finally the paper proposes a framework to guide high‐tech firms to select an integration strategy and its valuation impact in relation to the acquisition strategic objective, the due diligence outcome and the integration strategy.

The outcome of this project is raising the importance of due diligence and post integration strategy in relation to other factors that impact transaction outcome such as intellectual capital retention and valuation.

This paper aims to examine the approach of UK institutional funds to considering flood risk to property investments in the light of their fiduciary duty, the widespread floods in 2007 and 2010 and the predicted increase in future incidence due to climate change. It explores the due diligence process and the challenges to investment decision-making and to property valuation. The case is made for further research to establish the extent of UK investment property potentially at risk from flooding, the degree of risk exposure and the way the risk is translated into valuations.

A comprehensive literature review informed the design of interviews with senior managers in major investment funds, their professional advisers and other stakeholder representatives, including environmental consultants, valuers, solicitors, lenders and the insurance industry. Case studies illustrate how the due diligence process is used to identify risks, inform purchase decisions and devise mitigation and management actions.

Property represents about 4 per cent of investments managed in the UK, but there is no clear picture of where and how much could be at risk of flooding. There is a common false assumption among investors that risk levels are unlikely to change and a reluctance to expose an otherwise hidden problem.

Property is an important diversification asset in investment portfolios, underpinning individual pension, insurance and savings plans. Prior research indicated flood risk to commercial investment property was under-researched; a need for awareness raising; and for guidance relevant to investors and their professional advisers.

The key aspects that built environment professionals need to consider when evaluating roofs for the purpose of green roof retrofit and also when assessing green roofs for technical due diligence purposes are outlined. Although green or sod roofs have been built over many centuries, contemporary roofs adopt new approaches and technologies. The paper aims to discuss these issues.

A mixed methods design based on a systematic review of relevant literature from parallel disciplines was used to identify and quantify the social, economic and environmental benefits of retrofitted green roofs in commercial districts. The technical issues of concern were drawn from a desk-top survey of literature and from stakeholder focus groups undertaken in Sydney in 2012.

There are perceptions amongst built environmental practitioners that may act as artificial barriers to uptake. There is little direct experience within built environment professionals and practitioners, along with a fear of the unknown and a risk averse attitude towards perceived innovation which predicates against green roof retrofit. Furthermore projects with green roofs at inception and early design stage are often “value engineered” out of the design as time progresses. There is a need for best practice guidance notes for practitioners to follow when appraising roofs for retrofit and also for technical due diligence purposes.

The focus groups are limited to Sydney-based practitioners. Although many of these practitioners have international experience, few had experience of green roofs. A limited number of roof typologies were considered in this research and some regions and countries may adopt different construction practices.

In central business districts the installation of green roof technology is seen as one of the main contributors to water sensitive urban design (WSUD). It is likely that more green roofs will be constructed over time and practitioners need knowledge of the technology as well as the ability to provide best advice to clients.

The benefits of green roofs as part of WSUD are increasingly being recognised in terms of reduced flood risk, reduced cost of drainage, improved water quality and lower energy use, as well as other less tangible aspects such as aesthetics and amenity. This research highlights the lack of understanding of the short- and long-term benefits, a poor appreciation and awareness of these benefits; a lack of technical knowledge and issues to be considered with regard to green roofs on behalf of practitioners. The study has highlighted the need for specific training and up-skilling in these areas to provide surveyors with the technical expertise needed. There is also a need to consider how the emerging retrofit and adaptation themes are best designed into the curriculum at both undergraduate and postgraduate levels. Clearly, if the potential benefits of green roofs are to be realised in the future, building professionals need to be fully conversant with the technology and be able to provide reliable and accurate advice.

Earlier studies on risk evaluation in private finance initiative and public private partnerships (PFI/PPP) projects have focussed more on quantitative approaches despite increasing call for contextual understanding of the bankability of risks. The purpose of this paper is to explore the perspectives of UK PFI financiers’ regarding the bankability of four critical risks (construction and completion risk, operations, supply and offtake risk) in PPP projects.

Multiple case study strategy was adopted to investigate the phenomenon within real-life context of PFI/PPP projects in UK. Using purposive sampling approach, the study examined school and road PFI/PPP projects through interviews, documentations and focus group discussions.

Results from the study unravelled 36 suitable bankability criteria and some mitigation strategies for evaluating the four critical risks in PFI/PPP during due diligence appraisal. Further evidences from the study also show that, financiers’ bankability criteria, when paired along with corresponding risks and mitigation strategies within with a single framework, provides a quick and effective view of bankability of risks in PFI/PPP funding application.

In order to ensure generalisability of findings, only projects with similar nature were selected from just two sectors of the UK economy (road and education sectors). The context of the study is also based on UK’s PFI/PPP and Construction Industry, as such, other geographical regions in Europe and beyond have not been contextualised in this study. Due to the significance of finance in PFI/PPP contracts, only the perspective of project financiers have been explored in this study.

This study provides a less complicated but useful understanding of how risks in PFI/PPP projects may be packaged in a bankable manner to secure the confidence of project financiers. By presenting a qualitative framework, the study addresses concerns of over quantification of risk analysis in PFI/PPP appraisals and provides a relatable approach useful for non-finance oriented PPP practitioners.

This study addresses the social concerns of too much complexity and ambiguity in PFI/PPP structuring especially regarding factors that could make a project acceptable to lenders.

The study proposes a “Bankability and Risk Qualitative Framework”, which presents bankability information on critical risks in clear manner and represents critical parameters for winning financiers’ funding approvals for PFI/PPP projects.

This paper summarizes a study, undertaken by Arthur Andersen’s Intellectual Property Group in London, to consider the economic and financial issues, principally as they affect the valuation of intellectual property and its suitability as security. The study encompasses a review of available literature, interviews and discussions, and an analysis of the results of a questionnaire which was distributed to owners and managers of intellectual property. Views were canvassed across industries, of both borrowers and lenders, and also of lawyers and other advisers experienced in the transactions involving intellectual property.

Public private partnerships (PPP) projects are characterised by highly leveraged capital structure. Lenders who provide the major portion of financing in the form of debt are more concerned with the downside risks and the measures to mitigate the risks. Lenders, thus, look into the risk factors and mitigating measures that could influence the projects debt servicing capability while making the credit decisions. The purpose of this paper is to identify the various aspects of PPP road projects that lenders look into while making the decisions to extend project finance loans to PPP road projects.

Case study research with four Indian lending institutions provides primary evidences from the interviews on the aspects considered during credit decision making. The primary evidences are collaborated with secondary evidences such as loan proposal and information memoranda of the PPP road projects undertaken by the case study organisations.

The study identifies the various aspects of PPP road projects, categorised into six major dimensions. The aspects and dimensions provide a theoretical framework to measure the risk profile of PPP road projects from debt‐financing perspective.

Additional cases can be undertaken to validate the findings and increase the usefulness of the framework to practitioners and enhance their general application.

The framework can be useful while making debt financing decisions in assessing how desirable the project is from a debt‐financing perspective.

The work is novel providing insights into debt financing of PPP road projects in India and will be of interest to sponsors while structuring the financial package.

Within the UK the Private Finance Initiative (PFI) has developed into a mature process for the procurement of improved infrastructure and associated facilities management (FM) service delivery. The role of FM within this process provides enormous opportunity to ensure maximum value is provided in terms of both value and performance of the final design and delivery of support services. As the first wave of PFI schemes are now becoming operational, this paper aims to explore these opportunities and identify what, if any, lessons have been learnt for the future development and success of the PFI and the value it can provide to both the taxpayer and private investor.