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This paper attempts to state the arguments in favour of a unitised market for commercial property investment. Unitisation involves the splitting up of the ownership of a single property into units which can then be freely traded in much the same way as stocks and shares on the stock market. At present there are two main sets of proposals relating to the introduction of a unitised property market. These will be briefly summarised and then a number of questions will be posed concerning valuation and property management aspects of unitisation.

Securitisation, unitisation and PINCS are all, in essence, very simple. They share a common objective of creating a market instrument which gives investors a return which is comparable to holding a direct interest in the freehold of a property at a fraction of the price. The only recent public transaction of this type to have proceeded is Billingsgate City Securities plc, which was a corporate securitisation. This paper analyses, by way of case study, a corporate securitisation involving the public issue of debt securities and preferred ordinary shares. The discussion is intended to stimulate thought about the problems that arise (and will tend to arise in any securitisation, unitisation or PINCS scheme), to suggest solutions and to demonstrate the flexibility of corporate securitisations. It should become apparent that the complexity of any particular structure is largely a function of the sophistication of the specific objectives of the property owner. It is the author's belief that the fact that the problem solving techniques used in a corporate securitisation are familiar (even though in a different context), makes corporate securitisations robust as well as flexible.

Examines the possible impact of unitization on property management in the UK. Discusses the management of property investment schemes in which the units are listed on stock exchanges in Australia and the USA. Concludes that Australian and US experience suggests share price of the listed vehicle tends to drop when first floated, and that the importance of aggressive property management is its influence on the market price of the units/shares in the investment vehicle.

This monograph eschews the view that packaging is an exclusively marketing tool, or for that matter the concern of the distribution function alone. The author insists that a total systems view should be taken of the multiple purposes which the pack must meet. This poses very real problems for at least three levels—the conceptual acceptance of the proposition, its interpretation into operational terms, and implementation/control of the packaging activity. This discussion is intended for all directors of companies with a substantial recurrent expenditure in packaging as well as for members of the distribution function itself. Accordingly, it takes a managerial rather than a technical view of packaging. It stresses the critical importance of the state of goods on arrival with the customer; the aesthetics and sales power of packaging; the informative role of the pack; issues of unitisation; handling problems at all stages in the channel; and the ecological/environmental aspects in contemporary society. At each juncture, sensible plans of action are proposed.

The concept of “unitisation” is a vital determinant of the economics of distribution. The concept extends from the basic unit, say the carton, through to the pallet load or even the container load. Decisions on unit loads will clearly affect the utilisation of space available in the logistics system. The unit sizes suitable for handling and transporting the products of a firm will normally vary along the length of a distribution channel such that they get smaller as they approach the final customer.

The production department is one which barely survives in the traditional sketch of the logistics system. It is often indicated implicitly within a flow diagram but not examined in detail. The logistics manager needs to take an interest in the system itself, not to dictate matters of process or control, but to help the total system tie together. This chapter serves as a general description of several issues which arise from production and impact on the effective logistics management of the organisation.

Key components of the logistics mix are described in an effort to create an understanding of the total logistics concept. Chapters include an introduction to logistics; the strategic role of logistics, customer service levels, channel relationships, facilities location, transport, inventory management, materials handling, interface with production, purchasing and materials management, estimating demand, order processing, systems performance, leadership and team building, business resource management.

Summary This paper, which was originally presented as the inaugural lecture of the Centre for Studies in Propety Valuation and Management at the City University in March 1987 analyses and explains the various options, both currently available and shortly to become available, which are open to a developer faced with the task of funding a particular scheme. To fulfil these objectives, a hypothetical retail mega‐development has been invented, realistic figures used and the various funding scenarios then applied to it, each on their own merit, with a view to selecting that which most suited the scheme. By way of introduction, the paper looks at the financial resources of the typical property company and then at the parameters which determine the commercial viability of a scheme. The main text then moves on to analyse each of the funding options available starting with short term borrowing, then looking at forward funding and commitment, then the mortgage alternative and finally a look towards the future with an explanation and application of unitisation to the hypothetical scheme. The paper concludes by comparing the various options set out above, giving the would be developer an indication of the merits and drawbacks of each.

Property Income Certificates (PINCS) were conceived as a means of unitising properties. They will enable investors to acquire a direct investment in part of a property as if they owned an interest in the property itself. In this way they can enjoy the income and capital growth from the property proportionate to their holding. The tax treatment applied to them will be similar to that appropriate to a holder of property. PINCS once floated will be saleable without restriction. Minority investors will have protections and a voice in the management of the relevant company. This paper discusses the legal framework, which, whilst novel, will be relatively simple to establish. The floating of a property on the PINCS market will follow similar principles to those adopted in the listing of a property company.