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The acquisition of the Kube
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| 748 KB | Adobe PDF |
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This case study provides a practical understanding on the competitive acquisition process of The Kube –an office building in Lisbon. It explores two alternatives when bidding: with and without leverage. Students’ learning objectives are to understand how a levered investment fund competed with an unlevered pension fund to acquire this asset and why having leverage(or not) influenced the two bidders to maximize their offer’s value without overpaying. After the case narrative –about the asset’s history, how the commercial real estate industry works and how it assesses assets’ prices –the teaching notes are pivotal to complement students’ learning objectives
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Real estate Corporate finance Negotiation Capital structure