Property investment decision making by Australian unlisted property funds: An exploratory study

摘要: Purpose The purpose of this paper is to investigate the property investment decision-making process Australian unlisted funds. Design/methodology/approach Drawing on previous research into decision making by REITs, a normative model fund proposed. Based exploratory investigation through semi-structured interviews with senior makers, descriptive funds developed. The and are compared prescriptive proposed. Findings A four-stage, 20-step proposed in was found be generally supported developed, potentially comprising possible for process. Research limitations/implications Further required risk-return issues, whether generalisable across other groups or over time it may lead “good” decisions. Practical implications The contribute consistency transparency process, if adopted funds, leading better decisions. Social implications Greater optimal allocation capital greater investor confidence sector. Originality/value The findings comprise first forming basis comparative that such as REITs retail funds.