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Cross-Border
A transaction is defined as "cross-border" if the buyer or major capital partner is not headquartered in the same country where the property is located. The buyer’s identity or country of origin is known for well over 90% of total volume. If the country of origin is not known, the buyer is assumed to be domestic. An increasing number of firms have subsidiaries accessing capital in multiple countries so a firm may have two headquarters locations for the purposes of this analysis. For example, ING Group is assumed to be based in the Netherlands for deals outside of the US while their acquisitions in the US are assumed to be made via its US headquartered subsidiary, ING Clarion. Deutsch Bank (DB Real Estate) and its RREEF unit are treated in a similar manner. For the purposes of this cross-border analysis, continental regions generally follow conventional definitions for continents except that the Middle East is treated as a separate continent and Hong Kong is treated as a separate country from China.
Related Terms: >> Capital Sectors
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This site and the reports herein represent the most comprehensive data set of investment activity compiled for the commercial real estate industry. While no information in this highly fragmented market is perfect or all encompassing, Real Capital Analytics (RCA) has established rigid data collection and classification methodology including sourcing requirements and procedures to ensure information is accurate and timely.
RCA has attempted to conform wherever possible to the proposed standards and definitions of the Data Consortium (sponsored by NCREIF, PREA, NAREIM) and the Appraisal Institute. Any known deviations from these standards are noted.