ABSTRACT
This chapter argues that the development of Listed Property Trusts (LPTs) in New Zealand, and their ongoing incorporation into the Australian market. It presents an important case study for exploring the impact of Real Estate Investment Trusts (REITs) on a local, regionally significant but globally 'peripheral', market. The chapter reviews key literatures relating to geographical dimensions of property investment and key trends in indirect investment at a global level. It highlights the benefits of indirect investment for investors. The chapter provides an account of the rise of the New Zealand LPTs, and examines the nature and effects of the growth of LPTs on the local commercial property market. It outlines the implications of increased foreign ownership and also argues that LPTs/REITs alter the nature and operation of local commercial property markets and simultaneously integrate local markets into global flows of capital.
