Annington versus Deutsche Annington: Private Equity and Housing in the Anglo-Saxon and Rhenish Contexts

Under the Rhenish model of capitalism the interests of other stakeholders than shareholders are essential to the interests of the firm. However, Rhenish institutions in Germany have been changing. In the housing sector, many organizations that promoted the provision of affordable housing are current...

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Bibliographic Details
Published in:Housing, theory, and society theory, and society, 2019-04, Vol.36 (2), p.228-253
Main Author: Korthals Altes, Willem K.
Format: Article
Language:English
Subjects:
Affordable housing
Capitalism
Corporate governance
Equity
exit value
housing
landlords
Private equity
Rhenish model of capitalism
Stockholders
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Summary:Under the Rhenish model of capitalism the interests of other stakeholders than shareholders are essential to the interests of the firm. However, Rhenish institutions in Germany have been changing. In the housing sector, many organizations that promoted the provision of affordable housing are currently managed by private equity firms promoting shareholders' interests. This paper presents a dual case study on two housing providers: Annington in the UK, and Deutsche Annington in Germany which were owned by the same private equity investor, Terra Firma. The paper - based on this analysis of a single approach to the management of two comparable firms in the Rhenish and Anglo-Saxon contexts - considers the question of whether the Rhenish model is being swept away by the shareholders revolution. The paper concludes that this is not the case and that certain differences between these cases reflect the continuing differences between the Anglo-Saxon and Rhenish models of capitalism.
ISSN:1403-6096
1651-2278
DOI:10.1080/14036096.2018.1479300