Practice Briefing: Mergers and Acquisitions in real estate asset management (Part 3b): post-merger integration – governance and operating model, strategic planning and value capture, and stakeholder communication

Purpose The paper is the second of two linked contributions on post-merger integration (PMI) in real estate asset management. Building on the five-pillar framework introduced in Part 3a, it examines the remaining three: governance and operating model, strategic planning and value capture, and stakeholder communication. These dimensions complement the organisational and people-focused themes of Part 3a and complete the framework for PMI. Design/methodology/approach The paper follows an expert opinion-based methodology. It draws on the experience of two seasoned practitioners. The first is a real estate professional with 25 years of sector experience, who co-founded a real estate investment and asset management boutique that was acquired by a listed global investment firm. The second is a partner at a leading global consulting firm, who heads its Central European PMI practice. The paper reflects on practices observed across multiple transactions. Findings The paper continues the framework by examining the three remaining pillars: governance and operating model, strategic planning and value capture, and stakeholder communication. Governance and the operating model provide structure, clarify decision rights, and define how responsibilities are coordinated across the combined organisation. Strategic planning and value capture link transaction rationale to execution by prioritising initiatives, business development, allocating resources and embedding performance tracking. Stakeholder communication, directed at employees, clients and investors, fosters trust and ensures transparency during a period of change. Taken together with the organisational and people-focused dimensions discussed in Part 3a, these pillars demonstrate how PMI in real estate asset management requires alignment of structures, processes and relationships to sustain continuity and enable long-term performance. Practical implications The paper outlines how governance structures can be designed to establish accountability while remaining adaptable to the organisational context. It highlights approaches for prioritising and tracking value creation initiatives so that strategic intent is translated into benefits that can be tracked and evidenced. It also discusses communication practices that maintain transparency with employees, reassure investors and preserve client trust. These insights support organisations in designing and executing PMI. Originality/value The paper extends the five-pillar framework by developing the remaining three dimensions. It offers a practitioner-informed perspective on governance and operating model, strategic planning and value capture, and stakeholder communication. The framework is tailored to investment-led businesses, where transparent governance, demonstrable value delivery and sustained stakeholder confidence are central to long-term success.