Technical Note | HBS Case Collection | November 2012

OpCo / PropCo Valuation

by Nicolas P. Retsinas, Lisa Strope and John C. Hettinger


This technical note describes the "OpCo/PropCo" process of valuing a real estate intensive business. The term "OpCo/PropCo" refers to a business arrangement in which a consolidated, real estate-intensive enterprise is split into two separate businesses: (1) A property company and (2) the underlying operating business.

Keywords: real estate; valuation; Property; Valuation; Investment;


Retsinas, Nicolas P., Lisa Strope, and John C. Hettinger. "OpCo / PropCo Valuation." Harvard Business School Technical Note 213-070, November 2012.