Real estate transactions are either executed in the form of an asset deal (ie acquiring the real estate) or in the form of a share deal (ie acquiring the special purpose vehicle (SPV) holding the property). Each has its own advantages and disadvantages and different tax treatments.
A share deal is generally easier to execute as only the share in the SPV needs to be transferred, external financing already in place may also be retained provided that the bank is happy to continue lending to the new owner. The drawback is that the SPV is inherently acquired with all historic liabilities. These can, however, be mitigated to some extent with thorough due diligence, warranties and indemnities given by the sellers.
An asset deal is a bit more complicated to execute than a share deal. Although lease agreements are automatically transferred to the new owner of the property by the force of law, tenant securities, architect and contractor warranties, supply agreements and other contracts of interest have to be transferred to the new owner, in many cases requiring the approval of a third party not involved in the transaction. On the other hand, in an asset deal the property is acquired clear of any historic liabilities.