This explorative case study focuses on property investment decision making from a behavioural perspective at the very microlevel. The study contributes to an understanding of how property investors manage the decision-making process, including organizational aspects, property valuation, and financial management. Applying a qualitative approach, the authors analyse a very large transaction that occurred in the Swedish property market in 2008. In an open bid transaction, properties of Vasakronan Corporation were sold for SEK41.1 billion (€4.3 billion). Managers in both the purchasing company and the consortium making the second highest bid were interviewed. The authors were encouraged to speak freely, but also used an interview guide with a number of themes as well as specific questions. The findings reveal the characteristics of two types of property investment decision-making behaviour with respect to how actors organize the work, use external consultants, value the properties, and secure the financing necessary for a final bid. Creditors, analysts, and appraisers may benefit from the insight that property investment decision makers can use different approaches in determining their final bids. The authors use a qualitative empirical approach in analysing an extraordinarily large property transaction from a buyer's point of view and presents detailed information about this transaction as well as general insights into actual behaviour rarely examined in the property investment literature.