Dissertations / Theses: 'Real Estate financing'

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Pierce, Christopher John S. M. Massachusetts Institute of Technology. "Financing green buildings." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/84173.

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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Appendixes are printed landscape orientation. Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 50-51).
An emerging trend in real estate is the development of sustainable buildings, partially due to the huge environmental impact of the design, construction and operation of commercial buildings. This thesis provides a brief history of the green building movement and the two (2) programs that encourage the development of energy-efficient and sustainable buildings in the United States: the U. S. Green Building Council's Leadership in Energy and Environmental Design (LEED) program and the Energy Star program, jointly sponsored by the Department of Energy and the Environmental Protection Agency. This thesis also summarizes a study by Piet Eichholtz, Nils Kok and John Quigley titled "Doing Well by Doing Good? Green Office Buildings" published December 2010 in the American Economic Review. This study found a commercial building with an Energy Star rating will rent for three percent (3%) more per square foot. The addition to effective rent was approximately seven percent (7%). The increase in value for a sale of a green building was as much as sixteen percent (16%). Then, using the same data as Eichholtz, Kok and Quigley, this thesis reports on the location and ownership of these green buildings, and calculates Loan to Value (LTV) ratios using the most recent sales price and financing amounts from the CoStar Group. In addition, the property's current LEED certification status is provided as well as a review of Federal and State incentives for sustainable buildings. The results indicate that more green buildings are located in California, Texas and Colorado. Investment Management firms, National Developer/Owners and Real Estate Investment Trusts own the majority of green properties. The Loan to Value (LTV) ratio for green buildings is no higher than those for conventional office buildings. Not enough information is available to compare mortgage interest rates between green and conventional properties. The number of LEED buildings and level of certification has increased since 2008. The states with the largest number of LEED buildings are California, Texas, Colorado and Virginia, correlating with the top states for green buildings overall. Although a worthy goal, there is limited Federal and State assistance for financing of sustainable buildings.
by Christopher John Pierce.
S.M.in Real Estate Development

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van, de Wiel Wimjan, and Bock Felix Kristopher. "Real Estate Financing and Interest Rate Hedging : A quantitative real estate investment case study." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-36235.

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Background: The expansive monetary policy of the European Central Bank has been leading to all-time-low interest rates and to a strong move into real estate investment. Low interest rates can work in favor of the investor (due to low interest rate expenditures), but increasing interest rates can jeopardize real estate investments. Since changes in interest rates are unpredictable, an investor needs to deal with this volatility. The capital market offers several financial instruments (so-called “derivatives”) to overcome the above-mentioned obstacle. There is no “one-size-fits-all” strategy. The investor needs to decide which financing structure to combine with which form of derivative. Purpose: The investigation not only explains and shows how real estate financing and hedging strategies on a given project in Germany can work but also explains why it is crucial to link these segments. To achieve this purpose, the return on equity and return cash flows at risk are numerically estimated. The evaluative purpose will be served by using the above-mentioned ratios and cash flows to derive recommendations of action. In doing so, this study will illustrate the importance of hedging, particularly for real estate investors and investors in general. Method: Interest rates on a monthly basis for the period of June 1990 until March 2017 from Thomson Reuters Eikon and real life data from a German real estate investor and a German financial institution were collected. Thereafter, these numbers were used as a basis to perform interest rate and cash flow simulations (Monte Carlo). The simulations were used to determine superior financing and hedging strategies for the investor. Conclusion: The results of this study highlight the benefits from leveraged financing and the necessity of interest rate risk management (hedging) to obtain stabilized future cash flows and reduce volatility caused by fluctuating interest rates. Fixed rate loans offer protection against rising interest rates, but lack flexibility. Floating loans offer more flexibility but are riskier due to the unhedged interest rate exposure.

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Lönnqvist, Gustav, and Sebastian Riesterer. "Real estate crowdfunding – An alternative source of financing." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-191554.

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The goal of this paper is to examine the possibility to use crowdfunding as an alternative to the traditional real estate financing solutions. We have decided to focus on the project owners’ perspective contrary to the investors’ side. During the 80’s and 90’s there was a great influx of venture capital to the start-up market, however, financial crisis of 2000 resulted in a faded interest regarding investing in start-ups. The financial crisis and the new rules regarding banks outgoing loan balance, introduced after the crisis of 2008, Basel III, which created a real estate market that is very hard to penetrate for new developers and small businesses. When the real estate market was at its peak in Sweden it was common to find projects were banks represented 90 percent of the total capital, but the equivalent number today is commonly not representing more than 60 percent. The current state of the market creates a rough climate and difficulties for developers, who are continuously searching for new capital. This is where the notion of crowdfunding becomes important and where support from companies such as Tessin gives a developer the opportunity to bring forth the capital needed to create a project that will create value for its investors. Whether crowdfunding is a complement to traditional funding is what this paper aim to answer. The focus company of this research is Tessin, through conducted interviews, and secondary research about the company and the real estate market, this paper aspire to find out what is a reasonable goal for real estate crowdfunding in Sweden and for Tessin as a platform.
Denna uppsats syftar till att undersöka möjligheten att använda crowdfunding som en alternativ finansieringslösning i enskilda fastighetsprojekt. Vi har valt att endast fokusera på projektägarens perspektiv och tar därför mindre hänsyn till investerarens. Under 80- och 90-talet kom en stor tillförsel av riskkapital till start-ups, men efter finanskrisen år 2000 försvann i stort sätt all denna vilja att satsa pengar på start-ups. Detta, i samspel med de restriktiva reglerna för bankutlåning som trädde i kraft i och med Basel III skapade en fastighetsmarknad som är svår penetrerad för nya aktörer och mindre företag. Tidigare hörde en belåningsgrad på fastigheter om 90 procent till vardagen, men idag får många företag vara glada om de blir beviljade 60 procent, detta medför en ständig jakt på kapital för projektutvecklare. Det är här crowdfunding kommer in i bilden. Med hjälp av aktörer som Tessin kan projekten komma över det kapital som krävs för att förverkligas. Huruvida detta kan vara ett komplement till traditionell finansiering har vi försökt att besvara genom att samla information från dels Tessin, dels personer med god insyn i både Tessin och fastighetsmarknaden i allmänhet och dels genom att intervjua projektägare som har använt sig av Tessins tjänst. Detta har vi gjort för att bilda oss en uppfattning om hur läget ser ut idag, men även för att undersöka vad som är ett rimligt mål för Tessin och crowdfunding av fastigheter i allmänhet.

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Jeon, Sang Hoon. "Mezzanine financing in US real estate and Korean institutional investors." Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/97961.

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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 92-93).
Situated in the middle of the capital stack of a property, mezzanine financing in real estate has been established in the form of B-notes, mezzanine loans and preferred equity, allowing the borrower to reduce its equity investment. Emerged in the early 2000's, the US real estate mezzanine market has rapidly expanded mainly due to the credit crunch following the Global Financial Crisis that widened the funding gap between the senior debt and the borrower's equity and, thereby, opened investment opportunity for mezzanine lenders to fill the gap. Meanwhile, major Korean institutional investors, categorized into pension funds, mutual aid associations, life insurers and a sovereign wealth fund, had increasingly invested in foreign real estate, particularly in the form of equity investments in order to enhance investment returns and diversify their portfolio. As asset prices are approaching the pre-crisis level, however, they have started invested in debt products instead of equity investment, focusing on mezzanine debt mainly in the US and UK markets. The purpose of this thesis is to identify the mezzanine investment opportunity in the US real estate market for Korean institutional investors. The US real estate mezzanine investment section introduces the elements of the mezzanine market and investigates the emergence and evolution of the market and specific investment strategies through publication review and an open-ended interview with a US investment manager. The Korean institutional investor section introduces the profile of major Korean institutions and looks into the market environment that led them to move toward debt away from equity and to prefer mezzanine debt for their overseas real estate investments through market research and open-ended interviews with major Korean asset managers. This thesis ends with defining mezzanine investment opportunity and risk in the US real estate market for Korean institutional investors. After a thorough research, it is found that the US mezzanine market is expected to keep creating investment opportunity as long as the funding gap exists. Also, the research makes it clear that mezzanine debt commands higher returns compared to levered equity investment, drawing Korean institutions who pursue higher risk-adjusted returns while avoiding equity investment due to compressing cap rates. As being most advanced, experienced, established and biggest, the US mezzanine market can be the best target market for Korean institutions. However, they have to take into account the current issues of diminishing premium on mezzanine debt and increasing default risk.
by Sang Hoon Jeon.
S.M. in Real Estate Development

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Ellis, Bruce W. C. (Bruce William Christopher), and Andrew 1963 Weiss. "Real estate financing alternatives in a high risk economy." Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/39950.

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Nylander, Simon, and Henrik Borg. "Analysis of bond financing in the real estate sector." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-143766.

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In this paper, we discuss bond financing as an interesting source of debt finance for listed real estate companies in Sweden. Furthermore, we compare 10 bonds issued by Swedish real estate companies in 2013. These bonds are analysed from different perspectives and the pricing of each bond is discussed. In addition, this paper will describe the real estate companies’ business concepts and business activities in order to relate these concepts and activities to the size of the coupon rates the issuing real estate firms have to pay. The analysis discusses the pricing of the bonds from the following perspectives: • Company size • Number of issues • Average debt financing costs • Underlying assets • Covered vs. uncovered Our conclusion regarding the pricing of bonds in the real estate sector is that it is dependable on most of the variables above and the interaction between them. As an investor in the bond market, the main focus should be on the issuer’s payment capacity regarding the coupons as well as the principal.
I denna uppsats fördjupar vi oss inom ämnet obligationsfinansiering. Arbetet ska ge en djupare insyn i hur obligationsfinansiering går till samt ge kunskap om andra typer av skuldinstrument som används. Arbetet lägger stor tyngd vid analys och beskrivning av obligationsfinansiering på den svenska fastighetsmarknaden. I analysen jämförs 10 obligationer som emitterats av svenska fastighetsbolag under 2013. Dessa obligationer analyseras ur olika perspektiv och prissättningen på varje enskild obligation diskuteras. Dessutom ska uppsatsen ge en fördjupning av de ingående fastighetsbolagens verksamheter samt affärsidéer, med syfte att söka eventuella samband mellan bolagens verksamheter och storleken på kupongräntor som olika fastighetsbolag får betala. Följande aspekter har beaktats i analysen av hur prissättningen av obligationerna har gått till: • Bolagets storlek • Antal emissioner • Genomsnittliga finansieringskostnader • Bolagets tillgångar • Säkerställda jämfört med icke säkerställda obligationer. Uppsatsen studerar framförallt skillnaden mellan säkerställda och icke-säkerställda obligationer. Hur stor skillnad bör det vara i riskpremie vid investering i en obligation som saknar säkerhet jämfört med en säkerställd obligation från samma emittent? Vår slutsats kring prissättningen av obligationer i fastighetssektorn är att den är beroende av flertalet av faktorerna ovan och samspelet mellan dessa. Som investerare i obligationsmarknaden handlar det dock om att kunna förutse och analysera emittentens betalningsförmåga gällande kuponger (räntor) och återbetalning av obligationernas nominella belopp

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Cheung, Siu-sun David. "A study of the various methods of financing property development in the private sector in Hong Kong /." Hong Kong : University of Hong Kong, 1987. http://sunzi.lib.hku.hk/hkuto/record.jsp?B1233523X.

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林廣綿 and Kwong-min Lam. "The effectiveness of real estate development in financing infrastructure projects." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2001. http://hub.hku.hk/bib/B31256880.

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Lam, Kwong-min. "The effectiveness of real estate development in financing infrastructure projects /." Hong Kong : University of Hong Kong, 2001. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25940557.

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Holmen, Victor, and Linus Svensson. "Debt Funds : Alternative Financing on the Swedish Real Estate Market." Thesis, KTH, Bank och finans, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-254941.

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Banks have become increasingly restrictive in their lending towards real estate, a development that is expected to continue due to further regulations, such as the Basel framework, and the emergence of new alternative financing options. As described by interview respondents, companies have shown an increased preference for a mix of capital sources following the financial crisis of 2008, which has led to an increase in demand on the capital and alternative markets. Factors that may have affected this development is the inflated corporate interest in maintaining a good credit rating and a change in investor sentiment towards a wider diversification. On the Swedish market, the so-called debt funds are a relatively new phenomenon and the purpose of this paper is to investigate how and what conditions that exist and have been necessary for this development. Debt funds already play a prominent role in real estate funding on other markets, such as US and UK, which could indicate a similar development on the Swedish market henceforth. However, as shown in the paper the markets are different on a systematic level, which makes it hard to draw parallels. Furthermore, as described in the empirical study the Swedish AIF market is underdeveloped in many respects since Swedish companies traditionally have used bank loans or turned to the capital markets - with a preference for equity before debt. With new regulations being introduced in the banking sector, the bank risk appetite has become more volatile, however, the banks retain a strong position and a continued large exposure to the real estate sector which may be due to the banks being well capitalized and an overall increased demand for capital. The increased demand for capital may also have given rise to favorable conditions for alternative financing options. However, in order for debt funds to continue to grow the key is most likely going to be offering loans with more favorable terms and longer maturities compared to other financing options.

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Clapham, Eric. "Essays in real estate finance." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics, 2005. http://www.hhs.se/efi/summary/681.htm.

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Nichols, Randy Galbreath. "The evolution of creative real estate financing techniques : structures and applications." Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/76576.

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Haley, Patricia Ann. "Long-term financing for real estate development in the United Kingdom." Thesis, Massachusetts Institute of Technology, 1986. http://hdl.handle.net/1721.1/74331.

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Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1986.
MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH.
The title: Alternative financing techniques for real estate in the United Kingdom, appears in the Massachusetts Institute of Technology Graduate List for September 1986.
Bibliography: leaf 64.
by Patricia Ann Haley.
M.S.

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DiLorenzo, Elizabeth (Elizabeth A. ). "Developing tomorrow : creating and financing the ideal public realm for mixed-use urban projects in Denver's South Lincoln redevelopment." Thesis, Massachusetts Institute of Technology, 2011. http://hdl.handle.net/1721.1/68513.

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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2011.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 99-104).
Society is at a crossroads; humanity is facing a new kind of threat to our personal happiness as our cities face the real risk of losing quality public space, the heart and soul of our urban civilization. The construction of an inspiring public realm develops a sense of place that people value and are attracted to living in. Pedestrian infrastructure and public spaces have essential roles in maintaining a healthy and vibrant community. These public infrastructure attributes of mixed-use developments however tend to be the most difficult to finance. In order to build a successful project a mixed-use developer requires the skills and knowledge to understand what constitutes a quality public realm and how to incentivize the financing. An important dichotomy exists; a great public realm is only developed though a strong public private partnership, with the addition of creative financing strategies, an interdisciplinary approach, and commitment to improving public spaces in the built environment. This thesis will examine what the most important attributes of a successful public realm are, why these attributes are important, and what strategies are available to finance the public realm in the future. There are a variety of financing mechanisms available for developers to leverage, yet many mechanisms are incredibly specific, require a strong expertise, and are difficult to bundle together in order to fill the financing gap that mixed-use projects require. This thesis will categorize financing mechanisms available for mixed-use development into six main categories and will discuss the advantages and disadvantages of each. Financing mechanisms have a direct affect on the quality of the public realm and cities need to ensure their policies are incentivizing the outcomes citizens demand: a quality public realm. More specially, this thesis will analyze a successful mixed-use development case study in Denver, CO: The South Lincoln Redevelopment. This project is a mid-century public housing site that is being transformed into a mixed-income, mixed-use, transit-oriented urban development. Denver Housing Authority, the developer, has used various financing strategies to specifically enhance the public realm of this development. Some of the financing alternatives are not available to a private developer so this thesis will propose how one could replace financing mechanisms, such as a HOPE VI grant, with other sources while maintaining a quality public realm. This thesis will focus on a few key questions. First, why does the public realm matter? Second, what determines a quality public realm for mixed-use urban developments? And lastly, how can developers begin to look at how to finance these much needed improvements?
by Elizabeth DiLorenzo.
S.M.in Real Estate Development

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Chen, Yu, and 陈语. "The policies and financing behavior of Chinese real estate developers: analyzing "Zhonghai.Greentown" real estateinvestment trust fund project." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2012. http://hub.hku.hk/bib/B50254686.

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Donner, Herman, and Victor Svensk. "Corporate Bonds - An Emerging Source of Financing for Swedish Real Estate Companies." Thesis, KTH, Fastigheter och byggande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-96653.

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Banks have become increasingly restrictive in their lending towards commercial real estate, a development that is expected to increase due to new regulations. This has caused Swedish companies, amongst them several real estate companies, to obtain financing through the capital markets. The main focus of this paper is corporate bonds, and those Swedish real estate companies that have issued bonds. We distinguish between government owned and other real estate companies, as their creditworthiness differ considerably. The research is based upon interviews with people in the industry as well as pre-existing secondary data. The Swedish bond market is underdeveloped as Swedish companies traditionally obtain debt through bank loans. Until a few years ago, only government owned real estate companies had issued bonds; although since 2010, several real estate companies without government ownership have issued unsecured bonds, this as availability of bank loans has decreased due to new regulations. Increased bank funding costs and increased bank loan margins has further caused prices of bank loans to rise. Swedish banks are increasingly reluctant to finance higher LTV-levels, and loans are conditioned with an increasing number of covenants. Issues of corporate bonds provides the benefit of funding diversification – decreasing overall financial risk; and allows for higher LTVs as financing on top of bank loans. In order for corporate bonds to be an alternative to bank loans, secured bonds would have to be issued. However, there is some uncertainty regarding how such bonds would be priced. We have investigated the yield-determinants of bonds issued by real estate companies, as well as the motives for real estate companies to issue bonds. Investors perceive corporate bonds as an increasingly attractive investment compared to other asset classes, fuelling a development towards increased bond issues amongst real estate companies.

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Hertéus, Robin, and Simon Hilmgård. "Corporate Bonds as a Choice of Financing for Swedish Real Estate Companies." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-146623.

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Since the last financial crisis banks have been more restrictive about lending to companies, leading to companies seeking alternative funding. In this thesis we evaluate the Swedish market for property-related lending focusing on corporate bonds. We investigate if the view on corporate bonds differ between real estate companies and banks and also the development of the Swedish market for property-related lending. The thesis is based on interviews with people in the real estate- and bank industry as well as previous research. The Swedish bond market is undeveloped but it is going through a growing stage. In Swedish history banks have played an important roll developing the Swedish economy thus the Swedish financial market is bank dominated. Because of new bank regulations after the financial crisis, the price on loans went up leading to companies seeking alternative financing. This has led to an increase in corporate bonds issued by real estate companies. There has been an increase in the number of real estate companies issuing bonds as more investors, such as funds, have entered the bond market leading to an opportunity for smaller real estate companies to successfully issue bonds.
Efter senaste finanskrisen har banker blivit mer restriktiva med utlåning till företag, vilket har lett till att företag söker alternativ finansiering. I den här uppsatsen granskar vi den svenska marknaden för fastighetsrelaterad utlåning med fokus på obligationslån. Vi undersöker om synen på obligationslån skiljer sig mellan banker och fastighetsbolag samt hur den svenska kreditmarknaden för fastighetsrelaterad utlåning utvecklas. Uppsatsen bygger på intervjuer med personer i fastighets- och bankbranschen samt tidigare forskning om ämnet. Den svenska obligationsmarknaden är outvecklad men på stark tillväxt. Bankerna har historiskt sett haft en central roll i svenska näringslivet vilket har lett till att den svenska finansiella marknaden är bankdominerad. Efter finanskrisen har dock företag sökt alternativa finansieringsmöjligheter på grund av skärpta krav på banker som lett till dyrare lån för företagen. Detta har lett till att antal emitterade obligationer för företag inom fastighetsbranschen ökat. Fler och fler emittenter tar sig in på obligationsmarknaden i samband med att nya investerare, exempelvis kreditfonder, äntrat marknaden vilket har skapat möjlighet för även mindre fastighetsbolag att framgångsrikt emittera obligationer.

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Davis, Edwin, Malin Wiberg, and Daniel Magnusson. "Raising Capital in the Real Estate Industry : Crowdlending as a Financing Source." Thesis, Högskolan i Jönköping, Internationella Handelshögskolan, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-44319.

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Abstract Background: Since the financial crisis in 2008, it has become more challenging for small and medium-sized companies to obtain loans from traditional financial institutes. This has in turn lead to an increase in demand for alternative financing methods. One of these alternatives is crowdlending, which has seen a rapid growth in recent years within the real estate sector and created a new market, real estate crowdfunding (RECF). Studies on the topic of crowdlending is relatively limited and existing literature has primarily focused on the lender’s perspective, leaving a gap in research regarding why companies in the real estate industry choose this type of financing. In addition, crowdlending research within the Swedish market is limited even though it possesses one of Europe's leading crowdlending platforms, Tessin. Purpose: The aim of this paper is to address the factors and motives that real estate companies have for using crowdlending to financing real estate projects. Thus, to explore the crowdlending market and for assessing more knowledge regarding the creditworthiness and attractiveness of using this type of financing. Method: A review of the previous literature added insight about the new emergent market of RECF and what funding alternatives real estate companies currently possess. Further, interviews were conducted with seven companies, among these, five real estate companies that provided advantages and disadvantages of using crowdlending as a source to access capital. In addition, two industry-experts were interviewed to add insight about the market. Conclusion: The findings shows that it exists several motives for real estate firms choosing to raise capital through crowdlending platforms, and that it is most often viewed as a complement to traditional financing. Further research in this topic can assess the future of this industry and clarify if crowdlending is a reliable and trustworthy real estate investment and financing alternative.

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Hardy, Trevor J. F. (Trevor John Fraser) 1977. "Changing gear : driving corporate real estate financing decisions for the agile workplace." Thesis, Massachusetts Institute of Technology, 2002. http://hdl.handle.net/1721.1/32239.

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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture; and, (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2002.
Includes bibliographical references (p. 138-142).
Given the needs of corporations in the global business environment, corporate real estate investment decisions represent strategic choices that support a company's overall business strategy. This thesis clearly illustrates that, contrary to the Modigliani Miller theorem, companies do face real trade-offs in deciding how they finance their real estate investments. Notwithstanding the need to customize decisions on behalf of the business unit customers and to ensure that these choices are economically sound within a given region, there are significant factors that drive real estate decision makers to make a particular financing decision. By analyzing these factors in relation to the financing alternatives available a comprehensive framework of decision drivers is developed to aid eRE managers in gathering relevant information in order to evaluate the overall effectiveness and trade-offs associated ,with each alternative. Through a series of case studies it is then shown that financing decisions which optimize the real estate portfolio 1) clearly reflect the financial and operational requirements of both the company and business units; 2) are very much part of a larger portfolio wide corporate real estate strategy, which is closely allied to the company's overall corporate strategy; 3) take into account the perspectives of other role players (IT,HR, Finance) in the decision making process.
by Trevor J.F. Hardy.
S.M.

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Lister, Matthew J. (Matthew James). "Towards a new real estate : innovative financing for a better built environment." Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42031.

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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Architecture, 2007.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
"September 2007."
Includes bibliographical references (leaves 53-55).
The real estate industry has evolved significantly over the last century. This evolution has enabled the rise of real estate to be one of the largest and most important asset classes in American investment. Yet this evolution has also produced a system of development that has grown to compromise rather than facilitate the creation of places of enduring value. First, this thesis explores how the evolution of the industry led to this system. Second, this thesis asserts that the real estate industry has continued to evolve, and is on the verge of adopting a new system of development, a New Real Estate, that will again facilitate the creation of places of enduring value. Following the current paradigm shift in American city planning, the New Real Estate acknowledges the significant benefits of developing walkable mixed use urbanism. Despite the significant advances made in the industry to design and entitle walkable mixed use urbanism, there has been little effort made to facilitate it's development in the field of real estate finance. Key to the continued evolution of the New Real Estate, is the introduction and acceptance of several innovative financing concepts. This thesis examines the potential roles of Patient Equity, Real Options Analysis, and the emerging U.S. Real Estate Derivatives market in the evolving real estate industry.
by Matthew J. Lister.
S.M.in Real Estate Development

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Sylvan, Ida, and Renée Huuva. "Crowdfunding applied to Real Estate – Risks and Opportunities." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-190161.

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Due to the low interest rates and uncertainty in the economic outlook investors seek alternative investments to achieve a satisficing return. Real estate is the third largest asset class and represent a large amount of physical capital with a unique risk. For an investor's utility-maximizing real estate should be a natural part of a portfolio. The thresholds for investing in real estate has generally been very high but thanks to digitisation, the emergence of Internet-based platforms facilitated and enabled capital seekers to exploit small private investors. The intermediate method is called crowdfunding. Through observations, interviews, questionnaires to potential investors in crowdfunding for real estate and literature studies, a triangulation from an investor perspective has allowed an investigation of crowdfunding of real estate. Within the crowdfunding market, real estate crowdfunding is the area with largest growth in recent years. The first crowdfunding platform within real estate on the Swedish market was introduced in 2014. So far, projects presented on the platform have been successful and generated returns. For an investor, the phenomenon also implies risks. Today there is no legal definition of crowdfunding and the market is only partially regulated. In many respects, the consumer protection is not equivalent to the ones available for regulated investment vehicles. The new phenomenon also implies limited liquidity and lack of a secondary market. Crowdfunding is facing both challenges and opportunities in the future.
På grund av det låga ränteläget och den osäkra konjunkturutsikten söker investerare alternativa investeringar för att nå en tillfredställande avkastning. Fastigheter utgör den tredje största tillgångsklassen och representerar en stor mängd av fysiskt kapital med unik risk. För en investerare som är utility-maximerande borde fastigheter vara ett självklart inslag i en portfölj. Trösklarna till att investera i fastigheter har vanligtvis varit mycket höga men tack vare digitaliseringen har uppkomsten av internetbaserade plattformar underlättat och möjliggjort kapitalsökare att exploatera små privata investerare. Den intermediära metoden kallas crowdfunding, eller gräsrotsfinansiering som det också benämns. Genom observationer, intervjuer, en enkätundersökning med potentiella investerare i fastighetscrowdfunding samt litteraturstudier har en triangulering ur en investerares perspektiv möjliggjort en kartläggning och utredning av crowdfunding av fastigheter. Inom crowdfunding är fastighetsbranschen det område som har haft störst tillväxt de senaste åren. Sveriges första digitala crowdfundingtjänst för fastigheter infördes på kapitalmarknaden under 2014. Hittills har projekten för fastighetscrowdfunding i Sverige varit framgångsrika och generat avkastning men för en investerare innebär crowdfunding också en hel del risker. Idag finns ingen legal definition av crowdfunding och marknaden är bara delvis reglerad. I flera avseenden saknas ett konsumentskydd motsvarande det som finns för reglerade investeringsformer. Det nya fenomenet innebär också en begränsad likviditet och avsaknad av andrahandsmarknad. Crowdfunding står inför både utmaningar och möjligheter i framtiden.

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Mårtensson, Viktor, and Ragnar Åström. "Corporate Bond Financing of Real Estate Investments - A currently viable alternative to bank loans in Sweden?" Thesis, KTH, Fastigheter och byggande, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-124001.

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After the recent financial crisis real estate companies in Sweden experienced difficulties obtaining funding for both new projects as well as refinancing of current investments. The situation in the credit market has since then improved but the refinancing problems that real estate companies experienced during this time has made firms aware of this risk and many companies now seek to diversify their funding sources. This thesis discusses the usage of corporate bonds as an alternative funding source to bank loans, ways of structuring issuances of both unsecured and secured bonds and the effects this have on both the issuing company as well as investors. Several Swedish real estate companies have issued unsecured corporate bonds in the past few years and just recently, in 2011, the first secured corporate bond issuance was made. Issuing corporate bonds in a cost effective way with competitive rates have however proven difficult for many companies in the past and 90 % of the debt funding of real estate companies still come from banks. The research concludes that corporate bonds are a viable alternative to bank loans today, since interest rates have become more competitive for these instruments. Presumably, these rates will decrease even more as the issuing processes and bond structures become more standardized - thereby creating a downward pressure on corporate bank loan rates and margins. It is concluded that larger real estate companies could benefit from being more active in the bond market. Possible benefits are e.g. reduction of the refinancing risk, being able to borrow capital for longer periods of time, increased bargaining power when negotiating new bank loan terms, access to a new pool of capital and opportunities to increase leverage. This study has shown that many support functions for the corporate bond market are underdeveloped, such as rating and stock exchange listing. Several actors in the market are currently working on improving these support functions, which hopefully will lead to effective industry standards that will allow for an expansion of the market. Based on the conducted research it is likely that the market for corporate bonds will continue to expand and develop.
Efter den senaste finanskrisen upplevde fastighetsbolagen i Sverige svårigheter att erhålla finansiering för nya projekt samt refinansiering av befintliga investeringar. Läget på kreditmarknaden har sedan dess förbättrats men de refinansieringsproblem som bolagen upplevde under denna tid har gjort företagen mer riskmedvetna, vilket ökat efterfrågan på att diversifiera finansieringskällorna. Denna uppsats behandlar användningen av företagsobligationer som en alternativ finansieringskälla till banklån och även olika sätt att strukturera emissioner för både icke säkerställda- och säkerställda obligationer samt effekterna av detta för både utfärdande bolag och investerare. Flertalet svenska fastighetsbolag har ställt ut icke-säkerställda företagsobligationer de senaste åren och nyligen, under 2011 emitterades den första säkerställda företagsobligationen. Att emittera företagsobligationer på ett kostnadseffektivt sätt med konkurrenskraftiga räntenivåer i förhållande till banklån har dock visat sig svårt för många fastighetsföretag och 90 % av lånefinansiering av dessa bolag kommer fortfarande från banker. Utifrån studien går det att dra slutsatsen att fastighetsobligationer är ett konkurrenskraftigt alternativ till banklån eftersom att räntorna på dessa instrument har sjunkit. Det är troligt att dessa räntor kommer sjunka ytterligare allt eftersom emitteringsstrukturer och processer blir mer standardiserade – vilket skapar press på bankerna att minska sina marginaler. De flesta stora fastighetsbolag skulle gynnas av att bli mer aktiva i obligationsmarknaden. Möjliga fördelar är t.ex. reducerad refinansieringsrisk, möjligheter att låna upp kapital under längre tidsperioder, ökad förhandlingsstyrka vid förhandlingar om nya lånevillkor för banklån, tillgång till en ny kapitalpool samt möjlighet till att höja belåningsgrader. I rapporten har det visat sig att många stödfunktioner till företagsobligationsmarknaden är underutvecklade, såsom rating och börsnotering. Flera aktörer på marknaden arbetar för närvarande med att förbättra dessa stödfunktioner vilket förhoppningsvis kommer leda till effektiva branschstandarder vilket möjliggör för expansion av marknaden. Baserat på vad som har framkommit i studien antas marknaden för företagsobligationer för fastighetsbolag att vidare utvecklas och expandera.

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Keberku, Hanna, and Anna Larsson. "The capital structure of listed real estate companies." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-190201.

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The Swedish economy is currently characterized by a low interest environment, which has contributed to a thriving real estate sector in Sweden. The property companies’ financial costs are extremely low and in the search for yield, many investors have shown an interest in real estate. Due to the high demand on the real estate market there has been an increasing demand for funds. Historically, the balance sheet of Swedish property sector has been comprised of common shares and a large share of bank debt. However, in recent years real estate companies have diversified their capital structure and the use of bonds and preference shares has become increasingly common. This master thesis aims to investigate the development of the capital structure of the listed real estate sector in Sweden and examine the driving forces. Furthermore, the purpose of the study is to identify and analyze what will drive the use of different financing options in the future. Consequently, the effect on the capital structure of the listed sector will be investigated. The study has been conducted primarily based on interviews conducted with key actors active in the real estate sector, the bank sector as well as the institutional and non-institutional investors. The study suggests that the access to financing will be increasingly dependent on the firms’ size and vice versa. Secondly, due to regulations of the banks, the listed real estate sector will have a growing need of financing through the capital markets. However, the thesis has identified a number of obstacles on the Swedish corporate bond market, such as illiquidity. Given the current conditions on the Swedish corporate bond market, the listed sector will be unable to acquire the funds needed to support a growth of the real estate sector. The final finding relates to the capital structure theories and concludes that access to different financing options will be more important than the capital cost. The study shows that there is a clear trend of growing real estate companies. The larger companies are beginning to approach the Swedish major institutional stakeholders in size and reaching a size which makes them more competitive on the international capital markets. Access to funding will therefore increasingly depend on their size and vice versa. In line with previous studies, the listed property sector has a growing need for financing through the capital market due to regulations of the banking sector. Consequently, the distribution between bank and market financing in Sweden will change. Due to the current conditions on the corporate bond market, the listed sector is unable to access the resources needed to support a strong growth of the property sector. The elementary conclusion of this study is that an access to various financing options will be more important than the capital cost. The result is therefore not support by the already established capital structure theories. To explain the growing need for a diversified capital structure and the importance of access to multiple markets, the results of this study suggests a new capital structure theory. The optimal capital structure is first and foremost a question of optimal access to various funding sources. Thereafter the company should regard the cost of capital and the impact on the rest of the capital structure.
Den svenska ekonomin präglas idag av en lågräntemiljö, vilket har bidragit till en välmående fastighetssektor i Sverige. Fastighetsbolagens finansiella kostnader är extremt låga och på grund av investerarnas jakt på avkastning har intresset för fastighetsinvesteringar ökat. Till följd av den höga efterfrågan på fastighetsmarknaden har det behovet av finansiering ökat. Historiskt sett har balansräkningen i de svenska börsnoterade fastighetsbolagen utgjorts av stamaktier och en stor andel banklån. På senare år har dock fastighetsbolagen diversifierat sin kapitalstruktur och användningen av obligationer och preferensaktier har blivit allt vanligare. Examensarbetet syftar till att undersöka utvecklingen av kapitalstrukturen inom den noterade fastighetssektorn i Sverige och de bakomliggande faktorerna. Vidare är studiens syfte att identifiera och analysera drivkraften bakom användningen av olika finansieringsalternativ i framtiden. Följaktligen kommer den framtida kapitalstrukturen i de noterade fastighetsbolagen att undersökas. Studien är främst baserad på intervjuer med aktörer verksamma inom fastighetssektorn, banksektorn, institutionella och icke-institutionella investerare. Studien visar att det finns en tydlig trend med växande fastighetsbolag. Portföljen hos ett antal större bolag börjar närma sig de svenska stora institutionella aktörer i storlek och på så sätt börjar dessa bolag uppnå en storlek som gör att de är slagkraftiga på internationella kapitalmarknader. Tillgången till finansiering kommer därför i större utsträckning att vara beroende av företagens storlek och vice versa. I linje med tidigare studie har den börsnoterade fastighetssektorn ett växande behov av finansiering genom kapitalmarknaden på grund av regleringar av bankerna. Följaktligen kommer fördelningen mellan bank- och marknadsfinansiering i Sverige att förändras. Emellertid har studien identifierat ett antal hinder på företagsobligationsmarknaden, såsom bristande likviditet. På grund av de nuvarande förhållandena på företagsobligationsmarknaden, kommer den noterade sektorn inte kunna tillgå de medel som krävs för att stödja en stark tillväxt i fastighetssektorn. Den grundläggande slutsatsen i denna studie är att en tillgång till olika finansieringsalternativ kommer att vara viktigare än kapitalkostnaden. I resultatet finns därmed inte stöd för de etablerade kapitalstruktursteorierna. För att förklara det växande behovet av en diversifierad kapitalstruktur och vikten av tillgång till flera marknader finner denna studie grund för en ny teori avseende kapitalstruktur. Den optimala kapitalstrukturen är först och främst en fråga om optimal tillgång till olika finansieringskällor. Därefter bör ett bolag se till alternativets kostnad och påverkan på den övriga kapitalstrukturen.

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Xu, Rongtao. "Brownfield financing in the United States : from social benefit-cost perspective." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/58629.

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Thesis (M.C.P. )--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning; and, (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, Center for Real Estate, 2006.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 101-103).
Since 1995, the government has launched brownfield financing programs to promote brownfield cleanup and redevelopment in the United States. These programs have lowered financial barriers for brownfield developers and returned vibrant properties to communities. In this study, I focus on examining the efficiency of these incentives from the social perspective and proposing optimal funding decision rules. I hypothesize that brownfield funds are not allocated optimally in some cases. First, I investigate the current brownfield financing programs at federal, state, and local levels. Second, based on externality and welfare economics theories, I propose an optimal funding-decision flow chart. Third, by testing my hypothesis on three brownfield cases in Massachusetts, I perform social benefit-cost analyses and determine whether brownfield funds were justified by their social returns. Finally, I discuss the major findings from these case studies and point out ways to improve current brownfield financial and non-financial policies. Based on theoretical analyses, I propose that the government should not sponsor projects with positive private net present values, but rather focus on projects that have positive net present social values and not feasible without subsidies.
(cont.) In the real world, it is difficult to measure the social benefits of a brownfield redevelopment accurately, especially before a development project is completed. Hedonic models show that only one of three cases exhibit significant positive enhancement on housing values after redevelopment.. Only development of a simple rule-of-thumb benefit assessment toll would make an optimal brownfield funding decision possible.
by Rongtao Xu.
S.M.in Real Estate Development
M.C.P.

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25

Ekhagen, Gustav, and Simon Vahtola. "Finanskrisens påverkan på fastighetsbolagens finansiering : Alternativa finansieringslösningar." Thesis, KTH, Bygg- och fastighetsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-96373.

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Denna uppsats behandlar hur fastighetsbolagens finansiering har utvecklats efter finanskrisen, hur finanskrisen specifikt har påverkat fastighetsbolagens finansieringsverksamhet samt i vilken utsträckning fastighetsbolagen har börjat använda alternativa finansieringssätt i sin verksamhet. Detta ämne är intressant då finanskrisen har haft en stor inverkan på det ekonomiska klimatet världen över vilket också inkluderar de svenska fastighetsbolagen och de svenska bankerna. Uppsatsen kombinerar en kvantitativ undersökning av alla svenska börsnoterade fastighetsbolagskapitalstrukturer med en kvalitativ undersökning bestående av ett antal intervjuer medrepresentanter från flera fasighetsbolag och banker. Den kvantitativa undersökningen visar att det skett stora förändringar i fastighetsbolagensfinansiering. Användningen av alternativa finansieringssätt, såsom preferensaktier, obligationer,MTN- och Certifikatsprogram har blivit vanligare i fastighetsbolagen. En stor anledning till detta är att bankerna i många fall har velat begränsa sin utlåning till fastighetsbolagen samtidigt som kreditmarginalerna har ökat på grund av bland annat högre kapitaltäckningskrav för bankerna. Utvecklingen av fastighetsbolagens finansiering kommer fortsätta framöver och alternativa finansieringssätt kommer i större utsträckning användas som komplement till banklån och stamaktiekapital.
This paper deals with how the financing in real estate companies has developed after the recentfinancial crisis, how the financial crisis specifically has affected the financing in real estatecompanies and to what extent real estate companies have started to use alternative ways to finance their operations. This subject is of high interest because the financial crisis has had a huge impact on the global economic climate, which also affects Swedish real estate companies andbanks. The paper combines a quantitative survey of the capital structure in all Swedish publicly listed realestate companies with a qualitative survey consisting of a number of interviews withrepresentatives from a number of real estate companies and banks. The quantitative survey shows that big changes have occurred in the financing of real estatecompanies. The use of alternative ways to finance them, such as preference shares, bonds, MTN and certificate programs have become much more common in real estate companies. A big reason to this is that banks in many cases have wanted to restrict their lending to real estate companies whilst the credit margins have increased due to, among other things, higher capitalrequirement rates for the banks. The fast development of financing in real estate companies will continue for years to come andalternative ways to finance real estate companies will continue to get stronger as a complement to bank loans and common stock equity.

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Liu, Min. "Financing alternatives for small real estate developers in China: A case study of Guangzhou." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-77474.

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Nowadays, the skyrocket price of residential house due to lack of houses in cities becomes a crucial problem in China. The development of commercial real estate industry is not only an emerging real estate industry, but also plays a mediating role in solving the problem of lack of houses and high-price to some extent, as a mature commercial real estate market in the city gives birth to a core business centre in the downtown and many sub-business areas in different districts in the city. It is able to create jobs in different areas and to spread the population more averagely. Instead of gathering everybody in the centre, it is going to solve the problem of imbalance of supply and demand for houses and the high price in some areas, which is especially important for the big cities in China like Beijing, Shanghai and Guangzhou. This thesis is going to explore some new financing options for the small and medium-sized commercial real estate developers and provide some suggestions accordingly. Financing options like REITs, real estate fund, CBMS and mezzanine financing are discussed. In addition, taking Guangzhou, one of the first-tier cities in China, as a case study we have gained a further understanding of the real financing problems in commercial real estate. Some suggestions on the financing options of small and medium commercial real estate developers are proposed according to the academic and practical experiences.

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Lietz, Cordell A. "Financing real estate development through rated commercial paper : an analysis of 75 State Street." Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/76024.

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Hägglund, Oscar, and Hampus Ållemark. "Credit Rating - An essential tool for SwedishReal Estate Companies on a growing CapitalMarket for Real Estate Bonds?" Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-146622.

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The capital market, with financial instruments such as corporate bonds, has over the last years emerged as an alternative financing source for Swedish real estate companies. A seemingly unexplored market which given the real estate companies the possibility to diversify their loan stock and limit their exposure towards the bank. In Sweden, unlike more market-oriented countries such as the US, commercial banks have historically almost exclusively supplied debt capital to Swedish corporations. Assessing credit risk is crucial in debt investments, and therefore, this thesis focuses on the Swedish capital market the current and potential future role of credit ratings in the emerging market for corporate bonds issued by real estate companies. We examine why only a limited number of real estate companies are credit rated today and the importance of credit rating for the capital market. The study is based on interviews with Swedish real estate companies, institutional investors and banks- all that in one-way ore an other is affected by credit rating. The Swedish financial system is undergoing a growth process where the real estate companies to a greater extent in using bonds and certificates to finance their investments. A financing method more widely used by government entities in the past. The transition from bank financing to funding investments through institutional investors and private equity appears to be permanent. The market aftermath is an increased demand for credit risk evaluations. Information retained from the banks’ Shadow ratings or the rating institutions. We can conclude that extended credit risk information is inescapable with a transition to a more market oriented financial system- the remaining question is- who should preform the valuation of the credit risk. If the banks continue making the credit risk reports of real estate companies international investors might refrain from establishing a position as an investor in the Swedish market. In the contrary the banks shaded ratings is more favourable for Swedish real estate companies with more qualitative and marked adjusted reports. The market will require independent credit information in the future but if it will be the banks or the rating institutions that provide this information is still uncertain.
Kapitalmarknaden med finansiella instrument som företagsobligationer och –certifikat har de senaste åren vuxit fram som en alternativ lånemarknad för svenska fastighetsbolag. Från att ha varit en förhållandevis outforskad marknad har de senaste årens utveckling gett fastighetsbolagen en bättre möjlighet att diversifiera sin lånestock och begränsa sin exponering mot bankerna. Till skillnad från mer kapitalmarknadsorienterade länder, som exempelvis USA, har företags behov av lånefinansiering i Sverige historiskt sett nästan uteslutande försetts av bankerna. Denna uppsats fokuserar på den svenska kapitalmarknadens fortsatta utveckling och officiell kreditratings betydelse på en växande kapitalmarknad. Vi utreder varför så få fastighetsbolag idag valt att införskaffa ett officiellt kreditbetyg och vilken betydelse kreditbetyget har för kapitalmarknaden. Undersökningen bygger på intervjuer med svenska fastighetsbolag, investerare och banker som alla, på ett eller annat sätt, berörs av kreditvärderingar. Det svenska finansiella systemet genomgår nu en utveckling där fastighetsbolagen använder obligationer och certifikat för att finansiera sina investeringar. Ett finansieringssätt som tidigare mestadels använts av statliga och kommunala fastighetsbolag. Övergången från bankfinansiering till att söka kapital bland privata och institutionella investerare förefaller vara bestående. Marknaden kan till följd av detta få behov av ytterligare information om kreditrisken i företagen. Information som erhålls från bankernas skuggratingar eller från kreditvärderingsinstituten. Vi kan konstatera att utökad kreditinformation är ofrånkomlig vid en övergång mot ett mer marknadsorienterat finansiellt system, frågan som kvarstår är vem som ska utföra kreditvärderingen. Fortsätter bankerna utföra kreditvärderingen av fastighetsbolag kan det resultera i en avhållsamhet från internationella investerare att etablera sig i Sverige och motsatt för fastighetsbolagen är det mer gynnsamt att bankerna, med sina mer kvalitativa och för svenska marknaden anpassade värderingar blir den framtida normen .

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Cheung, Siu-sun David, and 張紹燊. "A study of the various methods of financing property development in the private sector in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1987. http://hub.hku.hk/bib/B31263720.

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Veit, Luís Henrique. "Crédito imobiliário : uma análise do modelo brasileiro em comparação com os modelos internacionais." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2012. http://hdl.handle.net/10183/54515.

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O sonho da casa própria é acalentado em todas as sociedades, sem importar as raízes culturais ou sociais. A questão é que a concretização desse sonho, normalmente a maior aquisição das pessoas ao longo de toda sua vida, envolve fatores ou recursos que nem sempre estão à disposição. Portanto, são necessários mecanismos que permitam esta aquisição, tais como o financiamento imobiliário. Esse trabalho espera trazer alguma luz sobre essa oportuna discussão. Nossa proposta é apresentar alguns exemplos de sociedade que conseguiram equacionar a problemática dos recursos financeiros, bem como tentar apresentar propostas de adequação ao modelo atual, as quais poderiam ser adotadas em nosso país.
The dream of home ownership is cherished in all societies, regardless of cultural or social roots. The point is that the realization of this dream, usually the biggest purchase of people throughout his life, involves factors or resources that are not always available. So, mechanisms are needed to possibility this acquisition, such as housing finance. This work hopes to bring some points on this timely discussion. Our proposal is to present some examples of societies that have managed to equate the issue of financial resources as well as trying to present proposals to adapt to the current model, which could be adopted in our country.

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Arvidsson, Daniel. "Green Bonds – A beneficial financing form?" Thesis, KTH, Fastigheter och byggande, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-218000.

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Title: Green bonds – A beneficial financing form? Purpose: The purpose of this master thesis was to examine housing companies reasoning behind issuing green bonds for financing their projects. What advantages and disadvantages that are currently connected to green bonds and if the green bond market can motivate companies to build more sustainable. Methodology: This thesis is built upon a literature review and a quantitative study, where the data was collected through a questionnaire sent out to various housing companies on the Swedish real estate market. Findings: Weather or not green bonds is a beneficial financing for seems to be individual for each company. Companies with more ambitious sustainability goals seems to be more likely to issue green bonds. The positives with issuing green bonds is that the company is able to reach out to new investors and that the gain positive attention from important stakeholders. The current downsides with the financing form is that the issuing costs are currently higher for green bonds than conventional bonds and many companies still believe that they are not getting enough compensations for the higher costs. With this in regard it is not very likely that the green bond market can be a motivation for actors to build more sustainable. Today there are actors that do have both the financial capability and the projects needed to enter the market, that still chooses not to. Therefore, it is hard to believe that the green bond market in its current state will drive green investments that wouldn’t have been financed in any other way.
Titel: Gröna obligationer en fördelaktig finansieringsform? Syfte: Syftet med uppsatsen är att ta reda på vad som motivera bostadsbolagen att emittera gröna obligationer, vilka för och nackdelar finns med finansieringsformen i dagsläget och om gröna obligationer kan styra företag att bygga mera hållbart. Metod: Metodvalet var från början tänkt som en kvantitativ analys där data samlats in via en enkätundersökning, På grund av låg svarsfrekvens utökades resultat insamlingen i form av en litteraturstudie, tidigare studier på fördelar och nackdelar med emittering studerades och sammanställdes. Slutsatser: Resultatet tyder på att huruvida gröna obligationer är en fördelaktig finansierings form är väldigt individuellt, fördelarna är främst möjligheten att få nya investerare i företaget och att företaget ses som ett mer miljövänligt företag. Kritiken som riktas mot finansieringsformen är att emitteringskostnaderna blir högre för gröna obligationer än konventionella obligationer i och med tredje parts granskning och en utökad rapporteringsprocess. Detta är inte något som kompenseras för i prissättningen på obligationen. Det är inte troligt att gröna obligationer kan motivera företag att bygga hållbarare. Fördelarna med finansieringsformen är inte tillräckliga ens för att alla företag med gröna projekt i sin portfölj ska vara beredda att gå in på marknaden.

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Reynolds, Dennis Paul. "The effects of financing and development methods on the design of moderate density housing." Thesis, Kansas State University, 1986. http://hdl.handle.net/2097/14011.

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Levy, Jeffrey Elliot. "Financing alternative development through double bottom line private equity funds & a real estate social investment framework." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33049.

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Thesis (M.C.P. and S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.
Includes bibliographical references (p. 150-156).
The post-WWII period has seen a radical change in the growth patterns and composition of American cities, as a decentralized form of real estate development, conventional development, has become the dominant real estate development paradigm. As conventional development has become pervasive it has contributed to a host of negative economic, social, and environmental impacts. Growing dissatisfaction and concern over these negative impacts has given rise to development models that seek to accommodate the demand for new built space through alternative spatial forms, development locations, development practices, and development products. Collectively called "alterative development", these development models seek to minimize or eliminate potential negative social and environmental externalities caused by real estate development. While alternative development has gained some traction in the real estate development industry, it still faces significant barriers. Chief among these barriers is the lack of access to reasonably priced debt and equity capital. As the availability of financial capital is one of the key factors determining what gets built, when, and where, the lack of access to capital for alternative development has profound effects on the economic, social, and environmental health of our communities.
(cont.) This thesis argues that one solution to overcoming the financing barrier, and expanding access to capital for alternative development projects, is through the development of a "real estate social investment" framework and the use of this framework to guide the investment decisions of capital delivery vehicles that can deliver reasonably priced capital to alternative development projects that produce financial returns plus social and environmental returns (the double bottom line). This thesis offers suggestions on what a real estate social investment framework might entail and how the financial, social, and environmental return components could be measured and evaluated. This framework is then used as a lens through which to examine the existing practice of double bottom line (DBL) real estate private equity investment funds. Through analyze of existing theory and practice surrounding social investing and double bottom line real estate private equity funds, recommendations are proposed to advance both the practice of DBL real estate private equity funds and the development and maturation of a real estate social investment industry.
by Jeffrey Elliot Levy.
M.C.P.and S.M.

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Friesland, Mark, and Philip Åkerhielm. "Financial Arrangements for Large Property Transactions." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-191549.

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The transaction volumes on the Swedish real estate market have during the last few years been soaring. The correlation between the financing climate in Sweden and the transaction volumes have been eminent. In an industry where external capital is of vital essence, it is extremely important to create a financing arrangement that sustains both booms and recessions. To generate a broader view of the real estate market, the purpose of the thesis has been to survey the financing arrangements in large property transactions during an economic cycle, the last decade. Through the information the thesis has aimed for creating a view of determining factors behind the choice of financing arrangement, provide a prospective view and to explore suitable arrangements given the economy. The thesis has mainly used a qualitative approach combined with a quantitative collection of data. Thus, it is based on a survey of financing arrangements from the 4 largest transactions each year from the last decade and on information gathered through interviews with key figures from both real estate owners and real estate consultants. The gathered material indicated that the numerous companies’ different financial arrangements was defined by their purpose of ownership. The real estate owners have historically used a high degree of external financing in transactions, primarily bank debt. The banks’ willingness of lending have however varied over time which inevitably affect the companies. The more recent period of the survey shows that financing through capital markets have become an important source. Despite varying loanto- value ratios during the period, the high levels from before have not been found. The reason behind the lower degree of leverage in general is due to the fact that the real estate owners have learnt a lesson from previous crisis. Our thesis displays that financing arrangements differs depending on buyer and that it is company specific. The various arrangements depending on buyer and company have evidentially made it problematic to find direct connections between choice of financing and economy or to find basis in earlier theories. However, when it comes to the real estate owners, we were able to see resemblance of the Trade-off theory. The consistent coherence amongst the real estate owners – which also endorses the Trade-off theory – is to find a sustainable combination of internal- and external capital to, from without a defined risk profile, maximise returns.
Transaktionsvolymerna på fastighetsmarknaden har under de senaste åren varit glödhet. Det allmänna finansieringsklimatet i landet har varit starkt korrelerad till transaktionsvolymerna. I en bransch där lånekapital är av vital betydelse har det varit synnerligen betydelsefullt för aktörerna att hitta ett finansieringsupplägg som är tillräckligt slagkraftigt i både upp- och nedgång. För att bilda oss en bredare uppfattning om fastighetsmarknaden har studiens syfte gått ut på att kartlägga hur finansieringsuppläggen vid stora fastighetsaffärer har sett ut under en konjunkturcykel, det senaste decenniet. Utifrån det har studien syftat till att ge en bild kring faktorerna bakom valet av finansieringsupplägg, ge en framåtblickande syn samt försöka hitta ett förslag på ett lämpligt finansieringsupplägg givet konjunktur. Studien har huvudsakligen haft en kvalitativ ansats, kombinerat med en kvantitativ datainsamling. Studien baseras således dels på en kartläggning av finansieringsuppläggen på de 4 största transaktionerna för respektive år under det senaste decenniet och dels på information inhämtad genom intervjuer med personer verksamma inom fastighetsbolag och fastighetsrådgivning. Det insamlade materialet indikerade att de olika aktörernas finansieringsupplägg definierades av respektive aktörs ägandesyfte. Fastighetsbolag har exempelvis historiskt utnyttjat en hög grad av extern finansiering vid transaktioner, primärt bankfinansiering. Bankernas utlåningsvilja har dock från tid till annan varierat vilket påverkat företagen i allra högsta grad. Under senare delen av undersökningsperioden har även kapitalmarknaderna varit en betydande finansieringskälla. Trots varierande belåningsgrader under perioden, har de höga nivåerna från förr inte återfunnits. Anledningen har framförallt kopplats till att aktörerna lärt sig en ordentlig läxa från tidigare kriser. Studien har framförallt visat att finansieringsuppläggen skiljt sig markant beroende på vem köparen är och att finansieringsupplägg rent generellt är väldigt bolagsspecifikt. Detta har medfört att det blivit svårt att finna direkta samband mot samtliga aktörer och kunna koppla deras agerande till tidigare teorier. Allmänt vad gäller just fastighetsbolag har vi däremot funnit störst likheter med Trade-off theory. En grundläggande tanke för många fastighetsbolag har visat sig vara att finna en stabil avvägning mellan eget- och främmande kapital för att utifrån en definierad riskprofil maximera avkastningen. Detta är också vad Trade-off förespråkar.

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Elmersson, Åsa, and Joel Grafström. "Småhusbyggande i marknadssvaga Götalandskommuner : En studie i hur mycket det byggs och hur det finansieras." Thesis, Högskolan Väst, Avdelningen för data-, elektro- och lantmäteriteknik, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hv:diva-11140.

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Sverige räknas till blandekonomierna. Blandekonomin har sin utgångspunkt i marknadsekonomin men staten reglerar marknaden till viss del. Detta gäller också för bostadsmarknaden. Så utgångspunkten är således att marknaden ska styra priset på småhus genom tillgång och efterfrågan. Det är ena sidan. Den andra sidan är regleringarna. När det kommer till bostäder är det till exempel bolånetaket och amorteringskravet. Bolånetaket utgår från bedömt marknadsvärde. Är det ett begagnat hus räknas som regel försäljningspriset som marknadsvärde medan det i de fall det är ett helt nytt hus görs en förhandsvärdering inför byggnationen. Maximalt kan 85 procent av marknadsvärdet belånas, med fastigheten som säkerhet, för att finansiera ett husköp eller en nybyggnation. På attraktiva marknader är detta sällan något problem eftersom marknadsvärdet på nybyggnationerna oftast är högre än kostnaderna för att bygga huset. Men hur är det då i områden där det inte är så, utan där produktionskostnaderna istället ofta är högre än det förväntade marknadsvärdet? Rent teoretiskt borde det inte kunna byggas småhus i dessa områden med annat än att de som bygger satsar eget kapital och/eller lägger ner mycket eget arbete. Är det så verkligheten ser ut eller lånar bankerna trots allt ut pengar? Och byggs det några småhus överhuvudtaget i dessa områden? Med breda penseldrag har detta undersökts. Urvalet för studien är de femton kommuner i Götaland med lägst Tobins q-värde, det vill säga hade sämst relation i kvoten marknadspris på en befintlig bostad genom den totala produktionskostnaden för en likartad bostad ur Boverkets lista för år 2012. I studien har bygglovsstatistiken i undersökningskommunerna och jämförelsekommunerna studerats. Rapporten visar att det relativt sett byggs färre småhus i de undersökta kommunerna. I de femton undersökta kommunerna med svaga bostadsmarknader är medianvärdet 0,20 beviljade bygglov per tusen invånare. Motsvarande siffra för de tio mest folkrikaste kommunerna i Götaland är 0,69, nästan 3,5 gånger mer under samma år. Studien har också undersökt den teoretiska lönsamheten på de platser där bygglov utfärdats i de studerade kommunerna. En teoretisk produktionskostnad har antagits och en modell skapats för att kunna massvärdera samtliga bygglov med hjälp av taxeringsvärden. Resultatet med den här modellen ger att i 87 procent av fallen går det inte med säkerhet att säga att nybyggnationen är ekonomiskt lönsam vid färdigställandet. Slutligen har studien även undersökt hur nybyggnationerna finansieras genom att inteckningsbeloppen för varje nybyggt småhus har granskats. Av de nybyggnationer där interimistiskt slutbesked eller slutbesked har erhållits visar det sig att 20 procent av nybyggnationerna inte har några inteckningar alls och således har finansierats på annat sätt än genom lån med huset som säkerhet. Bedöms istället, utifrån datamaterialet, den teoretiska produktionskostnaden i förhållande till ett uppskattat marknadsvärde är knappt 50 procent av dessa nybyggnationer helt bankfinansierade. Således är cirka 30 procent av nybyggnationerna sannolikt delvis bankfinansierade. Även tecken på övervärdering av nya bostäder har uppmärksammats.

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Åqvist, Anders, and Charlie Söderberg. "Juniorfinansiering av fastighetsinvesteringarEn studie av kapitalmarknaden för hög belåning avfastighetsinvesteringar i Sverige." Thesis, KTH, Fastigheter och byggande, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-128522.

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Denna uppsats behandlar små och medelstora fastighetsföretags möjligheter att finansiera sig med lånat kapital, till belåningsgrader som ligger högre än de som de traditionella bankerna vill låna ut till. Uppsatsen syftar till att kartlägga vilka finansieringsalternativ som finns på den svenska kapitalmarknaden för små och medelstora fastighetsföretag och hur dessa finansieringsalternativ kan utvecklas. Studien har en kvalitativ ansats. Kartläggningen baseras dels på sekundära källor, och dels på information tillskansad genom intervjuer med personer verksamma inom fastighets- finansiering, fastighetsägande eller inom akademin. Bland de alternativa finansieringsformerna på kapitalmarknaden för denna typ av företag finns främst mezzaninfinansiering och obligationsfinansiering. Mezzaninfinansiering är skulder som upptas med sämre säkerhetsläge än normala banklån. Obligationsfinansiering upptas på kapitalmarknaden genom att skulder tas upp från aktörerna på marknaden. Säljarreverser, tilläggsköpeskilling, banklån med hög amorteringstakt samt kapital från medinvesterare är andra former av alternativa finansieringsformer som förekommer på marknaden, och som företag med framgång kan använda sig av i vissa situationer. Efterfrågan av alternativa finansieringsformer är stor. I studien menas att mezzanin- finansiering är den av de alternativa finansieringsformerna på kapitalmarknaden som fungerar bäst. Marknaden förväntas dock kunna utvecklas och det bedöms finnas plats för fler aktörer. Även för obligationsmarknaden finns utvecklingspotential, bland annat genom marknads- platser riktade mot privatpersoner. Finansieringsformerna utanför den traditionella kapital- marknaden kan fungera mycket bra för vissa typer av företag och investeringar.
This thesis addresses small and medium sized real estate companies’ debt financing options, to leverage ratios higher than the ratios traditional banks are willing to finance real estate investments to. The thesis aims to identify the financing options available in the Swedish capital market, for small and medium sized real estate companies, and discuss how the financing options can be developed. The study has a qualitative approach. The identification of the funding options is based partly on secondary sources, and partly on information obtained in interviews, with people involved in real estate financing, real estate owning or within academia. Alternative forms of financing, suitable for this group of companies, are primarily mezzanine financing and financing by bonds. Mezzanine financing is debt with lower priority than normal, preferred bank loans. Bond financing is obtained at the capital markets through debt raised from participants on the market. Loans from the previous owner, earnouts, bank loans with a high rate of amortization and capital from co-investors are other forms of alternative funding sources that exist in the market. Many companies can successfully use those forms of funding in certain situations. Demand for alternative funding is high. The study argues that mezzanine financing is the form that works best, of the alternative forms of financing in the capital market. The market for mezzanine financing is expected to develop further, and there is room for more players in the market. Also, the bond market has potential to develop further, with for example market places directed at private individual investors. Financing alternatives outside the traditional capital markets can work very well for certain types of businesses and investments.

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Houshmand, Keyvan. "High Yield corporate bonds : Now also possible with top funding for real estate through a new type of bond trading." Thesis, KTH, Fastigheter och byggande, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-125030.

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Bankerna har på senare tid blivit allt mer återhållsamma i sin utlåning riktat mot kommersiella fastigheter. Detta är en utveckling som förväntas att öka i takt med alla nya normer men framförallt regleringar inom bankväsendet. Detta har tvingat många fastighetsbolag att erhålla finansiering genom kapitalmarknader vilket inte har funnits för mindre fastighetsbolag med intresset att få ytterligare finansiering vilket skulle innebära en överskridning av maxgränsen på belåningsgraden. Att köpa obligationsposter för mindre än nominellt 1 miljon kronor för privatpersoner har inte funnits tidigare. I år så har handelsplattsformen Aktietorget startat en handelsplattform för obligationshandel vid namn Räntetorget. Här möjliggör man finansiering till ett segment som innehåller mindre bolag som kan tänkas låna ca 10-150 miljoner och som dessutom kan tänka sig att sprida finansieringen hos många. Jag har fått uppdraget ifrån Aktietorget att ta kontakt med relevanta fastighetsbolag och se hur intresset ser ut för denna typ av lösning, och om möjligt, även att någon av dessa dialoger leder till en framtida affär med Aktietorget. Kärnan i denna uppsats kommer därför grunda sig i hur Räntetorget kommer att påverka finansieringen till de svenska fastighetsbolagen samt hur efterfrågan ser ut hos både köpare och emittent. Jag vill även anmärka att Räntetorget även finns tillgängligt för bolag inom andra branscher, men mitt arbete kommer endast att beröra kommersiella fastighetsbolag.
Banks have become more cautious in their lending against commercial property. This is a trend that is expected to increase due to new norms, but above all regulations in banking. This has forced many real estate companies to gain financing through the capital markets, which have not been available for small real estate companies with the interest to obtain additional financing, which would mean exceeding the limit on leverage. Buying bonds items for less than value of SEK 1 million for individuals has not existed before. This year has a new trading platform, Aktietorget, started. It is a trading platform for bond trading, called Räntetorget. It allows financing a segment that contains small companies that could borrow about 10 to 150 million and who also are willing to spread the funding towards many investors. I have been commissioned from Aktietorget to contact relevant properties and see how the interest looks for this type of solution, and if possible, that any of these dialogues lead to future business with Aktietorget. The core of this analysis will therefore be based on how the interest of Räntetorget will affect funding for the Swedish property and how demand looks of both the buyer and the issuer. I would also note that the interest for Räntetorget is also available for companies in other branches, but my work will only affect commercial real estate.

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Brinklert, Hedda, and Linn Nilsson. "Jakten på kapital : Basel III:s effekter för finansiering av kommersiella fastigheter." Thesis, KTH, Fastigheter och byggande, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-276756.

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Kommersiella fastigheter är en kapitalintensiv tillgång, i behov av externt kapital, med flertalet intressenter. Syftet med uppsatsen är att studera effekten av regelverket Basel III genom att se hur fastighetsbolagens finansiering av kommersiella fastigheter har förändrats mellan år 2014 och år 2019. Tidigare har kommersiella fastigheter till största del finansierats med banklån men även andra former av finansiering blir allt vanligare, till exempel genom obligationer, certifikat, crowdfunding och direktfinansiering. Traditionella banklån är beroende av hur bankernas utlåning sker, vilket genom Basel regelverket har blivit mer reglerat de senaste åren. Baselkommittén för banktillsyn främjar den globala finansiella stabiliteten genom att samordna bankregleringar och tillsyn inom den finansiella sektorn. Basel III innebär skärpta kapitalkrav för bankerna och begränsningar för hur exponerade banken får vara mot en bransch eller motpart vid kreditgivning. Undersökningen baserades på elva fastighetsbolag noterade på Stockholmsbörsen i ”large cap”-kategorin. Resultatet visade på en förändring av finansieringskällor för fastighetsbolagen mellan år 2014 och år 2019 där banklån i snitt minskade med 27 procentenheter medan obligationer i snitt ökade med 23 procentenheter. Användningen av certifikat som finansieringskälla ökade marginellt mellan 2014 och 2019. Fastighetsbolagen hade även under denna tidsperiod sänkt sina finansieringskostnader och uppnått en längre kapitalbindningstid samt har idag lägre belåningsgrader. Sammantaget leder detta till att fastighetsbolagens finansiella ställning har blivit bättre.
Commercial real estate is a capital-intensive asset, in need of external capital. The purpose of the thesis is to study the effect of the Basel III by looking at how the real estate companies' financing of commercial real estate has changed between 2014 and 2019. Previously, commercial real estate has largely been financed with bank loans, but other forms of financing are becoming more common, for example bonds, certificates, crowdfunding and direct financing. Traditional bank loans are depending on different aspects such as risk weighted assets, which through the Basel regulations has become more regulated in recent years. The Basel Committee on Banking Supervision promotes global financial stability by coordinating banking regulations and supervision in the financial sector. Basel III entails stricter capital requirements for the banks and limits on how exposed the bank may be to an industry or counterparty when granting credit. The study was based on eleven real estate companies listed on the Stockholm Stock Exchange in the “large cap” category. The result showed a change in funding sources for the real estate companies between 2014 and 2019 where bank loans on average decreased by 27 percentage points while bonds on average increased by 23 percentage points. The use of certificates as a source of financing increased marginally between 2014 and 2019. During this period, the real estate companies had also lowered their financing costs and achieved a longer capital commitment period and today have lower loan-to-value ratios. To summarize, this means that the real estate companies' financial position has improved. TRITA-ABE-MBT-20479

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Breidenbach, Marc. "Real estate securitisation : asset backed security financing for the property industry ; an International comparison applied to the case of Germany /." Köln : Müller, 2005. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=013217492&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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40

Cole, James C. (James Coffman). "Field$ of dream$ : an examination of the effects of financing structure on basketball facility design and surrounding real estate development." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/65243.

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Jammen, Michael T. (Michael Thomas) 1965. "Field$ of dream$ : an examination of the effects of financing structure on baseball facility design and surrounding real estate development." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/67512.

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Cannuscio, Aubrey E. (Aubrey Edward) 1969. "Field$ of dream$ : an examination of the effects of financing structure on football facility design and surrounding real estate development." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/10178.

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Backenroth, Sanna, and Casper Lindqvist. "A Green New World : How the Real Estate Sector is Working with Sustainable Financing in Regard to the EU Taxonomy." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297930.

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The EU Taxonomy is a new regulation produced to set a European standard for sustainable investments and to allocate capital for a sustainable transition. The Taxonomy aims to regulate several sectors, one of which is the real estate sector. Due to it functioning as a classification system, the EU Taxonomy will play an essential role for companies seeking financing. This thesis explores how Swedish and Baltic real estate companies intend to work with sustainable finance given this new regulation. Semi-structured interviews were conducted with companies within the real estate sector and government agencies from Sweden and the Baltic countries, in order to get a holistic view of the situation in these regions. Through research it has been found that the EU Taxonomy will continue to encourage the work with sustainability for companies even though there are some uncertainties with the regulation as of now. Current financial instruments, such as green bonds, are likely to continue to be emitted but will probably be connected with the EU Taxonomy. New financial products will be developed with the help of the Taxonomy. There are however differences in attitudes and actions regarding sustainable financing in Sweden and the Baltics. Sweden has come further with green financing, but the interest is high in the Baltics and sustainable financing is likely to evolve in the region in the near future. The research finds that there is a concern that smaller companies will have difficulties to keep up the pace of sustainability given the Taxonomy, especially if they recently have begun their work with sustainability. Even though the EU Taxonomy has received criticism for not including green building certifications, the general attitude is positive in that the Taxonomy will imply a common and cross-border definition of the term “sustainability”.
EU-taxonomin är ett nytt regelverk framtaget för att sätta en europeisk standard för hållbara investeringar och allokera kapital för en grön omställning. Taxonomin syftar till att reglera flera sektorer, varav fastighetssektorn är en av dem. Genom att fungera som ett klassificeringssystem så kommer EU-taxonomin att spela en central roll när företag ska finansiera sig. I denna uppsats undersöks hur svenska och baltiska fastighetsbolag kommer att arbeta med hållbar finansiering givet detta nya regelverk. Uppsatsen innehåller semistrukturerade intervjuer med fastighetsbolag och myndighetspersoner från Sverige och Baltikum för att få en överskådlig bild av situationen i nämnda regioner. Studien finner att EU-taxonomin kommer driva på hållbarhetsarbetet hos företag även om det initialt råder vissa oklarheter med regelverket. Befintliga finansiella instrument såsom gröna obligationer lär fortsätta emitteras men kommer troligtvis kopplas samman med EU-taxonomin. Nya finansiella produkter kommer att utvecklas med hjälp av taxonomin. Det finns emellertid skillnader när det kommer till hållbar finansiering mellan Sverige och Baltikum. Sverige har kommit längre vad gäller grön finansiering men intresset är högt i Baltikum och gröna finansieringslösningar lär växa i regionen inom en snar framtid. Undersökningen finner att det finns en oro för att företag av mindre storlek kommer att ha svårigheter att följa med på hållbarhetsresan i linje med taxonomin, särskilt om de nyligen påbörjat sitt hållbarhetsarbete. Trots att taxonomin har fått kritik för att inte inkludera miljöcertifieringar så är den sammantagna attityden positiv eftersom att EU-taxonomin kommer innebära en gemensam och gränsöverskridande definition av begreppet “hållbarhet”.

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Grundström, Erik, and Hanna Åkerwall. "Preferensaktier och obligationer som fastighetsfinansiering." Thesis, KTH, Fastigheter och byggande, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-124128.

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The recent turbulence in the financial markets has contributed to the banks becoming more restrictive to lend to real estate financing. Deleveraging in Europe's banking sector has also contributed to banks reducing their leverage and increasing capital adequacy to meet the new requirements. Loan-to-value ratios in real estate loans have fallen while banks' interest margins have increased, which has made property investors to look for alternative sources of funding in the capital markets. The two most interesting forms of financing for real estate right now is bonds and preferred shares as they fit property companies that generate stable and predictable cash flows. A bond is an interest-bearing debenture certifying that the purchaser has lent money to the company that issued the bond. It's a very safe security since the only reason you would not be able to get your money back is if the company goes bankrupt. Preference shares structure is something between an ordinary share and a bond. The preference share generates an annual fixed predetermined dividend paid before common shareholders receive dividend which makes it much more predictable and stable relative to an ordinary share. Demand for investing in bonds and preference shares is considered good since equity investors have shown strong interest and these securities offer a good risk adjusted return The property companies that has issued both bonds and preferred shares have been selected to be further examined in this paper. The property companies currently consist of Corem Property Group, Fastighets AB Balder, Klövern AB and Sagax AB. Since 2007, all of these companies diversified their financing primarily through the issuing of preference shares and bonds, and the majority has moved towards a greater proportion of equity. It is clear that alternative sources of financing such as preferred shares and bonds will become more common in the future as it is abroad.
De senaste årens oro på finansmarknaden har bidragit till att bankerna har blivit mer restriktiva till att ge krediter till fastighetsfinansiering. Skuldnedväxlingen i den europeiska banksektorn har också bidragit till att bankerna minskar sin skuldsättningsgrad och ökar kapitaltäckningen för att möta nya krav. Belåningsgraderna vid fastighetskrediter har sjunkit samtidigt som bankernas räntemarginaler har ökat vilket har fått fastighetsinvesterare att söka sig till alternativa finansieringskällor på kapitalmarknaden. De två kanske mest intressanta finansieringsformerna för fastigheter just nu är obligationer och preferensaktier då de passar fastighetsbolag bra som genererar stabila och förutsägbara kassaflöden. En obligation är ett räntebärande skuldebrev som intygar att köparen har lånat ut pengar till det företag som emitterat obligationen. Det är väldigt säkra värdepapper då den enda anledningen till att man inte skulle kunna få tillbaka sina pengar är om företaget går i konkurs. Preferensaktiers struktur befinner sig i det närmaste mellan en vanlig stamaktie och en obligation. Preferensaktien ger en fast årlig förutbestämd utdelning som betalas ut före stamaktieägarna får utdelning vilket gör att den är mer förutsägbar och stabil i förhållande till en stamaktie. Efterfrågan på att investera i obligationer och preferensaktier får anses god då investerare vid emissioner har visat ett starkt intresse och nämnda värdepapper erbjuder en bra riskjusterad avkastning De fastighetsbolag som har emitterat både obligationer och preferensaktier har valts ut att undersökas närmare i denna uppsats. Dessa fastighetsbolag består i dagsläget av Corem Property Group, Fastighets AB Balder, Klövern AB och Sagax AB. Sedan år 2007 har alla dessa bolag diversifierat sin finansiering främst genom emitterande av preferensaktier och obligationer och majoriteten har gått mot en större andel eget kapital. Det kan konstateras att alternativa finansieringskällor som preferensaktier och obligationer kommer bli vanligare i framtiden vilket det är utomlands.

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45

Chamlee, Jason. "Financing Community Development: Attracting Investment Capital through the New Markets Tax Credit program." University of Cincinnati / OhioLINK, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1305895428.

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46

Bergvall, Olof, and Linnéa Hämquist. "Gröna obligationer : Trender inom fastighetfinansiering." Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-259648.

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Fastighetsfinansieringsmarknaden är i ständig förändring. Bolag söker kontinuerligt nya sätt att anskaffa kapital och på senare år har trenden att finansiera sig genom obligationer slagit på bred front i Sverige. På senare år har även diskussionen om klimathotet intensifierats och inte bara stater försöker vara hållbara och arbeta för en bättre omvärld. Med bakgrund av detta ämnar uppsatsen undersöka finansieringstrender på den svenska fastighetsmarknaden med fokus på gröna obligationer.För fastighetsbolag kan det finnas flera nyttor i att vara mer miljövänlig. De kan dels sänka driftkostnader och i förlängningen höja driftnettot och lönsamheten i deras fastigheter, men de kan också emittera gröna obligationer. De som emitterar gröna obligationer kan åtnjuta en något lägre premie än om den varit icke-grön och de får även möjligheten att kommunicera detta i sin hållbarhetsrapportering vilket ger företaget viss good-will. Det råder dock en viss oro på marknaden för bolag som kan utnyttja bristande information och kunskap för att emittera gröna obligationer och på så sätt ”åka snålskjuts” på denna förmånliga trend.Till denna kandidatuppsats har vi intervjuat företagsrepresentanter från fem stora svenska fastighetsbolag samt en från SFF som emitterar obligationer åt fem fastighetsbolag (varav ett vi intervjuat). Vi har även samlat in data om hur svenska fastighetsbolags kapitalstruktur förändrats sedan 2012.
The Capital Market for Real Estate is ever changing. Companies continuously try to find new ways to obtain financing and for the past years the trend has been for companies to go to the capital market and finance their projects with bonds. Furthermore, the climate-question has been intensified lately and companies are taking more responsibility when it comes to working towards a sustainable future. In view of this, this research paper aims to examine financing trends on the Swedish Real Estate Market with special focus on green bonds.The benefits that real estate companies can enjoy from being more environmentally sustainable are many, but the main benefits are that more sustainable buildings often result in lower operating and maintenance costs which in turn has a positive effect on the net operating income. Furthermore, companies that issue green bonds can enjoy a lower interest rate compared to those issuing regular bonds. Issuing a green bond also allows the company to communicate their sustainability work in a more natural way which in turn gives the company some good-will. Though some companies worry that there are other firms out there trying to capitalise on this green trend thus taking advantage of the work of others and attracting investors for the wrong reasons.The research has been conducted by interviewing representatives from five large Swedish real estate companies in addition to Svensk Fastighetsfinansiering, a bond issuer co-owned by five real estate companies, one which we have interviewed. Moreover, we have collected historical data of 26 Swedish real estate companies aggregated capital structure since 2012.

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Vecán, Viktor. "Hodnocení investičního projektu - studentské bydlení." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193069.

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The aim of the thesis is to evaluate an investment in refurbishment and subsequent maintenance of the property as accommodation facilities for students, and to give investors a recommendation on whether to implement the project. A market analysis in the thesis is used to identify a suitable area for the project implementation. Next part of the thesis introduces the investment project and its parameters in line with the investor's strategy. Last part of the thesis is dedicated to the evaluation of the financial plan and a sensitivity analysis.

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Шевчук, Т. В. "Проблемні питання вибору схеми фінансування нерухомості." Thesis, Українська академія банківської справи Національного банку України, 2008. http://essuir.sumdu.edu.ua/handle/123456789/61331.

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В Україні сьогодні запроваджуються нові інструменти фінансування житлового будівництва, характерні для ринкової економіки, замість збанкрутілої технології бюджетного фінансування цієї галузі. Внісши низку змін до Законів України “Про інвестиційну діяльність” та “Про фінансово- кредитні механізми і управління майном при будівництві житла та операціях з нерухомістю”, Верховна Рада чітко обмежила методи інвестування та фінансування житлового будівництва, а саме: через фонди фінансування будівництва (ФФБ), фонди операцій із нерухомістю (ФОН), інститути спільного інвестування (IСI), недержавні пенсійні фонди (НПФ), а також шляхом випуску цільових облігацій.

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Ingelgård, Mathilda, and Louise Regnell. "Green is the New Black : A study of investor reliance in green bond investments in the Swedish real estate market." Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-231431.

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After the environmental debate was put firmly into economics literature, an emerging sustainable finance sector attempts to discipline corporate social and environmental behaviour, in which the financial markets and the real estate sector have been stated to play particularly important roles. Research within Swedish real estate financing has identified a growing interest of sustainable financing, mentioning green bonds in particular. Green bonds are based on traditional corporate bonds with the difference that green bonds possess an element of influence. The issuer is obliged to report back to the investor how net proceeds from the issuance have been used to finance green projects, which creates a requirement for transparency. The fact that green bonds is a fairly new financing and investment alternative whilst simultaneously growing incredibly fast has highlighted the significance of reliance for green bonds as a financial product. The aim of this study has been to explore in what ways green bonds in the Swedish real estate market are being initiated and structured and subsequently governed to establish investor reliance. This research is conducted with a qualitative methodology on the basis of an exploratory nature, and the collection of qualitative data has mainly been performed through semi-structured interviews with all categories of stakeholders currently involved in the use of green bonds in the Swedish real estate market. The empirical results and subsequent analysis have concluded that it is obvious that there are numerous positive incentives related to issuing green bonds. All positive incentives consequently give rise to concerns regarding the true purpose of the issuances and whether or not these are aligned with the original purpose of the product. The more positive incentives, the more the risk of greenwashing increases. The risk of greenwashing could pose a significant threat to the general perception of and reliance in the green bond market. Obviously, all positive incentives do not necessarily entail greenwashing; there has to be positive incentives for the market of green bonds to occur, especially as it is a widely appreciated product with a generally good purpose. However, the issuers must be transparent, and the investors must be aware of the potential risk factors in order to establish investor reliance in green bonds as a financial product.
Sedan miljödebatten introducerades inom den ekonomiska litteraturen har en framväxande sektor för hållbar finansiering arbetat för att disciplinera företags sociala och miljömässiga ansvarstagande, där den finansiella marknaden och fastighetssektorn uppgetts ha särskilt viktiga roller. Forskning inom svensk fastighetsfinansiering har identifierat ett växande intresse för hållbar finansiering och i synnerhet gröna obligationer. Gröna obligationer är baserade på traditionella företagsobligationer, med skillnaden att kapitalet enbart syftar att användas till finansiering eller återfinansiering av hållbara projekt. Emittenten är bunden till att återrapportera hur kapitalet använts, vilket skapar ett krav på transparens. Det faktum att gröna obligationer fortfarande är ett ganska nytt finansierings- och investeringsalternativ, samtidigt som det vuxit oerhört snabbt, har framhävt betydelsen av förtroende för gröna obligationer som finansiell produkt. Syftet med denna studie har varit att undersöka hur gröna obligationer på den svenska fastighetsmarknaden initieras och struktureras och därefter hanteras för att etablera investerarnas förtroende. Denna forskning har genomförts med en kvalitativ metod av utforskande karaktär och insamlingen av kvalitativa data har i huvudsak utförts genom semistrukturerade intervjuer med alla intressentkategorier som för närvarande är aktiva i användningen av gröna obligationer på den svenska fastighetsmarknaden. Det empiriska resultatet och den efterföljande analysen har påvisat att det är uppenbart att det finns många positiva incitament i samband med emissioner av gröna obligationer. Alla positiva incitament ger följaktligen upphov till oro kring det verkliga syftet med emissionerna och huruvida dessa är anpassade till produktens ursprungliga syfte eller inte. Ju mer positiva incitament, desto mer ökar risken för greenwashing. Risken för greenwashing kan utgöra ett betydande hot mot den allmänna uppfattningen av, och förtroendet för, den gröna obligationsmarknaden. Självklart innebär inte alla positiva incitament nödvändigtvis greenwashing; det måste finnas positiva incitament för att marknaden för gröna obligationer ska finnas, särskilt eftersom det är en mycket uppskattad produkt med ett generellt bra syfte. Emittenterna måste emellertid vara transparenta och investerarna måste vara medvetna om de potentiella riskfaktorerna för att etablera investerarnas förtroende för gröna obligationer som en finansiell produkt.

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Hasic, Dino, and Ajdin Pasic. "Ränteswappar i svenska fastighetsbolag : en kvalitativ studie som diskuterar hur användandet av ränteswappar ser ut idag bland svenska fastighetsbolag." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-297555.

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Denna uppsats behandlar vilka faktorer som påverkar svenska fastighetsbolags syn på ränteswappar och huruvida coronapandemin, IFRS regelverket, den nya referensräntan Swestr eller bolagens rating har någon betydelse i detta. Studien undersöker vidare hur stor efterfrågan på räntederivat tidigare har varit, samt hur framtidsutsikterna ser ut gällande användandet av ränteswappar. För att besvara studiens problemformulering har en kvalitativ metod använts, där fem semistrukturerade intervjuer med både fastighetsbolag och en bank varit utgångspunkten till arbetets slutsats. Studiens resultat visar att samtliga tillfrågade fastighetsbolag har en egen räntesäkringsstrategi och egna preferenser vad gäller räntederivat. Idag använder en klar majoritet av svenska fastighetsbolag ränteswappar i sina räntesäkringsstrategier, men studien tyder på att mindre aktörer på marknaden eventuellt i framtiden kommer söka sig till simplare lösningar. Vidare visar studien att varken coronapandemin, IFRS regelverket eller Swestr påverkar fastighetsbolagens förhållningssätt till ränteswappar. Däremot kan det externa ratingbetyget indirekt ha en koppling till hur ett fastighetsbolag väljer att hedga sig mot räntefluktuationer. Studiens område är fortsatt vagt undersökt och ämnet kommer förbli intressant att forska vidare på i framtiden.
This study deals with the factors that affect Swedish real estate companies´ views on interest rate swaps and whether the corona pandemic, the IFRS regulations, the new reference interest rate Swestr or the companies external rating have any significance in this. The study further examines how the demand for interest rate swaps has changed and how the future looks like. To fulfill the purpose of the study, a qualitative method has been used, with five semi-structured interviews with both real estate companies and a bank. The collected answers have formed the basis of this paper's conclusion. The results of the study show that all real estate companies surveyed have their own interest rate hedging strategy, and their own preferences on interest rate derivatives. A majority of Swedish real estate companies use interest rate swaps today in their interest rate hedging strategies, but this study indicates that smaller real estate corporations in the market may seek more simple solutions in the future. Furthermore, the study indicates that neither the coronavirus pandemic, the IFRS regulations nor Swestr has an impact in the real estate companies´ approach towards interest rate swaps. On the other hand, the external rating can indirectly be a reason why real estate companies choose to hedge with interest rate derivatives against interest rate fluctuations. The field of study is still vaguely researched and the subject will remain interesting to research in the future.

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Dissertations / Theses on the topic 'Real Estate financing'

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