Dissertations / Theses on the topic 'Real property fund'

Thesis (MBA)--Stellenbosch University, 2005.
ENGLISH ABSTRACT: This study explores the feasibility of establishing a diversified hotel property fund (DHPF) on the Johannesburg Stock Exchange. To be launched in 2005/2006, the proposed unit trust fund is made up of a diversified portfolio of hotels located throughout South Africa. Research suggests that Hotel Property Funds have traditionally been the most volatile of Real Estate Investment Trusts (REITs) with their share value largely dependent on hotel revenue. However, investing in HPFs and REITs have numerous advantages such as their stipulated 90% dividend-payout ratio, steady stream of cash flow and zero corporate income taxes. The Property Unit Trust sector in South Africa in 2003 realised annualised rates of returns of 39%, and furthermore, the economic outlook and hotel industry sector show promising signs with economic growth rates for 2004 and 2005 reaching 4% and 5% respectively. This study thus considers whether a hotel property fund will succeed in South Africa and what returns investors can expect. By drawing on empirical and primary research and lessons learnt from international best practices this ground-breaking report identifies and analyses key performance variables of HPFs and REITs and applies them to a South African context. These variables include; capital structure, investment strategy, risk and return, Net Asset Value (NA V) and initial public offerings (IPO's). The report establishes that there is no optimal capital structure for REITs and only when the market reacts to the issuance of debt can one tell if the REIT is favourably structured or not. Concerning investment strategy, investors are in general, often lured to a diversified portfolio, however this report suggests that there is no optimal strategy for investing in REITs. In addition, over a medium to long term, REIT performance is strong, while over the short term performance is varied impacting on investor strategy. In assessing risk and return it was concluded that including REIT shares in an already diversified portfolio, the maximum expected return for each given level of risk is increased, and the level of risk for each level of expected return is reduced. Furthennore, the performance of RElTs is not necessarily detennined by size or Net Asset Value and thus small and large REITs can offer investors similar returns. Finally, initial-day returns for industry lnitial Public Offerings (lPO's) easily outperfonn REIT lPO's. Similarly to RElTs, there are numerous advantages to Hotel REITs which include, unlocking and redeployment of capital, investment spread and risk reduction and the provision of synergies between counter cyclical performing properties. However, empirical research indicates that Hotel REITs prove to be the most volatile of REIT sectors. Hotel REITs differ enonnously from their parent group in terms of their revenue & earnings which are more diverse in source and are generated from short-tenn leases. As such. Hotel REITs are also considered to be more management intensive. As with REITs there is no evidence to suggest an optimal capital structure and with the envisaged 50% debt ratio, the DHPF could be considered to be following international best practices. Several drawbacks with Hotel REITs include the lowest dividend yield among all RElT sectors, high volatility in income earnings, sensitivity to upswings and downturns in the tourism market, large capital investments and fixed operating expenses for staff and infrastructure. However despite these obstacles and in answer to the research problem, the prospects of the DHPF succeeding in South Africa are very high indeed. The REIT and Hotel REIT markets have proved successful throughout major capital markets, providing investors with a multitude of benefits. South Africa's economic and tourism climate is very favourable. The Property Unit Trust (PUT) sector has performed immensely well and investors can expect a healthy return which, as shown, is considerably higher than other investments. Finally, the fund is being spearheaded by a high calibre DHPF management team, which is key to the listing and management of the fund.
AFRIKAANSE OPSOMMING: Hierdie studie ondersoek die moontlikheid om 'n Diverse Hotel Eiendomsfonds (DHEF) op die Johannesburgse Aandelebeurs te loods. Die huidige aanvangsfase sal in 2005/2006 wees, en sal bestaan uit 'n portfolio van verskillende hotelle wat reg oor Suid-Afrika versprei is. Die navorsing toon dat hoteleiendomsfondse tradisioneel die mees veranderlikste van die Eiendoms Beleggings Trusts (EBT) was en dat die aandeel waarde hoogs afhanklik is van die hotel se inkomste. Nieteenstaande, het investering in DHEFs en EBTs 'n verskeidenheid van voordele soos die voorgeskrewe 90% dividend uitbetalingspersentasie, 'n bestendige kontantvloei en geen korporatiewe inkomstebelasting nie. Die eiendomsbeleggingsfondse sektor in Suid-Afrika het gedurende 2003 'n jaarlikse groei van 39% getoon, en verder beloof die ekonomiese uitkyk in die hotel bedryf om tussen 4% en 5% gedurende 2004 en 2005 onderskeidelik te groei. Gegewe die inligting, is die vraag dus of 'n hoteleiendomsfonds sukses kan behaal in Suid-Afrika en watter opbrengs beleggers kan verwag. Deur na primere empiriese navorsing, sowel as lesse wat geleer is deur beste internasionale praktyke, te bestudeer, identifiseer hierdie verslag sleutel prestasie veranderlikes van EBTs en DHEFs plaas dit in konteks van Suid-Afrika. Hierdie veranderlikes sluit in: kapitaaistruktuur, beleggingsstrategie, risiko en terugkeer, Bruto Bate Waarde (Net Assest Value) (BBW) sowel as aanvanklike openbare aanbod (Initial Public Offering) (AOA). Daar is bevind dat daar geen optimale kapitaalstruktuur vir DHEFs bereken kan word nie. Verder word aangetoon dat daar slegs bepaal kan word of EBTs se struktuur voordelig is wanneer die mark reageer op nuwe skuld wat aangegaan is. Wat beleggingsstrategie betref, is beleggers oor die algemeen meer aangetrokke tot 'n diverse portefeulje van beleggings. Hierdie verslag bevind egter dat daar geen optimale strategie is om in EBTs te bele nie. Daar word verder bevind dat medium- tot langtermyn opbrengste goed vertoon, terwyl prestasie oor die korttermyn wisselvallig is wat gevolglik 'n invloed op beleggers se strategie het. In waardering van risiko en wins, is dit bepaal dat die insluiting van EBT aandele in 'n diverse portfeulje, die maksimum verwagte opbrengs vir elke vlak van risiko verhoog en dat die vlak van fisiko vir elke vlak van die verwagte opbrengs verlaag word. Verder is daar bevind dat die prestasie van EBTs nie noodwendig bepaal word deur batewaarde of -groote nie en klein EBTs kan beleggers vergelykende opbrengste bied. Eerstedag opbrengs vir industriele AOAs presteer beter as die van EBTs. Soortgelyk aan EBTs is daar verskeie voordele aan hotel EBTs wat die ontsluiting en herontplooiing van kapitaal, beleggingsverspreiding en risikoverlaging insluit. Empiriese navorsing dui aan dat hotel EBT's die mees onstabiele van die EBT sektor is. Hotel EBT's verskil wesenlik van ander EBTs in terme van opbrengs en verdienste wat meer divers is in oorsprong en gegenereer word deur korttermyn huurkontrakte. Hotel EBTs word ook gesien as meer bestuursintensief. Net soos met EBTs is daar geen bewyse dat daar 'n optimale kapitaalstruktuur bestaan nie en met die verwagte 50% skuld verhouding, volg DHEF wereldwye beste praktyk. Daar is verskeie nadele aan hotel EBTs, insluitend die laagste dividenduitkeer onder alle EBT sektore, hoe vlakke van onstabiliteit in verdienste, sensitiwiteit vir opswaai en afloop in die toerismemark, groot kapitaalbelegging en hoe vaste operasionele uitgawes op werknemers en infrastruktuur. Die gevolgtrekking is dat ten spyte van negatiewe faktore, die vooruitsig dat DHEF in Suid-Afrika sal slaag, hoog is. Die EBT en hotel EBT mark het bewys dat dit suksesvol is in talle ander groot kapitaalmarkte wat beleggers met 'n verskeidenheid van voordele kan voorsien. Suid-Afrika se ekonomiese- en toerismevooruitsig is baie positief. Die Eiendoms Eenheids Fonds (EEF) sektor het goed vertoon en beleggers kan 'n gesonde opbrengs verwag wat, soos aangedui word, aansienlik hoer is as ander beleggings. Die fonds word gedryf deur 'n hoe kaliber bestuurspan wat krities is tot die notering en die bestuur van fondse.

Diploma thesis is resume representing actaul residential situation in area of city Brno. It deals by comparing of ordinary chartered surveyor in individual part sof the city and view ganges of rent by looking on lacation, equipment and size of apartment. Gathered data are separated for apartments size of 1+1, 1+kk, 2+1, 2+kk, 3+1, 3+kk and bigger. Maping of market and its prices of rents is made by texts and graphics.

Swedish pension funds have vast  mount of money to invest in order to maintain a stable and functioning pension system. Real estate is an important part of the investment strategy  and contributes as a relatively low risk diversifier to the portfolio. The major share of Swedish pension money is place in public pension and in occupational pension. There are several institutions working to manage this capital, both governments owned and private owned institutions. Historically allocation of properties among institutional investors has taken place in the home market due to the need of local knowledge when managing real estate. Real estate is less correlated with the interest rate market creating a lag in fluctuation when the interest rate changes, this yield gap creates valuable opportunities to invest in real estate to better yields when the rate falls. Since a few years after the turn of the millennium institutional investors has increased their real estate holdings rapidly   onfirming that, or at least indicating, that there exist a yield gap in real estate investments. Historically institutional investor’s allocation in property as a part of the whole portfolio has Been low, in 2001 the public pension funds had approximately 3% invested in real estate compared to todays 10 %. The main explanation to the significant increase in property allocation in the public pension funds is the low interest rate environment the market is currently experiencing. The pension funds prefer to own real estate directly for two major reasons. Since real estate is a relatively illiquid asset it is important to keep control over the investment and secondly to avoid short term behaviour. Over the past decade investments in real estate has  increased with 900 billion SEK divided among the institutions invested in this thesis. This increase has established real estate as a more vital part of the pension fund portfolio and we believe that allocation levels will remain relatively stable at this level. However the Limited supply of properties suitable for pension funds will together with the decreased yield--‐gap result in a slowdown or even  stop in the pension fund possibility to further increase their property allocation.

Thesis (S.M.)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2009.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student submitted PDF version of thesis.
Includes bibliographical references (p. 63).
This analysis explores the feasibility of sorting UK funds into three different styles, which are widely used in the US. In an overview of major factors' impact on the expected risk of a fund, the analysis shows that leverage is by far the most influential factor, followed by the subtype diversification. In a preliminary style-classification, the study uses Loan-to-Value ratio (LTV) as the dominant factor, defining funds with no debt as core, funds with LTV lower than 40% as value-added, and funds with higher than 50% LTV ratios as opportunistic. Then the study makes some adjustments to this classification based on the observation of the funds' attributes other than LTV, and the adjusted classification ends up with 19 core funds, 22 value-added funds and 21 opportunistic funds. After that, three major differences between the UK and US funds are found. First, the core approach represents a smaller portion of the UK funds than the US funds and the opposite is true for the value-added approach. To improve the feasibility of researchers comparing funds within these two countries, the thesis suggests using a fourth style, core-plus. Second, the average LTV for core and value-added approaches is much lower in the UK than in the US. Third, the US opportunistic funds seem to have better performance than their UK counterparts with similar leverage ratio, while future studies would help draw more precise conclusions about the performance comparisons.
by Guoxu Xing.
S.M.

Property companies are offering a range of financial vehicles (indirect investments) which enable investors to participate in cash-flows of voluminous properties or real estate portfolios. Effective indirect real estate investments generally consist of three main components, which ought to be synchronized: Demands of investors - property characteristics - investment vehicle However, in practice this synchronization (allocation process) turns out to be way more complex and sophisticated. The question regarding the utilization of properties within real estate investment companies is embedded in superordinate dimensions like the overall corporate strategy, which is in turn embedded in an overall economical and political environment. The purpose of the thesis at hand is to give some insights what factors and dimensions should be considered in order to implement a thoughtful allocation process. The author bases his qualitative analysis on his work experiences in two major German property companies. In this connection the author conducted several interviews with employees of different departments (e.g. Corporate Development, Controlling). Furthermore, the author´s purpose is to transfer the complex practical approach into a well-structured and clearly organized framework which presents the most important dimensions and factors and in turn have an impact on the allocation process. The thesis concludes with an outlook for the overall German economy and in particular the market for indirect real estate investments which will be followed by an emphasis of the most important factors regarding company´s property allocation process in the near future.

It has been claimed by some that Hong Kong, the world’s freest economy, is without corruption or other kinds of white-collar crime. Statistical sources suggest that these crimes are indeed rare in the city. This study examined those claims by looking at the practices of Hong Kong’s real estate industry, specifically through the lens of a case study on 39 Conduit Road. The property development known as 39 Conduit Road became the centre of controversy in June 2010 when the developer, Henderson Land, was accused of market manipulation. The study found that many common practices in the real estate industry, such as intimidation and deception, could constitute an abuse of power by real estate developers. The abuse of power, especially when done in the course of an occupation, is a fundamental part of the sociological discourse of white-collar crime. The study concluded therefore that it was not that white-collar crime did not exist in Hong Kong but more that these behaviours were structurally rendered invisible. The study located the failure to observe these abuses in the city’s power structure where the local government used its economic policy of laissez faire to turn issues into non-issues, and in its legal culture where ambiguity in the law was construed as a right to act.
published_or_final_version
Sociology
Doctoral
Doctor of Philosophy

Lietuvoje vykdoma viešojo sektoriaus buhalterinės apskaitos ir finansinės atskaitomybės sistemos reforma, kurios tikslas sudaryti teisines, administracines ir finansines sąlygas visame viešajame sektoriuje pereiti prie apskaitos tvarkymo kaupimo principu, yra aktuali tema viešojo administravimo magistro baigiamajam darbui. Lietuvos viešojo sektoriaus buhalterinės apskaitos ir finansinės atskaitomybės sistema nėra vientisa ir turi eilę trūkumų, reglamentavimas nepakankamas ir neaiškus. Todėl viešojo sektoriaus buhalterinės apskaitos informacija ir finansinė atskaitomybė tampa nenaudinga jų vartotojams, nes nėra tiksli ir teisinga. Pagrindinė ilgalaikio materialiojo turto apskaitos problema, nagrinėjama darbe, ne visas viešojo sektoriaus turtas įtraukiamas į apskaitą ir finansines ataskaitas, o dalis įtraukiama neteisingai. Tyrimo objektas: ilgalaikio materialiojo turto apskaita. Darbo tikslas: išanalizuoti ir įvertinti Lietuvos viešojo sektoriaus ilgalaikio materialiojo turto apskaitą reglamentuojančias nuostatas ir Viešojo sektoriaus apskaitos ir finansinės atskaitomybės standartų reikalavimus, pateikti esminius skirtumus ir pranašumus. Darbe iškeltos hipotezės: viešojo sektoriaus atskaitomybės formose įrašyti turto apskaitos rodikliai, kuriems, pagal nustatytas apskaitos tvarkymo taisykles, negalima sukaupti informacijos, todėl atskaitomybė sudaroma netiksliai; registruojant ilgalaikį materialųjį turtą įsigijimo verte ir periodiškai jį perkainojant, turto apskaita atitiks... [toliau žr. visą tekstą]
The reform of accountancy and financial accountability system of the public sector is being performed in Lithuania, the purpose of which is to create legal, administrative and financial conditions in whole the public sector to turn to account management by principle of accumulation. The Lithuanian accountancy and financial accountability system of public sector isn’t solid and has a line of defects, the regulation is not safisfactory and clear. Therefore, the information of accountancy and financial accountability becomes useless for their customers, because it is not correct and right. The main problem of the long-term material property, which is explored in this work, is the fact that not all the property is included into the accountancy and financial accounts, and a part of it is included wrong. The object of exploration: the accountancy of a long-term material property. The purpose of the work: to analyze and evaluate the rules regulating the accountancy of a long-term material property of the public sector of Lithuania and the requirements concerning the Standards of the accountancy and financial accountability system of the public sector, to provide their essential differences and similarities. The hypotheses raised in the work: the indices of property accountancy written in the forms of accountability of the public sector, for which it is impossible, according to the established rules of accountancy management, to accumulate any information, therefore, the... [to full text]

This thesis focuses on two issues among the many comprising the broad subject of the relationship between Jews and non-Jews according to Jewish law. The issues are: (1) the prohibition against selling real estate in the land of Israel to non-Jews; and (2) the prohibition against intermarriage.
The prohibition against selling real estate in the land of Israel to non-Jews is based upon a Rabbinic interpretation of the phrase "lo Tehanem" from Deut. 7:2. In the period of the "Rishonim" (from Maimonides till Radbaz) the general view was that this prohibition was still in force and applied to contemporary non-Jews. From the beginning of the modern era, however, this prohibition, as a result of the new reality facing the struggling Jewish settlement in the land of Israel, became problematic.
The prohibition against intermarriage underwent a reverse development. During the Talmudic period most of the Rabbis, guided by the context of the Biblical text, argued that the Biblical prohibition only concerned the "Seven Nations" who used to live in Canaan at the time of the conquest and the settlement. But at the beginning of the modern era a rabbinic consensus gradually emerged that this Biblical prohibition related not only to the "Seven Nations" or "Ancient Pagans", but to all non-Jews at all times. (Abstract shortened by UMI.)

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FAPERJ
The municipality of Serop?dica, located in the state of Rio de Janeiro, is an important ore production center focused on direct employment in construction, mainly cement aggregates, in this case the sand. The exploration of these mineral resources keeps in itself a potential to generate greater environmental liabilities than those recorded in most other productive sectors of the economy, and requires special attention, as the environmental vulnerability of the area. During the end of sand mining exploration activities, it was found that there is an obstacle regarding the reuse of its spaces, in view of the characteristics of these reserves and the way that is explored by armhole. This procedure gives rise to lagoons, a major challenge to megrim sector, the municipal administration and environmental defense agencies. It was found that there is not an applicable technique to the region which can be satisfactory to a rehabilitation of degraded areas by sand mining or to an application of appropriate techniques in the implementation of decommissioning plans of the mine. All of these may lead to environmental liabilities, as the sand mining in the municipality occurs above the Aquifer of Piranema. The aim of this work was the use of floating protected cultivation technology, under low tunnel, as a proposal to post occupation of sand exploration activities destined to the use of degraded areas resulting from sand mining activities in the municipality of Serop?dica. The study was inspired by Aztec technique of Chipanas (cultivation on water) which proved quite efficient equalization of the problem. For the study, it was developed a floating construction prototype destined to the implementation of planting in sheltered area, with the use of PVC pipes. This prototype may be appropriate in the rescue of the economic function of property, in order to assist in equalizing the problem of recovering degraded areas, caused by deactivation (closure) of enterprise to Serop?dica region, generating source of income and enabling social inclusion of local community.
O munic?pio de Serop?dica, localizado no estado do RJ, ? um importante centro produtor de min?rio voltado para o emprego direto na constru??o civil, principalmente o de agregados de cimento, no caso a areia. A explora??o desses bens minerais guarda em si um potencial de gera??o de passivos ambientais maiores que as registradas na grande maioria dos outros setores produtivos da economia e requer uma aten??o especial, visto a vulnerabilidade ambiental da ?rea. Na ocasi?o do encerramento das atividades de explora??o miner?ria de areia, constatou-se que existe um entrave no que diz respeito a posterior reutiliza??o dos seus espa?os, tendo em vista as caracter?sticas destas reservas e o modo com que ? explorado por cavas. Este procedimento d? origem ?s lagoas, um grande desafio ao setor areeiro, ? administra??o municipal e os ?rg?os de defesa do meio ambiente. Verificou-se que n?o h? uma t?cnica aplic?vel ? regi?o, que seja satisfat?ria do ponto de vista da reabilita??o de ?reas degradadas pelo jazidamento de areia ou a aplica??o de t?cnicas adequadas na execu??o dos planos de descomissionamento da mina. Esses fatores podem originar passivos ambientais, visto que a explora??o de areia no munic?pio ocorre acima do Aqu?fero de Piranema. O objetivo geral deste trabalho visou a utiliza??o de tecnologia de cultivo protegido em canteiro flutuante sob t?nel baixo, como proposta de p?s-ocupa??o das atividades de jazidamento, destinado ? utiliza??o das ?reas degradadas decorrentes das atividades de minera??o de areia, no munic?pio de Serop?dica. O estudo foi inspirado na t?cnica Asteca das Chipanas (cultivo sobre ?gua) que demonstrou bastante efici?ncia na equaliza??o do problema. Para o estudo foi desenvolvido um prot?tipo de um canteiro flutuante, destinado ? execu??o do plantio em ?rea abrigada, com a utiliza??o de tubos de PVC. Este prot?tipo pode ser adequado no resgate da fun??o econ?mica da propriedade, de forma a colaborar na equaliza??o do problema da recupera??o da ?rea degradada, ocasionada pela desativa??o (fechamento) do empreendimento para regi?o de Serop?dica, gerando fonte de renda e permitindo a inclus?o social da comunidade local.

This research investigated the economic viability of a strategy of individuals' saving for retirement. The strategy is based on acquiring rental property over the working lives of such individuals, and funding post-retirement income from the rentals. The main aim of the study was to determine the role that professional personal financial planners can play in that determination of the economic viability, as well as the management of investment strategy implementation on behalf of their clients. The study thus approached the proposed investment strategy from the point of view of the planner . A financial planner has responsibility in terms of the law, to provide independent advice; this requirement means that such a planner needs to investigate various investment vehicles for clients to reach their objectives. Such investigation requires a thorough due diligence process on the part of the planner. This study applied techniques of traditional finance and market research, to perform such due diligence. The initial research was exploratory; the purpose was to obtain a sense of market conditions in the townhouse market in the target area. The researcher conducted informal interviews with estate agents in the area, and observed local newspapers for asking prices on townhouses as well the rentals they demanded. Two sets of questionnaires were then administered to tenants and rental agents in the area. Participants in the surveys were selected based on purposive sampling. The major finding of the study, is that based its net present value, the strategy is economically viable. The study also found that because investor decision-making is complex, the role of the financial planner is to support such investors within a structured framework, so that the investor's life goals can be achieved. The main recommendation of this study is that, the investment strategy is specialized, thus financial planners should only consider it with access to specialized knowledge of local real estate market conditions.
Thesis (MBA)-University of KwaZulu-Natal, Westville, 2009.

On 1 May 2013, real estate investment trusts (REITs), a listed property product, had legislation about it introduced in the South African property market. Prior to the introduction of this REIT legislation, property unit trusts (PUTs) and property loan stocks (PLSs) were the two predominant types of listed property investment products in South Africa. However, both the PUT and PLS are subject to uneven regulation and taxation, and they lack flexibility. The REIT legislation was introduced to eliminate some of the problems of the PUTs and PLSs, by creating: a more unified tax treatment of listed property companies, more stringent regulatory requirements and uplifting the South African property market to a level that is internationally competitive. It is therefore considered valuable to empirically investigate whether or not the introduction of the REIT framework into the listed South African property market will be advantageous to investors, and whether or not it would lead to improvement in the efficiency, regulation and taxation of the listed property market. A questionnaire was used to collect primary data to analyze the research problem. The questionnaire used a Likert scale format that consisted of 20 questions. There were a total of 58 useable respondents, each of who fell into 1 of 5 occupational categories. The questions were divided into 4 unifying themes and the findings were analyzed according to these themes. From the analysis of the responses it was found that the REIT legislation is perceived as a welcomed and suitable introduction to the South African listed property market. We could also infer that REITs allow for a more favorable tax dispensation, improved regulation, increased international competitiveness and enhanced liquidity within the listed property market. Overall, there is a perception that investors, especially fund managers, would find it potentially advantageous to include South African REITs or a higher proportion of such REITs in their investment portfolios.

Student Number : 9005994G - MSc research report - School of Construction Economics and Management - Faculty of Engineering and the Built Environment
The objectives of this research are to assess the returns, risks and correlation of a mixed-asset portfolio, establish the role of real estate in a mixed-asset portfolio and suggest an appropriate real estate allocation in the South African pension fund industry. The issue of low real estate allocation has been a subject of interest to practitioners and academics, both locally and internationally, despite the diversification benefit that real estate provides in a mixed-asset portfolio. A statistical approach was considered most the appropriate tool for analyzing returns. Solver optimizer in the excel spreadsheet package was used to generate efficient frontiers and the associated values of portfolios. Real estate provided a lower return of 1.25% and a lower standard deviation of 4.90% compared to equities with a return of 1.39% and the highest standard deviation of 6.23%, whilst bonds provided the best risk-return trade off, with a return of 1.42% and the lowest standard deviation of 2.64%. An equally -weighted portfolio consisting of bonds and stocks and a portfolio consisting bonds, stocks and real estate was simulated. The equally -weighted portfolio of bonds and stocks provides a return of 1.41% and a standard deviation of 3.76%. The minimum variance with bias to bonds provides a higher return of 1.42% at a lower level of risk of 2.62%. The equally -weighted portfolio consisting of bonds, stocks and real estate provides a return of 1.35%, with a lower risk of 3.49%. The minimum variance with bias to bonds provides almost the same return of 1.40% at a lower level of risk of 2.54% compared to the bond and share portfolio. The Chi-Square statistical tool was used to test the diversification benefit of real estate. It can be concluded that the standard deviation of the portfolio with property is close enough to the standard deviation without property of 3.76% and cannot statistically say that it is different given the 5% level of significance. The Sharpe ratio was used to test the favourable risk adjusted returns offered by real estate. It concluded that property provides favourable risk adjusted returns and diversification benefits, as illustrated with the increasing portfolio return from 7.44% to 8.66% on Sharpe ratio basis and standard deviation of the portfolio decreasing from 3.76% to 2.54%. The literature review generally supported the view that real estate has a role in a mixed-asset portfolio. Research topics such as securitized versus unsecuritized real estate, real estate allocation and diversification, returns and risk, inflation hedging, modern portfolio theory and the efficient -frontier were analysed and related to the research report. The empirical analysis supports the hypothesis that real estate provides diversification benefits. The property cycle is positive and it is supported by positive property fundamentals like (vacancies are at lowest levels, capitalisation rates are strengthening, the property cycle is turning positive and a stable interest rate environment). The positive property fundamentals will lead to earnings growth. An allocation of between 10% based on the lower end of the minimum variance and 15% based on the lower end of the risk/return ratio is recommended for a mixed-asset portfolio.

Diplomová práce - Soňa Součková: Simulation of pension reform impact on real estate market Abstract The objective of this thesis is to estimate the impact of pension reform on commercial property market in the Czech Republic during the period of 2013 -2017. Our hypothesis is that a potential pension reform would have a positive significant impact on property investment volumes via institutions constituting the second pillar. In the first step, we provide analysis of pension reforms recently applied in Slovakia, Hungary, Poland, Lithuania, Latvia and Estonia. Given analysis of selected countries and specifics of the proposed Czech pension reform, we estimate that the institutions in the second pillar may face additional yearly cash inflows beginning on EUR 1.23 billion in 2013 and further increasing to EUR 2.59 billion in 2017. Furthermore, we estimate that a likely share allocation by second pillar institutions into real estate would lie in the region of 0 - 14% depending on the discrete decision of the regulators. Using a conservative leverage of 40% for bank financing, we estimate that the expected investment volumes allocated by second pillar institutions into real estate would be EUR 61 - 287 million in year 2013. Given the average investment volumes of EUR 1334 million p.a. allocated into commercial...

Listed property entities on the Johannesburg Stock Exchange fall under the category of ‘Financials - Real Estate’. There are four types of property entities that a prospective investor can consider namely: Property Unit Trusts, Property Loan Stock Companies, Real Estate Holding and Development Companies and Real Estate Investment Trusts. The listed property sector allows investors to enter the property investment market in a uniquely affordable and secure way without the added risk, expense and administration that comes with direct property investment. This study evaluates the investment performance of the various property fund types through the implementation of Jensen’s alpha, the Sharpe ratio and Treynor ratio in an effort to establish whether there is a significant difference in the returns that can be obtained from the diverse funds given the associated risks. An analysis of the total returns and standard deviation of the property industry shows that the real estate market is affected by changes that take place in the macro economy. It is also investigated whether there is a differential risk associated with investing in these funds. We find that there is no significant difference between the performances of the various funds and there is no differential level of risk associated with investing in the property funds. An analysis of the fluctuation of total returns and standard deviation of the property funds over the eleven year period shows that the property sector is affected by changes in economic conditions however the changes are not enough to cause colossal volatility. For instance, the global recession of 2008 had an impact on the property industry returns but the sector has since made a steady recovery.

29.11.2012 3:21 [Abstrakt AJ.docx] Summary Investments in real property through funds of collective investment The present diploma thesis focuses on collective investment funds of the kind that may be established under current Czech law, and on their investments into real estate. Real property in general is a popular investment target. However, such investments need not necessarily take a direct form, as there are options for indirect investment available in today's environment - one of which is investing by way of collective investment funds. The particular appeal of this form of investment lies in the numerous advantages which it offers to investors, and which would not be available to them individually; for the potential founders of collective investment funds, the attractiveness of collective investment schemes stems from the tax benefits associated with them. Over the past few years, legislation in the Czech Republic in the area of collective investment, in spite of its relatively short history, has been developing briskly, and it is interesting to observe how Czech laws in this field are still in flux. The primary objective of the present thesis is to describe and evaluate the various options for real estate investments by way of Czech collective investment funds. It is divided into eight separate...

This thesis follows the historical development of real estate tenancy in the Czech Republic from its origin to present days, including the state interventions into the property relations, and describes and defines the transfer of state property to other subjects by means of state agencies authorized to transfer such property. The thesis is divided in seven chapters. The first chapter deals with the historical outline of the development in ownership and user relations in the territory of the Czech Republic that were suppressed as a result of real estate conscript by the state. The issue of so called {\clqq}restitution stop`` is also mentioned as well as acquisition of real estate by foreigners. The second chapter pursues the procedures and methods used with transfer of real estate of the Czech state to other subjects by means of Land Fund of the Czech Republic. It analyses in detail sale and transfer of real estate in accordance with Act No. 95/1999 Coll., on Conditions for the transfer of agricultural land and forests from the state ownership to ownership of other persons, in accordance with Act No. 229/1991 Coll., on the Arrangement of ownership relations towards agricultural land and other agricultural property, in accordance with Act No. 569/1991 Coll., on Land Fund of the Czech Republic, in accordance with Civil Code No. 40/1964 Coll., and in accordance with Act No. 92/1991 Coll., on Conditions of transfer of state property to other persons. The third chapter deals with the current issue of transferring real estate from the Czech Republic to other subjects through the Office of the Government Representation in Property Affairs. The fourth chapter offers an outline of valid legal enactments related to transfer of real estate of the Czech Republic, which the state enterprise Forests of the Czech Republic has the right to manage. The fifth chapter observes the procedure of selection of the agricultural land transferee in accordance with section 7 of Act No. 95/1999 Coll., at the District Office of Land Fund in České Budějovice. It provides information about the number of agreements regarding the transfers of state-owned real estate that were concluded at this office in the year 2006. The sixth chapter addresses the transfers of state-owned real estate in some neighbouring countries of the European Union. It considers especially the legal regulations in Slovakia. Poland and the Federal Republic of Germany are also mentioned. The thesis is accompanied by appendices related to the selection of transferee and transfer of land in accordance with section 7 of Act No. 95/1999 Coll., referred to in the fifth chapter.

O mercado imobiliário é um mercado com características especiais. Contrariamente ao que acontece com os ativos financeiros transacionados no mercado de capitais, a heterogeneidade, o reduzido número de transações, a reduzida liquidez e a imobilidade, impedem a formação de um mercado organizado. Por conseguinte, as avaliações assumem um papel crucial neste mercado e são alvo de grande debate. Neste trabalho, vamos não só descrever as principais práticas no mercado imobiliário mas também, analisar criticamente o modelo fiscal de avaliação de imóveis considerado pelo Código do Imposto Municipal sobre Imóveis, que julgamos incapaz de traduzir o ciclo económico do país. Para ultrapassar esta dificuldade, desenvolvemos um modelo fiscal ajustado. No seguimento desse propósito, começamos por estudar a relação entre o mercado imobiliário e as variáveis macroeconómicas que acreditamos capazes de traduzir o ciclo económico do país, designadamente, Produto Interno Bruto, Rendimento Nacional Bruto e Rendimento Nacional Disponível. A estimação de regressões baseadas no Método dos Mínimos Quadrados foi a técnica utilizada para obter um fator de conexão entre o valor fiscal e o valor de mercado. Por fim, incorporamos o parâmetro resultante da regressão no modelo fiscal original, e construímos um modelo fiscal ajustado ao ciclo económico do país.
The Real Estate market possesses some very special features. Contrary to what happens with financial assets that are traded on stock exchanges, the heterogeneity, the small number of transactions, and immobility, prevent the formation of an organized market, where one can identify the property’s fair value or market price. In the absence of such price formation features, evaluations play a very important role in this market and are the subject of considerable debate. In this study, we not only describe the main practices in the real estate market, but also critically analyze the model used by the Portuguese tax authorities in evaluating properties, which we assess as being unable to reflect the economic cycle of the country. To overcome this difficulty, we developed an adjusted fiscal model. Following this purpose, we begin by studying the relationship between the Real Estate market and some macroeconomic variables that we believe can best reflect the economic cycle of the country: Gross Domestic Product, Gross National Income and National Disposable Income. Finally, we incorporate this relationship in the original fiscal model, and build an adjusted fiscal model.