Syfte: Syftet med denna uppsats är att beskriva och jämföra vad imageinvesteringar kan innebära för allmännyttiga fastighetsbolag utifrån ledningens perspektiv. Vidare vill vi undersöka vilka imageinvesteringar som genomförs och hur de motiveras. Metod: Uppsatsen utgår från en kvalitativ ansats. Empiri har samlats in genom besöksintervjuer med tre allmännyttiga fastighetsbolag, AB Helsingborgshem, AB Höganäshem och AB Ängelholmshem. Innan intervjuerna genomfördes samlades sekundärdata in i form av relevant litteratur och vetenskapliga artiklar som har legat till grund för den teoretiska referensramen. Utifrån den teoretiska referensramen togs en intervjuguide fram som användes under insamlingen av primärdata. Slutsats: Slutsatser som dras är att imageinvesteringar kan ha olika innebörd för allmännyttiga fastighetsbolag. Till viss del genomförs imageinvesteringar för att leva upp till ägardirektiv genom att ta samhällsansvar men investeringarna genomförs även för att skapa abstrakta värden i form av attraktionskraft för intressenter och på sikt stärka fastighetsbolagets varumärke. / Purpose: The purpose of this paper is to describe and compare what image investments may mean to public real estate companies from a management perspective. Furthermore we want to investigate what image investments that are carried out and how they are justified. Method: The thesis is based on a qualitative approach. Primary data were collected through interviews with three public real estate companies, AB Helsingborgshem, AB Höganäshem and AB Ängelholmshem. Before the interviews secondary data were conducted in form of relevant literature and scientific articles that have been the basis of the theoretical framework. Based on the theoretical framework was an interview guide developed that was used during the collection of primary data. Conclusion: The conclusions drawn are that image investments may have different meaning for public real estate companies. To some extent image investments are implemented to live up to the owner's directive by taking social responsibility but also to create abstract values in terms of attractiveness to stakeholders and ultimately strengthen its brand.

As the stock market is volatile and often short-term, there is a high demand for safe investments outside the stock market and institutional investors like pension funds, insurance companies and asset managers are increasingly searching for low-risk investments that can deliver safe returns.   Alternative investments, like real estate, are a popular way to invest institutional capital. However, debates whether pension savers should have the right to transfer their pension capital without restrictions and discussions about the suitability of institutional investors to own real estate directly has made liquidity a more important aspect when investing institutional capital.   Forecasts and expectations suggest that a large part of Sweden’s public real estate portfolio, such as schools, hospitals and nursing homes, will be sold or produced privately as new builds in the future. Earlier studies have also shown that this type of real estate, with long leases and reliable tenants, is suitable for securitization, that is to say for issuing tradable securities such as bonds based on the cash flows from such assets.   The high demand for institutional capital to find safe and liquid investments and the large future divestment of public properties create opportunities for financial innovation.   This thesis aims to research if there are arbitrage opportunities to exploit due to differences between the real estate market and the capital market in the pricing of public real estate. The thesis will also examine the possibility of setting up a fund structure to profit in practice from these opportunities and study what the business model of such a firm would look like.

Real estate is an attractive asset class in the mixed-asset portfolio due to favorable risk return characteristics and low correlations with other asset classes like stock and bonds. Unlike financial assets, real estate is a physical asset where large lot sizes/indivisibility, heterogeneity, low liquidity and high transaction costs make applying financial models like modern portfolio theory (MPT) challenging. Optimal allocations to real estate found in literature are generally lower than actual allocations by investors and portfolio managers indicating there are aspects of the application of MPT to real estate that are not fully understood. Since management of real estate is costly and requires expert skills, the question on whether to outsource property management functions is of paramount interest for the real estate industry. The aim of the thesis is to contribute to the literature on strategic decisions for real estate investors on allocation and management, Apart from reviewing literature relevant for strategic decisions at different levels and using a top-down approach to illustrate how selected allocation and management decisions are connected, four separate empirical studies are made to investigate the nature of selected strategic decisions for real estate investors. / <p>QC 20170515</p>

With accumulation of sovereign debt in many large OECD countries it seems that attention is heightened on how to manage public resources more effectively. High levels of sovereign debt are partly related to the aftermath of the latest financial crisis, where resolution for many big economies was to intervene and use public resources to put an end to the expansion of the crisis. Public real estate is one of those resources, which’s efficient management has high importance on general public sector efficacy. It seems that governments around the world have a way to go toward efficiency in public real estate management. There seem to be rather wide differences in management practices and quality. This thesis is an attempt to quantify some choices Estonian government could take in terms of its public real estate management. Four different scenarios are compared and Monte Carlo Simulation tool is used for that purpose. Two of the scenarios are related to private sector involvement and two are not. Privatization of public assets does not only mean cashing out for the government. It has wider consequences by introducing market forces where they weren’t before. One of the most important points of interest in this thesis is what effect can market forces and change in incentives have on public real estate management. There can be both, positive and negative effects, but which ones would prevail? The model built during the process of the thesis tries to measure those effects with aggregate net present value and its volatility by looking at 30 years ahead. Simulation analyses is used to vary input variables in the range that seems to be supported by the observations made in the literature and in some cases, where data is not available, also according to more subjective view that of the author’s. As input and their characteristics are different for scenarios, it is of interest to document how do the main outputs, mean NPV and its volatility, vary along with inputs.

Avkastningen från privata och publika fastighetsinvesteringar är något som undersökts extensivt, med slutsatsen att noterade fastighetsinvesteringar uppvisat en högre avkastning jämfört med onoterade fastighetsinvesteringar på kort sikt. Denna uppsats avser att analysera historiska direktavkastningar i syfte av att upptäcka eventuella diskrepanser i värdering mellan noterade och onoterade fastighetsinvesteringar. Utöver det, avser denna uppsats att diskutera huruvida det föreligger fördelar med att äga onoterade fastigheter som skulle motivera en högre värdering, trots historiskt lägre totalavkastning. Den underliggande datan är hämtad från MSCI Sweden Annual Property Index och Refinitiv Worldscope Fundamentals-databasen som säkerställts med årsredovisningar för de noterade fastighetsföretagen. Med hjälp av denna data skapades två direktavkastningsserier för perioden mellan 2000 - 2019. Dessa jämfördes sedan med varandra och påvisade diskrepanser i form av högre direktavkastning på den noterade marknaden under större delar av 00-talet medan den onoterade marknaden uppvisade en högre direktavkastning mellan 2011 - 2016. Sedan dess har direktavkastningen för båda noteringsformerna sjunkit till historiskt låga nivåer. Vad gäller onoterade fastighetsinvesteringar återfinns fördelar i form av målstyrning och genomförandet av långsiktiga utvecklingsprojekt, ofta som en del av en långsiktig och värdeskapande ägarstrategi. / The return of private and public real estate is a matter that has been studied extensively and has often proved the outperformance of securitized real estate over direct property in the short term. This paper will analyze historical capitalization rates in order to locate any value discrepancies between the direct and indirect property market in Sweden. Furthermore, the paper aims to understand whether there are any benefits to holding direct property, otherwise not justified by higher returns, that would explain its high valuation. The underlying data collection relies on MSCI Sweden Annual Property Index as well as financial reports and profile data from the Refinitiv Worldscope Fundamentals database for the listed real estate companies. Using the collected data, net operating income yields were built for the direct and indirect property market for the period between 2000 - 2019. These historical capitalization rate series were then compared to each other and showed some discrepancy in favor of securitized real estate which demonstrated higher capitalization rates during most of the 2000s. However, the direct real estate market was shown to outperform the indirect one between 2011 - 2016. Ever since, public and private real estate on the Swedish market has shown similar valuations and the capitalization rates are now historically low, (as at December 2019). As for holding direct property, advantages include the ability to carry out development projects, which are often part of a long-term and value-adding ownership strategy.

The master´s thesis deals with analysis of the investment project insert investment in administrativ building for owner. Based on the decision whether it is appropriate to sell or lease the property, either in an existing state, or reconstructed. I describe the methodologies calculations methodologies and necessary concepts for their understanding of the concepts in the theoretical part. The practical part I can divide into administrative, market valuation methodology, the resulting values and use of the outputs in the analysis of real estate.

Made available in DSpace on 2016-04-26T20:27:29Z (GMT). No. of bitstreams: 1 Alexandre Sansone Pacheco.pdf: 607413 bytes, checksum: 49c0d01f6bafc226910b87244538303d (MD5) Previous issue date: 2008-06-20 / The rates required by the Brazilian Federal Government when exploring the use of its real estates are ruled by federal legislation with which were established the emphyteusis payments, the rates of occupation, legitimacy and use, the public rental and charges requested for rental under special conditions, the public transfer of use and the permission to use. Because the normative structure of these public prices are very close to those taken by taxes and also considering that some of the real estate charges in question have themselves elements of the tax species it is necessary to investigate on how these tax rules differ from real estate collection. It is hereby demonstrated that it is not acceptable that the Brazilian Federal Government takes elements drawn from its acts of sovereignty, like its taxing power, to explore the public real estate of their available assets. In fact, in that economic field the State operates without any public interest, producing, with the individuals, agreements that are essentially ruled by Private Law. The absence of material and formal limits for the institution of public real estate prices also does not justify the establishment by the State of any legal standards to explore its real estates. To conclude we should always meet the cause and the function of these collections, and when these premises are not observed the various legislative abuses practiced in this area would be challenged / As prestações exigidas pela União na exploração do uso de seus bens imóveis são regradas pela legislação federal, com a qual se instituiu os laudêmios e o foro públicos, as taxas de ocupação, de legitimação e de utilização, o aluguel e as cobranças levadas a efeito com fundamento no arrendamento mediante condições especiais, na cessão de uso e na permissão de uso. Em razão da estrutura normativa desses preços públicos vir a ser muito próxima da assumida pelos tributos e considerando, ainda, que algumas das cobranças imobiliárias em questão apresentam elementos próprios das espécies tributárias é necessário investigar no quê se distinguem as normas tributárias das normas com as quais ingressam nos cofres públicos tais prestações patrimoniais. Verifica-se não ser admissível que a União aproveite elementos tirados de seus atos de soberania para explorar os bens de seu patrimônio disponível, pois, nessa seara econômica, o Estado atua despido de qualquer interesse público, produzindo, com os particulares, acordos de vontade que são regrados, essencialmente, pelo Direito Privado. A ausência na legislação de limites materiais e formais para a instituição dos preços públicos imobiliários também não justifica a postura pela União de quaisquer normas jurídicas para a exploração de seus bens imóveis. Há de se atender à causa e à função dessas cobranças, sendo que, por desconsideram essas premissas firmadas, são impugnáveis os diversos abusos legislativos praticados nesse domínio

Le développement des modes alternatifs de règlement des différends dans les contrats administratifs est une nécessité. En effet, l’encombrement des juridictions administratives, conjugué au besoin d’un règlement des différends plus consensuel et apaisé, plaide en faveur de l’émergence d’une justice alternative. Néanmoins, l’ordre public encadrant l’activité des personnes publiques, et protégé par des normes impératives, impose que le développement des modes alternatifs soit régulé. À ce titre, l’étude du droit positif démontre que ce phénomène n’est pas inconnu dans le règlement des différends intéressant les contrats administratifs. Par exemple, les parties à un différend peuvent déjà librement recourir aux modes amiables (médiation, conciliation ou transaction), et quelques dérogations au principe d’interdiction faite aux personnes publiques de recourir à l’arbitrage sont prévues. Cela étant, les lacunes et les défaillances du régime actuel des modes alternatifs dans les contrats administratifs (absence de véritable statut du médiateur, défaut d’encadrement de la conciliation inter partes, complexité de la notion de concessions réciproques ou, encore, difficulté pour le juge administratif d’asseoir sa compétence en matière d’arbitrage international...) complexifient leur compréhension et leur mise en œuvre et risquent, par suite, d’accroître les violations de l’ordre public. Il est donc nécessaire de proposer un régime pérenne des modes alternatifs permettant d’assurer, d’une part, la protection des normes impératives du droit public et, d’autre part, la liberté des parties dans le choix et la conduite d’une justice alternative. Pour cela, leur futur régime devra autoriser l’arbitrage dans les contrats administratifs et le doter de garanties procédurales prenant en compte sa nature spécifique mais, aussi, certaines caractéristiques inhérentes aux personnes publiques et au droit administratif. De même, les procédures de médiation et de conciliation devront être améliorées afin d’assurer aux parties, un encadrement souple et favorable à la conclusion de transactions équilibrées et sécurisées. Enfin, ce régime devra définitivement consacrer le rôle du juge administratif. À cet effet, ce dernier pourra être amené à assister les parties dans la mise en œuvre des modes alternatifs (création d’un juge administratif d’appui dans l’arbitrage, combinaison des procédures de référé avec les modes amiables...). Le juge administratif devra être aussi chargé du contrôle de conformité de la solution alternative à l’ordre public. Cette attribution de compétence, qui résonne de plus fort en matière d’arbitrage international, est indispensable à la protection de l’intérêt public. Ce n’est qu’à ces conditions, que le développement des modes alternatifs de règlement des différends pourra prendre toute sa place dans les contrats administratifs. / The development of alternative dispute resolution in administrative contracts is a necessity. Indeed, the congestion of the administrative courts, combined with the need for a more consensual and calm settlement of disputes, pleads in favour of the emergence of an alternative justice. Nevertheless, the public order governing the activities of public bodies, and protected by imperative norms, requires that the development of alternative methods be regulated. As such, the study of positive law shows that this phenomenon is not unknown in the settlement of disputes concerning administrative contracts. For instance, the parties to a dispute can already freely resort to amicable methods (mediation, conciliation or settlement agreement), and some exceptions to the principle prohibiting public bodies from resorting to arbitration are provided for. However, the voids and shortcomings of the current system of alternative dispute resolution in administrative contracts (lack of proper status of the mediator, paucity of framework for inter partes conciliation, complexity of the concept of reciprocal concessions or, difficulty for the administrative judge to assert its competence in international arbitration...) make its understanding and implementation more complex and more prone to increasing public order violations. It is therefore necessary to propose a sustainable regime of alternative methods to ensure, on the one hand, the protection of peremptory norms of public law and, on the other hand, the freedom of the parties in the choice and conduct of an alternative justice. For that purpose, the future regime will have to authorize arbitration in administrative contracts and endow it with procedural guarantees taking into account its specific nature but also certain characteristics inherent in public entities and administrative law. Furthermore, the mediation and conciliation procedures will have to be improved in order to provide the parties with a flexible framework conducive to the conclusion of balanced and secure settlement agreements. Finally, this regime must definitively establish the role of the administrative judge. To this end, that judge may be called upon to assist the parties in the implementation of alternative methods (creation of an administrative support judge in arbitration, combination of interim reliefs with amicable procedures...). The administrative judge must also be responsible for checking the compliance of the alternative solution to the public order. This attribution of jurisdiction, which is resonates all the more in international arbitration, is fundamental for the protection of the public interest. It is only under these conditions that the development of alternative dispute resolution mechanisms can take its place in administrative contracts.