This study is focused on real estate funds formed in Germany and has two major purposes: first to investigate the liquidity crisis and followed change of the legal framework for German real estate funds and secondly to demonstrate the impact on investment selection criteria of German real estate investment companies . By both quantitative and qualitative methods the thesis approaches those two different purposes. The quantitative part provides theoretical background about the construct of open-end and closed-end real estate funds and about the triggers and effects of the liquidity crisis. The qualitative part consists of an online survey that was sent to German real estate investment companies in which respondents indicated their preferred criteria for real estate investment opportunities. Furthermore telephone interviews on this topic were conducted with four German real estate investment experts. In the end the findings from the survey and the interviews are applied to a case study about a trophy asset in Luxembourg, in order to analyze if this property meets the investment criteria of German real estate funds. The survey and the conducted interviews indicate that German real estate investment companies have adapted to the risk-averse investment behaviour of investors and preferably make safe haven investments in terms of the investment style, the location of the real estate asset and the characteristics of the property itself and its tenants. The case study as well confirms this result.

Submitted by Vitor Morais Morosine (vitor@provencecapital.com.br) on 2018-03-06T19:07:56Z No. of bitstreams: 2 Dissertação - Vitor Morais Morosine 335746 - Versao Aluno v8.pdf: 660622 bytes, checksum: 122ee896e26c34a32e3335ed6c982326 (MD5) Dados.xlsx: 228489571 bytes, checksum: 7171ad313bf5fd610a2499852272c754 (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Boa noite, Vitor. Para que possamos aprovar sua Dissertação, será necessário que faça as alterações abaixo: - Na capa, o nome "Getulio" não tem acento, e seu nome completo deve estar em letra maiúscula; - Na contracapa não deve conter o nome da Escola, somente na capa; - A data da Aprovação deve estar em branco, sem preenchimento; - Os títulos "ACKNOWLEDGMENTS" e "TABLE OF CONTENTS" devem estar em negrito, letra maiúscula e centralizados na página. Por gentileza, alterar e submeter novamente. Qualquer dúvida, entre em contato. Att, Thais Oliveira mestradoprofissional@fgv.br 3799-7764 on 2018-03-07T23:59:45Z (GMT) / Submitted by Vitor Morais Morosine (vitor@provencecapital.com.br) on 2018-03-08T12:42:32Z No. of bitstreams: 2 Dados.xlsx: 228489571 bytes, checksum: 7171ad313bf5fd610a2499852272c754 (MD5) Dissertação - Vitor Morais Morosine 335746 - Versao Aluno v9.pdf: 660369 bytes, checksum: 612676a0eaa2fde9e48d52e783e806bc (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-03-08T18:19:13Z (GMT) No. of bitstreams: 2 Dados.xlsx: 228489571 bytes, checksum: 7171ad313bf5fd610a2499852272c754 (MD5) Dissertação - Vitor Morais Morosine 335746 - Versao Aluno v9.pdf: 660369 bytes, checksum: 612676a0eaa2fde9e48d52e783e806bc (MD5) / Made available in DSpace on 2018-03-09T12:41:54Z (GMT). No. of bitstreams: 2 Dados.xlsx: 228489571 bytes, checksum: 7171ad313bf5fd610a2499852272c754 (MD5) Dissertação - Vitor Morais Morosine 335746 - Versao Aluno v9.pdf: 660369 bytes, checksum: 612676a0eaa2fde9e48d52e783e806bc (MD5) Previous issue date: 2018-02-07 / Utilizing a database from B3 (formerly BM&FBOVESPA), we have analyzed if financial institutions that provide Custody and Asset Management within the Real Estate Funds industry and also have a distribution business such as a Private Banking or Financial Advisory unit tend to trade more of its own securities than what would be expected under a non-conflicted situation and without any informational advantage. Our study englobes all transactions realized through B3 from March of 2015 to April of 2017 for the 101 most liquid Real Estate Funds and the results indicate that all financial institutions that are prone to conflicts of interest tend to exploit it. Without exception, they negotiate much more of their own securities that what would be expected if the Distribution and Asset Management business were completely independent, whereas firms that are not conflicted tend to act more in line with what would be expected, although not uniformly. Our data also suggests that conflicted financial institutions tend to underperform the reference Index. / Utilizando uma base de dados da B3 (antiga BM&FBOVESPA), analisamos se instituições financeiras que fazem a administração e custódia de Real Estate Funds e também tem uma plataforma de distribuição como Private Banking ou Assessoria Financeira tendem a negociar mais dos seus ativos do que o que seria esperado em uma situação sem conflito de interesses ou vantagem informacional. Nosso estudo abrange todos as negociações realizadas em bolsa entre Março de 2015 e Abril de 2017 para os 101 Real Estate Funds mais líquidos. Os resultados indicam que todas as instituições financeiras que estão sujeitas a situação de conflito de interesse – definida como ter ao mesmo tempo gestão e distribuição de Real Estate Funds – sucumbem a tal conflito, enquanto instituições não conflitadas se comportam em linha com o que seria esperado de agentes isentos, embora não de maneira uniforme. Nossos dados também indicam que a maior parte das instituições financeiras conflitadas tende performar menos do que o índice de referência.

This study provide empirical evidence whether bias in the standard errors of Jensen’s alpha explains conflicting results in the extant literature in real estate funds. Significant alphas in real estate mutual funds and REITs are compared with heteroskedasticity consistent covariance matrix estimators (HC1, HC2 and HC3), Newey-West standard errors, a robust regression tempering the effect of high leverage points, a GARCH model, and a HC3 adjusted wild bootstrap. In the analysis of real estate mutual funds and a separate sample set of REITs, the HCCME had a minimal impact attenuating the number of firms with excess returns. Contrary to expectations the differences from HC1 to HC2 to HC3 were also negligible. The Newey-West standard error provided highly variable results when compared with the OLS results particularly in the REIT sample. Of the techniques to adjust for bias in the standard error, the wild bootstrap with HC3 adjustment to the standard error provided the most conservative result to the number of real estate mutual funds and REITs with significant alphas. The co-movement of real estate funds suggests common exogenous influences. Including state variables such as the changes in unexpected inflation, term spread, default spread, market skewness and industrial production growth in a multi-factor model is used to identify systemic economic factors in significant alphas. The significant alphas varied with the inclusion of these variables, the time period and the bias adjustment.

Investing in real estate funds presents relatively high stability of yields and that's why it is very interesting option for risk diversification in investment portfolio. The real estate funds offer the option how to invest with a less value of own capital. The diploma thesis should present information about the progress of real estate funds in the Czech Republic and of course show the development in other advanced countries.

This thesis is dealing with analyze and description of some aspects of Real Estate funds management. The theoretical part starts with the history and essence of collective investment. A special form of collective investment fund is Real Estate fund. The main features of these investment vehicles in the world and in Czech Republic will be examined. The main aim of this thesis is to suggest an ideal process and choose convenient methods how to evaluate an investment in realty. In the second chapter will be accomplished the analysis of external factors influencing Real Estate business. The third chapter suggests some methods for evaluating investment and risk analysis.

This thesis investigates the difficulty in making accurate forecasts on opportunistic commercial real estate investments. The purpose is to quantify the differences between unlevered cash flows from underwriting estimates and actual outcomes, analyse them and arrive at conclusions about the difficulty in producing forecasts on opportunistic investments. The data used in this thesis comes from two opportunistic real estate portfolios previously owned by the private equity firm Niam. Both portfolios comprised Swedish office properties. The results from analysing Niam’s investments shows that operating cash flows on individual properties are most difficult to forecast since the strategy for the assets constantly needs to be updated in order to adjust for current events like for example change in demand of office properties. This can have great impact on the profit allocation between property cash flows and exit cash flows in comparison to underwriting. Furthermore the results show of an increased need of diversification for opportunistic investments, since individual investments have high volatility. Also, analysing investments on unlevered level has limitations. On an unlevered level an investment can have actual outcomes worse than in the underwriting, but when adding effects from financial leverage and currency movements the same asset can outperform the underwriting.

This thesis investigates the difficulty in making accurate forecasts on opportunistic commercial real estate investments. The purpose is to quantify the differences between unlevered cash flows from underwriting estimates and actual outcomes, analyse them and arrive at conclusions about the difficulty in producing forecasts on opportunistic investments. The data used in this thesis comes from two opportunistic real estate portfolios previously owned by the private equity firm Niam. Both portfolios comprised Swedish office properties. The results from analysing Niam’s investments shows that operating cash flows on individual properties are most difficult to forecast since the strategy for the assets constantly needs to be updated in order to adjust for current events like for example change in demand of office properties. This can have great impact on the profit allocation between property cash flows and exit cash flows in comparison to underwriting. Furthermore the results show of an increased need of diversification for opportunistic investments, since individual investments have high volatility. Also, analysing investments on unlevered level has limitations. On an unlevered level an investment can have actual outcomes worse than in the underwriting, but when adding effects from financial leverage and currency movements the same asset can outperform the underwriting.

Den här uppsatsen syftar till att undersöka och jämföra de olika sätt att finansiera och investera i fastigheter på kapitalmarknaden. Målet är att fastställa och kvantifiera vilka fördelar respektive nackdelar som finns med de olika investeringskanalerna och hur det kan påverka såväl investerare som förvaltningen av tillgångarna. Undersökningen kommer bestå av en kvalitativ metodansats där intervjuer med professionella förvaltare, aktiemäklare, företagsledare och investerare såväl som egen research utgör grunden för resultatet. Resultatet av den här uppsatsen har implikationer på finansbranschen i form av en kartläggning och övergripande förståelse av investeringsmarknaden i fastigheter Uppsatsen visar att varje investeringskanal har sina egna särdrag, så som kontroll, insyn, diversifiering, investeringshorisont med mera. Därför attraherar kanalerna olika investerartyper. / This bachelor thesis aims to investigate and compare the different ways of financing and investing in real estate as an asset in the capital market. The goal is to determine and quantify the advantages and disadvantages of the various investment channels and how it can affect both financing and the management of the assets. The thesis will consist of a qualitative method approach where interviews with professional managers, stockbrokers, company executives and investors as well as in-house research form the grounds for the result. The result of this thesis has some implications on the financial industry in the form of a thorough and comprehensive depiction of the real estate investment market. The report shows that the different investment channels have their specific characteristics and therefore fits specific investors accordingly.

The subject of this thesis is the analysis of the legal regulation of mutual funds in the Czech Republic. The thesis aims to provide a complex view on the issue. The introductory chapters provide the historic background of mutual funds and demonstrate the legislative evolution of the legal concept and its definition in the Czech Republic. The analytical part is focused on the particular problems of each institution and suggests a possible solution. These chapters point to the complications around the real estate funds and the possible breach of one of the freedoms of the European law. The last chapters point out the ways of protecting the assets of the funds by the depository, as well, as the ways to recover the damages when suffered

This Master´s thesis is focused on optimizing the financing of the selected company. The thesis is divided into three main chapters. The theoretical part explains later used terms. The analytical part calculates the current financial situation of the company. The analysis detected that the selected company is managing a large money supply, which is not being utilised. Therefore the proposal shows prepared materials and the recommendation of financial products to utilise these funds.