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.

The Green Bond market in Sweden is still relatively new and the first companies to issue these new financial products in Sweden were companies on the real estate market. The purpose of this thesis is to examine the characteristic that makes a Green Bond different to other Bonds and to understand why this product is of interest to investors and issuers. Furthermore we try to estimate the future for this financial product. This descriptive study on Green Bonds at the real estate market derives from economic theories on capital structure, Greenwashing, CSR, environmental certification of buildings and interviews with prominent individuals within this field. We have limited our field of study to Swedish real estate companies that have issued Green Bonds to answer the research questions. A Green Bond does not different from an ordinary Bond, so what makes this product unique is the framework that states that the money should be invested in projects that lowers climate impact. The Swedish real estate companies who have issued Green Bonds recognized a great demand for their products. One reason behind this great demand among investors is that they don’t need to give up yield on their investment and at the same time receive positive reactions from the society when investing in these products. To avoid the risks of Greeenwashing the invested money must be traceable to projects within the framework. The Norwegian research institute CICERO plays an important role in assuring that the framework made for the Green Bods clearly states which projects the money are allowed to be spent on. / Marknaden för gröna obligationer i Sverige är fortfarande relativt ny och de företag som har varit i framkant med att emittera gröna obligationer är företag på den svenska fastighetsmarknaden. Syftet med vår uppsats är att ta reda på hur en grön obligation skiljer sig från en vanlig obligation, vilka aktörer som har intresserat sig för produkten och hur framtidsutsikterna för denna finansiella produkt ser ut. Utifrån teorier som beskriver företags kapitalstruktur, Greenwashing, CSR, miljöcertifiering av byggnader och med stöd från de tolv intervjuer som genomförts har vi genomfört en deskriptiv studie av marknaden för gröna obligationer, med avgränsning mot fastighetsbolag som emitterat denna produkt för att få svar på vårt syfte- och frågeställning. En grön obligations finansiella aspekt är direkt kopierad från en vanlig obligation, det som skiljer dem åt är att ett ramverk reglerar vilka projekt likviden får gå till. De svenska fastighetsbolagen som emitterat gröna obligationer har mött en hög efterfrågan på produkten och har inte haft problem med att få in kapital för att miljöcertifiera sina fastigheter. En orsak till det stora intresset för produkten är att investerare inte behöver göra avkall på avkastningen på investeringen, samtidigt som både emittenter och investerare hamnar i ett positivt sammanhang när produkten emitteras. För att inte riskera att konceptet urvattnas och att likviden inte går till projekt som bidrar till en sänkt klimatpåverkan ställs höga krav på de inblandade parterna. Därför spelar det norska forskningsinstitutet CICERO en viktig roll vars uppgift är att granska det ramverk som reglerar vilka projekt likviden får gå till.

The purpose of the thesis is to describe how decisions related to investments and propertymanagement change for real estate companies with an increased interest rate, as well asbanks' lending to real estate companies.  To achieve the purpose of the study, a qualitative method was conducted through semistructured interviews with each respondent. The empirical material has interwoven with thetheoretical frame of reference. Thus, an abductive research approach has been used.  The analysis consists of interpretations of the empirical data covered by the thesis. Resultsand of the empirical data are linked to the thesis. The results of the analysis showed changesin the thesis in three areas: Changes in decisions in property management and propertyinvestments in the event of an increased interest rate situation. As well as the bank's lendingfor real estate companies in the event of an increased interest rate situation. The chapter alsoforms the basis for the thesis' later conclusions  The conclusions that have been established from studies are that real estate companies usesmany different types of security measures to minimize the sensitivity to an increased interestrate situation. In property management operations, long-term measures are taken to ensurecash flow. In the short term, it can be indirectly affected. Investment decisions are changedby re-prioritizing real estate companies' investment planning because of the returnrequirements. The conclusion for how the banks' lending changes is that lending as a wholedecrease with an increased interest rate situation. This is not due to the banks, but is about thereal estate companies finding it more difficult to meet the assessment requirements

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.

Made available in DSpace on 2016-03-15T19:25:35Z (GMT). No. of bitstreams: 1 Neilson Soares Lopes.pdf: 983372 bytes, checksum: 2233d489295cd76cb2d8dcbd78e1e5de (MD5) Previous issue date: 2011-08-08 / Fundo Mackenzie de Pesquisa / This study applied the techniques of traditional parametric discriminant analysis and logistic regression analysis of credit real estate financing transactions where borrowers may or may not have a payroll loan transaction. It was the hit rate compared these methods with the non-parametric techniques based on classification trees, and the methods of meta-learning bagging and boosting that combine classifiers for improved accuracy in the algorithms.In a context of high housing deficit, especially in Brazil, the financing of real estate can still be very encouraged. The impacts of sustainable growth in the mortgage not only bring economic benefits and social. The house is, for most individuals, the largest source of expenditure and the most valuable asset that will have during her lifetime.At the end of the study concluded that the computational techniques of decision trees are more effective for the prediction of payers (94.2% correct), followed by bagging (80.7%) and boosting (or arcing , 75.2%). For the prediction of bad debtors in mortgages, the techniques of logistic regression and discriminant analysis showed the worst results (74.6% and 70.7%, respectively). For the good payers, the decision tree also showed the best predictive power (75.8%), followed by discriminant analysis (75.3%) and boosting (72.9%). For the good paying mortgages, bagging and logistic regression showed the worst results (72.1% and 71.7%, respectively). Logistic regression shows that for a borrower with payroll loans, the chance to be a bad credit is 2.19 higher than if the borrower does not have such type of loan.The presence of credit between the payroll operations of mortgage borrowers also has relevance in the discriminant analysis. / Neste estudo foram aplicadas as técnicas paramétricas tradicionais de análise discriminante e regressão logística para análise de crédito de operações de financiamento imobiliário. Foi comparada a taxa de acertos destes métodos com as técnicas não-paramétricas baseadas em árvores de classificação, além dos métodos de meta-aprendizagem BAGGING e BOOSTING, que combinam classificadores para obter uma melhor precisão nos algoritmos.Em um contexto de alto déficit de moradias, em especial no caso brasileiro, o financiamento de imóveis ainda pode ser bastante fomentado. Os impactos de um crescimento sustentável no crédito imobiliário trazem benefícios não só econômicos como sociais. A moradia é, para grande parte dos indivíduos, a maior fonte de despesas e o ativo mais valioso que terão durante sua vida. Ao final do estudo, concluiu-se que as técnicas computacionais de árvores de decisão se mostram mais efetivas para a predição de maus pagadores (94,2% de acerto), seguida do BAGGING (80,7%) e do BOOSTING (ou ARCING, 75,2%). Para a predição de maus pagadores em financiamentos imobiliários, as técnicas de regressão logística e análise discriminante apresentaram os piores resultados (74,6% e 70,7%, respectivamente). Para os bons pagadores, a árvore de decisão também apresentou o melhor poder preditivo (75,8%), seguida da análise discriminante (75,3%) e do BOOSTING (72,9%). Para os bons pagadores de financiamentos imobiliários, BAGGING e regressão logística apresentaram os piores resultados (72,1% e 71,7%, respectivamente).A regressão logística mostra que, para um tomador com crédito consignado, a chance se ser um mau pagador é 2,19 maior do que se este tomador não tivesse tal modalidade de empréstimo. A presença de crédito consignado entre as operações dos tomadores de financiamento imobiliário também apresenta relevância na análise discriminante.

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.

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

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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