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dc.contributor.advisorMarbacher, Josef
dc.contributor.authorPerler, Cyrill M.
dc.contributor.authorWerthmüller, Patrick Philip
dc.contributor.otherFirma: Basler Verkehrs-Betriebe| Kontakt: Ben Douglas Hughes| PLZ/ Ort: Münchensteinerstrasse 83, 4052 Basel
dc.date.accessioned2015-09-02T07:30:13Z
dc.date.available2015-09-02T07:30:13Z
dc.date.issued2014
dc.identifier.urihttp://hdl.handle.net/11654/4487
dc.identifier.urihttp://dx.doi.org/10.26041/fhnw-2384
dc.description.abstractThe thesis scientifically studies the contemporary Swiss indirect real estate investment market. It compares the individual real estate funds and shares determined by the legal framework. Common best practices and possible new profitable market entries are identified. (Beitrag ist nur für FHNW Mitarbeitende sichtbar)
dc.language.isoen_UK
dc.accessRightsAnonymous
dc.subjectReal estate
dc.subjectfund
dc.subjectshares
dc.subjectCISA
dc.subjectSFAMA
dc.subjectLex Koller
dc.subject.ddc330 - Wirtschaft
dc.subject.ddc330 - Wirtschaft
dc.titleFormation of a Real Estate Fund - Legal Framework and Market Structure
dc.type11 - Studentische Arbeit
dc.audienceSonstige
fhnw.StudentsWorkTypeBachelor
fhnw.publicationStateUnveröffentlicht
fhnw.ReviewTypeKein Peer Review
fhnw.InventedHereYes
fhnw.ConfidentLevelStaff
fhnw.leadThe thesis scientifically studies the contemporary Swiss indirect real estate investment market. It compares the individual real estate funds and shares determined by the legal framework. Common best practices and possible new profitable market entries are identified.
fhnw.initialPositionIn the past, the market conditions for the Swiss indirect real estate investment market were favorable. Many new real estate funds and companies have been established since the beginning of the 21st century. However, market conditions change over time. Supply and demand factors with external influence from regulations and politics are challenging the real estate funds and shares market in the near future. The current legal framework and market structure puts the profitability for a new formation of a fund into question.
fhnw.procedureThirty-two real estate funds and 13 SIX-listed Swiss real estate companies are the foundation for the analysis. Five of the funds are OTC-traded but are crucial for the analysis due to their size. The research design is composed of desk research and three qualitative interviews conducted in the second quarter of 2014. Collected data was analyzed and compared to individual funds and shares determined by the legal framework. Clustering of individual structures was adopted to identify patterns in relation to certain characteristics, which contributed to an active return (over performance).
fhnw.resultsAfter many years of prosperous returns, the market exhibits signs of modifications and a fall in demand. Various factors determining the market condition for real estate investments are constantly changing. The expectations for Swiss real estate funds and stock corporations need to be tempered with caution. The regulatory framework of real estate funds comprises of the revised Collective Investment Schemes Act in accordance with the prudential supervision by the Swiss Financial Market Supervisory Authority FINMA and the self-regulatory organization SFAMA. Regulations for listed real estate companies are equivalent to any other stock corporation. They are dependent on the Swiss Code of Obligations and the Federal Act on Stock Exchanges and Securities Trading. In addition, political motions such as Lex Koller or the Countercyclical Capital Buffer have an impact on the development and performance of both investment vehicles. The profitability of launching a new fund is challenged at its current stage. Moreover, the evolvement of supply and demand factors will be crucial to withstand the uncertainty of the legal and political environment.
fhnw.IsStudentsWorkYes


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