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Market standards evolve with
advances in building technologies and changes in tenant
preferences. Recent advancements focus on the efficient use
of resources. our responsibility to our clients requires us to
continuously monitor these changes in each of the markets in
which we operate in order to remain competitive. to determine
the appropriate improvements that will maintain our competitive
edge, our asset managers collaborate with their international
colleagues, service partners, tenants and clients...
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ur mission is to provide real estate investment management services consistent
with our clients’ objectives for superior long term, risk adjusted performance,
preservation of capital and diversification.
We believe there are economic, environmental and social implications associated
with the full range of our real estate investment management decisions, and that
a commitment to decision-making that incorporates sustainable real estate best
practices will add long-term value to the investments that we manage for our clients....
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in the united states, RREEF Real Estate’s engineering
procedures include detailed practices to improve resource
efficiency and environmental practices. the engineering
team is deeply involved both in acquisitions due diligence,
and in working closely with asset management to develop
sustainable property management guidelines with third-
party property managers. asset managers are also
increasing the number of “Green leases” signed with
tenants in order to address energy efficiency through the
leasing process by better aligning incentives between
tenant and landlord to improve energy efficiency.
in the uK, RREEF Real Estate is incorporating carbon
studies into its due diligence when considering
refurbishments to quantify...
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Embodied in the RREEF Real Estate Risk Management
discipline is a focus on ensuring a safe environment for
guests on our clients’ properties, as well as for the
community within which our clients’ properties are located.
today, the continuation of stringent guidelines for
environmental policy and risk management affords RREEF
Real Estate highly preferential rates for liability premiums.
RREEF Real Estate has a longstanding interest in the
well-being of our employees, vendors and contractors. We
support fair wages and fair benefits for workers employed by
our contractors and subcontractors subject to our fiduciary
obligation to our shareholders. We also perform...
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the RREEF Real Estate sustainability Council was formed
in February 2010 to develop and support RREEF Real
Estate’s commitment to sustainability. it comprises 18
senior members of RREEF Real Estate representing each
geographic region and functionality across the firm. the
Council reports to the RREEF Real Estate Global investment
Committee, which is comprised of 13 senior investment
professionals who are responsible for adopting and
transmitting best practices throughout the organization.
the Council is chaired by Kurt Roeloffs, Global Chief
investment officer of RREEF Real Estate. patricia Connolly,
Director of sustainability at RREEF Real Estate, is Co-Chair
of the Council. Kurt also...
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the Council is chaired by Kurt Roeloffs, Global Chief
investment officer of RREEF Real Estate. patricia Connoll
Director of sustainability at RREEF Real Estate, is Co-Cha
of the Council. Kurt also oversees sustainability research,
strategy, practices, and resources. andrew nelson is a
Director of Research at RREEF Real Estate and leads
RREEF Real Estate’s global research on sustainable
investment practices and industry trends in sustainability.
there are three Deutsche bank members on the Council
representing Db Climate Change advisors (“DbCCa”), an
Db Global logistics services (“DbGls”). the participation
of these Deutsche bank groups on the Council allows us
benefit from DbCCa’s focus on research in...
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sustainability engages a wide variety of key stakeholders.
First and foremost, our clients expect us to invest
responsibly on their behalf, and our portfolio managers are
increasingly updating clients or fund investors on our
sustainable practices and accomplishments. to aid in our
effort to maintain efficient and well-occupied buildings, we
work with our contract property managers to communicate
the goals and measures we set on a global level, as well as
for each property, so that tenants are also encouraged to
support and undertake sustainable activities.
Finally, we partner with our corporate parent, Deutsche
bank, to explore synergies among the various...
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published in september 2008, “Globalization and Global
Trends in Green Real Estate Investment” analyzed green
building trends and issues in key regions around the world.
the paper found that developers and property managers
were adopting greener business practices in all regions of
the world, and at all stages of economic development, but
that the rate of adoption and the key drivers varied
considerably. For example, the top markets for green
property investment in the coming years was expected to
be concentrated in the wealthier European and north
american economies, but significant potential for green
construction and retrofits existed in almost...
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“ as a founding member of Greenprint,
RREEF Real Estate has and continues
to play a leadership role in defining the
metrics that Greenprint will collect in
future reporting rounds, and how the
reporting process can be increasingly
automated, transparent, and
compatible with the established set of
portfolio management tools widely used
in the commercial real estate industry.”
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“ We believe that sustainability,
environmental quality, and resource
consumption present risks that should
be managed by the same structure and
process as are other risks. as a leader in
the real estate industry, we are dedicated
to increasing building performance
throughout our portfolio of properties.”
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The International Foundation of Employee
Benefit Plans is the largest educational
association serving benefit plan advisors.
For over 50 years, the International Foundatio
has served as the premier source of benefits
education and information, providing objective
accurate and timely information.
Services include in-person training, distance
learning and publications covering a broad
range of topics. Programs are available for
all levels, from basic concepts to advanced
strategies. The Foundation also sponsors the
CEBS designation program with the Wharton
School of the University of Pennsylvania.
The International Foundation offers a
membership with free services like
personalized research, online peer
networking, publications and daily industry...
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The first aspect, the tax exemption, has been highly controversially disputed, as it
privileges the REIT company towards other company forms. The BMF considers
the REIT necessary to preserve Germany’s competitiveness on international
financial markets and to maintain jobs for highly skilled employees. Furthermore,
the introduction of REITs is expected to have strong positive fiscal and economic
impacts:
7 Germany has by far the largest real estate reservoir in Europe, which at
this time remains, for the most part, not yet institutionally invested, but owner-
occupied or held by private owners.
8 Channelling these assets to REITs would
make bound resources more fungible,...
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The provinces have primary responsibility for property law in
Canada. In all provinces except Québec, property law has developed
through the English common-law process. In Québec, property law
is governed by the Civil Code of Québec (which is derived from the
Napoleonic Code.) There is no constitutional protection for property
rights in Canada. Consequently, property can be expropriated by
government and quasi-governmental authorities, but, appropriate
compensation must be paid.
Interests in land are generally held directly in fee simple or by leases
as leasehold interests. Condominium or strata title ownership is also
common throughout Canada. All provinces maintain a system of...
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Property may be leased as well as purchased. One form of leasing
arrangement is a long-term ground lease, in which a tenant leases
vacant land and develops it. Once the development is complete, the
ground tenant sublets space to retail, oce or industrial tenants,
depending on the type of development. Ground leasehold interests
may be bought and sold in a manner similar to fee simple property
interests.
Commercial Leasing
Most commercial oce and retail space, and much of the standard
industrial space in Canada, is available only through a commercial
lease. Most commercial lease transactions start with an agreement
to lease, although...
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Residential leases are regulated by provincial legislation. In some
cases, the applicable legislation will override the terms of the lease
agreement, regardless of the intention of the parties. In some
provinces, the ability of the landlord to increase residential rents
is limited by provincial regulation.
Financing
Most real estate !nancing is arranged through institutional lenders
such as banks, trust companies, pension funds, credit unions and
insurance companies. Credit terms will vary from institution to
institution and will depend on the nature of the transaction and the
risks involved.
Interest Rate
Interest rates on real estate !nancings can be either !xed...
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A purchaser should assess the environmental risks associated with
a property being purchased. In Canada, government ocials do not
“certify” that a property is free from such risks. A property’s
environmental status can be ascertained by inspecting applicable
company and public records. In virtually all cases, a purchaser will
want to do an “environmental audit” of the property which may
include conducting scienti!c testing and a technical analysis of the
property. Lending institutions often require such an audit before
advancing any funds.
Development Controls
Property development is provincially regulated, primarily at the
municipal level. Municipalities typically control land use and the
density...
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The class will contain a mixture of standard lectures, guest speakers, and case
discussions. Topics covered will span the real estate equity and debt markets, both public and
private. The bulk of the course focuses on commercial or income-producing real estate, but we
will spend some time studying the housing markets. Grading will be based on five assignments
that will constitute 90% of your final grade. There are four longer cases and one shorter case.
Case #3 constitutes 10% of your grade. The other four cases each constitute 20% of your grade. ...
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Readings for the course are attached. The readings come from a series of articles
provided in a bulk pack. The volume of material is not overly burdensome for a course of this
type, but some of the material is difficult. All readings should be done prior to the class for
which it is assigned. In general, I have tried to pair academic papers with recent industry reports,
with the goal of marrying sound theory and empirical analysis with relevant current events and
practices. Class sessions are organized with the same goal in mind. ...
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Real estate investment is about creating and adding value through the effective
management of property assets. Real estate is fundamentally no different from other mainstream
investments: the analysis of property investments can be easily integrated into the capital market
framework. Capital asset pricing theory evolved into the capital asset pricing model (CAPM).
The CAPM model, described by Franfurter (1995: 104) as the ‘keystone’ of financial theory,
has been tested in financial securites (stock exchange) markets over three decades.
Accordingly CAPM was adapted in this study to incorporate real estate variables, and
its accuracy was tested in modelling the price of three bedroom houses and two bedroom flats
using...
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The 'how to' approaches are typified by their 'wealth pyramiding' approach. The 'how
to get rich' formulae these authors provide in their self-labelled 'best seller' texts typically portray
real estate as the investor's best opportunity to 'create personal wealth'. The key element of this
approach is to borrrow heavily to buy as many properties as possible. These properties are then
re-mortgaged to draw on equity build-up to provide the deposit for the next investment property. The implicit assumption of these authors is of a continuing strong growth in property
values. Importantly, what many writers in this area have recognised is that the property market
is less...
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The third approach, modern capital budgeting, recognises that today’s (present) value
of an investment asset is the cash flow it can generate in the future, not the returns it has
provided in the past. Accordingly, investment appraisal must adopt an ‘ex ante’ - forward-
looking analysis - as distinct from the backward-looking focus of the traditional financial
approaches typified by the ROI calculation. Modern capital budgeting, also known as ‘modern
financial theory,’ focuses on deterministic discounted cash flow, and the probabilistic
approaches of project risk analysis (Pyhrr, Cooper, Wofford, Kapplin, and Lapides (1989).
Traditionally, under this approach, the required return on an investment is a function of...
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Traditional financial approaches, on the other hand, measure financial dimensions, and
provide quantitative data on which real estate investment decisions can be based. The most
widely used of all financial ratios - in real estate or any other investment - is 'return on
investment' (ROI). In attempting to define and quantify the investor's required rate of return, this
area of the literature provides a more analytical approach than the 'how to' authors. Typically,
the ROI approach is used to measure performance ‘ex poste’ - after the event. Where the
widely-used ROI approach falters is that it gives little consideration to income taxes, changing
cash flows over time,...
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To continue the flats and houses price data sets from 1994 to 1999 (latest year data
available), the author sought to rebuild the pre-1995 LGA’s median prices from surburb prices.
The Department of Human Services (Victoria) has documented the
suburbs within each pre-1995 LGA. But reconstructing prices by LGA on the basis of this
document proved not sufficiently accurate for the continuity of the flats and houses price data
sets: comparison of the overlapping time period (1989-1994) showed material differences.
However, researchers at Swinburne University have correlated postcodes with pre-
1995 LGAs. Using Australia Post’s internet site to identify these postcodes , and the Melways
street directory,...
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Furthermore, Swinburne’s figures by LGA were an average for flats and houses: these
figures were likely to over-state rentals for flats and under-state them for houses. For the
missing years, estimated rentals were derived by interpolation. In a revision of this paper, the
estimated rentals will be recast as yield-based in an effort to improve accuracy.
To cover the next five years – 1985-1989 – the author used the Ministry of Housing
and Construction’s (Victoria) published statistics for two bedroom dwellings (defined for this
study as ‘flats’) and three bedroom dwellings (defined here as ‘houses’). In common with
Swinburne University, the Ministry drew its figures from ‘The...
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In the second half of 1999, the newly constituted Residential Tenancies Bond
Authority’s statistics came on stream. These provided – for the first time in Victoria – virtually a
full set of rental statistics, as tenants and landlords are required by Victorian
government regulation to pay a bond to the above authority on signing a tenancy agree-ment.
The 1999 figures for this study were compiled by striking an average of ‘The Age’ figures for
the first half of the calendar year and the tenancy authority’s figures for the latter part of the
year.
The other data input used was the ‘risk free’ interest rate referred to in...
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Turning to the growth in rentals for three bedroom houses, using a comparable 1975
urban aggregate index of 100, the following rent index table indicates that rentals have only
grown at 74 percent of the indexed growth in housing prices (overall index growth of 580 for
rentals, compared with 786 for prices). However, the rental growth was uneven across regions:
the inner urban LGAs of Prahran and South Melbourne showed a growth in their respective
rental indices of 1028 and 1013, clearly ahead of growth in their price indices of 494 and 942.
The entire inner urban region showed an indexed growth in rentals...
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On behalf of its clients, PGGM Investments manages
several real estate investment portfolios structured
around listed real estate and private real estate.
PGGM Investments recognizes the impact real estate
has on the environment as well as on societal
systems, for instance with regard to CO2 emissions.
This document addresses PGGM Investments’ policy
on integrating material environmental, social and
governance (ESG) issues into our real estate
investments. The scope of this policy covers both
the listed and the private real estate portfolios.
There are differences between the two types of
portfolio in terms...
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There are many underutilized and vacant urban lots throughout the world,
which are held by private investors who are interested in maximizing their
wealth by land development. Three approaches are commonly used for
property and land valuation (Appraisal Institute, 2001; Baum and Crosby,
1988; Isaac, 2002). The first is the cost approach, which estimates the
property by summing the land value and the depreciated value of any
improvements. The second is the sales comparison approach which compares
the characteristics of a subject property with those of comparable properties
sold in similar transactions. This kind of method is a...
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The above three
approaches are used for the valuation of land as a site for the construction of a
particular building at the current time. Which approach is more applicable is
problem-specific. For example, in a situation where the purchase of real estate
is for investment, the income approach seems more suitable, whereas for
individual use, the sales comparison approach is more acceptable. Another
way for the valuation of land is to consider a vacant piece of land as a
potential site for development in the future so that it is viewed as an option for
purchasing one of...
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The inherent uncertainty in property prices are
traditionally characterized by probability distributions (Ratcliff, 1972 and
Squirell, 1985). However, the lack of precise information on properties often
poses a problem. As mentioned by Bagnoli and Smith (1998), appraisers use a
great deal of judgment to identify the characteristics (attributes) of properties
that relate to property prices. Additionally, they usually have to consider
qualitative characteristics, such as structural quality, architectural
attractiveness and location convenience. In order to express the inherent
imprecision in the ways that people think and make decisions about the
pricing of real estate, they propose a fuzzy...
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