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Real estate companies, risks and strategies 2002‐2011
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2013 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesisAlternative title
Fastighetsbolag, risker och strategier 2002‐2011 (Swedish)
Abstract [en]

The 2008 financial crisis created new conditions for the listed Swedish property companies

and the choice of operational and financial strategy became increasingly important.

The purpose of this paper is to identify the listed property companies and their strategies for

the period 2002

‐2011, in order to examine whether these has changed in any direction and if

they were more or less profitable. To accomplish this, data was collected from the

companies' annual reports and statistical institutes. This was followed up with interviews

with company representatives and experts to further broadened the analytical basis.

Collected data helped to identify each companies strategies year by year.

The analysis revealed some trends among companies regarding their operational and

financial strategy. By looking at the Operating strategies we have found that the companies

have become more specialized towards either a particular property type or to a geographical

region.

The companies have also increased their focus on cash flow and reduced their focus on

transactions. Financially, the companies have reduced their risks by seeking a more long

term capital structure.

Alternative sources of funding such as bonds have also become more common among the

companies.

With the exception of the specialization strategy, the most obvious change in strategy

occurred in connection with the financial crisis of 2008. It was also found that the companies

that were most transaction

‐intensive also have been most volatile in a profit perspective.

Abstract [sv]

Finanskrisen 2008 skapade nya förutsättningar för de noterade svenska fastighetsbolagen

och valet av operativ och finansiell strategi blev allt mer viktig.

Syftet med denna uppsats är att kartlägga de noterade Fastighetsbolagen och deras

strategier under perioden 2002

‐2011, för att sedan undersöka huruvida dessa förändrats i

någon riktning och om de varit mer eller mindre gynnsamma. För att genomföra detta

samlades data in från bolagens årsredovisningar och statistiska institut. Detta följdes upp

med intervjuer där bolagsrepresentanter och sakkunniga ytterligare breddade

analysunderlaget. Insamlad data bidrog till att fastställa de enskilda bolagens strategier år

för år.

Analysen visade vissa trender bland bolagen gällande deras operativa och finansiella strategi.

Operativt har bolagen blivit mer specialiserade mot antingen en viss fastighets typ eller mot

en geografisk region. Bolagen har också ökat fokus på kassaflöden/förvaltning och minskat

fokus på transaktioner. Finansiellt har bolagen minskat riskerna genom att sträva efter

längre kapital

‐ och räntebindning. Man har också i större grad sökt alternativa

finansieringskällor såsom obligationer.

Med undantag för specialiseringsstrategin har de tydligaste förändringarna i strategin skett i

samband med finanskrisen 2008.

Det visade sig också att de bolag som varit mest transaktionsintensiva också har varit mest

volatila i ett resultatperspektiv.

Place, publisher, year, edition, pages
2013.
Keyword [en]
Real estate corporations, financial strategies, operational strategies, financial crisis
Keyword [sv]
Börsnoterade fastighetsbolag, finansiella strategier, operativa strategier, finanskrisen
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-124137OAI: oai:DiVA.org:kth-124137DiVA: diva2:633128
Supervisors
Examiners
Available from: 2013-06-26 Created: 2013-06-26 Last updated: 2013-06-26Bibliographically approved

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Philip Lagelius,Alexander Pikosz(1577 kB)57 downloads
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