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Real estate investments strategies for pension funds, why do they not invest more?
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.
2014 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Pensionsfonders investeringsstrategier beträffande fastigheter, varför investeras det inte mer? (Swedish)
Abstract [en]

The financial crisis in 2008 was a source for asset managers to find new, different assets to optimize their portfolios. During the last couple of years the pension funds have slowly started to further invest in alternative assets, such as real estate assets. Still, these investments in alternative assets only represent a small part of the total capital of the pension funds. This study examines the investment strategies that the Swedish National pension funds are using. The purpose is to find out why they don’t invest more in real estate. The Swedish National pension funds are regulated through Swedish law with investment rules that regulate the allocation of capital. However there is no specific investment rule regarding real estate investments. The other investment rules limits the Swedish National pension funds to invest more in real estate. Nevertheless the result of this study shows how the Swedish National pension funds are positive to increase investments in real estate. The conclusion of this study pinpoints that the Swedish National pension funds investment rules should be investigated and changed. Done correctly, this change could lead to more investment in real estate in the future by the Swedish National pension funds.

Abstract [sv]

Finanskrisen 2008 gav upphov till fondförvaltare att hitta nya tillgångar att investera i för att optimera sina portföljer. Pensionsfonder har i och med detta långsamt börjat öka sina investeringar i alternativa tillgångar som till exempel fastigheter under de senaste åren. Fortfarande utgör dessa investeringar i fastigheter en liten procentandel av pensionsfondernas totala kapital. Denna studie undersöker investeringsstrategierna som de svenska allmänna pensionsfonderna använder sig av och syftet med studien är att ta reda på de bakomliggande faktorerna till varför de inte investerar mer i fastigheter. Eftersom AP-fonderna är statligt ägda har de placeringsregler som reglerar hur AP-fonderna ska allokera sitt kapital. Dock finns det ingen specifik regel gällande fastighetsinvesteringar men de andra reglerna medför att AP-fonderna inte kan investera så mycket i fastigheter. Resultatet från denna studie visar ändå tydligt att AP-fonderna ser positivt på ökad allokering i fastigheter. Slutsatsen med studien är att placeringsreglerna borde kollas över och att vissa av reglerna borde ändras då det skulle kunna leda att AP-fonderna i framtiden skulle kunna investera mer i fastigheter.

Place, publisher, year, edition, pages
2014.
Keyword [en]
Pension funds, real estate investments, portfolio theory
Keyword [sv]
Pensionsfonder, fastighetsinvesteringar, portföljteori
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-146332OAI: oai:DiVA.org:kth-146332DiVA: diva2:723863
Supervisors
Examiners
Available from: 2014-06-11 Created: 2014-06-11 Last updated: 2014-06-11Bibliographically approved

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Natalie Pietrewicz, Samuel Roihjert(600 kB)608 downloads
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CiteExportLink to record
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