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Financial Analysis of Energy-Efficiency Measures in Commercial Real Estate: Quantifying the value adding characteristics of energy-efficiency measures in commercial real estate through asset value increase and yield on investment
KTH, School of Industrial Engineering and Management (ITM), Energy Technology.
2016 (English)Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The purpose of this thesis was to establish and quantify the improved real estate appraisal value that’s a result of enhancing the energy performance of commercial real estate in Sweden. The study has been carried out in co-operation with the real estate investment company Sveafastigheter, which is a prominent real estate investment company in Sweden.The thesis was conducted by energy auditing two buildings in different temperature regions of Sweden in order to find energy-efficiency measures (EEM) that could be implemented in the buildings. These measures were then assembled to the most cost-efficient energy performance improving packages. After the EEM packages were identified the buildings characteristic economic performance has been calculated upon in order to see how the effects of energy-efficiency impact asset evaluation and subsequently yield on investment. The main objective was to produce an alternative way to evaluate EEMs as part of the audited buildings as a whole, taking into account the value increase of the asset allowing for a shorter investment recuperation period.Traditionally the profitability of EEMs is assessed by using the technical lifetime of the equipment as a framework for the investment timeline. The results in this thesis provide an alternative way to value the profitability of EEMs by taking into account the increased value of the building, and thus the increased sales income which makes an energy-efficiency investment perform inherently better in case the property is sold before the technical life time of the improved technology has come to an end.

Abstract [sv]

Meningen med detta examensarbete var att examinera och kvantifiera kommersiella fastigheters förbättrade marknadsvärde som ett direkt resultat av energieffektiviseringsåtgärder i fastigheten för att sedan härleda en ny metod för lönsamhetskalkyler. Examensarbetet har utförts i samarbete med Sveafastigheter som är ett ledande fastighetsinvesteringsbolag i Norden.Examensarbetet utfördes genom att granska två kommersiella fastigheter i två olika temperaturzoner i Sverige för att hitta energieffektiviseringsåtgärder som sammanställts till de mest gynnsamma energieffektiviseringshelheterna. Dessa helheter har sedan förslagits för implementering i de nämnda fastigheterna. Efter detta har fastigheternas ekonomiska prestanda granskats för att se hur energieffektiviseringshelheterna kunde öka fastigheternas värde. Målet med examensarbetet var att slutligen skapa en lönsamhetskalkyl för energieffektiviseringshelheterna som tar fastighetens värdeökning i beaktande.Traditionellt värderas en energieffektiviseringsåtgärd genom att värdera teknisk livslängd och kostnad av apparaturen jämfört med dess årliga besparing. En sådan lönsamhetskalkyl ger en bild av hur lönsam investeringen är utan att ta fastighetens värdeökning i hänsyn. Detta examensarbete ger en insikt i hur reducerade kostnadsnivåer leder till ett högre fastighetsvärde och därmed en något förändrad lönsamhet vid implementering av energieffektiviseringsåtgärder i fastigheter som kan komma att säljas relativt snabbt efter att förbättringarna har utförts.

Place, publisher, year, edition, pages
2016. , 88 p.
National Category
Energy Engineering
Identifiers
URN: urn:nbn:se:kth:diva-189482OAI: oai:DiVA.org:kth-189482DiVA: diva2:946301
Supervisors
Examiners
Available from: 2016-07-05 Created: 2016-07-05 Last updated: 2016-07-05Bibliographically approved

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