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Gröna obligationer: Trender inom fastighetfinansiering
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.
2018 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Green bonds : Financing Trends in Real Estate (English)
Abstract [sv]

Fastighetsfinansieringsmarknaden är i ständig förändring. Bolag söker kontinuerligt nya sätt att anskaffa kapital och på senare år har trenden att finansiera sig genom obligationer slagit på bred front i Sverige. På senare år har även diskussionen om klimathotet intensifierats och inte bara stater försöker vara hållbara och arbeta för en bättre omvärld. Med bakgrund av detta ämnar uppsatsen undersöka finansieringstrender på den svenska fastighetsmarknaden med fokus på gröna obligationer.För fastighetsbolag kan det finnas flera nyttor i att vara mer miljövänlig. De kan dels sänka driftkostnader och i förlängningen höja driftnettot och lönsamheten i deras fastigheter, men de kan också emittera gröna obligationer. De som emitterar gröna obligationer kan åtnjuta en något lägre premie än om den varit icke-grön och de får även möjligheten att kommunicera detta i sin hållbarhetsrapportering vilket ger företaget viss good-will. Det råder dock en viss oro på marknaden för bolag som kan utnyttja bristande information och kunskap för att emittera gröna obligationer och på så sätt ”åka snålskjuts” på denna förmånliga trend.Till denna kandidatuppsats har vi intervjuat företagsrepresentanter från fem stora svenska fastighetsbolag samt en från SFF som emitterar obligationer åt fem fastighetsbolag (varav ett vi intervjuat). Vi har även samlat in data om hur svenska fastighetsbolags kapitalstruktur förändrats sedan 2012.

Abstract [en]

The Capital Market for Real Estate is ever changing. Companies continuously try to find new ways to obtain financing and for the past years the trend has been for companies to go to the capital market and finance their projects with bonds. Furthermore, the climate-question has been intensified lately and companies are taking more responsibility when it comes to working towards a sustainable future. In view of this, this research paper aims to examine financing trends on the Swedish Real Estate Market with special focus on green bonds.The benefits that real estate companies can enjoy from being more environmentally sustainable are many, but the main benefits are that more sustainable buildings often result in lower operating and maintenance costs which in turn has a positive effect on the net operating income. Furthermore, companies that issue green bonds can enjoy a lower interest rate compared to those issuing regular bonds. Issuing a green bond also allows the company to communicate their sustainability work in a more natural way which in turn gives the company some good-will. Though some companies worry that there are other firms out there trying to capitalise on this green trend thus taking advantage of the work of others and attracting investors for the wrong reasons.The research has been conducted by interviewing representatives from five large Swedish real estate companies in addition to Svensk Fastighetsfinansiering, a bond issuer co-owned by five real estate companies, one which we have interviewed. Moreover, we have collected historical data of 26 Swedish real estate companies aggregated capital structure since 2012.

Place, publisher, year, edition, pages
2018. , p. 52
Series
TRITA-ABE-MBT ; 18222
Keywords [en]
Sustainability, real estate financing, financing trends, sustainable financing
Keywords [sv]
Hållbarhet, fastighetsfinansiering, finansieringstrender, miljömässiga investeringar
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-259648OAI: oai:DiVA.org:kth-259648DiVA, id: diva2:1352753
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Examiners
Available from: 2019-09-19 Created: 2019-09-19 Last updated: 2019-09-19Bibliographically approved

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