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Juniorfinansiering i fastighetsbranschen– Fokus kring Mezzanine
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 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Juniorfinancing in the Real Estate business- Focus around Mezzanine (English)
Abstract [en]

Real estate financing is one of the key figures for financial success and fundamental to a

successful business. Funding will come in several different ways

, from existing cashflows and

assets to new capital requirements which are aimed at different markets.

These markets are constantly changing and since the recent financial crisis

, there have been

adjustments and austerity measures which led to that the banks have become more restrictive in

their lending.

The real estate industry is characterized by both long-term and short-term thinking that is

characterized by a solid continuity. Our thesis discuss how the demand is in the real estate

business and how mature the Swedish market is for junior financing

with focus around

mezzanine debt and where are we headed in the near future.

We've reached out to the key players in the industry on both the buy and sell side of real estate

financing but also people between lenders and borrowers that handles transaction advice

. To

have been able to implement the analysis

a survey and simulation of an investment calculation

was created

. This questionnaire was answered by many real estate companies with senior people

that had operational positions

most associated with corporate commitments. These companies

are active in growth areas and especially in the Stockholm area of commercial real estate. After

conducting the study

, we have determined that the Swedish market is mature and ready for

junior financing and it tends to be a gap between the smaller and the larger real estate companies

in terms of demand for mezzanine debt

.

Abstract [sv]

För fastighetsbolag är tillgång till f inansiering en av nyckelfaktorerna för att uppnå en

framgångsrik verksamhet. Finansiering sker på flera olika sätt, allt från befintliga kassaflöden och

tillgångar till nytt behov av kapital där man vänder sig till olika marknader.

Dessa marknader förändras hela tiden och sedan den senaste finanskrisen har det skett

regleringar och åtstramningar vilket lett till att banker blivit mer restriktiva i sin utlåning.

Fastighetsbranschen präglas av både långsiktighet och kortsiktighet som kännetecknas av en

gedigen kontinuitet och vår uppsats behandlar hur efterfrågan ser ut i fastighetsbranschen och

hur mogen den svenska marknaden är för juniorfinansiering med fokusering kring

mezzaninekapital och om vi därigenom kan dra någon slutsats vart vi är på väg.

Vi har lokaliserat de viktigaste aktörerna i branschen på både köp- och säljsidan vid

fastighetsfinansiering men också personer mellan långivare och låntagare som sköter

transaktionsrådgivning. För att ha kunnat implementera analysen gjordes en enkät och simulering

av en investeringskalkyl. Denna enkät besvarades av flertalet fastighetsbolag med högt uppsatta

personer med operativa befattningar samt flertalet bolagsengagemang knutna till sig. Dessa bolag

är verksamma i tillväxtorter och framförallt i Stockholmsområdet mot kommersiella fastigheter.

Efter att ha genomfört studien har vi fastställt att juniorfinansiering är något den svenska

marknaden är mogen för och det tenderar till att uppstå en klyfta mellan de mindre och de större

fastighetsbolagen när det gäller efterfrågan på mezzaninekapital.

Place, publisher, year, edition, pages
2013.
Keyword [en]
Junior-, alternative-, mezzanine-, financing, real estate, investments, financing methods, capital structure, LTV, tranche, track record, IRR, total return, lenders, borrowers, senior loan, equity gap
Keyword [sv]
Junior-, alternativ-, mezzanine-, finansiering, fastighetsinvestering, finansieringsmetoder, kapitalstruktur, LTV, tranche, track record, IRR, total avkastning, långivare, låntagare, seniorlån, equity gap
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-124110OAI: oai:DiVA.org:kth-124110DiVA: diva2:632841
Supervisors
Examiners
Available from: 2013-06-25 Created: 2013-06-25 Last updated: 2013-06-25Bibliographically approved

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Alessandro Naghavi, Sebastian von Berens(990 kB)517 downloads
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