A carregar...
Publicação
Sipis benefits ofadoptingreits in Portugal
| Nome: | Descrição: | Tamanho: | Formato: | |
|---|---|---|---|---|
| 1.29 MB | Adobe PDF |
Autores
Orientador(es)
Resumo(s)
A. REITs Overview
REITswerefirstintroducedintheUSin1960
Thispresentationstartswithabriefoverviewoftheseinvestmentvehiclesaroundtheworldwithfocuson2mainbenchmarks:US,hometotheoldestREITsmarket,andSpain,Portugal’sbestcomparablemarket.These2benchmarksareusedasreferencethroughouttherestofthepresentation
B. Adoption of REITs in Portugal
TherearemanybenefitsregardingtheadoptionoftheREITsframeworkforthecountryasawhole,whichisbrieflydiscussedlaterinthepresentation
Therefore,thecorequestionofthisworkiswhywouldPortugueseInvestorswanttoadoptREITsinPortugalnow?
−Itiskeytounderstandthat(i)Portugal’sStrongMarketMomentumoffersauniquewindowofopportunitytoadopttheREITsframework,(ii)REITsareaworldwidesuccessstorywithaproventrackrecord,(ii)REITsareanassetclasswithextremelyattractiveassetfeaturesforinvestorsingeneralandthosealreadyinvestinginrealestateand(iv)REITsenableinvestorstodiversifytheirportfolios
−Thislastmentionedkeypoint(i.e.PortfolioDiversification)isfurtherlydiscussedinanin-depthanalysis.Forthispurpose,andinordertoassesstheexistenceornotofthegainsofdiversification,thestudyconsidershistoricaldatafromthelast5years.Then,itappliestheFama-French3FactorModelastheassetpricingmodelconsideredandanalysestheconsequentforward-lookingfrontiers.Inordertoperformthisstudy,2portfoliosareconsidered,withandwithouttheREITs,across2differentscenarios(aninvestorholdingabaseportfolioofUSstocksandcorporatebonds,andanotheralreadyinvestinginrealestate,holdingabaseportfolioofUSstocks,corporatebondsandtheindexNCREIFTBI,whichtrackstheUSrealestatemarketonaquarterlybasis)
C. Due Diligence
SincethisworkhasPortugalasitmainfocus,thepresentationendswithaquickoverviewofthecurrentREITslegislativesituationinPortugal.TheframeworkhasalreadybeenmentionedbythecurrentandpreviousGovernmentsandissaidtobeunderreview
Finally,thissectionconsidersthe3keyperceivedrisks,asthemainareasoffurtherduediligencetoanalyseandtheonesthatarepotentiallymorechallenging
Descrição
Palavras-chave
Reits market Portugal Reits framework