Prado, MelissaJesus, Sofia Marques Da Silva2021-09-072024-01-042021-01-142021-01-04http://hdl.handle.net/10362/124106This paper determines the fundamental drivers that impact the CRE asset class, based on the analysis of a Portuguese Real Estate open-end fund. We developed a tailored risk management approach that considers both macro and micro risks–market and asset-specific, respectively. The material micro drivers analysed are vacancy, tenant, asset concentration, liquidity and ESG(environmental, social and governance factors). The results support the previous drivers' relevance on CRE capitalization rates and demonstrate the significant benefits inherent to adding Real Estate Investment Trusts to the portfolio.engCommercial real estateRisk managementMacro risksMicro risksmaster thesis202740455