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Los REITs espanoles como vehfculo de inversion y financiaciön de la actividad inmobiliaria: Las SOCIMI

Spanish REITs as a investment vehicle and financing source of the real state activity articles

Journal Name:

  • Intangible Capital

Publication Year:

  • 2012
DOI: 
http://dx.doi.org/10.3926/ic.304

Key Words:

Keywords (Original Language):

Author NameUniversity of Author
Abstract (2. Language): 
Purpose: Analysis from a financial perspective of the SOCIMI, real estate investment vehicles regulated in Spain since 2009, which are equivalent to Real Estate Investment Trusts (REITs). Design/methodology: It has been used the inductive-deductive and experimental methodology. Findings: From the investors point of view, SOCIMI are real estate investment vehicles competitive in terms of profitability and risk being affected not only by the evolution of financial markets, but also by its underlying assets which are subject to the real estate market cycle. On the other hand, SOCIMI are helpful for funding capture in real estate companies but it is foreseen that its quotation will incorporate significant discounts over the Net Asset Value (NAV) of its underlying assets. For investors as well as for real estate company managers, the application of behavioral finance will enable a better investment and financing decision making in the real estate market with the contribution of analysis models which make possible the understanding of market inefficiencies. Originality/value: Further investigation over SOCIMI, the real estate investment vehicle, barely studied up to now, can help to improve decision making of investors as well as real estate companies interested in fund raising through this vehicle.
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Abstract (Original Language): 
Objeto: Análisis desde una perspectiva financiera de las SOCIMI, instrumentos de inversión inmobiliaria regulados en España, equivalentes a los Real Estate Investment Trusts (REITs). Diseño/metodología/enfoque: Se ha aplicado la metodología inductiva-deductiva y la metodología experimental. Aportaciones y resultados: Desde el punto de vista del inversor, las SOCIMI son un vehículo de inversión inmobiliaria competitivo en términos de rentabilidad y riesgo los cuales se verán afectados, no sólo por la evolución de los mercados financieros, si no por sus activos subyacentes que estarán sujetos al ciclo del mercado inmobiliario. Por otro lado, las SOCIMI son un instrumento útil para la captación de financiación en compañías inmobiliarias pero se prevé que su cotización presente descuentos significativos sobre el valor neto de sus activos subyacentes (Net Asset Value). Tanto para inversores como gestores de compañías inmobiliarias, la aplicación de las finanzas conductuales permitirá mejorar las tomas de decisiones de inversión y financiación en el sector inmobiliario al aportar modelos de análisis que permiten comprender las ineficiencias a las que están sujetas los mercados. Originalidad / Valor añadido: Aumento de la investigación sobre el vehículo SOCIMI, escasamente estudiado hasta la fecha lo que puedeayudar a la tomar de decisiones tanto para inversores como para compañías interesadas a financiarse a través de dicho vehículo.
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  • 2
308-363
  • Spanish

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