Browsing by Author "Kuusenaho, Iida"
Now showing 1 - 3 of 3
Results Per Page
Sort Options
Item Asuntorahastot Suomessa - markkinakatsaus(2014-11-24) Kuusenaho, Iida; Majamaa, Wisa; Insinööritieteiden korkeakoulu; Junnila, SeppoItem Asuntorahastot Suomessa – katsaus markkinaan(Aalto University, 2015) Kuusenaho, Iida; Maankäyttötieteiden laitos; Department of Real Estate, Planning and Geoinformatics; Insinööritieteiden korkeakoulu; School of EngineeringResidential funds are relatively new investment instruments in the Finnish market. 29 real estate funds investing in residential properties have been established since 2006. Most of them are private equity real estate funds that are targeted mainly at institutional or other wealthy investors. In recent years, the market has evolved and other forms of residential funds have been established also for smaller investors. Other forms include REIT and special investment funds. Residential funds have received a lot of publicity in Finland and the portion of all established funds is almost half. Despite its growth and development, the residential fund market has not been studied as a whole from an investment and housing market point of view. The aim of this study is to find out what kind of investment instruments residential funds are, how the market has evolved, what kind of sphere of operations they have, and how they impact on the market. The future prospects of residential funds were also charted in the study. In addition to residential funds, the study will also look at the indirect real estate investment market in Finland as a whole. The study is implemented as a qualitative study including theoretical and empirical element (case study and interviews). The basic information of residential funds has been collected partly from public sources and partly from the managers. Interviews were carried out by interviewing five investors and five fund managers connected to residential funds. As a result of these interviews some minor differences can be seen between investors and managers regarding how they see the market. In general the managers had a slightly more positive insight into the market of residential funds. The total gross asset value (GAV) of the residential funds exceeds two billion euros and the target GAV is 3.3 billion euros. The role of residential funds in the professional housing market has been increasing in recent years, even though residential funds are generally seen as a minor player compared to the whole housing market. The character of a residential fund as an investment vehicle is regarded as stable and safe. In addition, it has a decentralizing character. Good return on residential investments, low rate levels, ease of investment and the opportunity to use debt for institutional investors are among other factors that have had a positive effect on residential fund market growth. It can be noted that the growth of the residential fund market and increase in the number of new managers is stabilizing. In the near future the market growth is mainly expected to come from increasing volumes of the funds and smaller private investors. Housing market has effects on the residential fund market and vice versa. In recent years, the effects of residential funds have been positive on the market, for example, on employment and construction activity in the residential sector. To conclude, it is likely that residential funds as investment instruments will remain part of the market.Item Kaavojen energiataselaskelmat(2011) Kuusenaho, Iida; Kanerva, Jaakko; Insinööritieteiden korkeakoulu; Vitikainen, Arvo
