Sekurytyzacja na rynku nieruchomości

• Autorzy: Konrad Marchlewski

Warianty tytułu

Securitization on Real Estate Market

• Języki publikacji: PL

Abstrakty

Przedstawiono technikę sekurytyzacji, której celem jest pozyskiwanie kapitału poprzez kształcenie wybranych aktywów w papiery wartościowe, które mogą stać się przedmiotem obrotu. Cechą charakterystyczna sekurytyzacji jest wykorzystanie w tym celu Spółek Specjalnego Przeznaczenia (Special Purpouse Vehicle - SPV). Omówiono koncepcję sekurytyzacji na rynku nieruchomości.

EN

The aim of securitization is to gain capital across transformation of selected assets in stocks, which can become object of turnover on capital market. Utilization of Special Purpose Vehicle (SPV) is a characteristic feature. SPV gains capital. It limits risk of investors and separates risk connected with assets from risks of the securitization organizer. Securitization supports efficient financial management but also makes possible identification and pricing of risks. Thanks to securitization, advantages of risks elimination connected with real estate investing can be obtained. With issuing stocks by SPV, which assets are real estate, while liabilities are own capital, it is possible to transfer incomes (after deduction of expenses) connected with possession of real estate, on owners of emitted stocks. Simultaneously, thanks to dealing with stocks emitted by SPV, pricing of risk (e.g. with statistical methods) can be done, similarly how as it is practiced in case of other stocks. At the same time, some risks and typical inconveniences for real estate investing: e.g. risk of liquidity (resulting from transaction volume), risk of time of investing and high transactional costs, are eliminated. Thanks to possibilities of real estate portfolio construction that is in possession of SPV, reduction of specific risk (connected with real estate investing) and systematical risks (binding real portfolio estate with other financial assets) can be done. Therefore, securitization brings following advantages: not large reduction of return of real estate investing (in effect of carrying organization costs and managements of SPV), considerable risk limitation and possibility of risk pricing (and in consequence protection against risk), removal of part of natural barriers (e.g. value and period of investment, transaction costs, necessity of management). (original abstract)

Słowa kluczowe

PL

Rynek nieruchomości; Rynki finansowe; Aktywa; Sekurytyzacja aktywów; Papiery wartościowe

EN

Real estate market; Financial markets; Assets; Asset securitisation; Securities

• Czasopismo: Prace i Materiały Wydziału Zarządzania Uniwersytetu Gdańskiego
• Rocznik: 2004
• Numer: nr 1
• Strony: 118--127

Twórcy

autor

Konrad Marchlewski

Bibliografia

• Hayre L., Salomon Smith Barney, Guide to Mortgage-Backed and Asset-Backed Securities, J.Wiley&Sons, New York 2001.
• Fabozzi F., The Handbook of Mortgage-Backed Securities, Me Graw-Hill, New York 2001.
• Breidenbach M., Real Estate Securitisation as an alternative source of financing for the Property Industry, "Pacific Real Estate Society", Brisbane, January 2003.
• Barbour I., Damerow F., Thym J., Securitisation in the context of mortgage banking, Comerzbank Securities, 2002.
• Deutsche Bank Securitisation Research, Deutsche Bank, 2002.