투자행태에 따른 서울 오피스빌딩 Cap Rate 연구
A Study on the Cap Rate of Office Building According to the Investment Behavior
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This study aimed to investigate what effect the Strategy and the Structure of Investment have on the Cap Rate. An attempt was made to analyze the relationship between the strategy of the funds according to the asset holding period and the Cap Rate, conducting empirical analysis on the cases of office building transactions over the 12-year period since 2Q in 1998 to 2Q in 2010. As a result, it was found that there was a significant difference in the average of the Cap Rate between medium to long-term funds and short-term funds, indicating that the difference of investment strategy according to holding period had an effect on the Cap Rate. It was found that in case of domestic funds there was a significant difference in the average of the Cap Rate between long-term fund and medium to short-term fund, indicating that long-term investors such as the National Pension Fund and Agricultural Cooperatives showed an investment strategy differentiated from other domestic investors. It was found that the tax-reducing effect of the structure was in orders of In-kind Contribution>ABS > REITs, REF> Outright Sales. This analysis showed there was a significant difference in the average of the Cap Rate between ABS and Outright Sales.
Abstract
This study aimed to investigate what effect the Strategy and the Structure of Investment have on the Cap Rate. An attempt was made to analyze the relationship between the strategy of the funds according to the asset holding period and the Cap Rate, conducting empirical analysis on the cases of office building transactions over the 12-year period since 2Q in 1998 to 2Q in 2010. As a result, it was found that there was a significant difference in the average of the Cap Rate between medium to long-term funds and short-term funds, indicating that the difference of investment strategy according to holding period had an effect on the Cap Rate. It was found that in case of domestic funds there was a significant difference in the average of the Cap Rate between long-term fund and medium to short-term fund, indicating that long-term investors such as the National Pension Fund and Agricultural Cooperatives showed an investment strategy differentiated from other domestic investors. It was found that the tax-reducing effect of the structure was in orders of In-kind Contribution>ABS > REITs, REF> Outright Sales. This analysis showed there was a significant difference in the average of the Cap Rate between ABS and Outright Sales.
참고문헌 (18)
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