부동산펀드의 자산 운용에 관한 연구-오피스 실증자료를 중심으로-

Abstract

Recently, office building is regarded as the main investment object of Real Estate Fund in Korea. But previous works of Real Estate Fund focused on the portfolio of housing & apartment index. Thus this study dealt with the optimal portfolio of the office building. Firstly, it analysed the optimal portfolio of office, KOSPI 200 and government bond. In two asset portfolio, office-government bond portfolio is the best investment. In three asset portfolio, positive portfolio effect hasn't found. However, when the portion of office is increased, sharp ratio is also increased, in three asset portfolio, which means that 100% share of real estate is optimal in three asset portfolio. Secondly, office rental portfolio was studied in the aspect of it's location and size. The optimal portfolio is kang-nam & mapo-yeouido combination and 10,000~15,000 pheong & over 15,000 pheong combination. Lastly, it compared the portfolio of housing & apartment index with that of office. The result is that the latter is different from the former in terms of total returns and the share of real estate in the portfolio.