Real estate financing is one of the key figures for financial success and fundamental to asuccessful business. Funding will come in several different ways, from existing cashflows andassets to new capital requirements which are aimed at different markets.These markets are constantly changing and since the recent financial crisis, there have beenadjustments and austerity measures which led to that the banks have become more restrictive intheir lending.The real estate industry is characterized by both long-term and short-term thinking that ischaracterized by a solid continuity. Our thesis discuss how the demand is in the real estatebusiness and how mature the Swedish market is for junior financingwith focus aroundmezzanine debt and where are we headed in the near future.We've reached out to the key players in the industry on both the buy and sell side of real estatefinancing but also people between lenders and borrowers that handles transaction advice. Tohave been able to implement the analysisa survey and simulation of an investment calculationwas created. This questionnaire was answered by many real estate companies with senior peoplethat had operational positionsmost associated with corporate commitments.

This study aims to build a deeper understanding on how shareholder value is created in Private Equity investments, especially during the holding period. The study is a qualitative study of the buyout of the access security company Bewator AB made by the Swedish Private Equity firm EQT in 2002. The buyout became highly successful due to various reasons. The study draws the conclusion, contrary to popular belief, that Private Equity firms create value through taking a long term view on business developing rather than being short term value destroyers. Incentive alignment is another important factor..

The purpose of this thesis is to investigate the status of Swedish real estate companies in terms of financial health and risk of financial distress. The background is the ongoing financial crisis, which partly can be derived from the American real estate sector. Publicly available accounting information from 16 listed real estate companies has been analyzed for a period of one year using financial ratios covering both the operational and financial activities. We find that the deceleration in the economy and in the real estate sector have forced the real estate companies to make large write downs, in line with the relatively new accounting rules, IFRS. Write downs are likely to reoccur during the following periods and real estate companies will therefore probably be forced to continue to show negative results.

I den ha?r uppsatsen analyseras avkastningen pa? bo?rsintroduktioner genomfo?rda av Private Equity-firmor pa? den svenska marknaden under perioden 1993-2011. Studien underso?ker huruvida bo?rsintroduktioner genomfo?rda av Private Equity genererar en abnormal avkastning relativt bo?rsintroduktioner som genomfo?rts av icke Private Equity, sammanlagt 97 bo?rsintroduktioner. Ba?da urvalsgrupperna relateras gentemot ja?mfo?relseindex i form av kontrollfirmor pa? kort och la?ng sikt.

The purpose of this thesis was to investigate how the distance between real estate manager and the managed item influenced the real estate management process. The overall real estate management within Lantmännen Fastigheter AB was investigated to give suggestions on how to improve the quality of the real estate management within the company. To do this, questionnaires, interviews and observations was performed within the Lantmännen Fastigheter AB organization. Real estate managers answered questions about their role as real estate manager, maintenance planning, decision processes, leasing and strategies within the company.The analysis of the questionnaires, interviews and observations showed that the real estate managers wants to rearrange their spent working hours around on working tasks to spend more time on the tasks that brings income and spend less time on tasks that are unsatisfying and unnecessary. The analysis also shows in which areas the real estate managers want more support and education and that they mostly work with unplanned maintenance.

Sweden is a world leader in listed private equity and ranked fifth in the world in market capitalization. The sector is attracting increasing interest from the investment community. However, the private equity industry in Sweden has historically poor reputation and is criticized for creating value through high leverage, multiple riding and severe cuts. This study analyzes value creation drivers in buyouts from the perspective of the private equity firm using a dataset of 15 realized buyouts by private equity firms listed on NASDAQ OMX Nordic Stockholm. The methodology used separates the value contribution of leverage on the private equity firm's return from internal operational improvements and external variations in transaction multiples.

In the future the Swedish pension system will face major problems. With an increasing aging population combined with a decreasing share of working population the financing of the pension system is becoming a bigger problem than previously predicted. This means the individual himself will have a bigger responsibility to invest money for their future retirement. It has been shown that a large proportion of the people who invests for their future pension have neither the interest nor the time to actively invest their pension capital. To make it easier for those who invest for their retirement, some Swedish banks have created so-called generation funds.

ABSTRACTTitle:Estate agent is a trusted profession - a study of how real estate broker working on Codes of ConductLevel:Final assignment for Bachelor Degree in Business AdministrationAuthor:Mikaela KarlssonSupervisor:Agneta SundströmDate:2012 ? JuneAim:There is a lack of confidence in the branch of real estate which makes me wonder: How do the bransch of real estate work with Code of Conduct to strengthen their confidence? The aim is to describe and analyze how the branch of real estate works with confidence and codes of conduct.Method:I have an qualitative approach in which interviews have been used to collect data and literature studies to collect theoretical information. The collected material have been analyzed from a hermeneutical perspective.Result & Conclusions:To some extent the real estate branch works with the establishment of Codes of Conduct to strengthen the confidence. This is shown by increased transparency to increase customers commitment in the bidding. As confidence has been risen for the part of the process this indicate that Codes Of Conduct has the ability to strengthen the confidence for the real estate as a branch.Suggestions for future research:One topic that is interesting to study is how the real estate brokerage companies could controll their stakeholders to follow the company´s guidelines for social responsibility.Contribution of the thesis:The thesis gives people involved in real estate branch suggestions on how a trust could be built up by working with Codes of Conduct.Key words:Corporate Social Responsibility, Code of Conduct, confidence, real estate broker, the bransch of real estate..

ABSTRACTTitle:Estate agent is a trusted profession - a study of how real estate broker working on Codes of ConductLevel:Final assignment for Bachelor Degree in Business AdministrationAuthor:Mikaela KarlssonSupervisor:Agneta SundströmDate:2012 ? JuneAim:There is a lack of confidence in the branch of real estate which makes me wonder: How do the bransch of real estate work with Code of Conduct to strengthen their confidence? The aim is to describe and analyze how the branch of real estate works with confidence and codes of conduct.Method:I have an qualitative approach in which interviews have been used to collect data and literature studies to collect theoretical information. The collected material have been analyzed from a hermeneutical perspective.Result & Conclusions:To some extent the real estate branch works with the establishment of Codes of Conduct to strengthen the confidence. This is shown by increased transparency to increase customers commitment in the bidding. As confidence has been risen for the part of the process this indicate that Codes Of Conduct has the ability to strengthen the confidence for the real estate as a branch.Suggestions for future research:One topic that is interesting to study is how the real estate brokerage companies could controll their stakeholders to follow the company´s guidelines for social responsibility.Contribution of the thesis:The thesis gives people involved in real estate branch suggestions on how a trust could be built up by working with Codes of Conduct.Key words:Corporate Social Responsibility, Code of Conduct, confidence, real estate broker, the bransch of real estate..

Undersökningens syfte är att analysera hur portföljbolags Strategiska inriktning och CorporateGovernance-arbete påverkas av ett skifte till Private Equity-ägande. Uppsatsens empiriska material består av intervjuer med anställda i två stora, forskningsintensiva bolag som avnoterats från Stockholmsbörsen genom Private Equity. I undersökningen identifieras hållpunkter för portföljbolagets Strategi och Corporate Governance-arbete, vilka alla på något sätt påverkats av övergången till Private Equity. Det kan konstateras en märkbar förskjutning i portföljbolagets strategiska inriktning till följd av Private Equity-bolagets tydliga ägarstrategi.Vidare medför ägarskiftet förändringar i styrelse och ledning, samtidigt som avståndet mellan ägare-styrelse-ledning reduceras avsevärt..

De senaste fem åren har buyout-segmentet på den svenska private equity-marknaden vuxit kraftigt i omfattning. Buyout-investeringarna har ökat från 6 555 mkr år 2001 till 37 171 mkr 2006. Då pengar investeras i ett portföljbolag följer ett stort ansvar att dessa investeras så att en god avkastning uppnås som kompenserar den risk investerarna tar. Därför måste buyout-företagen i förväg noggrant analysera investeringsobjekten för att göra välgrundade kapitalplaceringar.Syftet är att beskriva vilka investeringskriterier private equity-företag tittar på inför en eventuell buyout-investering och att redogöra för vilka av dessa kriterier som är de mest centrala. Vidare är syftet att klargöra vilket avkastningskrav private equity-företagen har på sina buyout-investeringar.

Uppsatsen syfte är att klargöra vilka faktorer som är av betydelse när det kommer till värdeskapande i private equity bolagens portföljbolag.

The commercial real estate market makes up a large part of Sweden's property portfolio, as well as other open, free markets in the real estate market it is regulated by supply and demand. There are several factors that affect the supply and demand in the commercial real estate market, for instance the price, type of real estate and the condition of the real estate. In order to achieve success in the commercial real estate market it requires that real estate agents have a certain expertise and flexibility in their thinking to adapt commercial real estates to supply and demand. Active investors on the commercial real estate market are for instance private real estate agents, their knowledge and experience will help increase the value of commercial real estate in the long run. In order to provide the market flexibility in its real estate portfolio, vacancy is a factor that can be used.

The purpose of this thesis is to examine and analyze the characteristics of the management control system private equity firms use to manage their portfolio companies. The thesis takes a share holder value perspective, and it is assumed that the goal of the management control system is to increase the shareholder value in the portfolio company. In a qualitative study two private equity firms and two portfolio companies, one for each private equity firm, were studied in detail. In total, nine in debt interviews were completed. The results from this study suggest that the characteristics of the control system are dependent on the surrounding context; the focus on shareholder value and the specific characteristics of the private equity industry shape the characteristics of the management control system.

The aim of our master thesis is to study the way valuation of real estate is conducted by real estate companies. Furthermore we want to identify the factors that affect the relevance and reliability of the valuation. The reason for this is the introduction of IFRS, in 2005, and the application of the IAS 40 rules stating that real estate are to be recognized at fair value on the balance sheet. To do this we have performed a case study on 10 Swedish real estate compa-nies listed on the Stockholm stock exchange, OMX, Large Cap and Mid Cap list to see how the share value has performed in relation to the reported net asset value since 2005 and how they value their collection of properties. We also studied the assumptions made by real estate company analysts.