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Immobilienkapitalanlage institutioneller Investoren – Risikomanagement und Portfolioplanung

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  • Pfnür, Andreas
  • Armonat, Stefan

Abstract

(Management Summary, Auszug) Kapitalanlage in Immobilien: Risikomanagement bei institutionellen Investoren dringend gefordert. Erste Ergebnisse der Auswertung einer empirischen Studie der Universität Hamburg und der Unternehmensberatung Eversmann & Partner über die Portfolioplanung und Risikosteuerung bei institutioneller Immobilienkapitalanlage zeigen, dass im Hinblick auf die Anforderungen des KonTraG bei Unternehmen und Kapitalanlagegesellschaften der Immobilienbranche verfeinerte Instrumente und Verfahren zur Steuerung der Anlage und des damit verbundenen Risikos angewendet werden müssen. Kapitalmarkttheoretische Modelle zur Steuerung eines Immobilienbestandes sind aufgrund der Einzelobjektspezifika nicht anwendbar. Das Thema Risikomanagement ist in der Branche aus folgenden Gründen gegenwärtig von sehr hoher Bedeutung: (...) Vor diesem Hintergrund wurde von Herrn Dr. Andreas Pfnür und Herrn Stefan Armonat ein Forschungsprojekt an der Universität Hamburg aufgesetzt, welches das Ziel verfolgt, Transparenz in die Entstehung immobilienbezogener Risiken sowie die bisherige Steuerung des Portfolios bei institutionellen Immobilieninvestoren zu bringen. Die gegenwärtig hohe Brisanz des Risikomanagements bei Immobilienkapitalanlagen verdeutlicht exemplarisch die Tatsache, dass sich an der Befragung alle 11 offenen Immobilienfonds beteiligt haben. (...)

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  • Pfnür, Andreas & Armonat, Stefan, 2001. "Immobilienkapitalanlage institutioneller Investoren – Risikomanagement und Portfolioplanung," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35586, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    • Handle: RePEc:dar:wpaper:35586
    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/35586/
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    References listed on IDEAS

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    1. Armonat, Stefan & Pfnür, Andreas, 2002. "Basel II and the German credit crunch?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35585, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    2. Patrick Krieger & Carsten Lausberg & Kristin Wellner, 2018. "Einblicke in die Gründe für nicht-normalverteilte Immobilienrenditen: eine explorative Untersuchung deutscher Wohnimmobilienportfolios [Insights into the reasons for non-normal real estate returns:," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 4(1), pages 49-79, November.
    3. Armonat, Stefan & Pfnür, Andreas, 2003. "Asset allocation versus entrepreneurial decisions in real estate investment," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35582, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).

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