The outsourcing of non-core business activities process has involved a significative number of companies driven by both the aim of reducing costs and by the opportunity to focus their resources to efficiently compete on the market . The same process has involved the companies operating in the real estate market where, the significative number of required services for the management of the assets and the necessity to exploit the most qualified resources on the market have strongly supported the outsourcing process of the activities during the last 10 years. The peculiarity of the real estate product, however, requires a deep analysis to define which are the necessary services for the management of the assets: location, investment strategies, use and qualitative characteristics have to be considered to define the required services. The objective of the thesis is to examine a reproducible methodology useful to identify and qualify the management model used by the property to outsource the asset management services. The chosen point of view for the development of this methodology is the one of the SGR and the one of the typology of managed funds. In the first part of the thesis the main characteristics of the Real Estate Investment Funds, the stakeholders involved in the management and monitoring processes, the SGR role and the life-cycle of the fund are described. Afterwards, the management activities required by the real estate market are presented: the boundaries and the relationships among them are defined according to the classification of the strategic and operational aspects for each activity. In the second part of the thesis, the analysis of the investment strategies pursued for each asset and the analysis of the characteristics of the specific asset classes are used to identify the management activities considered to be fundamental for the success of the real estate investment. In the final part, the proposed methodology is applied to some case studies in order to identify and qualify possible management models on the basis of the information collected through the interviews. The study was drawn up through an analysis of the available bibliography and on field research conducted through the interviews with some of the players operating both in the fund and asset management, SGRs, and in the management of the services, service providers.
Il processo di esternalizzazione delle attività no-core del business ha coinvolto negli ultimi anni un numero significativo di aziende guidate, sia dall’obiettivo della riduzione dei costi, sia dall’opportunità di concentrare le proprie risorse per far fronte alla crescente competitività presente sul mercato . Lo stesso processo è stato intrapreso dalle compagnie operanti nel real estate dove, il significativo numero di servizi richiesti per la gestione immobiliare e la necessità di reperire le risorse più specializzate disponibili sul mercato hanno fortemente incoraggiato l’esternalizzazione delle attività nel corso degli ultimi 10 anni. La specificità del prodotto immobiliare, tuttavia, richiede un’analisi approfondita per la definizione dei servizi richiesti durante la fase di gestione: la locazione dell’asset, le strategie d’investimento, l’uso e le caratteristiche qualitative dell’immobile devono essere sempre considerate per la definizione dei servizi necessari. L’obiettivo della tesi è quello di indagare una metodologia replicabile utile per l’identificazione e la qualificazione del modello di gestione utilizzato dalla proprietà per l’esternalizzazione dei servizi di gestione immobiliare. Il punto di vista privilegiato scelto per lo sviluppo della metodologia è stato quelle delle Società di Gestione del Risparmio e della tipologia di fondi gestiti. Nell lavoro di tesi vengono dapprima presentate le caratteristiche principali dei fondi immobiliari, gli attori coinvolti nei processi di gestione e di controllo, il ruolo della SGR e il ciclo di vita dei fondi immobiliari. In seguito vengono presentate le attività di gestione richieste dal mercato del real estate e definiti i confini e le relazioni tra esse secondo una classificazione degli aspetti strategici e operativi per ciascuna attività. Nella seconda parte della tesi l’analisi delle strategie di investimento perseguite sugli specifici asset e l’analisi delle peculiarità di ciascun comparto immobiliare sono utilizzate per l’identificazione delle attività di gestione considerate fondamentali per il successo dell’investimento immobiliare. Nella parte finale la metodologia proposta viene applicata su alcuni casi studio con l’obiettivo di identificare e qualificare i possibili modelli di gestione sulla base delle informazioni ottenute attraverso le interviste condotte. Lo studio è stato redatto attraverso un’analisi della bibliografia disponibile e un’attività di indagine sul campo realizzata per mezzo dello strumento dell’intervista condotta con alcuni dei players operanti sia nel settore del risparmio gestito, SGR, sia nella fornitura di servizi immobiliari, service providers.
Management models in real estate investments funds. Towards a methodological approach for the definition of INsource or OUTsource strategies in real estate management activities
TANSELLA, GIULIO
2016/2017
Abstract
The outsourcing of non-core business activities process has involved a significative number of companies driven by both the aim of reducing costs and by the opportunity to focus their resources to efficiently compete on the market . The same process has involved the companies operating in the real estate market where, the significative number of required services for the management of the assets and the necessity to exploit the most qualified resources on the market have strongly supported the outsourcing process of the activities during the last 10 years. The peculiarity of the real estate product, however, requires a deep analysis to define which are the necessary services for the management of the assets: location, investment strategies, use and qualitative characteristics have to be considered to define the required services. The objective of the thesis is to examine a reproducible methodology useful to identify and qualify the management model used by the property to outsource the asset management services. The chosen point of view for the development of this methodology is the one of the SGR and the one of the typology of managed funds. In the first part of the thesis the main characteristics of the Real Estate Investment Funds, the stakeholders involved in the management and monitoring processes, the SGR role and the life-cycle of the fund are described. Afterwards, the management activities required by the real estate market are presented: the boundaries and the relationships among them are defined according to the classification of the strategic and operational aspects for each activity. In the second part of the thesis, the analysis of the investment strategies pursued for each asset and the analysis of the characteristics of the specific asset classes are used to identify the management activities considered to be fundamental for the success of the real estate investment. In the final part, the proposed methodology is applied to some case studies in order to identify and qualify possible management models on the basis of the information collected through the interviews. The study was drawn up through an analysis of the available bibliography and on field research conducted through the interviews with some of the players operating both in the fund and asset management, SGRs, and in the management of the services, service providers.| File | Dimensione | Formato | |
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2017_07_Tansella.pdf
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https://hdl.handle.net/10589/135422