허브리츠를 활용한 노후 산업단지 내 소규모 기업형 임대주택 활성화에 관한 연구

노후 산업단지의 기업형 임대주택 활성화에 리츠 활용 방안을 검토했다.

This paper aims to find some practical applications to vitalize deteriorated industrial complexes by using a small-sized enterprise-type rental housing REIT vehicle. We investigate the financial feasibility of hypothetical office building projects in deteriorated industrial complexes. In order to improve the competitiveness of above-mentioned office building projects, this paper also analyzes both the expected rate of return and risk level of individual projects, and then confirms the portfolio effect of a hub REIT structure that consolidates these multiple projects.

In this paper, the research design is a sequential process that involves distinct methodologies, consisting of a feasibility study, a simulation analysis, and a mean-variance portfolio optimization. The advantage of our proposed method is highlighted when providing a more effective approach for the hypothetical project’s realization. We strive to establish a robustness for the validity and reliability of the proposed method by providing empirical evidence.

The results extend and complement the existing literature regarding profitability of REIT, pecking order model, and portfolio effect, and help practitioners make better plans for various property development projects in the deteriorated industrial complex.