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Publication
Análise de perfil e prioridades dos fundos de investimento estrangeiros detentores de centros comerciais em Portugal
| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 3.89 MB | Adobe PDF |
Advisor(s)
Abstract(s)
Os centros comerciais, como outros ativos, podem ser vistos como um investimento quer
pela geração de resultados da sua exploração como pela evolução do seu valor
imobiliário. A perspetiva do investimento está relacionada com as características e
pretensões dos seus Investidores, ou seja, investidores centrados em negócios de maior
risco, com prioridade na valorização do imóvel, ou investidores com risco reduzido que
procuram estabilidade, conforme mencionado por Sarmento (2018)
A avaliação dos centros comerciais por fundos de investimentos é um processo relevante
cujo conhecimento poderá levar a decisões das entidades gestoras, ajuste da gestão e
definição das suas áreas prioritárias de acordo com as características do Fundo de
Investimento proprietário.
Em Portugal, nos últimos 10 anos, tem se assistido a uma predominância de investimento
estrangeiro no sector dos centros comerciais, revelando o aumento de atratividade de
Portugal neste tipo de imóveis aos olhos do investimento internacional.
Com a presente investigação pretende-se analisar como é percecionada a atratividade dos
Centros Comerciais por parte dos Fundos de Investimento estrangeiros em Portugal,
permitindo compreender a sua avaliação dos atos de gestão e na análise para a aquisição
de novos ativos.
O instrumento utilizado para esta análise foi o método STATIS Structuration des
Tableaux à Trois Indices de la Statistique), proposto por L’Hermier des Plantes (1976) e
desenvolvido por Lavit (1988a) e Lavit et al. (1994), tem as suas bases teóricas no
trabalho de Escoufier (1973, 1976). Trata-se de um método exploratório, que tem por
finalidade analisar as relações entre a estrutura de uma série de matrizes de dados, como
um todo.
Os resultados desta análise permitiram identificar três padrões de comportamento de
centros comerciais, a convergência entre as perspetivas interna, externa e de desempenho
e a divergência com a atratividade atribuída por cada fundo de investimento. Foi possível
elencar um conjunto de ações de melhoria a ser desenvolvidas pela gestão dos centros
comerciais e clarificar quais os fatores e relações mais importantes para os fundos de
investimento em estudo.
Shopping centers, like other assets, can be seen as an investment either by the operating results or by the evolution of the asset value. The investment perspective is related with the investors characteristics and intentions, like, investors focused on higher risk businesses, with priority on property valuation, or investors with reduced risk, looking for stability, as mentioned by Sarmento (2018). The evaluation of shopping centers by Investment Funds is a relevant process, the knowledge, may lead the Shopping Center Management entities for their decisions adjust the management and definition of the priority areas according to the characteristics of the Investment Fund that owns the property. In Portugal, in the last 10 years, there has been a predominance of foreign investment in the shopping center sector, revealing the increase of attractiveness from Portugal in this type of property in the eyes of international investment. With this research we intend to analyze how the attractiveness of Shopping Centers is perceived by foreign Investment Funds in Portugal, allowing to understand their evaluation of management acts and in the analysis for the acquisition of new assets. The instrument used for this analysis was the STATIS Structuration des Tableaux à Trois Indices de la Statistique method, proposed by L’Hermier des Plantes (1976) and developed by Lavit (1988a) and Lavit et al. (1994), has its theoretical bases in the work of Escoufier (1973, 1976). It is an exploratory method, which aims to analyze the relationships between the structure of a series of data matrices, as a whole. The results of this analysis allowed us to identify three patterns of behavior of shopping centers, the convergence between the internal, external and performance perspectives and the divergence with the attractiveness attributed by each investment fund. It was possible to list a set of improvement actions to be developed by the Shopping Center Management team and clarify which factors and relationships were more important for the investment funds under study
Shopping centers, like other assets, can be seen as an investment either by the operating results or by the evolution of the asset value. The investment perspective is related with the investors characteristics and intentions, like, investors focused on higher risk businesses, with priority on property valuation, or investors with reduced risk, looking for stability, as mentioned by Sarmento (2018). The evaluation of shopping centers by Investment Funds is a relevant process, the knowledge, may lead the Shopping Center Management entities for their decisions adjust the management and definition of the priority areas according to the characteristics of the Investment Fund that owns the property. In Portugal, in the last 10 years, there has been a predominance of foreign investment in the shopping center sector, revealing the increase of attractiveness from Portugal in this type of property in the eyes of international investment. With this research we intend to analyze how the attractiveness of Shopping Centers is perceived by foreign Investment Funds in Portugal, allowing to understand their evaluation of management acts and in the analysis for the acquisition of new assets. The instrument used for this analysis was the STATIS Structuration des Tableaux à Trois Indices de la Statistique method, proposed by L’Hermier des Plantes (1976) and developed by Lavit (1988a) and Lavit et al. (1994), has its theoretical bases in the work of Escoufier (1973, 1976). It is an exploratory method, which aims to analyze the relationships between the structure of a series of data matrices, as a whole. The results of this analysis allowed us to identify three patterns of behavior of shopping centers, the convergence between the internal, external and performance perspectives and the divergence with the attractiveness attributed by each investment fund. It was possible to list a set of improvement actions to be developed by the Shopping Center Management team and clarify which factors and relationships were more important for the investment funds under study
Description
Keywords
Centros comerciais Indicadores STATIS Fundos de investimento Atratividade