TFL Vsebine / Revija SIR*IUS

Real Estate Investment Trusts

Nepremičninski investicijski skladi so dobro uveljavljena posredna metoda vlaganja v nepremičnine. Najbolj razširjena oblika nepremičninskih skladov v svetu so t. i. REIT-i, za katere je znano, da so na dolgi rok nizko korelirani s klasičnimi naložbami, kot so delnice in obveznice. Za investitorje so privlačni predvsem zaradi odprave slabosti neposrednih naložb v nepremičnine ter visokih dividendnih in kapitalskih donosov. Pravna oblika in pogoji za pridobitev statusa nepremičninskega sklada se med državami razlikujejo, vendar pa so vsem skupne davčne ugodnosti. Ker REIT-i izplačajo najmanj 90-odstotni dobiček delničarjem v obliki dividend, tem ni treba plačevati davkov na podjetniški ravni. V Sloveniji je bil v letu 2015 sprejet novi Zakon o investicijskih skladih in družbah za upravljanje, ki je uredil kolektivne naložbene podjeme za vlaganje v prenosljive vrednostne papirje in alternativne investicijske sklade, ki javno zbirajo premoženje.

Real estate investment funds are a well-established indirect method of investing in real estate. The most widespread form of real estate funds in the world are the so-called REIT funds, which are known to have long-term low-correlation to traditional investments such as stocks and bonds. They are attractive for investors primarily due to the elimination of the weaknesses of direct property investments and high dividend and capital yields. Form and conditions for obtaining the status of a real estate fund vary between countries, but they all share tax benefits. Since the REITs pay at least 90 per cent profit to shareholders in the form of dividends, they are not required to pay taxes at the corporate level. In 2015 Slovenia adopted a new law on investment funds and fund managing companies, which regulates undertakings for collective investment in transferable securities and alternative investment funds, which publicly raise capital.