부동산 간접투자시장에서 동시투자의 메커니즘 = The Mechanism of Simultaneous Investment in the Korean Real Estate Capital Market

다국어 초록 (Multilingual Abstract)

Many institutional investors indirectly invest in both Korean loan and equity capital markets through particular real estate indirect investment vehicles. This study attempts to answer the question, “Why and how do these simultaneous investments appear in the Korean real estate capital market?”, through qualitative, in-depth interviews with five institutional investors who have experience with such investments. From the view of financial theory, simultaneous investments are expected to alleviate conflicts of interest and information asymmetry problems between shareholders and creditors while reducing related agency costs. In this study, the mechanisms and incentives/benefits of simultaneous investment in the Korean real estate capital market are examined with a focus on `investment risk reduction`, `interest rates and simultaneous investment premiums`, `high leverage`, `loan covenants`, and `positive attitudes toward simultaneous investments by investors who have yet to use these vehicles`. In closing, this study discusses the driving forces for promoting simultaneous investments ranging from `simple indirect investment structures with non-recourse nature` to `real estate collateral and covenants`.

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