Svenska fastighetsfonders investeringsstrategi ur ett ESG-perspektiv

Sammanfattning: ESG and sustainability is a subject that has become very topical in recent years and gained a greater place in the public debate. The subject has had a major impact in many different sectors of the Swedish industry and companies have become more aware of their impact on the environment. The focus has moved from only including the environmental impact to also including social sustainability and good corporate governance. These three aspects of sustainability are what are included in the concept of ESG. Despite the topicality of the subject, it can be considered quite new and not fully explored in the real estate market and that is why this study is being carried out. A great number of laws and regulations have been instituted both nationally and internationally regarding the subject to create a clear framework for companies to relate to. Different sectors have been affected to different extents by these laws and regulations. This study is aimed at the investor market and more specifically that of Swedish mutual funds that invest in the Swedish real estate market. The questions that the study will be based on are the following: - How do Swedish real estate funds invest from an ESG perspective? - What value do Swedish real estate funds see in ESG when evaluating investments? - How do Swedish real estate funds view ESG in the real estate industry? The qualitative study begins with a deep dive into the background and theory around ESG and sustainability linked to the Swedish real estate market. This part of the study also includes a thorough review of the EU taxonomy and the regulations it includes that have an impact on mutual funds. Swedish real estate funds structure and their business strategy is examined in this part, as well as its commitment to ESG and sustainability. Interviews were then conducted with eight representatives from one investment fund that invest directly and own real estate and seven mutual funds that invest in real estate companies that are active on the Swedish real estate market. The interview questions, which was divided into three parts, consisted of several open-ended structured questions and one categorical question. The parts were "Fund strategy", "The real estate industry and ESG" and "Regulations". The interviews aimed to give the writers an insight into how people who actively work with investments in real estate companies and operating in the Swedish real estate market’s view of ESG and sustainability and what impact it has on their investment strategy. The results from this interview study were then analyzed together with previous research and theories within the subject in order to finally be able to draw conclusions linked to the original questions. The study can state that ESG is implemented in the work of Swedish real estate funds and that it is an aspect that is included when they evaluate companies for investments. However, the main purpose of the funds is not to promote ESG and sustainability, but to create added economic value for their investors. This means that there are other aspects that the funds attach greater value to in their evaluations of real estate companies. The factors that have greater value are, among other things, cash flows, the management's competence and the company's prospects. With this as a background, the study also concluded that the fund companies value ESG reasonably high to high (three to four on a five-point scale). The conclusion can also be drawn that the fund companies believe that the real estate industry has undergone a change in the last 5, 10 and 15 years where ESG and sustainability have become more important for several of the actors in it. The trend that can be seen in society at large of an increased value of sustainability has been reflected among developers, property owners and tenants. The regulations that have been introduced have affected the development of the subject and future regulations will continue to accelerate this development and ESG will continue to be an important factor for the Swedish real estate market.