Огнян Ганев
Abstract: The special purpose vehicles (SPVs) are joint-stock companies, which pursuant to rules and conditions of the Law on the Special Purpose Vehicles invest money, raised by issuance of transferable securities, into real estate properties or into receivables (securitization of real estate properties or receivables). Such companies may only deal in business transactions for raising money by issuance of transferable securities, as well as in business transactions related to the purchase of the real estate properties and in-rem rights over real estate properties, building activities and improvements, for the purpose of providing them for management, letting of properties, leasing or renting, and their sale, or related to the sale or purchase of receivables. For the purposes of this article only the companies which securitize funds raised by issuance of transferable securities into real estate properties will be analyzed. The object of the research are the special purpose vehicles which compose securitizations of real estate. The subject of the analysis is the type, composition and structure of financing of the activities of the special purpose vehicles. The types of financing, which these companies use in their activities for purchasing of real estate properties, execution of building activities or improvements for the purpose of providing them for management, letting of properties, leasing or renting, and their sale, are studied. The aim is to identify trends in the used types of financing of the activities of the SPVs and to draw conclusions for their effect on the financial results of these companies.
Key words: Special purpose vehicles; securitization; real estate
Сваляне на пълния текст в PDF формат
