英國私投都市更新地區專案之最小要求投資報酬殖利率(Yield)
Alleviation of risk in urban regeneration
"investors perceive urban regeneration areas differently to non-regeneration locations, and therefore apply different criteria, including a premium, in assessing the risk attached to investment. Regarding the magnitude of risk premia, options range between 1%~3%. In relation to yield construction with a 3.5% risk-free rate, a 2.25% risk premia from prime property and a 3.5% inflation rate, the required return for projects in urban regeneration areas could therefore range from 10.25% to 12.25%. The Target return depends on the characteristics of the project and the exposure todefined risk."
(Adair et al)
(Option range) = 1%~3% (Regarding the magnitude of risk premia , options range between 1%~3%)
無風險投資報酬(Risk Free)=3.5%
風險貼水 (Risk Premium) =2.25%
通貨膨脹率(Inflation rate) = 3.5%
加總最少投資報酬率= 10.25%~12.25%
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個案目標投資報酬率根據個案的特性及風險調整
PFI的案件最低需求投資報酬率為12%~14%, Refinancing 要20+%.
For PFI sachemes, the interview evidence indicates that funds would look for 12%~14% base case return or 20%+ with refinancing. PFI through the provision of schools, hospitals and infrastructure has the potential to provide these core elements as part of much more holistic approach to regeneration, mapping on to the higher riskend of the regeneration risk-rutrun spectrum.(Adair et al,2007)
資料來源:
Alastair Adair, James Berry, William Deddies, Stanley McGreal and Suzanne Hirst.(1997).Accessing Private Finance - The Availability and Effectiveness of Private Finance in Urban Regeneration.London: RICS
Alastair Adair, Jim Berry, Norman Hutchison and Stanley McGreal (2007). Attracting Institutional Investment into regeneration: necessary conditions for effecive Funding. Journal of property research.24(3).PP221-240.
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