USP Theses Collection


close this section of the library Real estate investment -- Fiji

View the PDF document Property trust investments for Fiji : the opportunities, constraints and viability of property trust investments for Fiji
Author: Reddy, Wejendra.
Institution: University of the South Pacific.
Award: M.A.
Subject: Real estate investment trusts -- Fiji , Real estate investment -- Fiji
Date: 2001.
Call No.: Pac HG 5095 .R43 2001
BRN: 928207
Copyright:Over 80% of this thesis may be copied without the authors written permission

Abstract: Fiji has had a small active stock market but a stagnant property investment market over tht last five years with no significant commercial real estate transactions. A few key players, including overseas banks, insurance companies and the state superannuation fund, dominate the property market. There are few opportunities for individual investors to gain access in the office, retail, and industrial or tourism property sectors although residential investments remained popular prior to the current political unrest. In the last decade of the twentieth century Property Trusts and Real Estate Investment Trusts have had a major impact on the property markets of Australia and the United States. The thesis charts the growth of these Australian and United States securitised investments and builds on their experience to suggest a framework for establishing property trust investments in Fiji. The thesis investigates the processes and pitfalls that are involved in the establishment and operation of successful property trust vehicles. It provides a theoretical background of Australian Property Trusts (APTs) and the United States Real Estate Investment Trusts (US REITs) investment sectors from both primary and secondary sources. The general features, characteristics and requirements of APTs and US REITs, their advantages and disadvantages are outlined. Also discussed are the investor awareness issues, that is, things that are considered while choosing to invest in property trusts and trusts' valuation, income distribution, management and structural issues. The research takes a qualitative approach and data analysis is grounded on the experience of experts in the market, from Australia and Fiji. The primary data is collected through semi-structured interviews and is analysed using the QSR NUD.ISTT,VI software. The data collected from the Australian interviews re-emphasises the importance of literature as collected for the thesis and. provides a thorough and concise view of the APTs sector. The interviews in Fiji ace focused on the opportunities, constraints and viability of establishing property trust investments in Fiji and the workability of a proposed property trust that was to be floated on the Fijian market before the May 19th 2000 Crisis. An analysis of properties within the Australian Listed Property Trust sector (secondary data) is also provided. This, together wih the literature of the thesis, is used as a benchmark for assessing whether the office properties within the Suva Central Business District (secondary data) have the required characteristics and features to be part of a property trust investment portfolio. The views of the "experts' interviewed in Australia and Fiji are later synthesised to suggest ways of optimising opportunities in the Fijian context and to outline major constraints and viability of setting up property trust investments in Fiji. The thesis provides sufficient guidance to investors, academics and students within the property and investment area in the Pacific Region on the characteristics and features of APTs and REITs investments. It provides an essential framework, outlining the general requirements and issues that needs to be considered for establishing and successfully managing property trust investments in Fiji.
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