Modelling the efficiency of development projects considering the acquisition of land rights through the purchase of a legal entity
Modelling the efficiency of development projects considering the acquisition of land rights through the purchase of a legal entity
DOI:
https://doi.org/10.22337/2073-8412-2024-3-6-12Keywords:
development project, investments, efficiency assessment, dividends, profitability, acquisition of a legal entity, land plotAbstract
This paper presents an analysis of developers' approaches to the acquisition of land plots for project implementation, the form, common in modern conditions when a developer acquires 100 % of the shares of a legal entity that has lease rights to a land plot intended for development, is investigated. The multifactoriality of the investment efficiency assessment task is noted, based on financial modelling that takes into account the specifics of the considered project entry option according to the criterion of return on investment. A decision-making procedure in the analysis process is constructed, consisting of eight stages and including calculations of economic, technical, urban planning, social, and other project parameters. Calculations were performed according to the proposed algorithm using a real development project as an example, utilizing current regulatory and analytical information, which confirms the feasibility and advisability of entering the project through the purchase of shares in a legal entity. The formulated requirements for constructing a financial model of the project, taking into account the considered form of land acquisition, have practical significance, including: determining the volume of investments in the project considering project financing, forming the project's profitability indicator based on comparing dividend flows from the project and the cost of acquiring shares in the legal entity, as well as taxation for both the project itself and the developer when receiving dividends.
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