Social Impact Investing in the Real Estate Industry

This dissertation represents an initial exploration and offers a practical framework, along with managerial recommendations, for social impact investing within the real estate industry. The first paper contributes to the academic discourse by elucidating the understanding, boundaries, and definition of social impact investing. The second paper integrates the academic framework of a balanced scorecard with regulatory stipulations set forth by the European Union, while incorporating specific considerations relevant to real estate assets. This integration results in the development of an analytical grid tailored to assess social impact investing within the context of real estate properties. The third and concluding paper evaluates the applicability of the previously established Real Estate Social Impact Investing Analysis Grid and derives managerial insights from interviews conducted with prominent German real estate top managers and sustainability managers. Overall, this dissertation shall enable all actors in the real estate landscape to understand social impact investing and help to establish social impact investing as an integral part of daily business. In line with the sentiment expressed by the Urban Land Institute (2021, p. 12), "Now is the time to put people and places at the heart of real estate investment and development." Through collaboration and the engagement of all stakeholders, the real estate industry can significantly contribute to addressing social and environmental sustainability challenges in a goal-oriented manner. By doing so, it takes on the responsibility of creating a livable and cherished world for future generations.

Laura Haidl worked as a research assistant at the Real Estate Management Institute (REMI) at BS Universität für Wirtschaft und Recht from April 2021 until the completion of her dissertation in December 2023. Her research focus was on impact investing in the real estate industry. During her time at REMI, she contributed significantly to the Institute for Corporate Governance's (ICG) studies on social impact investing. Prior to this position, Laura worked in the Deals Tax team at PwC in Frankfurt and Düsseldorf from August 2015 to March 2021. She holds degrees from the European Business School University of Economics and Law (B.Sc.) and the Frankfurt School of Finance and Management (LL.M.). Since October 1, 2023, Laura has been working as Sustainability Manager at Commerz Real in the Center of Competence Sustainable Transformation & Strategy department.