Presenting a model of utilizing Real Estate Investment Trust (REIT) for financing and generating assets for the armed forces pension fund

The Armed Forces pension functions based on the "pay and you go" system. Therefore, working people's insurance premiums is the main method of paying for pensions. Yet, the ratio of those who support the fund (like many other pension funds) is decreasing. According to studies, real estate accounts for a large part of the assets of the armed forces. Due to the development of the cities many of these assets are now located within urban areas; By law, the armed forces are required to move their bases outside the metropolitan areas. Thus, such properties are often abandoned without creating added value and productivity. Financing is a critical issue for many developing countries. Securitization is a recent financial engineering innovation that has revolutionized financing methods. Using this method, every asset that can generate a cash flow is utilized as a support, while increasing the credit rating through different techniques and mechanisms. Thereby, the risk of those assets is shared among investors, allowing financing with more favorable conditions. The present study can be categorized as a descriptive survey in terms of its practical purpose and in terms of data collection methods. The data for this paper was collected from library sources and through conducting a questionnaire of experts in the field of finance. To analyze the data, this study employed pairwise comparisons in hierarchical analysis with a 9-point hourly spectrum and using Expert Choice and Excel softwares. The results of this research indicate that financing through the establishment of a real estate fund is more beneficial than methods such as loans, equity, partnership bonds and sukuk. Therefore, it can be concluded that the definition of appropriate financing tools in the Armed Forces Pension Fund can firstly lead to the generation of assets for the fund, and secondly, financing the fund can be undertaken through the most appropriate method, and thirdly it can contribute to the development of the country.