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Investment strategy and recent developments (sectors and geographical zones)
Effects of the current crisis on real estate investments
Basics of a real estate transaction
Value chain of the real estate sector: parties involved and their roles
Types of real estate transaction
Acquisition of existing assets / Sale and Leaseback / Promotion / Purchase of a company having real estate assets
Mixed portfolios
Sources of real estate value and asset management strategies
Valuation and Pricing Strategy
Cash flow models
Overview of major finance and tax concepts
Determining the price of an asset
IRR calculation and sensitivity analysis
Key Finance and Tax concepts.
Thorough analysis of a typical real-estate cash flow model
Unlevered: cap rate, going in yield, asset management, IRR, NPV, residual value and exit value
Practical workshop
Construct the unlevered part of a real estate model
Levered: type of debt and structure
Debt financing: equity vs. debt
Senior debt / mezzanine debt / shareholder loan
Review a classic term sheet
Practical workshop
Construct the levered part of the model
Taxes: optimum tax schemes
Practical workshop
Construct the post-tax levered part of the model
Major principles of structuring a real estate transaction
Major Steps in a Transaction
Identifying the investment opportunity: Off market, Bidding process with a bid submission
Investor/composition of the shareholding entity (shareholders' agreement, minority shareholder's rights)
Business Plan / Strategy / Pricing / Exit strategy / Funding / Structuring (taxes + structure)
Most relevant risks in real estate.
Practical workshop
Construct a cash flow model and determine a purchase price under IRR constraints
Construct a cash flow model in a crisis environment and with a limited leverage effect
Investment opportunities in Europe.
Purchase of an existing asset, renovation and pro-active asset management strategy.
Property development: land purchase and construction of a mixed hotel/offices project in Moscow
Study the balance sheet of a real estate company
Master the tools of pricing valuation for real estate investments in various asset classes
Know how to analyse the effects of the current crisis on the structuring of transactions and asset pricing
Understand the logic, concepts and techniques used by investment vehicles
Know how to analyse the performance of a real estate investment from a financial (IRR, ROE, etc.) and accounting perspective (cash on cash, etc.)
Know how to value an asset and its risk premium, and determine an exit strategy
Master the tools of capital structuring and their effects on an investment’s profitability
Illustration of various financial structures through practical exercises and cash flow studies based on different types of real estate projects in Europe
Analyse the effect of the current crisis on real estate investment
Real estate or hotel investors
Real estate professionals
Junior analysts and real estate portfolio managers
