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RECLAIMING YOUR VAT WITH VAT IT

Course details

Download course brochure

School of Real Estate Finance & Investment

Understand the complex process of real estate investment & finance
  • A 5-day practical programme with case studies and integrated cash flow modelling for analysts, investors, financiers, developers and advisors.


    Featuring:
    • Property performance measurement and analysis
    • Evidence of cycles in property markets
    • Developing cash flow models
    • Investors' approach to different types of property vehicle
    • Core vs. developing vs. emerging markets
    • Sector analysis: office vs. retail vs. leisure
    • Calculating EVA and residual income
    • Corporate finance decisions and real estate
    • Lease/buy leaseback/structured leaseback decisions
    • Single asset returns in a portfolio context
    • Tactical and strategic asset allocation
    • Impact of gearing and debt finance

    Course level

    This course is aimed at people with several years' real estate development strategy or finance/investment experience. The course puts participants on a steep learning curve, hence the fundamentals of each subject will be covered rapidly before moving onto more complex areas.

    Delegates are required to bring their own laptop equipped with Excel 2007 or above and USB port.

    Course background

    Real Estate continues to attract the attention of funds, banks, corporates and investors looking for diversification and liability matching. However, cross border investment and financing brings risks as well as opportunities. This advanced programme is designed as an integrated series of modules which will increase participants’ understanding of today’s complex and sophisticated process of real estate investment and finance. In addition to expert course tuition, delegates will benefit from a collegial atmosphere, with networking and information-sharing a valuable part of the course.

    The programme’s main objective is to give a thorough understanding of the most popular financing and investing structures, as well as the latest thinking in analytical techniques, in a changing capital markets context. Participants will consider frameworks for decision rules on major capital expenditure commitments in public and private real estate markets, both at the asset and portfolio level.

    The recognition and analysis of risk will be a component part of the programme. The programme covers many techniques and tools that can be applied to dealing with and resolving practical, everyday problems. An intermediate level programme covering:

    • Investment cash flow analysis
    • Public and private real estate vehicles
    • Debt and equity securitisation and investment strategy
    • Corporate real estate finance and structured leasebacks
    • Risk analysis, simulation and real options pricing
    • Putting investment into a portfolio context
    • Use of debt in a real estate investment context

    Who should attend

    • Investors
    • Analysts
    • Lending and Project Finance Bankers
    • Financiers
    • Developers
    • Advisors

    Whilst its focus is primarily on European markets, the techniques and trends studied will also be of use to participants investing in property markets in other regions.
  • Day 1


    Module 1: Real estate investment & finance


    Introduction

    • Structure of Module 1
    • Delegates’ objectives

    Real estate markets: macro View

    • Markets & sectors
      - Niche markets logistics, residential, retail & hospitality
      - Emerging markets & the importance of transparency
    • Property cycles: opportunities and threats. What to look for in different stages in the cycle.
    Appraisal & valuation fundamentals

    What should financiers and investors ask for? What should they look for? Worked examples
    • Terminology & techniques
    • Investment appraisal methods
      - Different methods for different assets & markets
      - Regulation & guidance
    • Types of income
    • How do lease terms affect value?
    • Slicing the income and converting to capital
    • Understanding yields and cap rates
      - Types of yield
      - Unbundling the all-risk yield
    • What are the key drivers of value?
    Spreadsheet analysis: investment acquisition
    • Setting up, analysing and comparing different appraisal approaches including income capitalisation & depreciated replacement cost
    • Applying and adjusting cap rates and Income
    • Using different types of cap rates

    Structuring the cash flow

    How to structure, avoiding common mistakes. Investor approach -v- financier’s concerns. Worked examples and practical issues
    • Business plans
    • A Cash flow primer: typical patterns of cash flows
    • Discounted cash flow construction: key inputs, variables and outputs
    • Projecting rents, operating expenditure and cap rates
    • Lease roll-overs
    • Net operating income: A line by line assessment from gross to net income
    • Impact of depreciation & obsolescence 
    • Use of capital expenditure
    • The exit: when, why, how?
    • IRR & NPV: ratio analysis and diagnostics
    • Solving the maximum price to pay / target sale price 

    Day 2


    Spreadsheet analysis: Investment cash flow model

    • Setting out a dynamic cash flow. Shaping up the basic investment deal before finance
      - IRR, NPV, income and exit ratios. Assess uncertainty & the merits of the investment
      - Setting the target rate of return. What is an appropriate discount rate?
      - What else will show whether it is a good deal?
      - Considering the possible merits and limitations of the project
      - “What if” testing and adding sensitivity analysis

    Sourcing product & asset management

    • From sourcing to closing
    • Due diligence: identifying potential “red flags”
    • Asset management techniques
    • Adding and enhancing value
    • Leasing strategies
    Case study: acquisition & due diligence process
    Participants will work in small groups to analyse a case study that considers the acquisition of a mixed use investment and the appropriate due diligence processes.

    Risk analysis in DCF appraisals

    • Risk identification & management techniques
    • Sensitivity analysis & data tables
    • Scenarios
    • Measuring risk
    • Simulation: pros & cons

    Spreadsheet analysis: risk analysis in cash flow model
    • Testing the uncertainty in the project cash flow
      - “What-if” testing and adding sensitivity analysis
      - Scenarios & probability testing
      - Simulation: a practical technique?

    Day 3


    Structuring the finance

    Gearing up an investment acquisition (use of leverage). Key financial covenants, sizing the debt, understanding risks, pricing and risk mitigation.
    • The quadrants of finance
      - Alternative opportunities to raise and structure finance
      - Corporate strategies
      - PropCo, OpCo and leasebacks
    • Returns on NOI and returns on equity
    • Typical financial covenants and points for negotiation
    • Different structures, including amortisation
    • Sizing the debt
    • Applying financial covenants to the cash flow
    • After debt cash flow & metrics
    • Profitability -v- financial risk
      - Identifying and quantifying the risks in the loan
    • Structuring for protection
    Case study: Investment aquisition and finance
    Financing a core investment acquisition. Participants will discuss terms for a loan for an investment opportunity. Examples of term sheets will be used to focus the discussion on suitable terms. On completion, a spreadsheet model will be used to illustrate the cash flow implications and key structuring issues.

    Mezzanine and participating loans
    • Stretched debt to quasi equity
    • Structuring a package 
    • Stand alone or blended?
    • Inter-creditor agreements
    • Lookback IRRs, warrants and convertibles
    • Worked examples

    Spreadsheet analysis: Extending the cash flow model to add the finance
    • Analysing the impact of different levels of debt and equity in a cash flow context
    • Adding the senior debt tranche: analyse and adjust a geared cash flow model
    • Mezzanine finance: working through the capital stack including lookback and side by side participation in a risk return context, by adjusting key inputs to the model

    Review of module and further reading & references


    Day 4


    Module 2: Real estate development & finance


    Introduction

    • Structure of Module 2
    • Delegates’ objectives

    Development market analysis

    • Data
    • Analysis
    • Trends & forecasts

    Development appraisals & viability

    • Methods & approaches: From residuals to cash flows
    • Down to affordable land cost or profit
    • Line by line items
    • Ratio analysis: What indicates a viable project?
    • How is profit being generated?
    Spreadsheet analysis: development appraisals
    A spreadsheet model will be used to demonstrate the set-up of development proposal. Ratio analysis & risk analysis techniques will be used to show the implications of changing market conditions.

    Cash flow appraisal techniques: moving from residuals to cash flow

    • Capital budgeting technique (NPV)
    • Discounted cash flow, accumulated cash flow and draw-downs
    • Structuring the cash flows
    • Analysing the outputs: IRR & NPV issues

    Special topic: hotel development

    • Hotel segments
    • Feasibility
    • Financial viability 
    • Implementation
    • Marketing & operations

    Day 5


    Structuring the development finance

    • Pre-let or speculative?
    • Construction loan mechanics
    • Main Underwriting criteria
    • Project monitoring issues
    • Exit strategies 
    • Forward sale and full forward commitment
    • Matching the loan to the cash flows and the risks
    Case study: Residential development finance
    Participants will work in small groups to analyse a case study that considers the risk and return profile of a residential development and consider appropriate methods of finance.

    Spreadsheet analysis: Development dinance
    Spreadsheet models will be used to demonstrate the impact of finance on pre-let and speculative schemes. Debt and equity issues will be considered and analysed.

    Joint ventures & private equity

    • Landowner & developer JVs
    • Traditional JVs and capital partners
    • Different structures for different players
    • Risk and return
    • Priority of distributions
    • Allocating risk & return
    • Prefs, promotes & waterfalls
    • Showing the exit and risk
    Spreadsheet analysis: JVs & private equity
    Spreadsheet models will be used to demonstrate the set-up of joint ventures, ground leases and private equity models. Delegates will test possible outcomes on the templates provided.

    Review of module and further reading & references
  • Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course.

    Our Tailored Learning Offering

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Bill Rodney

    Biography

    Bernard duffy began his investment management career with Abbey Life in Dublin before moving to London in 1985 to work for Irish Life Assurance Plc. At Irish Life, he was responsible for investment product marketing and new fund launches and was responsible for the company’s successful entry into the single premium bond market. He joined County Bank at the end of 1986 as Research and Development executive in the unit trust division. In 1987 he transferred to the pension fund department, assuming responsibility for the management and performance of Canadian equity investments. In 1991, he was seconded to the European equity desk to manage a research project on European smaller companies. At the end of 1992, he was appointed head of the North American equity desk. He has a B.A.(Hons) in Economics and Politics, an M.A. in Development Economics and an M.B.A. in Finance from the City university Business School in London. He is the course director and lead trainer on a number of Euromoney training programmes including the Investment Management School, Private Wealth Management, Hedge Funds and Investing in Art.

Venue

Dubai

"This programme takes place on a non-residential basis at a central Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Dubai has an incredible number of hotels. Courses held here are mainly held at the:

Nassima Royal Hotel
Plot 49 Sheikh Zayed Road, Trade Centre District Dubai, United Arab Emirates
http://nassimaroyalhotel.com

Nassima Royal Hotel is a modern, stylish, luxury hotel on Sheikh Zayed Road. Towering at 51 stories, the hotel offers stunning views over Dubai and its iconic landmarks.

You can also view other recommended hotels on this map:"