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VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting learning@euromoney.com

 

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All attendees of a London based course incur VAT as a part of the cost of attendance.

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VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

VAT IT will charge a percentage of the VAT refund if/when it is successful. 


Can I claim back the VAT myself?

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For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

 

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

Real Estate School

Understand the complex process of real estate investment, finance and development
  • Understand the complex process of real estate investment, finance and development


    A practical modular programme with case studies and integrated cash flow modelling for analysts, investors, financiers, developers and advisors.
    This course is made up of two individually bookable modules, which delegates are also able to book on

     

    Real Estate School: Module 1 - Real Estate Investment and Finance (3 days)
    Real Estate School: Module 2 - Real Estate Development and Finance (2 days)
    The 5 day school features

     


    3-Day Investment Module
     

     Interactive case studies based on actual projects with spreadsheet analysis

     Real estate markets: Macro View

     Evidence of cycles in property markets

     Appraisal & valuation fundamentals

     Sourcing product & asset management

     Developing cash flow models: Avoiding common mistakes

     Implications of gearing and debt finance

     Mezzanine & Participating Loans

     Modelling the impact of debt, quasi equity and sponsor equity


    2-Day Development Module
     

     Interactive case studies based on actual projects with spreadsheet analysis

     Development analysis and appraisal

     Setting up and modelling a development project

     Cash flow appraisal techniques in development

     Structuring the development finance

     Structuring mezzanine, JV and private equity deals

     Modelling sample waterfall structures



    Course level
      The modules are principally aimed at delegates with previous experience in investment/finance or development strategy, but as the course puts delegates on an interactive learning curve to cover fundamentals of each topic, before moving on to more advanced techniques and applications, it allows delegates from both a junior and more senior experience level to participate together. Articles. papers and further references and reading in the Course

    Handbooks provide further information, expand and show potential applications for many of the topics included to give a more rounded understanding.
    Delegates are required to bring their own laptop equipped with Excel 2007 or above and USB port for data and spreadsheet templates transfer.

    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 programme is designed as an integrated set of modules which will increase participants’ understanding of the complex and changing process of real estate investment, development 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 key objective is to give a clear understanding of the most typical financing and investing structures, as well as the latest thinking in analytical techniques, in a shifting capital markets context.

    The recognition and analysis of risk will be a component part of the programme. It covers several techniques and tools that can be applied to dealing with and resolving practical, everyday problems.


    Who should attend
     

     Investors

     Analysts

     Lending and Finance Bankers

     Financiers

     Developers

     Advisors


    Whilst its focus is primarily on mature markets, the techniques and trends studied will also be relevant to participants investing in property markets in other regions.

     

     

  • This course is made up of two individually bookable modules

    Module 1 - Days 1 - 3 - Real Estate Investment and Finance
    Module 2 - Days 4 & 5 - Real Estate Development and Finance


    Module 1 - Days 1 - 3
    Real Estate Investment & Finance



    Day 1

    Session 1
    Real estate economics and market analysis

    Exercise/Discussion
    • Supply, demand and market equilibrium
    • Economic and market analysis terminology
      Handout/Exercise/Discussion
    • The capital markets and valuation
    • Property life cycle
      Exercise/Discussion

     

    Session 2 Valuation concepts
    • Review of basic concepts
    • Vacancy rates and absorption
    • Highest and Best Use
    • Real estate valuations
    • The three approaches to value
    • Capitalisation or yield rate
      Exercise/Discussion
    • Value versus price

    Session 3 Real estate investment vehicles
    • What legal form is best?
    • Matching investment styles
    • Private versus public entities
      Exercise/Discussion

    Session 4 Lease contracts
    • Different lease forms
    • Economics of leasing
    • Tenant credit analysis
      Handout/Exercise/Discussion

    Session 5
    Income statement creation and analysis
    • Rent roll evaluation
      Handout/Discussion
    • Revenue and expense projections
    • Creating an income statement
    • Obsolescence and depreciation
    • Before and after-tax cash flow
    • Typical analytical ratios used
      Exercise/Discussion

     

    Day 2 

     

    Session 1 Capitalisation of real estate investments
    • Overview
    • Debt / mezzanine / equity
    • Structuring the capital stack
    • Sale/leaseback
    • Other capital raising approaches and sources
    • The WACC and return to investors
      Exercise/Discussion

    Session 2
    The effect of leverage

    • Understanding components
    • Mortgage loan parameters
    • Analysing the discount rate
    • Partitioning the IRR
      Exercise/Discussion

    Session 3
    Commercial mortgages
    • Different types of mortgages
      Exercise/Discussion
    • Interest rate risk and hedging
    • Default risk
    • Prepayment restrictions
    • Underwriting ratios and leverage amounts
    • Refinancing
       
    Session 4
    Project finance - the decision methodology

    • Capitalization and discount rates: derivation and use
    • Time value of money: PV, NPV, DCF and IRR
      Exercise/Discussion
    • Adding uncertainty
    • Behavioural real estate decisions

    Session 5
    Risk and their mitigation

    Exercise/Discussion
    • How to identify the risks
    • Structuring mitigates
      Exercise/Discussion: Risks and their mitigation

     

    Day 3

    Session 1
    Corporate finance decisions
    • Overview
    • Buy or lease decisions
    • Accounting issues: finance or operating lease?
    • Sale/leasebacks
    • Role of capital markets

     

    Session 2
    Analysing and structuring covenants, reps and warranties

    • What effect do these have?
    • How should they be structured?
      Exercise/Discussion

    Session 3  Asset management decisions and the effect on value
    • Lease management (e.g., tenant improvement) will affect project financing
    • Balance between maintenance, capex and sustainable cash flow
    • Future-proofing your building & prevention of building obsolescence
    • Understanding the property cycle & financing through the cycle
    • Proptech

     

    Session 4
    Putting it All Together: YOU determine the answer!

    • Participants will be divided up in groups to solve a case problem. Each group will prepare a scheme on how to resolve problems identified in the case. Groups will presentation their analysis and recommendations. Groups will be evaluated based on reasonableness of their and creativity in finalizing the deal.

    Session 5
    Real estate economics – looking local

    • What’s happening?
    • Open discussion: what’s happening in your region?

    Session 6
    Summary and conclusions 

     

     

    Module 2: Days 4 & 5Real Estate Development & Finance

    Day 4

     

    Session 1
    Development concepts overview
    • Overview – it is not just about the numbers
    • Eight stages of property development
    • Market demand

     

    Session 2  Public and private sources of project funding
    • Sources of money
    • Capital (financial) structure of project
    • Funding process
    • Review of common analytical techniques and terminology
    • Creating budget and proforma spreadsheets

     

    Session 3
    Due diligence considerations

    • The developer and the team
    • Market acceptance – lettings/pre-sales?
    • Public approvals
    • Fundamental construction contract types
    • Budgeting, scheduling and associated common pitfalls.

     

    Session 4  Structuring and monitoring a construction loan
    • Pre-let or speculative?
    • Construction loan mechanics
    • Main underwriting criteria
    • Project monitoring: what do investors & lenders want to know?

    Session 5
    Funds and joint ventures

    • Overview: Capital flows and fund structure definitions
    • Definitions
    • Investment through intermediaries
    • Capital partners
      Handout/Discussion
    • Landowner ventures
      Handout/Discussion

     

    Session 6  Ground leases
    • What are they?
    • Risk and return
    • Can they be used as a financing vehicle?
      Exercise/Discussion

    Day 5

    Session 1
    Understanding the financiers’ perspective – private equity structure and return waterfalls

    • Legal and organizational structure / structuring considerations
    • Fee structures
    • Cash flow waterfalls
      Handout/Discussion

    Session 2 International investment considerations
    • Cross-border investment strategies and considerations 

     

    Session 3
    Putting it All Together: YOU determine the answer!

    • Participants will be divided up in groups to solve a case problem. Each group will prepare a scheme on how to resolve problems identified in the case. Groups will presentation their analysis and recommendations. Groups will be evaluated based on reasonableness of their and creativity in finalizing the deal.

    Session 4
    Real estate economics: understand future trends in the property development industry

    • Pandemic lock down consequences
    • Demographic change
    • Will there be a boom or a crash?
    • What about developments in Europe, such as Brexit, Asia and the Middle East?
    • Ethics and social responsibilities / green development

    Session 5
    Real estate economics – looking local

    • What’s happening?
    • Open discussion: what’s happening in your region?

    Session 6
    Summary and conclusions 

  • Our Tailored Learning Offering

    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 and dramatically increase your ROI.

    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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Stephen Peca

    Biography

    Stephen Peca is a senior property professional who has invested and guided investment decisions globally in well excess of US$100billion. During his career at firms such as Moody’s Analytics, Fleet Securities – Bank of America, Fuji Bank and notable real estate firms, he has undertaken many senior staff management and client-facing roles. Stephen’s role has expanded into entrepreneurship and venture capital. Stephen is now Managing Director and Senior Partner of Concourse Realty Group and Windy Acres Capital & Advisory where he provides transaction, asset and portfolio strategy and business solutions to clients globally. Both companies operate under the name, Concourse Holdings. Stephen also teaches and has taught at Fordham University, Baruch College (CUNY), New York Law School and New York University, while also teaching in various other venues around the world. His responsibilities and accomplishments have included:- Director role at Fleet Securities – Bank of America, in which he was responsible for the loan sales and trading activities of the bank’s US$33 billion of real estate assets- Director responsibilities at Moody’s Analytics where he led the commercial real estate and project and infrastructure global practices, and refined scope parameters and monitored data integrity as committee member for Moody’s/REAL CPPI, a national property price index.- At Concourse Realty Group, he:Created strategic plan for an international bank who desired to re-establish their real estate loan portfolio that subsequently grew to US$4.0 billion in about three yearsRepresented global property owners in various negotiations for properties totalling over US$500 million.Provided expert witness services for US$1 billion hotel property development project litigation.Provided financial and capital structuring for a US$180 million mixed-use project in Saudi Arabia.Advised on the structuring of a US$20 million equity property fund in CEE. In addition to Stephen’s academic credentials, he is a Chartered Management Consultancy Surveyor (Royal Institution of Chartered Surveyors U.K.) and a Certified Public Accountant (State of Illinois, U.S.). Stephen is a member of the Institute of Directors, the Asset Management Roundtable, the Investment Management and Hedge Fund Roundtable and is a student mentor at the New York University, Stern School of Business. Stephen is repeatedly in demand to speak at conferences and is frequently quoted in publications and articles. His book, Real Estate Development and Investment: A Comprehensive Approach, has been adopted by numerous universities and industry professionals globally.