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Course details

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School of Real Estate Finance, Investment and Development

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 Finance and Investment (3 days)
    Real Estate Development 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



    • Structure of the Module
    • Delegates’ objectives

    Real estate markets: Macro View• Markets & Sectors
    o Traditional & Niche markets
    o Emerging Markets & the Importance of Transparency
    • Property Cycles: opportunities and threats. What to look for in different stages in the cycle.
    • Markets & Sectors o Traditional & Niche markets
    o 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
    • Appraisal methods
    • Types of income
    • Lease terms & impact on value
    • Understanding yields and cap rates
    o Unbundling the yield
    • Key drivers of value?

    SPREADSHEET ANALYSIS: Investment Acquisition


    Setting up, analysing and comparing different appraisal approaches


    Applying and adjusting Cap rates and IncomeUsing 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 up, lease expiries & roll-overs
    • Net Operating Income: A line by line assessment from gross to net income
    • Use of Capital Expenditure
    • The Exit: When, Why, How?
    • Ratio Analysis and Diagnostics
    • Solving the for the target rate of return

    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: Bid Strategy & Due Diligence

    Participants will work in small groups to analyse a potential purchase that considers the acquisition of an investment and the appropriate due diligence processes. How does risk affect the bid strategy?

    SPREADSHEET ANALYSIS: Risk Analysis in Cash flow models
    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.
    • Quadrants of Finance
    • 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
    • Lender Structuring for protection

    CASE STUDY: Acquisition and Finance
    Financing the investment acquisition of an existing asset. 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 & 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

    Further Reading & References

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

    Day 4


    • Structure of the Module

    • Delegates’ objectives

    Development Market Analysis
    • Forms of 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?

    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 Techniques in Development
    • Discounted cash flow, Accumulated cash flow and Drawdowns
    • Structuring the Cash Flows with phased / mixed use schemes
    • Analysing the Outputs: What is appropriate & why?
    Structuring the Development Finance
    • Pre-let or speculative?
    • Construction loan mechanics
    • Main Underwriting Criteria
    • Project Monitoring issues
    • Exit strategies

    CASE STUDY: Development
    Participants will work in small groups to analyse a case study that considers the risk and return profile of a development and appropriate methods of finance.

    Day 5

    SPREADSHEET ANALYSIS: Development Finance
    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.

    CASE STUDY: JV & Private Equity
    Participants will work in small groups to consider the strategic options, risk & potential returns of a development proposal and consider appropriate methods of raising & pricing the finance with co-investor structures

    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

  • 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 – 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


  • Chris Bourn


    Is a Fellow of the Chartered Association of Certified Accountants and a member of the Property Investment Forum with more than 25 year’s experience working in real estate, which has included property company investor developers, private equity and investment banks, with coverage in the UK and Pan European markets across all property sectors. Chris’s teaching experience includes specialist Real Estate Investment masters programmes and training courses for clients in London, Brunei, Dubai, Saudi Arabia and Kuwait. Topics covered combine lecturing and spreadsheet modelling for debt/equity structuring, development appraisals and finance, investment analysis, risk, simulation, asset management and corporate finance. Chris combines extensive practical experience with a strong academic background, which enables him to relate theory to practical application. Chris holds an MSc in Real Estate Investment (distinction) from Cass Business School City London University, where he is now a visiting lecturer on the MSc Real Estate and MSc Real Estate Investment programmes, as well as providing tutoring support for the MSc Global Finance.