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Real Estate Investment & Finance
This course is Module 1 of the 5 day School of Real Estate Finance, Investment and Development
The other, Development Module (2 days), as well as the whole school can be booked
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
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.
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
Lending and Finance Bankers
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 forms module 1 of the School of Real Estate Finance, Investment & Development, 5 day course
Module 2 - Real Estate Development & Finance (Days 4 & 5)
• 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.
Appraisal & Valuation FundamentalsWhat 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 Income
Using different types of Cap ratesStructuring 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 modelsTesting the uncertainty in the project Cash Flow.
- What-if testing and adding sensitivity analysis
- Scenarios & Probability testing
- Simulation: A practical technique?
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
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
BiographyThe course director is a Chartered Surveyor whose career has spanned both private and public sector work, including large-scale development schemes, urban regeneration projects, project finance and Private Finance Initiatives (PFI). He has undertaken research and consultancy projects in development, cash flow analysis and corporate real estate and business strategy and trends impacting the real estate industry. He has advised on funding and development strategies in Europe, Africa, Asia and Australia as well as having extensive teaching experience in the UK, Hong Kong and Malaysia. His teaching experience has covered specialist Real Estate Investment & Finance Masters and MBA programmes and he runs training courses globally for banks, investment managers, corporate advisory teams, legal firms and public sector clients. Topics covered combine spreadsheet modelling for debt / equity structuring, development appraisals and finance, investment analysis, risk, simulation and portfolio modelling, leases and option pricing, corporate finance models. He combines extensive practical experience with a strong academic background. This enables him to relate theory to practical applications. He is a Registered CPD Presenter - verifying a proven track record in training, lecturing and enhancing skills and knowledge in specialist technical areas with an established practical experience background. The instructor holds MSc in Real Estate Investment & Finance from City University, London where he subsequently became Head of Department. He retains a part-time position as Senior Lecturer in the Faulty of Finance, Cass Business School, teaching on specialist Masters courses and postgraduate programmes.