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Course details

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Real Estate Development & Finance

Understand the complex process of real estate development
  • This course represents module 2 of the School of Real Estate Finance, Investment and Development course (5 days)
    Module 1 - Days 1 - 3 - Real Estate Investment & Finance

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

     

     

    Real Estate Development & Finance

    Day 1

    Introduction
    • 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 2


    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

     

    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2.  

  • This course represents module 2 of the School of Real Estate Finance, Investment and Development course (5 days)
    Module 1 - Days 1 - 3 - Real Estate Investment & Finance

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

     

     

    Real Estate Development & Finance

    Day 1

    Introduction
    • 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 2


    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

Instructor

  • Bill Rodney

    Biography

    The 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 SAR 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.

Venue

VOCO Dubai Hotel

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:

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

VOCO 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: