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Real Estate School: Module 2 - Real Estate Development and Finance
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This course represents module 2 of the Real Estate School (5 days)
The other, Real Estate School: Module 1 - Real Estate Investment and Finance (3 days), as well as the whole school can be booked
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.
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.
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. -
Day 1
Session 1 Development concepts overview- Overview – it is not just about the numbers
- Eight stages of property development
- Market demand
- Sources of money
- Capital (financial) structure of project
- Funding process
- Review of common analytical techniques and terminology
- Creating budget and proforma spreadsheets
- 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 2
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
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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.
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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
Instructor
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Bill Rodney
Biography
Bill Rodney is a part of Euromoney Training Faculty and is a senior lecturer at Cass Business School (City University London). Bill is a chartered surveyor; Technical Director of the Investment Property Forum’s Investment Education Programme and was a faculty member of NACORE UK’s Corporate Real Estate Designation Programme. He was also Joint Director of the Investment Property Forum’s Advanced Education Programme. Bill has accredited CPD presenter status and is a visiting lecturer at the Amsterdam School of Real Estate. His career has spanned both private and public sector work. Prior to joining City University Business School, where he was Head of Property for six years, he worked on large-scale commercial development schemes and major urban regeneration projects. He has also acted as consultant on funding and development strategies for commercial property projects, principally involving commercial development consultancy. While this experience is principally European-based, he has been involved in projects in Malaysia, Australia and South Africa. He has advised on PFI to central and local government authorities and completed a major research report for Land Securities Trillium on ‘Enhancing Corporate Value through Property Re-engineering’. The findings of this report were presented at the inaugural meeting of NACORE UK’s special interest group, Real Estate Partnerships. Bill gained his MSc in Real Estate Investment and Finance at City University. He has over 25 years of teaching and training experience, mainly in postgraduate, post-experience courses such as specialist real estate investment and finance masters and MBA programmes. His understanding and expertise in commercial training seminars and workshops includes over ten years of European experience dealing with a diverse clientele, such as investment fund management, investment advisory, corporate advisory, banks, solicitors and the public sector. Bill is course director for a series of public courses which are delivered globally. He has written extensively on real estate investment and finance issues in journals and industry publications as well as presenting research papers at international conferences in Australia, Malaysia, Hong Kong, South Africa, the USA, Mexico and throughout Europe. The latest books to which Bill has contributed include Applied Risk Analysis – Moving Beyond Uncertainty, ISBN: 0-571-47885-7 and Modelling Risk, ISBN: 0-471-78900-3.
