Homburg Academy Brochure

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Homburg Academy

H O M B U R G A C A D E M Y - B U I L D I N G F U T U R E S

2012 ISSUE No 1

- Masters Degree

- Executive Masters Degree

- Postgraduate Diploma

- Postgraduate Certificate

International University-Level Real Estate Education

W W W . H O M B U R G A C A D E M Y . O R G

Build your future. Online

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Welcome to Homburg Academy, a new

approach to real estate education, with a

long history of real estate experience.

The Homburg Group is a multi-billion dol-

lar real estate conglomerate operating in

the Baltic States, Canada, Germany, the

Netherlands, Switzerland, and the USA.

Founded more than 40 years ago, the

Group is involved in a wide range of real

estate activities, including asset manage-

ment, new construction and development,

real estate investment, property manage-

ment, real estate finance, and insurance.

We also have a passionate interest in

building intellectual capital. Since 2008,

the Homburg Global Education Project

has been researching and developing cut-

ting-edge university-level programs, and

building two new academic institutions to

deliver specialized real estate education

around the world. Our two institutions are

the Homburg Academy Switzerland, which

grants degrees and other qualifications,

and the Homburg Institute Canada, which

concentrates on professional development

and research.

The goal of Homburg Academy is to com-

bine our experience and knowledge with

that of the top academics and industry ex-

perts from around the world. And instead

of a bricks and mortar university, our struc-

tured programs reach students in innova-

tive ways by means of a cutting-edge on-

line learning environment, summer schools,

and study semesters at partner university

campuses.

WELCOME

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Welcome

Our world-class real estate programs,

which lead to Masters degrees and Diplo-

ma and Certificate qualifications, combine

academic excellence, immediate profes-

sional application and an unparalleled stu-

dent experience.

Read on and discover the many

advantages of joining the Hom-

burg Academy. We welcome di-

versity in student backgrounds

and experience, and we en-

courage applicants from across

the globe to join our programs.

Richard Homburg

Chair of Council

Homburg Academy

WELCOME

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Our Mission StatementHomburg Academy’s mission is to advance

the science and knowledge of real estate

by fostering innovation, original discovery,

and new insights into all aspects of the

built environment and to promote the dis-

semination of knowledge through profes-

sional development training and education

courses.

Statement of Corporate GovernanceThe Homburg Group adheres to the high-

est standards of corporate governance.

Its companies are subject to the oversight

of eight different regulatory bodies. The

CANMARK Real Estate Investment Trust

(formerly the Homburg Real Estate Invest-

ment Trust) is listed on the TSX Toronto

Stock Exchange.Dr Jarrod Wiener, PhD

President and Vice-Chancellor

WELCOME

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Members of the Homburg Academy Council Chancellor: Mr Michael H. Arnold, CA

Chair of Council: Dr Richard Homburg, Dr. Hon. Causa

President and Vice-Chancellor: Dr Jarrod Wiener, PhD

Chair of Academic Advisory Board: Dr Tom Geurts, PhD

Faculty Representative, Chair of Student Committee: Dr Georgia Warren-Myers, PhD

External Members: Dr Jamie Shea, PhD

Mr Philip Homburg

Drs J.R. Stolle

Academic Advisory Board Dr Tom G. Geurts, George Washington University, Washington, DC (Chair)

Dr Franz Fuerst, Cambridge University, England

Dr Ingo H. Holz, Berlin Institute of Technology, Germany

Dr Piotr Lorens, Gdansk University of Technology, Poland

Dr Leo Uittenbogaard, Amsterdam School of Real Estate, Amsterdam, the Netherlands

University AdministrationPresident, Vice Chancellor: Dr Jarrod Wiener, PhD

Learning Manager: Mr Brenton Ives

Recruitment Officer: Ms Jillian Bellamy

Communications and Marketing: Ms Amanda Morrison

WELCOME

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Our Academic PhilosophyAt Homburg Academy, we believe that a well-rounded real estate manager needs an

interdisciplinary background and an international perspective. Each of our graduate

level programs comprises a well-rounded body of knowledge and students have the

opportunity to demonstrate the integration of their knowledge by applying it to real-

world simulations and case analyses.

While each of our programs follows our core philosophy, we recognize that the

educational needs of young graduates who are relatively new to the real estate business

are different from the needs of experienced professionals. For this reason, the various

Homburg postgraduate programs are designed to suit individuals with different levels of

experience. We offer a range of specialization pathways that allow students to focus on

a variety of specific areas of interest. Our programs also offer students the flexibility to

study at the same time as continuing a career. As courses are taken online, classes are

open 24/7 and students may choose to study either full-time or part-time.

The one thing all Homburg graduates will have in common is the ability to visualize how

the world will be, not content simply with knowing what it is now.

The Homburg Global eCampusOur programs have been designed specially for online delivery via our virtual learning

environment: the Homburg Global eCampus, which uses the best video learning systems

available today.

Every course has its own ‘Virtual Course Room’ through which students can access

course materials (the syllabus, PowerPoint presentations, lecture notes, online readings,

video-recorded lectures), and other learning resources. No special software is required

and students can access the course rooms and the online electronic library through any

web browser and on any type of internet-ready device.

As lectures are available as video-on-demand in a range of formats, students can work

at their own pace, wherever convenient, and lectures may be paused, restarted, and

reviewed, as many times as students like.

Every course also includes a live component, based on video-conferencing ‘webinars.’

Each week, students gather online with the course Professor for a virtual tutorial with a

group of about 12 students, to facilitate interactive discussions and to give students the

opportunity to ask questions. Professors also have the ability to assign students to virtual

break-out rooms for group work and short assignments during class. Interactive learning

OUR ACADEMIC PHILOSOPHY

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OUR ACADEMIC PHILOSOPHY

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tools include writing on the shared whiteboard, making PowerPoint presentations,

and taking part in real-time video conversations – all thanks to our state-of-the-art

technology.

The system is so easy and intuitive that a short orientation is all that is required to

begin. Each student’s online campus provides access to course registrations, course

rooms, financial accounts, transcripts, and a host of user-friendly administrative tools.

All students receive initial training on our learning management system, and a

dedicated Learning Manager is always available to ensure that systems run smoothly,

responding seamlessly to the needs of faculty and students alike.

In addition to the online classes, some courses include a summer school component,

which may be held in Charlottetown, Prince Edward Island, Canada or in Zurich,

Switzerland.

Our Flexible ApproachStudents of the Homburg Academy may study full-time to complete the programs

quickly, or combine part time study with career and family obligations. With ten

registrations each year, students may join the programs when most convenient for

them. Further flexibility is provided by the on-demand learning materials, so students

may watch lectures and prepare for the interactive seminars on their own schedule.

Targeted LearningEach learner is unique, and the needs of younger graduates are different from the

needs of more experienced professionals. Our Masters programs include training

in research methodology and an academic dissertation, providing an academically

rigorous program. The Executive programs enable students to target a specific

problem in a final project instead of a dissertation, and enable a wider range of

choice in elective courses.

A Wide Range of ProgramsEach program is made up of Core and Elective Courses. The Master in Real Estate

offers maximum flexibility for students to design their own unique learning pathway

through a wide range of Elective Courses. The several concentrations available in the

Master in Real Estate also include Specialist Courses in the area of concentration.

OUR FLEXIBLE APPROACH

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Master in Real Estate

Master in RealEstate (Study Abroad)

Executive Master in Real Estate

Master in Real Estate and Finance

Master in Real Estate and Finance (Study Abroad)

Executive Master in Real Estate and Finance

Master in Real Estate and Project Management

Master in Real Estate and International Business

Master in Real Estate and Marketing

Postgraduate Diploma in Real Estate

Postgraduate Certificate in Real Estate

2 years/6 years

2 years/6 years

2 years/6 years

2 years/6 years

2 years/6 years

2 years/6 years

2 years/6 years

2 years/6 years

2 years/6 years

1 year/6 years

6 months/4 years

300(150 ECTS)

300(150 ECTS)

300(150 ECTS)

300(150 ECTS)

300(150 ECTS)

300(150 ECTS)

300(150 ECTS)

300(150 ECTS)

300(150 ECTS)

200(100 ECTS)

120(60 ECTS)

14 plus a dissertation

14 plus a dissertation14 plus an

independent project



14 plus an independent

project




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3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

2,000

1,200

Program Minimum Credits Required

Minimum Courses Required

NationalStudyHours

Minimum and Maximum timesfor completion

The requirements of our eleven post graduate programs are as follows:

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Study AbroadSome of the Homburg programs

may be taken entirely online, while

others require students to attend

classes on campus for part of their

program. Even ‘online’ students

may opt to study for a semester at

one of our partner institutions. In

addition to broadening a student’s

international experience, these study

abroad options allow students to

attend centers of excellence, such as

St. Mary’s University in Nova Scotia,

whose Sobey School of Business is

AACSB Accredited; Boston University

Brussels, whose Project Management

courses are deemed preparatory for

the designation examinations of the

PMI Institute; Heriot Watt University in

Dubai, where its prestigious School of

the Built Environment is based in the

Dubai Academic City; the Amity School

of Urban Management, part of the

largest private non-profit University

in India; and the Gdansk Institute of

Technology in Poland, which excels in

Planning.

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The Homburg Master in Real Estate (Online)Designed for recent university graduates, the MRE program does not assume any prior experience

of the real estate business.

This program may be taken entirely online, or combined with a semester abroad at a partner

university campus.

The MRE program enables students to create their own unique learning pathway by providing

the opportunity to choose seven elective courses from a wide range of options.

The coursework (Stage I) must be completed satisfactorily in order to progress to Stage II (the

dissertation).

Please visit homburgacademy.org/applications to find out more about applying to Homburg

Academy.

- Strategic Negotiation

- The Financial Crisis and

International Financial

Regulation

- Intercultural Management

- Strategic Management

Core Courses (compulsory)- The Development Process

- Urban Economics

- Ethics and Responsibility for the

Real Estate Firm

- Introduction to Urban

Development and Planning

- Capstone Case Study

- Research in Real Estate Business

- Data Analysis and Critical Thinking

Elective Courses (students choose seven)- Corporate Finance

- Real Estate Finance

- Real Estate Accounting

- Risk and Portfolio Management

- Capital Markets

- Appraisal of Real Estate

- Project Management

- International Real Estate Business

- Challenges and Strategy in Real Estate

The courses, which make up Stage I of your degree, are as follows:

The cost to complete the Master in Real Estate program is as follows:

Minimum number of courses15

Total fee ($3000/course)$45,000

Less 2% for payingannually in advance$44,100

Less 5% for paying for the whole program in advance$42,750

HOMBURG ACADEMY PROGRAMS

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- Risk and Portfolio

Management

- Capital Markets



- International Real Estate

Business


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The Homburg Master in Real Estate (Online and Campus Study)The Homburg Academy encourages students to spend a semester abroad to gain an international

experience, and to learn about Real Estate in different cultural contexts. The Academy’s highly-val-

ued international partners are established, well respected Universities in exciting cities in Canada,

Europe, Asia, and the Middle East. Students can spend an optional semester abroad taking courses

in Real Estate as part of their Master in Real Estate program.

Our MRE students complete seven compulsory Core Courses online. Students may then choose

their Electives from the range of online offerings or the courses offered on campus of partner

universities.


dissertation).


Academy.

The cost to complete the Master in Real Estate program is as follows:

Minimum num-ber of courses15


Less 2% for pay-ing annually in advance$44,100

Less 5% for pay-ing for the whole program in advance$42,750

Travel Bursary/Fee creditFee reductions vary.

Please contact the

Academy.


- Urban Economics


Real Estate Firm










- Capital Markets




- Challenges and Strategy in

Real Estate



International Financial

Regulation




Note: Courses taken on campus of partner universities substitute for online Elective Courses.


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The Homburg Executive Master in Real Estate (Online)The Executive MRE is tailored to harness the existing skills of a real estate professional, while

broadening their skill-set through the selection of a wide range of elective courses. Students

with three or more years experience in real estate or a related field since graduating with a

Bachelors degree are eligible for the Executive stream.

This program is offered entirely online to provide maximum flexibility to working professionals.

There are five Core Courses and students choose nine Elective Courses from a current list of

fourteen Electives for the EMRE.


- Urban Economics


Real Estate Firm




Elective Courses (students choose 9)- Corporate Finance




- Capital Markets




- Challenges and Strategy and Real Estate




International Financial Regulation




- Data Analysis and Critical

Thinking


dissertation).


Academy.

The cost to complete the Executive Master in Real Estate program is as follows:






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Build yourfuture on campus and Online


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- Urban Economics


Real Estate Firm






Specialist Courses (compulsory)- Corporate Finance




- Capital Markets



Elective Courses (students choose 1)- Project Management



Real Estate


- The Financial Crisis and International

Financial Regulation




dissertation).

This program may be taken entirely online, or students may opt to take Specialist Courses in

Finance from the AACSB-accredited Sobey School of Business on the campus of Saint Mary’s

University in Halifax, Canada.


Academy.

The Homburg Master in Real Estate and Finance (Online)This program enables students to study for the Master in Real Estate with a concentration in

Real Estate Finance. This provides students with a solid grounding in Real Estate, combined with

a concentration composed of six Specialist Courses in Real Estate Finance. This specialization

in Real Estate Finance is intended to enable students to strategize finance options for projects

and for the real estate firm, and to use financial information in reaching management decisions.

Students in this pathway take the same Core Courses as the MRE, a number of Specialist

Courses in Finance, and one Elective Course.

The cost to complete the Master in Real Estate and Finance program is as follows:






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- Urban Economics


Real Estate Firm






Specialist Courses(compulsory)Online from Homburg Academy:- Corporate Finance




- Capital Markets


Or from Saint Mary’s University Halifax:- Financial Management

- Corporate Finance

- Fixed Income Securities

- Financial Institutions

- International Business Finance and

Banking

- Mergers and Restructuring

- Capital Markets

- Investments and

Portfolio Management





Real Estate






The Homburg Master in Real Estate and Finance(Online and Campus Study)The Master in Real Estate and Finance offers students the flexibility of

taking the Core and Elective Courses online, while experiencing campus

life by taking the Specialist Courses in Finance at the AACSB-accredited

Sobey School of Business at Saint Mary’s University. Established in 1802,

the campus of Saint Mary’s University in Halifax, Canada, combines history

and tradition, with cutting-edge instruction that is internationally renowned.


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The Homburg Master in Real Estate and Finance(Online and Campus Study)

The coursework (Stage I) must be completed satisfactorily in order to

progress to Stage II (the dissertation).

Please visit homburgacademy.org/applications to find out more about

applying to Homburg Academy.






Travel Bursary/Fee creditHome Country$14,448

Int’l Student$10,998


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- Urban Economics


Real Estate Firm




Specialist Courses (compulsory)- Corporate Finance




- Capital Markets






Real Estate









dissertation).


Academy.

The Homburg Executive Master in Real Estate and Finance (Online)The Executive Master in Real Estate and Finance is intended for experienced managers who

have three or more years of experience in Real Estate, Finance, or a related field, who want

to gain an advanced understanding of Real Estate Finance. This program is intended to en-

able students to strategize finance options for projects and for the real estate firm, and to use

financial information in reaching management decisions.

Students are provided with a solid grounding in Real Estate through five Core Courses, and a

specialization through six Specialist Courses in Real Estate Finance. Students may choose three

Elective Courses from a list of nine possible courses.

The cost to complete the Executive Master in Real Estate and Finance program is as follows:





HOMBURG ACADEMY PROGRAMSHOMBURG ACADEMY PROGRAMS

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Meet, debate, consult. Online


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- Urban Economics


Real Estate Firm






Specialist Courses (students choose 4)- Program and Project Management

- Seminar Communication,

Facilitation and Presentation

- Project Risk and Cost Management

- Program Management

and Planning

- Program Monitoring and

Evaluation


Elective Courses (students choose 3)- International Real Estate Business







The Homburg Master in Real Estate and Project Management (Online and Campus Study)Homburg Academy and Boston University Brussels have partnered to provide

students with a Master in Real Estate that equips them with Project Manage-

ment skills recognized as pre-examination training of the Project Management

Institute (PMI). This program is for students who want to emerge with a Mas-

ter’s degree that provides both a solid understanding of Real Estate and skills

for the competent management of complex construction and development

projects.

Students in this specialization pathway take seven Core Courses, four Special-

ist Courses, and three Elective Courses.

HOMBURG ACADEMY PROGRAMSHOMBURG ACADEMY PROGRAMS

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The coursework (Stage I) must be completed satisfactorily in order to prog-

ress to Stage II (the dissertation).

Please visit homburgacademy.org/applications to find out more about

applying to Homburg Academy.

The Homburg Master in Real Estate and Project Management (Online and Campus Study)Part of the program is taken online, while students spend two semesters on

the campus of Boston University Brussels. Boston University Brussels campus

is located in Brussels, the capital of Belgium, and also the “Capital of Europe”

as it is home to the institutions of the European Union and NATO headquar-

ters. In Brussels, world politics and businesses converge and create a unique

learning opportunity for students. The metropolitan area is home to over 1.8

million people, making it the largest city in Belgium. The architecture in Brussels

ranges from medieval to postmodern constructions.

The cost to complete the Master in Real Estate and Project Management program is as follows:





Travel Bursary/Fee credit$155


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- Urban Economics


Real Estate Firm


International Financial Regulation







Specialist Courses (compulsory)- International Business

Management

- International Finance and Banking

- International Accounting

- Multinational Marketing



dissertation).


Academy.

The Homburg Master in Real Estate and International Business (Online and Campus Study)Part of the Homburg Academy’s Mission is to “foster global awareness and international

perspectives”, because the world of business, and the world of Real Estate, are becoming more

and more international. From multinational corporate structures to international diversified

portfolios, and cross-national learning about new techniques and trends, this program engages

the issues in the global system to enable students to face today’s greatest challenges and seize its

opportunities.

Students enrolled in this program take ten Core Courses online and four Specialist Courses

during a semester at Saint Mary’s University in Halifax Canada.

The cost to complete the Master in Real Estate and International Business program is as follows:








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- Urban Economics


Real Estate Firm






Specialist Courses (Students choose 6)- Consumer Behaviour

- Strategic Marketing

- Marketing on the Internet

- Services Marketing

- Marketing Communications

- Market Research

- Multinational Marketing











dissertation).


Academy.

The Homburg Master in Real Estate and Marketing (Online and Campus Study)This program combines the strengths of the Master in Real Estate of the Homburg Academy

with the strengths in Marketing of the Sobey School of Business at Saint Mary’s University. The

Master in Real Estate and Marketing program provides an advanced training, by way of course-

work, in the general methods, scope, theories, and findings in the disciplines relevant to Real Es-

tate. It also includes integrative capstone courses, case studies, group work, and an independent

research component - the Dissertation. This enables students to utilize the knowledge and skills

they have acquired when dealing with specific issues and problems.

Students in this specialization pathway take seven Core Courses, six Specialist Courses, and one

Elective Course.









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Meet our experts on campus and Online


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The Homburg Postgraduate Diploma in Real EstateThe Postgraduate Diploma is a rigorous academic program like the MRE, but

without the research training or the dissertation element, which reduces the

workload and time by one third. Students who are on their way to building

a successful career in real estate, but require the knowledge and skills of

the Master in Real Estate, may take only the coursework element (Stage 1)

without the requirement of writing an academic dissertation.

There are no ‘Core’ or ‘Elective’ Courses for the Postgraduate Diploma

program. Students may opt to take any ten courses from the entire range of

courses in the MRE or EMRE lists.

As the research dissertation is not required, the courses in research methods

and data analysis are not compulsory for the Diploma.

It is also possible for students to upgrade their registration from the Diploma

to the Masters program. If students wish to keep this option open, they are

encouraged to speak with an advisor about their choice of courses to ensure

the appropriate core courses are taken.

Please visit homburgacademy.org/applications to find out more about applying

to Homburg Academy.


The cost to complete the Postgraduate Diploma program is as follows:






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The Homburg Postgraduate Certificate in Real EstateThe Postgraduate Certificate is our shortest program, and is well suited to the

real estate professional who has identified specific gaps in his or her knowledge

that they would like to fill. Students taking on a new project, starting a new

business, or requiring specialist knowledge for a promotion will find this an ideal

program.

To earn the Certificate, students must complete six courses from the MRE or

EMRE lists.

Please visit homburgacademy.org/applications to find out more about applying to

Homburg Academy.

The cost to complete the Postgraduate Certificate program is as follows:






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CoursesAppraisal of Real EstateMr Tony SevelkaThis course examines how the value propositions for investment decisions in real estate are made, including the principles and techniques for appraisal and valuation. Particular attention is paid to the tools and techniques needed for the appraisal and analysis of investments in real estate assets; in particular, the most cutting-edge techniques for computer assisted modeling. The course emphasizes a critical approach to current practice and engages contemporary debates. The objective of the course is to enable students to understand the ways in which the underlying desideratum for investment decisions are made and the problems and debates associated with them.

Capital MarketsDr Mihnea ConstantinescuThis course examines capital markets for the Real Estate firm. Topics include: Financial Institutions in international context; Risk Analysis (liquidity, interest rate and gap analysis, credit risk analysis); Securitisation and credit products; off-balance sheet activities; hedging techniques; risk capital, Risk-Adjusted Return on Capital (RAROC); risk of survival, capital adequacy; information economics in financial intermediation; agency theory in financial intermediation; credit contracting.

Capstone Case StudyThis course is usually taken after students have completed the majority of the courses, but before they write their dissertation or final project. It is intended to enable students to bring together all of the various disciplines and skills they have learned to date and learn to apply that knowledge to a case study. Students are presented with a case study which they must analyse critically in groups. Actual cases are used, usually drawn from extensive interviews and case materials of the Homburg Group of Companies about a complex Real Estate development. Students work in groups, in a supportive environment supervised by academic staff, to develop innovative and imaginative scenarios, and present their work before their peers and a panel of expert academic and professional judges.

Challenges and Strategy in Real EstateMr John HughesThere are both challenges and opportunities in the current environment. The scope of this course is to enable students to differentiate between the short-term effects and the longer-term causes of change in the strategic landscape for the Real Estate firm. The course selects and identifies six major challenges and opportunities and leads students through an exploration of the constellation of issues around each.

Corporate FinanceDr Tom GeurtsThis course is about corporate finance as it relates to the Real Estate firm. It guides students through an analysis of concepts, methodologies and techniques in corporate finance that may be general to different types of firms. These include: the financing decision; the dividend decision; the long-term investment decision; the interaction of investment and financing decisions. The course then moves on to explore the issues in corporate finance that are specific to the Real Estate firm, namely the REIT, sale lease-back transactions, and advanced Real Estate investment analysis.

COURSESCOURSES

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Data Analysis and Critical ThinkingDr Charles O Lerche IIIThe course is about the analysis of data, as this relates to the process of critical reflection and methods of social science. It is designed and presented for non-mathematically inclined students: it is not a course about statistics. Rather, the statistical research technique will be presented with minimal reference to mathematics. The central objective is to enable the students to become informed consumers and producers of social scientific literature.

The Development ProcessDr Georgia Warren-MyersThis course enables students to gain an advanced understanding of the development process and have a working knowledge of both the development process and market and financial analysis from the perspective of the Real Estate entrepreneur. This course therefore aims to provide students with an advanced understanding of: the phases of development as an evolutionary cycle, from the initial concept to ‘siting’, land planning through to the budgeting, financing, and construction; an awareness of the strategic decision making, legal, financial, business planning, land planning, and ethical aspects of development; and the skills and knowledge required to operate as a professional in the area of real estate development.

Dissertation (Master of Real Estate Students)The Dissertation is the final research project undertaken by students following the Master of Real Estate. It is a sustained piece of academic work. Students receive training in research through two modules of the MRE program prior to undertaking the dissertation: “Data Analysis and Critical Thinking” enables students to understand and use techniques for substantive conceptual and methodological decisions in their own research and analysis, and “Research in Real Estate Business” enables students to understand the procedural methodology of academic research, like the formulation and testing of hypotheses and choosing the appropriate research resources. Students will have completed a Dissertation Proposal as the assessed element of the “Research in Real Estate Business” course.

Ethics and Responsibility of the Real Estate FirmMs Louise GardinerThis course aims to provide students with an advanced understanding of business ethics in terms of the evolving structures for ‘corporate social responsibility’, and particularly, expectations for ‘sustainability’ in planning and development most relevant to the Real Estate firm. It also explores corporate governance issues in general, such as ‘good corporate governance’, as well as the ethical requirements relating to Real Estate firms. Finally, it examines the new landscape of business risk and opportunity seen through the lens of environmental and social sustainability, and global concerns such as poverty, health, and climate change.

COURSES

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The Financial Crisis & International Financial RegulationMr Michael TaylorThe latest international financial crisis is the most severe in recent decades, but it is not the first and it is unlikely to be the last. This course examines the financial crisis within the history of evolving structures for global financial governance. Dr Taylor, co-author of a successful recent book on international finance and banking regulation, leads students through a consideration of: the changing nature of banks; panics, bank runs, and coordination problems; collapsing dominoes and asset price spirals; the Financial safety net and moral hazard; sources of financial regulation; bank licensing and corporate governance; the rationale for bank capital regulation; the new capital adequacy framework: Basel II; consolidated supervision of financial conglomerates; bank insolvency; regulation after the global financial crisis.

Final Project (Executive Master of Real Estate Students)The Final Project is the capstone to the Executive Master of Real Estate. It may take the form of an academic research paper (Dissertation), for those wishing to hone their academic and professional writing skills. Or, it may be the critical analysis of a case study, a business plan for a Real Estate development, a market analysis, or some other piece of sustained independent and original work that demonstrates that the learning objectives of the program have been met. This enables Executive Program students to specialise in an area of their choice, and further tailor the program to meet their own professional requirements or personal expectations.

Intercultural ManagementDr Ron CollinsThis course examines the challenges and opportunities that culture poses in international business in general, and in Real Estate in particular. Topics include cultural influences on conducting business, values and communications, managing multicultural teams, and the role of culture in international leadership, organisational culture, firm structure, international negotiation, conflict resolution. The course aims to develop intercultural management education for working globally.

International Real EstateDr Jarrod WienerPart I of the course begins with an examination of the global environment for business, and the risks and opportunities of ‘globalisation’. Multinational business strategies are examined including various entry strategies into foreign markets, firm structures, and issues of command and control of foreign subsidiaries. Part II of the course leads students through a consideration of the tension between global market convergence in some areas (i.e., finance) with those aspects of Real Estate business that are locally-dependent (i.e., legal and regulatory requirements, cultural factors). The special characteristics of international business are examined within a business decision cycle (i.e., political risk, operational risk). Part III of the course examines a number of countries to provide students with a comparative approach.

COURSES

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Introduction to Urban Development and PlanningDr Piotr LorensThis course will introduce students to concepts in urban development and planning, and explore a variety of issues in relation to investment in the transformation of urban areas. Students are encouraged to conceptualise development and planning in a wider context. A number of case studies are analysed, so that students can gain first hand insight into the myriad of factors that are considered in planning urban developments. This course begins with a Summer Institute at the Homburg Institute, at which students are introduced to the concepts, theories, and methods of analysis in the field of Urban Development. Students then work on projects, under supervision, which they choose from their local environment. It is hoped that the international composition of the Homburg student body will make for an interesting array of projects, which students will present to their peers.

Urban EconomicsDr Alex AnasThis course aims to provide students with an advanced understanding of the concept of space in economics and location factors for economic activity; the factors that contribute to the development of urban and metropolitan areas, and the differences between them; the ways in which socio-economic factors influence land use (i.e., transport, government policy, demographics); and the intra-city location choices for firms and households.

Project ManagementTo Be AnnouncedThis course is designed to provide an overview of the essential tools and techniques for project management. It is designed to enable students to understand the theories, concepts, and approaches to project management in the process of Real Estate development, including the aspects of business planning, finance, logistics, and legal and regulatory issues. The objective is not to produce a good project manager, but rather to produce a good manager of project managers, so that the manager in the Real Estate firm can understand, use, and deploy the project management concepts and terms when dealing with consultants, contractors, and project managers.

Real Estate AccountingMr Chris CaltabianoThis course aims to provide students with an advanced understanding of key concepts and methods of Managerial and Financial Accounting of an advanced nature such that they form a solid academic contribution appropriate to the MRE level. This portion of the module includes training in the analysis of: financial Statements, accounting Information, managerial accounting, auditing and Internal Control. The module builds upon this conceptual foundation to consider specific applications, issues, and problems in the area of Real Estate, in particular in the areas of financial statement analysis and forecasting that are specific to the business of Real Estate.

Real Estate FinanceTo Be AnnouncedThis course aims to provide students with an advanced knowledge and understanding, appropriate to the Master of Real Estate, of the theory and practice of finance for investment in commercial Real Estate; the design and pricing of different mortgage instruments, and how to compare different mortgage products; commercial mortgages and residential mortgages, and the differences between them; the secondary mortgage market and the structure and valuation of mortgage-backed securities. Specific topics covered in the course include: Financial Analysis of Real Estate; Debt Financing; Effects of Leverage; Valuation Process; Different Forms of Capital; Understanding of the Real Estate Market.

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Research in Real Estate BusinessDr Charles O. Lerche IIIThis course is intended to support students, by way of formal training, in the development of their final dissertations. Whereas the module on the analysis of data and critical thinking is about substantive methodology, this course is about procedural methodology. It enables students to conceptualise a research project, including the conceptual framework, the methodology, and the substantive research necessary to undertake a dissertation at a Masters level.

Risk and Portfolio ManagementDr Tom GeurtsThis course aims to provide students with an advanced understanding of: The concept of ‘risk’ in finance, its various forms - including credit, liquidity, market, operational, and solvency risk - the ways in which each arises, manifests, and the appropriate approaches to dealing with each; Strategies for risk reduction, mitigation, or management, including private rating agencies, national government regulation, and international standard setting bodies; The operation of internal risk rating systems; The ‘Value at Risk’ (VAR) approach to risk management including return on capital and capital adequacy; and portfolio management techniques and instruments, including risk and return, diversification, credit documents, securitization, hedging, derivatives, and swaps.

Strategic NegotiationDr Juan DiazThis course enables students to learn and to deploy successful negotiation strategies for business. The course examines the process of negotiation, from the pre-negotiation to the conclusion phases. It enables students to understand the differences between traditional two-party negotiations and multilateral negotiations, as well as the differences between the national and international business environments and the impact of structure on business negotiations and the influence of culture.

Strategic ManagementDr Ron CollinsThis course is about strategic management and its application to the Real Estate firm. It aims to impart to students an appreciation for, and understanding of, the nature, scope, and importance of strategy, and of strategic management for the Real Estate firm. Topics covered include the definition of strategic intent (Vision, Mission, Goals and Objectives); the process of Internal Appraisal (how to appreciate the strengths and weaknesses of the internal environment and organisational capabilities in various functional areas); Methods and techniques used for organisational appraisal (Value chain analysis, Financial and non financial analysis, historical analysis, Industry standards and benchmarking, balanced scorecard and key factor rating); The Environmental Appraisal (concept of environment, components of environment (Economic, legal, social, political and technological) and environmental scanning techniques; Corporate level strategies, and business level strategies; the concepts of strategic control and operational control; and Strategy implementation.

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AdmissionsApplicants should possess a good class of degree (equivalent to a 3.0 GPA from a North American university) from a recognized university, in any academic discipline. Applicants must also provide evidence of competence in English. Candidates must also supply two letters of reference, ideally one of which should be from a former professor.

There are no application fees.

Please visit homburgacademy.org/applications to find out more about applying to Homburg Academy.

Fees and FinanceCourse feesThe fee structure is simple. Each course costs $3000 CDN and there are no additional fees for registration or examinations. Fees are payable when a student registers for each course. Annual pre-payment or payment for the whole program at once entitles students to a discount.

Some fees are reduced to encourage students to spend a semester abroad, either to gain an international experience, or to take one of the degree programs that require a campus stay. These reduced fees are meant to compensate for travel and living expenses. This fee reduction is provided in the form of a credit on the student’s account, which is applied at the end of the program (to encourage students to complete the program).

DepositThere are no application fees, but once a student is accepted onto a program at Homburg Academy, a deposit of $1,500 is requested to hold a student’s place. This deposit should be paid within 30 days. This amount is then credited to the student’s account and is applied to the payment of the first course.

Additional costsThe cost of any recommended textbooks and personal electronic equipment are not included in the course fees and are the students’ responsibility.

If a student is required to attend a summer school, all travel, accommodation and subsistence costs are the student’s responsibility.

If a student elects to spend a semester abroad at one of our partner universities, or the program requires it, students will pay Homburg Academy as usual and the Academy will arrange the payment of fees at the partner institution. Other costs, including travel, accommodation and subsistence, are your responsibility. However, the Academy’s reduced fees are meant to compensate for travel and living expenses (see above).

Scholarships and BursariesThe Homburg Academy Council has created six Homburg Bursaries in the amount of $6,000 each for 2012. If you are interested in applying for one of these, please visit homburgacademy.org/scholarships-and-bursaries for further information.

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FEES AND FINANCE

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Homburg Academy FacultyOur interdisciplinary programs are taught by a multinational

faculty of renowned professors and lecturers, supervised by

an international Academic Advisory Board comprising leading

academics from six countries. The Academy’s governing

Council, comprising international industry leaders, academics,

and senior figures oversee the educational institution’s

decision-making processes. The driving force for excellence

in the academic programs is Dr Richard Homburg, who

personally chairs the governing Council to ensure all aspects

of the student experience meet the highest possible standards.

Our Faculty MembersDr Alex Anas, MCP, BS, BA, MA, PhD

Professor of Economics, State University of New York at Buffalo

Teaches Urban Economics

Mr Christopher Caltabiano, BS, MSManager at AIG Asset Management Group, New York

Teaches Real Estate Accounting

Dr Ron Collins, BSc., MBA, PhDUniversity of Prince Edward Island, Canada (retired).

Teaches Inter-Cultural Management and Strategic Management

Dr Mihnea Constantinescu, BA, MA, PhD Scientific Director, Centre for Urban and Real

Estate Management

Swiss Finance Institute, University of Zürich

Teaches Capital Markets

Dr Juan Armando Diaz, BA, MA, PhDDirector, CSS Project for Integrative Mediation

Berlin, Germany

Teaches Strategic Negotiation

Louise Gardiner, BA, MACape Town, South Africa, and Washington D.C, USA

Teaches Ethics and Responsibility for the Real Estate Firm

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Think Global. Study Local. Online


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Dr Tom Geurts, FRICS, BSc, MS, MS, PhDSchack Institute of Real Estate, New York University

Chair of Homburg University International Academic Advisory Committee

Teaches Corporate Finance and Risk and Portfolio Management

John Hughes, FRICS, BA, MAChairman, Royal Institution of Chartered Surveyors, Canada

Toronto, Canada

Teaches Challenges and Strategy in Real Estate

Dr Charles O. Lerche III, BA, MA, PhDGuadeloupe, French West Indies

Associate Program Director, School of Graduate Studies,

Norwich University, Vermont, USA

Teaches Data Analysis and Critical Thinking and Research in Real Estate

Business

Dr Piotr Lorens, PhD, DSc.Professor and Head of the Department of Urban Design and Regional

Planning, Faculty of Architecture, Gdansk University of Technology, Poland

Member of the Homburg Academic Advisory Board

Teaches Introduction to Urban Development and Planning

A (Tony) Sevelka FRICS, AACI, CRE, MAIPresident of International Forensic & Litigation Appraisal Services Inc

Toronto, Canada

Teaches Appraisal of Real Estate

Dr Michael Taylor, BA, LLM, DPhilAdvisor to the Governor of the Central Bank of Bahrain

Teaches The Financial Crisis and International Financial Regulation

Dr Georgia Warren-MyersLecturer in Property and Real Estate

Deakin University, Australia

Teaches The Development Process

Dr Jarrod Wiener, BA, MA, LLM, PhDVice-Chancellor, Homburg Academy Switzerland

Teaches International Real Estate

HOMBURG ACADEMY FACULTYHOMBURG ACADEMY FACULTY

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Master your talent on campus and Online


40 H O M B U R G A C A D E M Y - B U I L D I N G F U T U R E S

Homburg Academy Switzerland AGc/o Homburg Swiss AG

Zürichstrasse 147

8700 Küsnacht ZH

© 2011 Homburg, Inc. All rights reserved

Think Global. Study Local. Online

Documents

Homburg Academy Brochure