1Ingrid NAPPI-CHOULET, ESSEC FranceERES ESSEC Education Seminar

Professional Partnership within Real Estate Education:

The case of the ESSEC-BNP Paribas Real Estate Chair

Ingrid Nappi-ChouletIngrid Nappi-Choulet

ESSEC Business School France

2Ingrid NAPPI-CHOULET, ESSEC FranceERES ESSEC Education Seminar

Introduction

Most corporate managers do not have a formal real estate strategy and ignore or lack interest in their property assets in their overall strategy

In France and in the rest of Europe, corporate real estate management also seems to be inhibited.

Moreover, this field of management is not considered as a priority or a discipline, and receives little attention in business education, particularly in business schools

3Ingrid NAPPI-CHOULET, ESSEC FranceERES ESSEC Education Seminar

1. Background

• Real Estate can be studied into 3 dimensions:• 1. As an economic activity and sector• 2. As a resource and function for the company • 3. As an asset

• Importance of corporate real estate to corporations’ bottom line – corporate real estate represents between 25-41% of total

corporate assets – Corporate space costs make up 10-20% or 50% of operating

costs.– Corporate strategy is integral to corporate business

strategy

• Real estate courses should be where future managers are trained MBA Programs

4Ingrid NAPPI-CHOULET, ESSEC FranceERES ESSEC Education Seminar

Real Estate Education in MBA Programs

• Unlike other disciplines, real estate is not part of the core curriculum in MBA programs.

• Lack of real estate education in general management education

• Real estate, if offered, is usually represented as an elective course, held out of the finance department.

5Ingrid NAPPI-CHOULET, ESSEC FranceERES ESSEC Education Seminar

2. A solution for ESSEC Business School: Supporting a Real Estate Chair

• Objectives Advance the teaching and research in real estate finance and economics.

• A chair is founded by external partners and by ESSEC Business School to encourage teaching and research in an area that they intend to promote together.

• The ESSEC- Real Estate Chair was set up in january 2003 and is now supported by BNP Paribas Real Estate

• Courses offered in the MBA’s cursus:– REAL ESTATE INVESTMENT– CORPORATE REAL ESTATE– REAL ESTATE DEVELOPMENT– REAL ESTATE FINANCE– URBAN PLANNING– REAL ESTATE LAW

6Ingrid NAPPI-CHOULET, ESSEC FranceERES ESSEC Education Seminar

The ESSEC MBA’s Real Estate Track

MB

A 1

Term 1

Term 2

Term 3

Term 4

MB

A 2

MB

A 3

Term 1

Term 2

Term 3

Term 4

Term 1

Term 2

Term 3

Term 4

Postgraduate Level

8 fundamental Courses

Courses

Professional Experience

International Exchange

Real Estate Program

Professional Experiencein Real Estate Industry

Rea

l E

sta

teT

rack

Example of the Real Estate Track in the general cursus

7Ingrid NAPPI-CHOULET, ESSEC FranceERES ESSEC Education Seminar

Chair Seminars

• In addition to core courses and options, Chair students have two seminars:

– A Professional Real Estate Seminar: This seminar is a place for discussions, reflection and the sharing of know-how. Students meet real estate officials and major players (developers, financiers, asset managers, consultants in mergers and acquisitions and others) to explore issues in the real estate sector.

– A Real Estate Chair Research Seminar: Chair students work in pairs on applications defined by Chair partners (BNP Paribas Real Estate) where the project is carried out. Work is supervised by the professor and the research donor, ending with a thesis and its defence.

8Ingrid NAPPI-CHOULET, ESSEC FranceERES ESSEC Education Seminar

For more information

• Contact:– Ingrid Nappi-Choulet, Professor, Chair Holder

nappi@essec.fr

www.essec-immobilier.com