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REAL ESTATE INVESTMENT, DEVELOPMENT AND STRATEGY
Contact:www.iff-training.com+44 (0)20 7017 7190 [email protected]
Gain in-depth practical insights into the current real estate market and learn how to maximise the opportunities it presents
Learning partner of
Global challenges mean financing and investing in property is one of the most difficult games in town. Therefore, it’s crucial to keep up with the current market environment to ensure you can exploit the opportunities that are still out there. This course will do help you do just that.
Drawing on the trainer’s global experience, you’ll learn about the financial aspects of commercial and residential real estate in terms of how it is financed, how to calculate returns, the role of technology and how to analyse leases successfully, to invest and sell profitably.
You’ll learn about the valuation process and explore the principles behind financing a project. This will include a review of the different financial instruments, how they can be used and their impact on the overall performance of the real estate project.
Simulation exercises have been included throughout the course. Please be sure to bring your own laptop to ensure you can take part in these exercises to help link theory with practical systems and reinforce the understanding of the material presented.
YOU’LL LEARN ABOUT. The key financial concepts and ratios needed to
analyse investment and development proposals . Valuation, investment and development frameworks. Analysing the components of financial models. How proptech affects real estate strategy for
development and investment . Calculating the cost of capital. The differences between real estate, corporate and
project finance techniques and applications. Valuing a range of different types of properties. How leases work and how they influence real estate
valuation . Integrating financial analysis with other aspects of real
estate development and investment. Taxes and fund structures for real estate internationally. Risk management - using spreadsheets and other
software
COURSE LEADERJULIAN SPENCER ROCHE
From an old real estate family in the UK, Julian Roche worked as an economist for DRI McGraw-Hill and as a partner in a real estate development company with US investments before launching his own real estate consultancy specialising in global data provision. Later he spent five
years as a senior consultant to a venture capital company in the UK, where he advised on corporate structure, flotations, trade sales and business valuations. He has also published a number of books on real estate derivatives and business valuations and has presented real estate courses internationally for a number of years.
ABOUT IFFIFF has been the chosen training provider of the world’s best finance and energy professionals since 1991. We are part of Informa PLC and the learning partner of the FundForum and SuperReturn series of events.
• We continually develop and improve our training tomake it more effective for you
• You’ll learn from practising, highly-experiencedfinancial experts
• You’ll experience interactive and practical training -implement what you learn straight away
• We limit class sizes so the trainer can adapt the contentto suit you
Please see the Investment Management course catalogue to see the full range: http://www.iff-training.com/INVCAT
DATES & PRICE
Please contact a member of our team for more details
CONTACT US+44 (0)20 7017 [email protected]
IN-COMPANY TRAININGIFF’s bespoke training solutions will help you address your specific key business challenges.The programme is designed for you, with content focusing on the issues you and your teams are facing. The course can then be delivered at your choice of location face-to-face, digitally or a combination of the two.
. Tailored content - 100% targeted to cover your needs
. No travel or time out of the office – we will come to you
. Value for money – train teams of staff at the same time
. Risk free – we’ve been doing this for over 30 years
We will meet you anywhere in the world.
Please contact:Leigh Kendall on +44 (0)20 7017 7190 or email: [email protected]
Contact:www.iff-training.com+44 (0)20 7017 [email protected]
COURSE AGENDAREAL ESTATE: CHANGE AND CONTINUITY
Land and Evolving Asset Classes• Land values and construction costs• Land banking, development and
investment• Sectoral analysis of real estate• Differences between markets
CASE STUDY
International comparisons of prices, yields and other key data
• Evolving developer and investorstrategies
The Role of Proptech in Real Estate Value Creation• Smart Construction (robotics, 3D
printing and other new buildingtechniques)
• Artificial Intelligence (AI) and real estate• Solar and other renewable energy
CASE STUDY
The impact of solar energy on property values
• Valuation and GIS software
CASE STUDY
The role of drones and 5D mapping
• Land registration, conveyancing and theblockchain
CASE STUDY
Distributed Ledger technology in emerging markets
• Marketing and sales applications
CASE STUDY
Key proptech companies and their international strategies
Risk Analysis• Political risk and how to manage it
CASE STUDY
Risk consultancy and its value
• Economic cycles and their impact
CASE STUDY
Conversions, greenfield developments and demand
• Climate change – effect on real estate• Cultural and social issues
CASE STUDIES
Successful and failed developments and investments
Residential Property • Why buy residential real estate?• Does rental income matter for
residential property?• What are the main problems?• Measurement criteria for residential real
estate – hedonic approaches• Qualitative issues, competition, style
and marketing
CASE STUDY
Using proptech for valuation
Market Analysis Considerations• Comparables and how to analyse them• Regression models and how they work
EXERCISES
Comparable analysis for accurate valuation
Property Analytics• Gross and net income• Differences in calculating NOI• Overall capitalisation rate• Capital expenditure issues• Differences between property types• Approaches to the cap rate• Assessing Net Present Value (NPV) for
properties• Ratio analysis and its value• Land values in NPV• The terminal value issue
EXERCISE
NPV and IRR calculations for real estate
Forecasting• Methods of forecasting and their
application
CASE STUDY
Application of the Delphi Method to qualitative real estate forecasting
FUNDING REAL ESTATE DEVELOPMENT AND INVESTMENT
Mortgages and Bank Finance• Concepts and applicability of the
mortgage
EXERCISES
Calculating mortgages and impact on value
• Global statistics• Available types of mortgage• Syndication and the mortgage market• Lending practice and pitfalls• Mezzanine finance and deal structuring
CASE STUDY
How financial waterfalls work for real estate development
• Logic and use of Special PurposeVehicles
• Relative returns for structured realestate finance
• Recent funding developments and therole of proptech
CASE STUDY
Crowdfunding and its application to real estate investment and development
• How to model real estate finance• Islamic finance for real estate
CASE STUDY
Real estate investment and financing models
Cost of Capital Issues for Real Estate Companies• Costs, taxes and inflation• CAPM and corporate leverage (equity/
asset betas)• Capital budgeting and real estate
Commercial Property - Assessing Income• Appraisal of income property – RICS
Valuation Practices and internationalcomparisons
• Comparison with corporate financevaluation
• Reporting according to IFRS standards
Contact:www.iff-training.com+44 (0)20 7017 7190 [email protected]
COURSE AGENDACASE STUDY
Important aspects of the RICS Valuation Standards (including valuer independence)
EXERCISES
Cost approaches to valuation
Financial Aspects of Development• Analysing highest and best use studies
and models• Feasibility studies: do’s and don’ts
CASE STUDY
Working through feasibility studies
Leasing Analysis• Why developers and investors alike
need to study leases• Nature and creation of leases• Differences between types of
commercial property leases• Commercial leases and statutory control• Residential tenancies and statutory
control• Structure of leases e.g. length of the
lease period; including options fortenant alterations and expansion
• Sinking funds• Lease calculations (with worked
examples and exercises)• Rent reviews and lease renewal options• Covenants to leases e.g. repairing
liability, occupancy conditions, sub-leases, termination, service chargeprovision
EXERCISES
Lease calculations
• Lease valuations
EXERCISES
Valuing commercial leases
Financial Management Principles • Accounting theory and methods• Asset and liability valuations• Development vs. Investment property
in IFRS• Reporting procedures in the
management of different kinds ofproperties
• Preparing profit-and-loss statements• Tax implications; tax records• Cash flows; depreciation; investment
tax credits; after-tax cash flow;• Presentation to clients and
management of client’s accounts
CASE STUDY
Financial management - outlining a property’s sources of income and types of expenses and how they are accounted and reported
Managing Risks• Modelling and evaluating comparative
risks• Risk management strategies (including
derivatives)• Available risk management instruments• Costs and benefits of risk management• Modelling risk management
EXERCISE
Scenario analysis in Excel
REAL ESTATE FUNDS AND REITS
Measuring Property Performance• Applicable concepts and methodologies• Problems and issues with performance
evaluation• Sources of data• Evolution of data measurement• International comparisons of
performance• Current issues in performance
measurement
CASE STUDY
What are the MSCI real estate indices and why are they not in emerging markets?
Investment Portfolio Analysis• Comparison of risk–return profiles of
real estate and financial investmentassets
• Measuring investment performance• Principles of portfolio diversification• The case for active portfolio
management• Application of property within a larger
non-property investment market• The nature of risk and return from
property compared with bonds andequities
CASE STUDY
portfolio management and property investment – how much property should a fund hold?
Ownership Vehicles• Listed vs. unlisted (private equity)
property investment vehicles
• Investment funds, trusts and other legal and tax structures
CASE STUDY
Comparing tax structures for property and funds in Western and emerging market jurisdictions
• International property investment,diversification and portfoliomanagement
CASE STUDY
Investment in high-yield real estate debt
Securitisation of Real Estate• Securitisation mechanics• Sukuks and their relationship to
securitisation• Securitising mortgages• The future of securitisation
Quoted Real Estate Investment Trusts (REITs)• What is a REIT?• Size and structure of the global REIT
market• Benefits and risks of REIT investment• Comparison with direct and private
equity investment• Examples of new REIT sub-classes
CASE STUDY
Prospects for the REITs market
CPD Certified:
IFF is recognised by the CPD Certification Service and have been approved to award CPD points towards professional development certifications. Attendance at this course will earn you 40 CPD points.
COURSES IN THE IFF INVESTMENT MANAGEMENT PORTFOLIO
See the website for full details www.iff-training.com
Dates:30 September - 4 October 2019London
Contact:www.iff-training.comTel: +44 (0)20 7017 7190Email: [email protected]
THE SCHOOL OF
INVESTMENTMANAGEMENT London’s premier investment management training programme
Learning partner of
Dates:24-28 June 2019 11-15 November 2019London
Contact:www.iff-training.comTel: +44 (0)20 7017 7190Email: [email protected]
A dynamic practitioner’s guide to thetools, strategies and applications ofsuccessful private equity investing
THE SCHOOL OF
PRIVATEEQUITY
Learning partner of
THE ESSENTIALS OF FUND MANAGEMENTDemystify the fund management process to maximise your funds’ potential
Contact:www.iff-training.comTel: +44 (0)20 7017 7190Email: [email protected]
Dates: 24-26 June 201911-13 November 2019London
Contact:www.iff-training.comTel: +44(0)20 7017 7190Email: [email protected]
Dates:30 October 2019
ONLINE ACADEMY
FOCUS ON
ETFsCutting edge guide to the mechanics, applications and risks of Exchange Traded Funds
Dates: Contact:www.iff-training.comTel: +44 (0)20 7017 7190Email: [email protected]
HEDGE FUNDS AND LIQUID ALTERNATIVES A comprehensive overview of the hedge fund markets
21-22 November 2019London
Contact:www.iff-training.comTel: +44 (0)20 7017 7190Email: [email protected]
THE ESSENTIALS OFPERFORMANCE MEASUREMENT & ATTRIBUTIONAttend this three-day intensive training course packed with numerous practical exercises
Dates:7-9 October 2019London
Contact:www.iff-training.comTel: +44(0)20 7017 7190Email: [email protected]
Dates:11 September 201912 February 2020
POSTGRADUATE CERTIFICATEDELIVERED BY DISTANCE LEARNING OVER 16 WEEKS
THE MECHANICS OF
INVESTMENTMANAGEMENT
POSTGRADUATE CERTIFICATEDELIVERED BY DISTANCE LEARNING OVER 16 WEEKS
Learning partner of
F TH HE MECHANICS O
PRIVAEQUI
TE ATAITY
E
EQUITY
6 WEEKS
GRADPOSTY DELIVERED B
TETIFICAATETE CERAATE CERDUVER 16 ANCE LEARNING OY DIST
Contact:.iff-training.comwww
el: +44(0)20 7017 7190TEmail: [email protected]
Dates:10 July 2019
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