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Course 2016-2017 a.y.

20261 - REAL ESTATE FINANCE


CLMG - M - IM - MM - AFC - CLEFIN-FINANCE - CLELI - ACME - DES-ESS - EMIT - GIO
Department of Finance

Course taught in English


Go to class group/s: 31

CLMG (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - M (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - IM (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - MM (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - AFC (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - CLEFIN-FINANCE (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - CLELI (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - ACME (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - DES-ESS (6 credits - I sem. - OP  |  SECS-P/07  |  SECS-P/09) - EMIT (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - GIO (6 credits - I sem. - OP  |  3 credits SECS-P/07  |  3 credits SECS-P/09)
Course Director:
GIACOMO MORRI

Classes: 31 (I sem.)
Instructors:
Class 31: GIACOMO MORRI


Course Objectives

The course focuses on real estate market providing the students with the necessary tools in order to understand the tendencies of the different market segments (residential, office, commercial and industrial) and the various business models used by the main players (property companies, property management companies, developers, real estate funds).
The objective of the course is to provide the students with the basic principles of financial analysis, in order to allow them to evaluate the development, trading, financing and portfolio management operations, along with a clear understanding of the inner and outer critical factors relative to real estate market transactions.
After an introductory theoretical part needed to provide basic tools, the course includes many case studies, financial models for real estate and an analysis of the main transactions which have occurred in the few years.


Course Content Summary
  • Real Estate Market and Players.
  • Economic models: space & capital markets.
  • Principles of Real Estate Investments & Financial Valuation.
  • Real estate valuation & Feasibility study.
  • Cap rate and Discount rate in the real estate.
  • Real estate Financing.
  • Real estate funds & REITs.
  • Asset, Property and Facility Management.
  • Property companies valuation and acquisition.
  • Real estate indexes and performance valuation.

Detailed Description of Assessment Methods
Frequentanti/Attending
Both the evaluation of group assignments and a written final examination (multiple choice questions).

Non frequentanti/Non-attending
Written exam (open questions) on required bookd chapters.

Textbooks
Frequentanti/Attending:
  • Slides, teaching notes, articles and case studies provided by teachers on E-learning.
Non frequentanti/Non-attending:
  • G. MORRI, A. MAZZA, Property Finance: An International Approach,Wiley, 2015, Part I only (Part II is not required).
  • Real Estate Finance, teaching notes published by EGEA.

Prerequisites

Corporate Finance and/or capital budgeting courses skills are strictly suggested.

Last change 20/05/2016 14:54