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Course 2007-2008 a.y.

8142 - REAL ESTATE FINANCE


MM-LS - OSI-LS - AFC-LS - CLAPI-LS - CLEFIN-LS - CLELI-LS - CLEACC-LS - DES-LS - CLEMIT-LS - CLG-LS - M-LS
Department of Finance

Course taught in English


Go to class group/s: 31

MM-LS (6 credits - I sem. - AI) - OSI-LS (6 credits - I sem. - AI) - AFC-LS (6 credits - I sem. - AI) - CLAPI-LS (6 credits - I sem. - AI) - CLEFIN-LS (6 credits - I sem. - AI) - CLELI-LS (6 credits - I sem. - AI) - CLEACC-LS (6 credits - I sem. - AI) - DES-LS (6 credits - I sem. - AI) - CLEMIT-LS (6 credits - I sem. - AI) - CLG-LS (6 credits - I sem. - AI) - M-LS (6 credits - I sem. - AI)
Course Director:
ARMANDO BORGHI

Classes: 31 (I sem.)
Instructors:
Class 31: ARMANDO BORGHI


Course Objectives

The course focuses on the national and international 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 companies in the field (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 and portfolio management operations that are hallmarking the market; all this, along with a clear understanding of the inner and outer critical factors relative to a real estate market transaction.
After an introductory theoretical part needed to provide theoretical tools, the course includes many didactic cases and an accurate analysis of the main transactions which have occurred in the last 18/24 months.


Course Content Summary
  • Introduction to the market: real estate market and perfect market, real estate market segments, main companies business models, players;
  • Valutation of real estate assets: market method, cost method, income-based method, financial method;
  • Development projects analysis: feasibility study, land-planning constraints, market constraints, technical analysis, business plan & modelling;
  • Trading operations analysis: asset valuation, commercial plan construction, definition of the most relevant variables, business plan & modelling;
  • Asset, property and building management: from passive to active management of real estate assets, Financing of Real estate assets and developments;
  • Real estate investment funds;
  • Performance valuation and real estate indexes.

Detailed Description of Assessment Methods

Non attending students
Written exams (multiple choice) on selected chapters.

Attending students
Both the evaluation of group project works and a written final examination are scheduled.


Textbooks

Non attending students
Selected chapters: GELTNER, MILLER, 2006, Commercial Real Estate Analysis & Investments, South Western, 2nd ed.

Attending students
Slides and cases provided by the lecturers

Exam textbooks & Online Articles (check availability at the Library)
Last change 14/05/2007 12:11
 

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