20261 - REAL ESTATE FINANCE
CLMG - M - IM - MM - AFC - CLAPI - CLEFIN-FINANCE - CLELI - ACME - DES-ESS - EMIT
Course taught in English
Go to class group/s: 31
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.
- 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
Both the evaluation of group assignments and a written final examination (multiple choice questions).
Written exam on selected chapters.
Slides, teaching notes, articles and case studies provided by teachers.
GELTNER, MILLER, Commercial Real Estate Analysis & Investments, South Western, 2006, 2nd ed. Only selected chapters: 1,2,7,9,10,11,12,13,14,15,21,22,23,24,25,26,28.
Corporate finance and/or investment analysis courses are strictly suggested before.