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Course 2015-2016 a.y.

20261 - REAL ESTATE FINANCE


CLMG - M - IM - MM - AFC - CLAPI - CLEFIN-FINANCE - CLELI - ACME - DES-ESS - EMIT
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) - CLAPI (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  |  3 credits SECS-P/07  |  3 credits SECS-P/09) - EMIT (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

For non attending students:

Written exam (open questions) on selected chapters.

For attending students:

Both the evaluation of group assignments and a final written examination (multiple choice questions); no intermediate exam.


Textbooks
For Attending Students:
  • Slides, teaching notes, articles and case studies provided by teachers.
For Non Attending Students:
  • D.M. GELTNER, N.G. MILLER, Commercial Real Estate Analysis & Investments, South Western, 2006 , 2nd ed. Only chapters: 1,2,7,9,10,11,1,2,13,14,15,21,22,23,24,25,26,28.

Prerequisites

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

Last change 27/04/2015 09:10