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Course 2005-2006 a.y.

8142 - REAL ESTATE FINANCE


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

Course taught in English


Go to class group/s: 31

GM-LS (6 credits - I sem. - AI) - 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)
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, associated to a clear knowledge of the inner and outer critical factors relative to a real estate market transaction.
The course, after an introductory theoretical part, necessary to provide the theoretical tools, includes many didactic cases and an accurate analysis of the main transactions 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 active in the field;
  • Valuation of real estate asset: market method, cost method, income-based method, financial method;
  • Development operations analysis: feasibility study, land-planning constrains, market constrains, technical analysis, construction of a business plan;
  • Trading operations analysis: asset valuation, commercial plan construction, definition of the most relevant variables, construction of a business plan;
  • Corporate Real Estate: real estate assets and operations valuations dealing with transactions relative to complex portfolios, portfolio return analysis, risk-return correlation, construction of an efficient portfolio;
  • Asset management and property building management: from passive to active management of real estate assets, the role of the asset manager.

Detailed Description of Assessment Methods

Student evaluation consists of both group work and a final written exam.


Textbooks

  • In addition to the textbook A. BORGHI - Finanza immobiliare, other original  teaching materials will be provided.

Exam textbooks & Online Articles (check availability at the Library)
Last change 01/07/2005 00:00
 

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