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Course 2006-2007 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, 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 will include 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 active in the field;
  • Valutation of real estate assets: 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

Both the evaluation of group projects and a written final examination are scheduled.


Textbooks
  • GELTNER, MILLER, Commercial Real Estate Analysis & Investments, South Western.
  • Slides and cases provided by teachers
Exam textbooks & Online Articles (check availability at the Library)
Last change 16/05/2006 00:00
 

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