Insegnamento a.a. 2008-2009

8142 - REAL ESTATE FINANCE


MM-LS - AFC-LS - CLAPI-LS - CLEFIN-LS - CLELI-LS - DES-LS - CLG-LS - M-LS - IM-LS - ACME-LS - EMIT-LS

Department of Finance

Course taught in English

Go to class group/s: 31
MM-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) - DES-LS (6 credits - I sem. - AI) - CLG-LS (6 credits - I sem. - AI) - M-LS (6 credits - I sem. - AI) - IM-LS (6 credits - I sem. - AI) - ACME-LS (6 credits - I sem. - AI) - EMIT-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 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
  • Discount to NAV
  • Real estate indexes and performance valuation

Detailed Description of Assessment Methods

Attending students
Both the evaluation of group assignments and a written final examination (multiple choice questions).

No attending students
Written exam on selected chapters.


Textbooks

Attending students
Slides, teaching notes, articles and case studies provided by the lecturers.

No attending students
GELTNER, MILLER, 2006, Commercial Real Estate Analysis & Investments, South Western, 2nd ed. Only selected chapters:
1,2,7,9,10,11,12,13,14,15,21,22,23,24,25,26,28.

Exam textbooks & Online Articles (check availability at the Library)

Prerequisites

Corporate finance and/or investment analysis courses suggested before.

Last change 08/04/2008 14:28