Insegnamento a.a. 2017-2018

20261 - REAL ESTATE FINANCE


CLMG - M - IM - MM - AFC - CLEFIN-FINANCE - CLELI - ACME - DES-ESS - EMIT - GIO

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) - 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) - GIO (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 hotel) and the various business models used by players (property companies, property management companies, developers, real estate funds, REITs).
The objective of the course is to provide the students with the basic principles of financial analysis for real estate, 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 will include 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 company valuation and acquisition.

Detailed Description of Assessment Methods

For attending students
Both the evaluation of group assignments and a written final examination (multiple choice questions). No partial test.

For non attending students
Written exam (open questions) on required books chapters.

Textbooks

For attending stedents:
  • Slides, teaching notes, articles and case studies provided by teachers on E-learning.

For non-attending
  • G.MORRI, A. MAZZA, Property Finance: An International Approach, Wiley, 2015, Part I only.
  • Real Estate Finance teaching notes published by Egea.
Exam textbooks & Online Articles (check availability at the Library)

Prerequisites

Corporate Finance and/or capital budgeting basic skills are strictly suggested.
Last change 18/05/2017 15:12