Real Estate Finance And Investment

Packed with exercises and case studies on each day

Real Estate Finance And Investment 18 – 21 September 2011

Dusit Thani Hotel, Dubai, UAE

TOP 5 LEARNING OBJECTIVES 1.

Understand the data requirements, standards and methodology of real estate valuation

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WHO SHOULD ATTEND? This course is designed to meet the needs of property and real estate professionals with responsibility for finance or

2. Gain the analytical techniques you need to be an expert in real estate including modelling and risk analysis

investment activities. In particular, those working within the following departments will highly benefit: property development, real estate and property management, portfolio

3. Discover how to put across market conditions and property characteristics in terms of cash flow invested and received overtime

management, planning and development, investments, contract management, property consultation, finance, family offices and real estate investments.

4. Know how to choose between direct and indirect property investment vehicles 5. Quantify and measure financial outcomes to help investment decision making

Organised by

Official Regional Recruitment Partner

18 – 21 September 2011 Dusit Thani Hotel, Dubai, UAE

Real Estate Finance And Investment

Course Timings Registration will be at 07:30 on Day One. The course will commence at 08:30 and conclude at 14:30. There will be refreshment breaks at approximately 10:30 and 12:30 and lunch will be served at the end of each day’s session.

Scheduling and budget control Sales and profit margins

Introduction This course draws on global experience and is designed to provide you with a full background of the financial aspects of commercial and residential real estate in terms of how to calculate returns, how it is financed and how to successfully analyse leases, to invest and sell profitably.

Real estate evaluation experience is not required, but an understanding of concepts such as present value will be helpful.

Investors, lenders, borrowers, valuers, property developers, government agents involved in real estate planning and financing decisions, and financial analysts of all types will greatly benefit from attending this course.

Case Study: Comparison of buy-to-let and buy-to-sell real estate returns

Day Two Valuation Mortgages, Development Loans And Valuation Mortgages And Bank Finance Concepts and applicability of the mortgage

Exercises: Calculating mortgages and impact on value You will gain a thorough understanding of the valuation process, as well as explore the principles behind financing a project. This will include a review of the different financial instruments, how they can be used and their impact on the overall performance of the real estate project.

To maximise this learning opportunity, practical simulation exercises have been included throughout the course. Please be sure to bring your own laptop to ensure you can take part in these excerisies to help link theory with practical systems and reinforce the understanding of the material presented.

Day One Evaluating Real Estate Cashflows Real Estate Cashflow And Investment Measuring real estate cashflow Forecasting real estate values Assessing Net Present Value (NPV) for properties Ratio analysis and its value

Case Study: Excel-add in programmes for real estate Exercises: NPV and IRR calculations for real estate Advanced Property Analytics Cost of capital issues for real estate companies Costs, taxes and inflation Capital budgeting and real estate

Case Study: Cashflow proformas

Case Study: Real estate investment and financing models Valuing Property Assets The red book methodology Changes and alterations in the blue book

Exercises: Market and cost approaches to valuation Alternative methodologies

Case Study: Valuing offices in different locations Measuring Property Performance Applicable concepts and methodologies Problems and issues with performance evaluation Sources of data Evolution of data measurement International comparisons of performance Current issues in performance management

Case Study: Comparing the performance of different property sectors in a range of international markets

Day Three The Work Of Surveyors And Lawyers

Developing Property Essentials of property development The roles of individual professionals and their accountability Project feasibility, design and marketing Project financing and feasibility

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Global statistics Available types of mortgage The secondary mortgage market Lending practice and pitfalls Recent funding developments How to model real estate finance

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Site And Building Analysis Property descriptions Legal title Building plans Tenancy details

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Running costs

Case Study: Impact of site and building analysis on a range of real estate investments Legal Issues In Property Investment Major legal concepts in the acquisition, use, management and transfer of real estate The question of title Title in secondary transactions Disclosure and governance in real estate acquisition and ownership Key case law internationally Current legal issues affecting the real estate industry

Case Study: Evaluation of legal issues in real estate investment transaction

Case Study: Using Monte Carlo techniques to evaluate the risk of a real estate investment Synthetic Property Replication of property performance Advantages and disadvantages of synthetic property investment The development of synthetic property (PINCS, SPOTS, etc) Currently available instruments Future developments

Case Study: Synthetic property investment comparison with real estate Portfolio Analysis Characteristics of an investment portfolio The range of available investments Measuring portfolio performance VaR as applied to multi-asset portfolios Real estate in a balanced portfolio Empirical evidence on real estate investment Changes in portfolio structure worldwide

Leasing Analysis Introduction to leases

Exercises: Stop calculations, lease valuation and feasibility rents Analysing comparables Analysing rental prospects

Case Study: Comparison of international portfolios with real estate components

Exercises: Depreciation, net operating income and yield calculations

Meet Your Expert Course Leader

Securing tenants in relation to valuation and finance Quality control and finance Forecasting and limiting operating costs Leases in the Gulf – issues and values

Julian Spencer Roche Finance Training Consultant, Australia and UK

Day Four From an old real estate family in the UK,

Property Investment Vehicles

Julian Roche worked as an economist for DRI McGraw-Hill and as a partner in a

Ownership Vehicles Listed real estate companies versus direct investment Investment funds and trusts Quoted property investment trusts Limited partnerships The REITs market in the USA and application in Asia The European and Australasian REITs market

real estate development company with US investments before launching his own real estate consultancy specialising in global data provision. Later he spent five years as a senior consultant to a venture capital company in the UK, where he advised on corporate structure, flotations, trade sales and business valuations. He has also published a number of books on real estate derivatives and business valuations and has presented real estate courses

Case Study: Prospects for the REIT market in the Middle East

internationally for a number of years.

Securitisation Of Real Estate Real estate debt securitisation: MPTs, CMOs and REMICs, strips and floaters Real estate equity securitisation and investment performance The future of securitisation after the global financial crisis Alternatives to securitisation Risk And Real Estate Applicable risks in real estate investment Modelling and evaluating comparative risks Risk management strategies Available risk management instruments Costs and benefits of risk management Statistical evidence

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Real Estate Finance And Investment 18 – 21 September 2011 Dusit Thani Hotel, Dubai, UAE FIVE WAYS TO REGISTER IIR Holdings Ltd. P.O Box 21743 Dubai, UAE

971-4-3352437 971-4-3352438

GCS/IIR Holdings Ltd. P.O Box 13977 Muharraq Kingdom of Bahrain

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DISCOUNTS AVAILABLE FOR 2 OR MORE PEOPLE CALL – 971-4-3352483 E-MAIL – a.watts@iirme.com BC3958 Event

Course Fee Before 10 July 2011

Course Fee Before 7 August 2011

Final Fee

US$ 3,950

US$ 4,450

US$ 4,750

Real Estate Finance And Investment 18 – 21 September 2011

Interested in running this course in-house?

Course fees include documentation, luncheon and refreshments. Delegates who attend all sessions will receive a Certificate of Attendance.

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A confirmation letter and invoice will be sent upon receipt of your registration. Please note that full payment must be received prior to the event. Only those delegates whose fees have been paid in full will be admitted to the event. You can pay by company cheques or bankers draft in Dirhams or US$. Please note that all US$ cheques and drafts should be drawn on a New York bank and an extra amount of US$ 6 per payment should be added to cover bank clearing charges. In any event payment must be received not later than 48 hours before the Event. Entry to the Event may be refused if payment in full is not received.

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Avoid Visa Delays - Book Now Delegates requiring visas should contact the hotel they wish to stay at directly, as soon as possible.

Visas for non-GCC nationals may take several weeks to process.

All registrations are subject to acceptance by IIR which will be confirmed to you in writing.

Due to unforeseen circumstances, the programme may change and IIR reserves the right to alter the venue and/or speakers.

Event Venue: Dusit Thani Hotel, Dubai, UAE Tel: 971-4-3433333 Accommodation Details We highly recommend you secure your room reservation at the earliest to avoid last minute inconvenience. You can contact the IIR Hospitality Desk for assistance on: Tel: +971-4-4072693 Fax: +971-4-4072517 Email: hospitality@iirme.com © Copyright I.I.R. HOLDINGS B.V.

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If you are unable to attend, a substitute delegate will be welcome in your place. Registrations cancelled more than 7 days before the Event are subject to a $200 administration charge.

Registration fees for registrations cancelled 7 days or less before the Event must be paid in full. Substitutions are welcome at any time.