International Real Estate Strategies and Deal Negotiation Program

3-4 MAY 2017

INTERNATIONAL REAL ESTATE STRATEGIES AND DEAL NEGOTIATION PROGRAM SPONSORED BY DUBAI REAL ESTATE INSTITUTE

SPONSORED BY

AT HARVARD GRADUATE SCHOOL OF DESIGN EXECUTIVE EDUCATION, INDUSTRY AND ACADEMIA’S FOREMOST LEADERS JOIN WITH ACCOMPLISHED DESIGN AND REAL ESTATE PROFESSIONALS FROM AROUND THE WORLD.

Since 1936, Harvard Graduate School of Design has been recognized as one of the world’s top design schools, and is consistently ranked number one in North America for its Master in Architecture and Master in Landscape Architecture programs.

The Harvard Graduate School of Design has over 13,000 alumni and has graduated many famous architects, urban planners, and landscape architects. The school is considered a global academic leader in the design fields.

At Harvard Graduate School of Design Executive Education, industry and academia’s foremost leaders join with accomplished design and real estate professionals from around the world. In this setting, complex challenges are addressed and innovative solutions are created. In our dynamic learning environment, participants emerge with practical insights and valuable lessons that can be put into action, right away. Innovation in action- that’s the Harvard Graduate School of Design Executive Education experience.

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ABOUT THE PROGRAM Understanding how cross border real estate works will allow us to create successful strategies and take advantage of arbitrage situations between different economies.

Real estate is a highly cyclical industry. Every day developers make vital decisions that can have profound effects in the success or failure of our investments. To make it even more difficult, the life of real estate investments is longer than other industries; therefore it is much more important to understand how real estate cycles work, and in which part of the cycle we are, before we start a project. There is too much time and money at risk if we do not know how to read the cycle before playing our cards in the “Real Estate Game.” During the program the instructors will

UNDERSTANDING REAL ESTATE BUSINESS CYCLES j In which phase of the cycle is the country or region? j What are the risks we would face in that particular country or region? j How do we measure those risks? j What are the strategies to mitigate those risks? j What is the difference between physical and financial cycles? j What are the drivers for the investors to enter or exit a market? j How do we take advantage of expansions as well as of recessions? j What are the ingredients to “map the cycle”? j How do we get ready for the new cycle? j How do we anticipate next moves to beat the competition?

explain how they built a successful business

country to the other like sailors following the

plan during the real estate bust of 2008 in

good winds. We need to build solid international

the United States, taking advantage of the

business strategies in order to be successful

downturn and making money when everybody

in this venture. When we disembark in a new

else was losing money.

country we need to design these strategies

Globalization made our world smaller, and every day more and more real estate developers

based on different factors, which are distinct for each new location.

become international. We jump from one

LEARNING OBJECTIVES + PROGRAM TOPICS Understand how to create a successful real estate investment strategic plan in international markets;

Learn the theory behind the real estate cycle in order to anticipate its behavior and make rational investment decisions;

Use financial modeling to establish the right pricing for investments.

Learn negotiations skills that will help close good international deals;

Understand the different external factors that can affect real estate investments around the world;

Learn cross-cultural communication techniques and negotiation skills extracted from international business and diplomacy;

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PROGRAM OUTLINE

DAY 1: OPEN NETWORKING EVENT & EXPERT DUBAI REAL ESTATE PANEL Evening networking Panel with prominent Dubai real estate players

On the evening of Day 1 we will jumpstart the program having an opening networking event. We will be moderators in a panel composed by prominent players of Dubai real estate industry (from public and private sector).

Suggested topics to be discussed during this panel will be: which are the risks and challenges of the local market? Are Middle Eastern developers doing real estate projects outside the area? How do they structure their deals inside and outside the region? Which are the differences, advantages and disadvantages?

DAY 2: INVESTMENT PLANNING IN ACTION & FINANCIAL MODELING IN EXCEL Session 1 Introduction to the Business Cycle Theory

On Day 2 we will put plans into action. Participants will create an investment

Session 2 Residual Value Analysis

difficulties in advance to be able to turn them in our favor. In addition we will

Session 3 Let’s now build a cross-border investment Session 4 Understanding different international markets: US Market

strategy in different markets around the world. We will discuss how to successfully sell our investment plans to investors and identify our main work with a financial model determining the right “pricing” for your investment, especially in situations where the investment involves ground up developments.

Students will receive a copy of this financial model in Excel for future reference and use.

DAY 3: COMPARING DIFFERENT TYPES OF INTERNATIONAL REAL ESTATE MARKETS Session 5 Understanding different international markets: European Market Session 6 Understanding different international markets: Latin American Market Session 7 Understanding different international markets: Asia Pacific Session 8 Understanding different international markets: Middle East.

Session 9 Let’s put hands on the real field – Case Study Session 10 Let’s define Negotiation Session 11 Negotiation Case Study and role playing Closing Remarks

On Day 3 we will compare different types of international markets in order to understand their different fundamentals. j The US market, a mature market with a growing population and a transparent economy; j The European market, a mature market with a shrinking population and a much more rigid structure; j Asia Pacific market, contrasting China with Japan; j Emerging markets, such as Latin America, immature markets with big potential for development in the near future but big risks. j Middle East market, we will have a business case catered to this region, specially designed for this specific program We will discuss the specific externalities that affect each of these different markets and the specific risks we will face: Market transparency; Governmental incentives; The problems of inflation; Currency exchange risks; Political and economic risks; Interest Rates fluctuations; Standard of living; Unemployment Rate; Population Growth; and Affordability Index.

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INSTRUCTORS STEPHAN GIETL

STEPHAN GIETL is a principal and co-founder of Aventura, Florida-based McKafka Development Group.

STEPHAN GIETL is a principal and co-founder of Aventura, Florida-based McKafka Development Group. He serves as the Chief Finance Officer and Chief Operating Officer of the company.

Mr. Gietl also operates European Property Development (EPD), a leading development company founded in 1990 in Central Eastern Europe, with a history of experience in the Czech Republic. Today, EPD is a major player on the Prague market, and has developed assets in excess of € 600 million. As Chief Executive Officer, Mr. Gietl was responsible for the successful and timely completion of a downtown mixed used project of the more than one million square feet of retail office and parking space at trophy property “Palladium” in Prague in 2007. Prior to entering the real estate industry in 2002, Gietl’s background included serving as Chief Finance Officer in both the Private Equity and Fast Moving Consumer Goods (FMCG) industries and in 1994 held title as Controller at IBM. Mr. Gietl is also a member of the International Shopping Center Counsel and the Urban Land Institute. Mr. Gietl was born in Austria. He holds a Master’s in Business degree from the Austrian School of Business Administration and the California State University. In 2010, Mr. Gietl graduated from the Advanced Management Development Program in Real Estate (AMDP) at Harvard University Graduate School of Design.

FERNANDO LEVY HARA

FERNANDO LEVY HARA is a principal and co-founder of Aventura, Florida-based McKafka Development Group. He serves as a Managing Partner and Chief Executive Officer, as well as the Broker and Founder of McKafka Realty, LLC, one of three separate divisions under the company umbrella. Mr. Levy Hara also operates G&D Developers, a development company founded in 1985. G&D Developers currently has offices in Argentina, Uruguay, and the U.S. With this company he has planned, designed and developed more than 1 million square feet of commercial and residential projects in South and Central Florida, including Bayview Lofts and Regatta, both in Miami Beach, Florida, and One Aventura Executive Center in Aventura, Florida. Prior to this, he worked as a designer and developer in Buenos Aires from 1988 to 2001 completing more than 1.3 million square feet of residential and commercial development. Mr. Levy Hara is a contributor and guest columnist for several real estate publications and is often called upon for authoritative commentary on real estate panels and at seminars. He wrote in 2010 as a co-author the book “El arte de Financiar

Proyectos Inmobiliarios” (“The Art of Financing Real Estate Projects”), published in Argentina by Bienes Raices Ediciones. He is Professor of Real Estate Development in the Master in Urban Economy at Universidad Di Tella in Buenos Aires, and he is a LEED-AP certified by the US Green Building Council. He is Vice Chairman of the Aventura Marketing Council, Trustee Member of the Argentina-Florida Chamber of Commerce, and a Member of the Business Tax Equity Advisory Board of the City of Aventura, Florida. Mr. Levy Hara was born in Buenos Aires, Argentina. He received his Master’s Degree in Architecture from the University of Buenos Aires in 1989, as well as his Masters in Urban Economy degree from the Universidad Torcuato Di Tella in 1999, where he has been a frequent guest lecturer and a professor of Real Estate Development since 2005. In 2010, Mr. Levy Hara graduated from the Advanced Management Development Program in Real Estate (AMDP) at Harvard University Graduate School of Design.

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A DYNAMIC & INNOVATIVE CITY

EDUCATION BUILT BY INDUSTRY EXPERTS

SETS CAREER STANDARDS

Dubai’s rich urban environment is an ideal location to study real estate development

Quality, relevance, and rigor via partnerships with industry experts and distinguished scholars

Sets industry standards for real estate education in Dubai & the GCC

REGISTRATION PROCESS To register go to the DREI website on Dubai Land Department to click on “Training Registration” www.dubailand.gov.ae/English/DREI/Pages/trainingregistration.aspx Choose “Educational Purpose” Choose English Choose Course Name: “International Real Estate Strategies & Deal Negotiations”

Email drei@dubailand.gov.ae or call +97142030456 with further questions.

PRICE: 12000 AED

Note: Please be informed that there is AED 20 charge for the Knowledge & Innovation fee

Cash in UAE Dirhams

Current dated AED check drawn on a UAE located bank or banker’s draft in UAE Dirhams Cheques payable to: Government of Dubai - Dubai Real Estate Institute Cheques returned for any reason are subject to AED 500 charge

SPONSORED BY:

Wire transfer details are as follows: Bank Name: Branch: Beneficiary Name: Account Number: IBAN Number: SWIFT Code: Bank Address:

Emirates Islamic.

DLD Branch - Dubai -UAE Government of Dubai - Dubai Real Estate Institute 3707-316854-801 AE93 0340 0037 0731 6854 801 MEBLAEADxxx Baniyas Road, Deira, PO Box 6564, Dubai, UAE Tel +971 4 228 7474, Fax +971 4 222 7321

Kindly provide us with the soft copy of the wire transfer slip to the following E-mail: mohammad.mousa@dubailand.gov.ae