20 15
General Course Brochure
Real Estate Executive Education
BAYFIELD
About
2
2015 Course Brochure
Cambridge Financial modelling Cash flow
Real Estate
Real Estate Executive Education
New Education Methodology
Bayfield
In-house/public courses
About Bayfield Training has over sixteen years’ experience training real estate investors, developers, financiers and surveyors all over the world from London to Hong Kong, Amsterdam to Dubai and South Africa to Kuala Lumpur. Bayfield Training is recognised internationally for its highly effective and successful training technique. The key to the success and the popularity of our courses is the combination of theory, case studies and verified up to date facts. All courses are tied together using financial models, ensuring the very maximum relevance of our content for you and your employees.
4
2015 Course Brochure
Welcome
“Welcome to our first general brochure of courses. It seems only yesterday I was delivering my first seminar on spreadsheets to the great and good of the property world at an Investment Property Forum seminar back in 1998. Since then, here at Bayfield, we have developed a pedagogy for Real Estate Financial Modelling and have become the go-to provider for the acquisition of these skills. Over the years I have been privileged to become part of a large network of interesting and respected individuals within the industry. With their help
Natalie Bayfield Chief Executive Officer Twitter: @NatalieBayfield
Bayfield has expanded rapidly to accommodate other courses relevant to those working in the Real Estate sector. Our new courses include Performance, Retail, Investment, Fund Management, and Sustainability. All retain a component of Bayfield Training’s core competency, and my personal passion, financial modelling. I am now very proud to be part of a team of enthusiastic young researchers and education specialists dedicated to bringing you the very best in Real Estate Executive Education. I hope you will find something within these pages that will inspire you to take your career on to the next level.”
“We work closely with Professional bodies, Investors, Academics and Modellers to bring your asset to life.” Natalie Bayfield
bayfieldtraining.com
5
Why choose Bayfield? Bayfield Training are more than course providers. We are real estate specialists with a genuine passion for bridging the academic professional gap. With a foot in both camps and a talent for picking cutting edge topics, Bayfield is best placed to translate them into techniques that immediately influence the bottom line. Sixteen years ago we were the first company in the world to consolidate real estate financial modelling as a subject in its own right. This subject can be daunting for many but we have learned what delegates need from a course and what helps them understand and retain technical know-how. Our training technique, applicable to all our Real Estate courses, is both systematic and invisible when done well. Our trainers are thoroughly briefed in these methods based on our core principles of modularity, transition and relevance leaving the delegate to concentrate on the content and most of all, to enjoy the learning experience.
Our courses meet the strategic, professional and technical needs of your employees
About
Financial Modelling Courses
Real Estate Analyst
Real Estate Finance
Learn how to build Real Estate Cash Flows in
On this course you will learn about the
Excel. This course is the only one of its kind
financing of real estate transactions by
that shows you how to build sophisticated
analysing and interpreting debt cash flow
flexible models from first principles. The course
models.
concentrates on tools and solutions rather than
Similar best practice models to those
templates. Several alternatives are built from
developed on the Real Estate Analyst course
scratch offering you maximum control over the
are used as the underlying asset. After
model building process.
reviewing a schedule of debt covenants you
You will learn how to set up rent functions
will learn the sources and uses of funds, equity
for a multi-let property including all the
acquisition, refinanced debt, fees and debt
standard lease features occurring in the UK.
capacity constraints. You will learn how to
You will also learn how to add debt structures,
model different senior debt structures as well as
calculate various return metrics and build in
mezzanine and profit share arrangements.
sensitivities and scenarios to complete your
You will also learn how to build in maximum
Real Estate investment case.
flexibility in capital repayment options, revolver,
On this course you will
cash sweep and debt waterfalls.
• Revise income mathematics
On this course you will
• Learn how to structure a cash flow
• Revise operational models of real estate
• Learn how to build lease behaviour into
assets and stress for core income
income streams
• Understand the sources and use of funds
• Build in different debt structures
• Learn about typical debt covenants and how
• Analyse using sensitivity and scenario
to incorporate them
analysis
• Create debt schedules for Senior, Mezzanine
• Employ all the shortcuts and solutions to
and Profit-share financing structures
common modelling problems
• Learn how to optimise debt structures
Additional materials
Additional materials
Course material and USB with complete cash
Course material and USB with complete cash
flow models
flow models
Duration: 2 days
8
Price: £1,750 + VAT
Duration: 2 days
Price: £1,750 + VAT
2015 Course Brochure
“Bayfield delivered the best finance modelling training we have ever had” Human Resources, CBRE
European Real Estate Analyst
Real Estate Developer
Learn how to generate cash flows arising
Learn how to model and analyse development
from European lease codes and conventions.
projects using Excel. Residual and payback
The course revises financial modelling theory
methods are completed and their advantages
prior to a detailed analysis of the different
compared with cash flow models. You will learn
covenants existing in the various jurisdictions
how to put together a full development project
of Continental Europe. Inter European
cash flow model and interrogate the different
investments present additional challenges in
metrics such as profit-equity multiples, profit
the permutations of covenants and subsequent
on cost, net present value and internal rate of
rent projections.
return.
This course shows you how to build
You will learn how to calculate debt
European cash flow models whilst minimising
requirements as well as model drawdown
the complexity and size of rent functions.
facilities and rolled up debt facilities that
On this course you will
remain flexible with a changing project. The
• Revise financial modelling structures and techniques • Learn the covenants prevalent in different
course also gives you the skills to test the project using risk analysis techniques to help you understand the impact of phasing, growth,
countries throughout Europe
over-runs and costs inflation.
• Devise solutions and techniques to project
On this course you will
flexible rent functions
• Analyse schemes quickly with residual and
• Apply and analyse debt structures
payback models
• Analyse using sensitivity and scenario
• Learn how to build a full development
analysis
project cash flow
Additional materials
• Understand the impacts of phasing, growth,
Course material and USB with complete cash
over-runs and costs inflation
flow models
Additional materials
Duration: 2 days
Price: £1,750 + VAT
Course material and USB with complete cash flow models Duration: 2 days
bayfieldtraining.com
Price: £1,750 + VAT
9
About Investment Management
Courses
Real Estate Fund Management
On this course you will
The aim of every real estate professionals is to
• Revise the economics, size and structure of
create a sustainable, profitable investment. Only
the global real estate market
by understanding how strategies were arrived
• Learn how to create fund structures to suit
at in the past can you learn and adapt to the
strategy and performance objectives
future.
• Appreciate where all the players fit and their
The size and structure of the global real
importance over the life-cycle of different types
estate market, trends, opportunities, forecasting
of fund
techniques and currency issues create the
• Understand the regulatory framework at the
basis for the funds analysed on the course. Real
global, local and structure level
properties from around the world are selected
• Learn about investor objectives, fund
to create a series of hypothetical portfolios.
mandates and strategic opportunities and
These properties are pulled lease by lease into
limitations in detail
a financial model and analysed throughout the
• Learn how to source funds and raise capital
fund life-cycle. Origination is explored in detail
• Understand the due diligence process, source
from fund structures and capital raising through
and value properties
to the global regulatory framework and its
• Learn how to analyse a portfolio of property
limitations on fund mandates.
assets
Once fund strategy has been established,
• Understand various risk reduction techniques
the hypothetical portfolios follow the
• Learn how to benchmark your fund, reward
investment committees activities from finding
performance and manage strategy
assets, valuations and due diligence, asset selection, tactical allocation, benchmarking and performance. Repositioning where necessary for outperformance is the paramount objective using different approaches over time at various
Additional materials Course material and USB with complete cash flow models Duration: 5 days
Price: £5,850 + VAT
stages of fund maturity or as the fund prepares to distribute proceeds. This very practical course will allow the different players in the process understand how they can all contribute to the funds ultimate success.
10
2015 Course Brochure
“Thanks for the excellent training we’ve received over the past two days” Real Estate Group, Credit Suisse
Real Estate Performance
On this course you will
This course takes a detailed but highly practical
• Revise the risk and return characteristics of
approach to understanding the mathematics
the underlying real estate asset
of fund performance. This course considers a
• Model the risk and return characteristics of a
number of real life properties as case studies
portfolio of assets
and combines them in a small portfolio. By
• Review all the benchmarks currently available
taking the analysis process from the asset
and compare their suitability for different funds
level up it is possible to understand how
• Perform attribution analysis on the fund and
every feature, on its own and in combination,
understand the value of different techniques
contributes to the success of the fund.
• Learn how to feedback performance metrics
The course uses advanced asset modelling
into portfolio strategy
and in-depth training on real estate risk
• Look at different incentive techniques to
and return, benchmarking and attribution
reward success
analysis. A number of different benchmarks are considered and their appropriateness given the characteristics and diversification of assets within the fund. The course concludes with a discussion on managing portfolio performance
Additional materials Course material and USB with complete cash flow models Duration: 2 days
Price: £1,950 + VAT
and using performance feedback to help inform future strategic allocation of capital.
bayfieldtraining.com
11
About
Sustainability Courses
Sustainable Real Estate Developer
On this course you will
It is now essential for any developer or investor
• Learn about sustainable construction
to understand what constitutes a sustainable
methods
building. Regulations, future energy costs,
• Learn about sustainable materials
increasing use of resources and pressures on
• Learn about both global and local regulatory
the supply of materials make sustainability a
frameworks
significant impact on the cost, marketability and
• Understand the market for sustainable
life of buildings.
buildings and green leases
On this course you will learn what
• Learn about energy markets and energy cost
sustainability means from sustainable materials
forecasting methods
and building methods through to concepts
• Build a development appraisal and compare
of sustainability in location and communities.
sustainable build methods
Learn what type of buildings and project will
• Learn about the financing opportunities for
contribute to a sustainable future for people,
sustainable build projects
planet and profit. You will work with a financial appraisal of a development project concentrating on the line items most associated with the risks and opportunities of sustainable development as
Additional materials Course material and USB with complete cash flow models Duration: 2 days
Price: £1,950 + VAT
well as learn how to forecast and model the impact of future energy prices rises. You will also learn about green leases and the financing possibilities of green projects. The course follows a number of case studies and examples of sustainable build projects both commercial and residential.
12
2015 Course Brochure
“Thank you for an excellent course yesterday – very useful” Cushman & Wakefield
Sustainable Real Estate Asset Management
On this course you will
This course shows you how to incorporate
• Understand how to define sustainability
sustainability within an existing property
in the context of a commercial real estate
portfolio.
portfolio
Sustainability has many different
• Calculate KPIs to identify the risks of
applications from the fabric of a building
individual buildings and portfolios
and life-cycle costs, through to its impact
• Learn cutting-edge environmental and
on demographics and the social structure of
demographic prediction models
its environment. With increasing regulatory
• Build a financial model to understand KPIs
requirements and stakeholder interests it
under difference scenarios over time
is essential to structure and manage the
• Learn how to manage occupier,
portfolio in such a way that minimises these
obsolescence and regulatory risk
inherent risks and opportunities.
• Learn how to identify opportunities within
You will learn how to model and carry out
portfolios presented by the paradigm of
a sustainable audit of a property portfolio
sustainability
and discover which buildings present risks
• Improve strategic decision making through
and why. You will also learn a number of
planning and monitoring of well-defined
tools to help future proof your portfolio with
goals
buy, sell, hold, retrofit and redevelopment options. A portfolio model will be used to compare retrofit and redevelopment options alongside ‘flashpoints’ of opportunities within green leases, lease re-gearing, tenant CSR
Additional materials Course material and USB with complete cash flow models Duration: 3 days
Price: £2,750 + VAT
requirements and tenant negotiation. Finally you will learn how to specify a sustainability strategy suitable for CSR interpretation at the fund level as well as being functional at an operational level.
bayfieldtraining.com
13
About
Retail Courses “I attended the shopping centre course and the interaction with industry experts was great” Chris Worral, University of Cambridge
Shopping Centre Asset Management
On this course you will
This powerful course delivers an understanding
• Learn the history and economics of
of shopping centres as a financial opportunity
shopping centres and how to broadly identify
from inception through to investment, asset
new markets
enhancement and performance.
• Use GIS, Catchment Analysis Software,
Shopping centres need to be built in very
Excel and other tools to position and adapt to
precise locations and their design flexible
markets
enough to meet new product mixes in a
• Learn about ‘effective’ and ‘optimised’
dramatically changing retail environment. You
shopping centre designs
will explore and use the many freely available
• Learn about retailers, product mix and lease
products to help you understand consumers
strategies
and catchments. You will look at different
• Build and analyse a detailed financial model
build designs and operation strategies and
of an existing centre with fully flexible rent
build a detailed financial model in Excel of an
functions
existing centre. The model will then be tested
• Incorporate shopping centre management,
under different scenarios of footfall, national
sustainability features and asset enhancement
economic indicators, changing demographics,
opportunities
sustainability regulations and new
• Appreciate the difference between direct
technologies such as click and collect. Finally
and indirect shopping centre investments
you will look at the issues and limitations of bringing shopping centres together into a securitised structure. You will identify the features and needs of different shopping centres using case studies
Additional materials Course material and USB with complete cash flow models Duration: 3 days
Price: £2,750 + VAT
throughout the course. You will also have the opportunity to try our ground breaking game ‘The Perfect Mall’ competing with your peers to create the most sustainable and investible shopping centre.
“Working with Bayfield Training allows our asset and property teams to prepare for the coming retail singularity and shape financial models that answer future demands.” Gary Burrows, Head of Property and Asset Management at Dana Holdings
14
2015 Course Brochure
Plaza Norte, Madrid bayfieldtraining.com
15
About
Course schedule for the year 2015
Courses
Location
Jan
Feb
Mar
Apr
May
27th–28th
19th–20th
26th–27th
23rd–24th
26th–27th
Financial Modelling Real Estate Analyst
London
Real Estate Finance
London
Real Estate Analyst Masterclass
London
European Real Estate Analyst
London
Real Estate Developer
London
28th– 29th
21st–22nd
Investment Management Real Estate Fund Management
London
Real Estate Performance
London
Sustainability Sustainable Real Estate Developer Sustainable Real Estate Asset Management
London
23rd–24th
London
Retail Shopping Centre Asset Management
London
25th–27th
Jan
Feb
Mar
Apr
“Thank you for your excellent course yesterday. I learnt a tremendous amount.” Legal & General
16
2015 Course Brochure
May
If you would like more information on any of our courses please contact Jacob Noble at: j.noble@bayfieldtraining.com or call: +44 (0) 1223 517852
Jun
Jul
Aug
Sept
Oct
Nov
Dec
23rd–24th
22nd–23rd
17th–18th
24th–25th
29th–30th
17th–18th
15th–16th
19th–20th
Prices (public)
£1,750 + VAT £2,450 + VAT
19th–20th
£1,650 + VAT
21st
£1,750 + VAT
27th–28th
£1,750 + VAT
8th–12th
23rd–27th
£5,850 + VAT
3rd–4th
£1,950 + VAT
£1,950 + VAT
14th–15th
Jun
Jul
Aug
28th–30th
£2,750 + VAT
22nd–24th
£2,750 + VAT
Sept
Oct
Nov
Dec
August will be Real Estate Financial Modelling school
bayfieldtraining.com
17
About
Registration
How to book
Training your team
There are three ways you can register
Why not hold the courses in-house?
for our courses - via our website, by
Our in-house courses can represent savings
telephone or by email:
of up to 40%. All materials are sent in advance of the course. All you have to do is choose dates that are convenient to you and we’ll
www.bayfield.eventbrite.com
do the rest. Contact Kendal for a quotation at
k.bahadirgil@bayfieldtraining.com
k.bahadirgil@bayfieldtraining.com In-house clients include JLL, Aggmore, Balmain Asset Management and Scottish Widows.
+44 (0) 20 78668180
Stay in the loop Keep up with the latest Bayfield news, offers and events by following our social network accounts:
www.linkedin.com/company/bayfield-training-ltd
Follow us on twitter @BayfieldTrain
Follow us on instagram @bayfieldtraining
We look forward to sharing our expertise with you! 18
2015 Course Brochure
Partnerships
The Urban Land Institute (ULI) has been promoting sustainable cities and Real Estate markets since 1936 and now has 33,000 members worldwide. If you or your organisation is a member of ULI, you are entitled to the following benefits: • ULI corporate members on joining, are entitled to one free place on any of Bayfield’s open courses. Corporate members are also entitled to a 25% discount on any course booked by the firm • Individual members are entitled to a 25% discount on any public course throughout the lifetime of their membership and receive a 50% voucher on joining To claim your free or discounted place contact ULI membership manager Aymar Pirzada on +49 (0) 69 60627 183 or by email aymar.pirzada@uli.org
Affiliations The following affiliations are entitled to a £200 discount on any public course. Please confirm your affiliation with any of the organisations at the time of booking. Members of the Investment Property Forum (IPF) Clients of CACI; Clients of the Local Data Company, Current Candidates of Cobalt Recruitment and Current students of the University of Cambridge.
bayfieldtraining.com
19
Clients
20
2015 Course Brochure
The Bayfield team
Sonia Martin足足足-Gutierrez Product Development Manager
Jake Noble Marketing Executive
Maria Wiedner Business Manager
t: +44 (0) 1223 517851 e: s.martin-gutierrez@bayfieldtraining.com
t: +44 (0) 1223 517852 e: j.noble@bayfieldtraining.com
t: +44 (0) 1223 517853 e: m.wiedner@bayfieldtraining.com
Sandra Bekeryte Product Developer Assistant
Kendal Bahadirgil Marketing Assistant
e: s.bekeryte@bayfieldtraining.com
e: k.bahadirgil@bayfieldtraining.com
Agnes Szmat Graphic Designer
Tafadzwa Takuba Junior Graphic designer
Kainat Ali Administrator Assistant
e: t.takuba@bayfieldtraining.com
e: k.ali@bayfieldtraining.com
e: a.szmat@bayfieldtraining.com
Donald Stevens Researcher e: d.stevens@bayfieldtraining.com
Michele Pryor Senior Training Consultant e: m.pryor@bayfieldtraining.com
bayfieldtraining.com
21
About
Remember to visit us at www.bayfieldtraining.com bayfieldtraining.com
23
About
Bolton’s Warehouse 23 Tenison Road Cambridge CB1 2DG. UK Tel: +44 (0) 1223 517850
Garden Studios 71–75 Shelton Street Covent Garden London WC2H 9JQ. UK Tel: +44 (0) 207 866 8180
www.bayfieldtraining.com
BAYFIELD
In partnership with
24
2015 Course Brochure