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Real Estate Investments, Valuation and Financing

Start Date:
27. September 2017
Finish date:
28. September 2017
Code:
RE310 - 10LON
Buy Now!
Price:
1915.20 GBP (VAT incl.)
Members Rate:
1532.40 GBP (VAT incl.)
Location:
London
Download:
Real Estate Investment Valuation and Financing - London - September 2017.pdf
Ascentium Associates - Training Directory 2017.pdf
Tutor:
Mr. Gareth Anderson

Description

 Real Estate Investments, Valuation and Financing

 2-Day Executive Education Training Programme

Book by Friday 11th August to receive the Super Earlybird prices
Book by Friday 25th August to receive the Earlybird prices

Programme Overview and Key Learning Outcomes

The objective of this two day advanced course is to provide a solid grounding in the fundamentals of the commercial real estate marketplace, allowing participants to better assess and critique the asset class. After the course attendees will be equipped to: 

  • • Recognise the attraction of the sector to investors including its long term performance and risk attributes relative to other asset classes
  • • Identify and understand the issues facing corporates on whether they should own or rent real estate, including an appreciation of the forthcoming accounting changes on operating andfinance leases
  • • Be able to identify the key elements and dynamics of a real estate cashflow, how to value the asset class as well as finance it and invest in it including understanding how a private equity investment is structured, measured and remunerated

Course Director 

Gareth Anderson is a senior investment professional over 17 years of  real estate and financial markets experience. Over the course of his real estate career he has advised in excess of £6bn in real estate transactions. He is currently Head of Strategy and Origination at Keystone Real Estate Partners, where responsibilities include the capital raising for a £100m commercial real estate fund. To read Gareth's full profile, please click here

This course is aimed at:              

Institutional grade core target audience of Analyst –Director or Analyst – Manager:

• Family Office
• Private Wealth
• Pension /Life fund
• Investment
• Private Equity
• Banking Firms 
• Real estate servicers such as: 
     • Trustees
     • Fund Administration
     • Accounting
     • Debt Servicers

 

Course Outline

Day 1 - Topics

Real Estate Sector Overview

The goal of this section is to provide a thorough understanding of how the sector is structured, access points and the ability to critique performance.

• Types of commercial real estate – core asset classes and alternative such as hotels, self-storage, student accommodation and land
• Performance characteristics - Long term performance; liquidity; risk adjusted returns and correlation to other asset classes
• Entry points into the sector (direct, unit trust, synthetically etc.) and sector ownership
• Accounting considerations: - finance versus operating lease accounting treatment: forthcoming changes and implications for sale and leasebacks
• Corporate ownership - should a company own property or rent and how to approach an assessment?
The listed sector – Real Estate Investment Trusts (REITs) as a tax efficient wrapper; entry criteria, relevance, NAV discounts and premia considerations, comparison of different REIT Landscapes
Real estate cashflows - the core component parts of a real estate cash flow: rental cash flow, leasing dynamics, service charges, letting and renewal fees, agents fees 

How to Value Real Estate

The goal of this section is to understand the methodology for valuing real estate assets and investment opportunities as well as gaining an appreciation of the relevant nomenclature.

• Yield based valuation methodology – initial, reversionary and equivalent yields
• Private equity valuation approach - targeted Internal Rate of Return (IRR) methodology
• Harmonising surveyor, investment banking and private equity valuation approaches
• Hotel valuation: worked example of hotel portfolio analysis
• Land valuation: worked example of development appraisal / residual calculation
• Operating company / Property company interaction and how to realise value from the separation

 

Day 2 - Topics

How to Finance Real Estate

The objective of this section is to appreciate the distinct parts of the debt capital stack and give an appreciation of the key issues to consider from a borrower and lender perspective.

• Understanding the capital stack – junior, senior and mezzanine finance
• Loan performance metrics from a banking perspective
Events of default (EoD) - what are they and implications including enforcement
Secured versus unsecured lending - understanding lender perspectives and economics
Introduction to securitisation and CMBS and its return to the markets
Non-performing loans – basic principals and private equity approach to valuing
Global debt funds – capital flows and understanding why they are prevalent

 

Private Equity Investment (including investment appraisal exercise)

The goal of this session is to understand the structure, legal framework, performance measurement and remuneration mechanisms of private equity funds.

Components of total return – capital growth, rental growth, income, asset management
Concept, methodology and measurement of Internal Rate of Return (IRR) and Net Present Value (NPV) calculations
Acquisition appraisal utilising an IRR based approach
Equity and sponsor remuneration - equity waterfalls, hurdle rates (single and tiered), carried interest (“carry”) and how to calculate it
Catch-up - understanding, implementing and contrasting UK and US styles
• Cash drag and capital recycling
How to prepare for investment committee

This session will include a worked example of how to assess a potential acquisition for a fund including cash flow modelling, capital financing considerations, sensitivity analysis for acquisition, leverage (gearing), banking covenants, and calculation of the equity payout to equity providers and sponsors.

Wrap-up: Review, conclusions & insights

Pricing Options

  • •  Super Earlybird - Book by Friday 11th August to receive the Super Earlybird prices
  • • Earlybird - Book by Friday 25th August to receive the Earlybird prices.
  • •  New members receive a 50% saving on the non-member rates for their first booking. Click here to find out more about applying for annual membership.
  • •  VAT - All prices exclude 20% VAT which will be added to your invoice or credit card transaction

Member Rates

  Member Rates
  Super
Earlybird Rate
Earlybird Rate Normal Rate
1 Delegate £1277  £1436 £1596
2 Delegates £2298  £2586  £2873
3 Delegates £3447  £3878  £4309

Non-Member Rates

  Non-Member Rates
  Super
Earlybird Rate
Earlybird Rate Normal Rate
1 Delegate £1596  £1796  £1995
2 Delegates £2873  £3232  £3591
3 Delegates £4309  £4848  £5387

Want this course in-house? Please click here

For Frequently Asked Questions, please click here

Why Train with Us?

You can register for this programme in 3 easy ways:

  1. Online: using the ‘Book Now’ button found on this webpage
  2. Email: Scan and email to us your completed 1-page registration form, found on this webpage by using the ‘Download Brochure’ link (located top right of this page). Please email the completed form to info@ascentium-associates.com
  3. Telephone: Call us on +44 207 193 5423 

Real Estate Investment Valuation and Financing - London - October 2017 - Ascentium Associates

is a senior investment professional over 17 years of  real estate and financial markets experience. Over the course of his real estate career he has advised in excess of £6bn in real estate transactions.

Book the course: Real Estate Investments, Valuation and Financing

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Cancellation Policy - Attendee cancellations received more than fifty (50) days in advance of the course will receive a full refund of the fees paid for a course. Cancellations received from forty-nine (49) to thirty six (36) days in advance of the course will be subject to a fee of 50% of fees paid. All cancellations must be made in writing (by letter, or email - proof of receipt will be required) to the relevant contact at Ascentium Associates or via This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it. .Unfortunately no refunds will be made for cancellations made within thirty five (35) days of a course. Cancellations received less than thirty five (35) days in advance of a course will receive a 100% credit to be used at another course for up to 12 months from the cancellation date.

Substitution Policy - A registered attendee may transfer this place on a course to another colleague from the same organisation provided we are notified in advance of the commencement of the course.

Postponement Policy - Ascentium Associates reserves the right to postpone a course at any time in advance of a course if it becomes necessary to do so. Examples include but are not limited to: if the course trainer were to become unavailable and no alternative replacement found in time, or if we receive an insufficient number of registered attendees that would be required to effectively run a course.

If a course is postponed, delegate payments already received are entitled to a full refund of fees paid or they can elect to have the funds credited towards the fees of a future course and receive a 10% discount.

Ascentium Associates will confirm the status (running or postponed) of a course up to 2-3 weeks (or earlier) before a course’s scheduled dates and will contact attendees by email. It is advised that attendees do not undertake any accommodation or travel  arrangements until it is confirmed that a course will run. Ascentium Associates are not liable for any costs incurred by delegates if it becomes necessary to postpone a course.

Force Majeure - Force Majeure refers to circumstances beyond our control that make it impossible to run a course.  This includes but is but not limited to circumstances such as: bad weather conditions, acts of God, disasters, acts of terrorism, acts of war, strike action, regulations or orders of governmental authorities, civil unrest. In the case of force majeure, we reserve the right to keep attendee fees as a contribution to all incurred course related costs, such as venue and administrative costs.

Travel and accommodation - The course fee does not include any travel or accommodation costs incurred by attendees. Whilst Ascentium Associates may suggest accommodation nearby the training venue, we are not accountable for making any bookings for accommodation or transportation arrangements on behalf of attendees. Attendees are responsible for their own transfers to and from the training venue and we will not accept any liability for any transport disruption an attendee may encounter. Our cancellation policy applies if an attendee is unable to attend all or part of a course.

Course Leader and External Experts - Whilst course trainers and any external speakers and subject matter topics are confirmed in advance of the course, there may be circumstances beyond our control for which we reserve the right to change any aforementioned trainers, speakers or topics.

Programme contents – The course contents delivered verbally or provided in any format are purely for education and information purposes only and do not constitute advice or any course of action. Whilst all reasonable care has been taken for contents to be accurate and up to date, Ascentium Associates accepts no liability for any incompleteness or inaccuracy. Ascentium Associates accepts no liability whatsoever for any direct or consequential loss arising from the use of the contents of a course.

Programme Fee -  Fees allow attendees to go to all the training sessions and food and beverage refreshment breaks at the course. The fee also includes tuition and the training materials, which will be given at the course. Where applicable, the fees  are subject to local taxes such as VAT and these are charged upon registration.

  1. Payment - Full cleared payment of the fees must be received in advance of attending a course. Failure to do so may result in an attendee not being allowed to participate in the course. Payments can be made by most credit cards or wireRegistrations received fifteen (15) days or less before a course commences, then the payment must be via credit card.

Membership fees - Full cleared payment of the membership fees must be received in order to benefit from member rates. The annual membership fee applies for a full calendar year and is only refundable if the very first programme related to the member is postponed and a refund is requested. Even if only one programme is booked per annum, the membership fee is not refundable even if no more courses are booked during the remainder of year. 

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