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Merage School of Business

Certificate in Real Estate Finance and Investment Analysis Program

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This program will provide participants with an overview of how to analyze and finance a real estate investment. Learn essential Excel skill sets to prepare property cash flows and create dynamic and sophisticated commercial real estate valuation models to analyze transactions on both an unlevered and levered basis.

Program Objective

  • Develop an advanced knowledge of real estate valuation concepts and apply them in Excel
  • Build dynamic and easily auditable complex real estate financial models using the latest best practices in the industry
  • Prepare advanced sensitivity and scenario analyses to evaluate commercial real estate investments
  • Utilize and learn sources for real estate market and economic data
  • Forecast and model property cash flows and underwrite commercial real estate transaction
  • Understand critical due diligence materials

Program Content

  • Underwriting different product types (office, retail, industrial)
  • Modeling different investment structures (outright purchase, development, joint venture, refinancing, etc.)
  • Evaluating alternative financing methods (senior debt, mezzanine debt, bridge financing, joint venture equity, etc.)
  • Preparing market analysis (market/submarket, demographic and economic profiles)
  • Understanding various types of investors (return profiles, reposition and exit strategies, current active market participants)
  • Reviewing transaction documentation (offering memorandum, third party reports, typical due diligence materials)


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Euromoney Learning Solutions

School of Real Estate Finance, Investment and Development

Next dates

Dec 8—12, 2019
5 days
Dubai, United Arab Emirates
GBP 4995 ≈USD 6302
GBP 999 per day


Understand the complex process of real estate investment, finance and development

A practical modular programme with case studies and integrated cash flow modelling for analysts, investors, financiers, developers and advisors. This course is made up of two individually bookable modules, which delegates are also able to book on individuallyReal Estate Finance and Investment (3 days) Real Estate Development Finance (2 days) The 5 day school features

3-Day Investment Module

  • Interactive case studies based on actual projects with spreadsheet analysis
  • Real estate markets: Macro View
  • Evidence of cycles in property markets
  • Appraisal & valuation fundamentals
  • Sourcing product & asset management
  • Developing cash flow models: Avoiding common mistakes
  • Implications of gearing and debt finance
  • Mezzanine & Participating Loans
  • Modelling the impact of debt, quasi equity and sponsor equity

2-Day Development Module

  • Interactive case studies based on actual projects with spreadsheet analysis
  • Development analysis and appraisal
  • Setting up and modelling a development project
  • Cash flow appraisal techniques in development
  • Structuring the development finance
  • Structuring mezzanine, JV and private equity deals
  • Modelling sample waterfall structures


Module 1

Days 1 - 3: Real Estate Investment & Finance

Days 1

  • Introduction
  • Structure of the course
  • Discussion of delegates’ objectives

Real estate markets: Macro View

  • Markets & Sectors
    • Traditional & Niche markets
    • Emerging Markets & the Importance of Transparency
  • Property Cycles: opportunities and threats. What to look for in different stages in the cycle.

Appraisal & Valuation FundamentalsWhat should financiers and investors ask for? What should they look for? Worked examples

  • Terminology & Techniques
  • Appraisal methods
  • Types of income
  • Lease terms & impact on value
  • Understanding yields and cap rates
    • Unbundling the yield
  • Key drivers of value?

SPREADSHEET ANALYSIS: Investment Acquisition Setting up, analysing and comparing different appraisal approaches Applying and adjusting Cap rates and Income Using different types of Cap ratesStructuring the Cash flow How to structure, avoiding common mistakes. Investor approach -v- Financier’s concerns. Worked examples and practical issues

  • Business Plans
  • A Cash Flow primer: typical patterns of cash flows
  • Discounted Cash Flow construction: Key inputs, variables and outputs
  • Projecting rents, operating expenditure and cap rates
  • Lease up, lease expiries & roll-overs
  • Net Operating Income: A line by line assessment from gross to net income
  • Use of Capital Expenditure
  • The Exit: When, Why, How?
  • Ratio Analysis and Diagnostics
  • Solving the for the target rate of return 

Day 2

SPREADSHEET ANALYSIS: Investment Cash flow model. Setting out a dynamic Cash Flow. Shaping up the basic Investment deal before finance.- IRR, NPV, Income and Exit ratios. Assess uncertainty & the merits of the investment

  • Setting the target rate of return. What is an appropriate discount rate?
  • What else will show whether it is a good deal?
  • Considering the possible merits and limitations of the project
  • “What if” testing and adding sensitivity analysis

Sourcing Product & Asset Management

  • From Sourcing to Closing
  • Due Diligence: Identifying potential “Red Flags”
  • Asset Management techniques
  • Adding and enhancing value
  • Leasing strategies

CASE STUDY: Bid Strategy & Due Diligence

Participants will work in small groups to analyse a potential purchase that considers the acquisition of an investment and the appropriate due diligence processes. How does risk affect the bid strategy?

SPREADSHEET ANALYSIS: Risk Analysis in Cash flow models

Testing the uncertainty in the project Cash Flow. * What-if testing and adding sensitivity analysis * Scenarios & Probability testing * Simulation: A practical technique?

Day 3

Structuring the Finance

Gearing up an investment acquisition (use of leverage). Key financial covenants, sizing the debt, understanding risks, pricing and risk mitigation.

  • Quadrants of Finance
  • Typical financial covenants and points for negotiation
  • Different structures, including Amortisation
  • Sizing the debt
  • Applying financial covenants to the cash flow
  • After debt cash flow & metrics
  • Lender Structuring for protection

CASE STUDY: Acquisition and Finance Financing the investment acquisition of an existing asset. Participants will discuss terms for a loan for an investment opportunity. Examples of Term Sheets will be used to focus the discussion on suitable terms. On completion, a spreadsheet model will be used to illustrate the cash flow implications and key structuring issues.

Mezzanine & Participating Loans

  • Stretched debt to quasi equity
  • Structuring a package
  • Stand alone or blended?
  • Inter-creditor agreements
  • Lookback IRRs, warrants and convertibles
  • Worked examples

SPREADSHEET ANALYSIS: Extending the Cash Flow Model to add the Finance Analysing the impact of different levels of debt and equity in a cash flow context. Adding the senior debt tranche: Analyse and adjust a geared cash flow model Mezzanine Finance: Working through the Capital Stack including Lookback and Side by Side participation in a risk return context, by adjusting key inputs to the model Further Reading & References

Module 2: Days 4 & 5

Real Estate Development & Finance

Day 4

  • Introduction
  • Structure of the Module
  • Delegates’ objectives

Development Market Analysis

  • Forms of Analysis
  • Trends & Forecasts

Development Appraisals & Viability

  • Methods & Approaches: From residuals to cash flows
  • Down to affordable land cost or profit
  • Line by line items
  • Ratio analysis: What indicates a viable project?

SPREADSHEET ANALYSIS: Development Appraisals A spreadsheet model will be used to demonstrate the set-up of development proposal. Ratio analysis & risk analysis techniques will be used to show the implications of changing market conditions.

Cash Flow Appraisal techniques: Moving from Residuals to Cash Flow

  • Capital Budgeting Techniques in Development
  • Discounted cash flow, Accumulated cash flow and Drawdowns
  • Structuring the Cash Flows with phased / mixed use schemes
  • Analysing the Outputs: What is appropriate & why?
  • Structuring the Development Finance
  • Pre-let or speculative?
  • Construction loan mechanics
  • Main Underwriting Criteria
  • Project Monitoring issues
  • Exit strategies

CASE STUDY: Development Participants will work in small groups to analyse a case study that considers the risk and return profile of a development and appropriate methods of finance.   Day 5

SPREADSHEET ANALYSIS: Development Finance Spreadsheet models will be used to demonstrate the impact of finance on Pre-let and Speculative schemes. Debt and Equity issues will be considered and analysed.

CASE STUDY: JV & Private Equity Participants will work in small groups to consider the strategic options, risk & potential returns of a development proposal and consider appropriate methods of raising & pricing the finance with co-investor structures

Joint Ventures & Private Equity

  • Landowner & Developer JVs
  • Traditional JVs and capital partners
  • Different structures for different players
  • Risk and return
  • Priority of distributions
  • Allocating risk & return
  • Prefs, Promotes & waterfalls
  • Showing the Exit and risk

SPREADSHEET ANALYSIS: JVs & Private Equity Spreadsheet models will be used to demonstrate the set-up of Joint Ventures, ground leases and private equity models. Delegates will test possible outcomes on the templates provided.

Review of Module and Further Reading & References

Who should attend

  • Investors
  • Analysts
  • Lending and Finance Bankers
  • Financiers
  • Developers
  • Advisors


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