The emphasis on maximising income growth for non-listed vehicles in the current market continues to ensure that there is strong role for robust financial analysis. This one-and-a-half-day course will address today’s financial analysis issues using a combination of theoretical lectures and practical "hands-on" sessions. It will start with a bottom-up approach from the property to the fund level on day one, while focusing on the impact of issues such as debt, tax structuring and fees on day two through theory as well as practical examples. The practical aspects of the course include presentation of an illustrative model which allows participants to apply theoretical examples to usable applications for everyday business realities. The course will also examine limitations modelling and how the results can be influenced by different factors.
The course will include the following topics:
- A high level understanding of cognitive biases in decision making
- Using internal rates of return (IRR) and understanding of different performance measurement and their limitations
- In-depth analysis of the impact of debt financing
- The impact of specific fund fee structures and levels on returns to investors
- The impact of taxes and structuring on real estate returns
The course will include some Excel work with attendees working individually, as well as presentations by industry experts, group discussions and case studies to allow participants to share their views.
Who should attend the course?
This course is aimed at individuals involved in financial analysis at both the asset and fund level. This could include junior analysts or more experienced individuals wishing to get an update on financial analysis for indirect investment.
The course will be of interest for investors, fund managers and advisors, specifically acquisition, asset managers and lenders. Attendees should already have a good competency level in finance and be familiar with Excel-based techniques for cashflow modelling. Please note, though, that this is not and Excel Cash Flow modelling course.
Upon completion of the seminar participants will be able to:
• Identify and understand the limitations involved with modelling techniques;
• Benefit from improved or refreshed technical skills for financial analysis;
• Better critique the underlying assumptions and outcomes of models;
• Understand the current landscape surrounding debt financing;
• Have a high level overview of the impact of taxes and structuring;
• Benefit from an improved understanding of fund fee structures and performance fees.
Delegates are required to bring their laptop and MS EXCEL English version is recommended.
This course is open to members and non-members and it counts towards the INREV/ Henley Certificate for non-listed real estate investments