Introduction to Real Estate Fund Management
The aim of every Real Estate professional is to create a sustainable, profitable investment. Only by understanding how fund strategies were arrived at in the past are you able to learn and adapt to the future. The size and structure of the global Real Estate market, trends, opportunities, forecasting techniques and currency issues create the basis for the fund structures throughout the course.
This course introduces the fund management process, specifically applicable to Real Estate funds. The course revises the Real Estate market and the opportunities available before comparing the risks and rewards of investing in the underlying asset with investment in shares of a Real Estate fund (aka indirect Real Estate investment). When setting up a fund, the various different structures available and the broader legal framework for Real Estate Investment activity in the UK are reviewed.
Finally the two day course concludes with financial analysis of the fund revising portfolio modelling theory and benchmarking performance through the demonstration of spreadsheet models.
On this course, you will…
- Understand the fund origination process; Real Estate investment and strategy
- Gain appreciation of investment management at the fund level
- Learn the different types of funds available
- Analyse real estate portfolio risk and return
- Review the UK and international available benchmarks
- Learn how to manage real estate risk at the portfolio level
Who will benefit from this course?
- Real Estate Portfolio and Fund Managers
- Real Estate transaction teams working with Portfolio and Fund Managers
- Real Estate professionals in relationship and supporting institutional Investors
- Research teams design strategies and Fund products
- Real Estate professionals looking to expand their knowledge
- Recent Graduates interested in taking the Investment Management Fund path
Course Outline
The Economics, size and structure of the UK Real Estate market
- Introduction to the Real Estate Market
- Investment opportunities and the four-quadrant model
- Value by geography, sector and structure
Direct Real Estate Investment
- Global Economic Environment
- Occupancy Market cycle
- Investment cycle: Dev & asset market
- Credit Market
- Real Estate cycles: Where are we now?
- Direct Real Estate total returns
Introduction to Unlisted Real Estate
- What is unlisted Real Estate and why invest?
- Size and structure of unlisted markets
- Products and Investors
- Direct vs Indirect
Fund Structures – Part 1
- Financial Services Regulatory framework
- Types of funds (UK, Luxembourg, Ireland, offshore, open or close-ended, limited life or evergreen, regulated or unregulated)
- Rationale for choosing a particular type of fund (For example investor type, location and investment powers, asset location, costs)
- Regulatory implications and requirements, including for cross-border distribution
Regulatory Framework Part 2
- Strategic considerations for structure: legal, tax, regulatory and commercial
- Case studies:Unit Trust/Limited Partnership with US feeders, Corporate with Luxembourg SPV’s, Luxembourg RAIF with US feeders
- Rationale for choosing a particular type of fund (For example investor type, location and investment powers, asset location, costs)
- Looking Forward: UK and EU horizon, Post Brexit
Conclusions
An overview to Listed Real Estate
- What is listed Real Estate and why invest
- Size and Structure of listed Real Estate
- REITs and access to finance
- UK Performance vs Global Performance
- Indirect: UK vs Europe
Real Estate Financial Models
- Basics of Real Estate Financial Modelling and Revision of risk and return metrics calculation
- Drivers of a single asset investment model
- Impact of Opex and Capex considerations
UK Real Estate Rend Considerations
- Lease structures and terms
- Examples and differences across UK and Europe
- Rent function Modelling
- Impact on the overall Real Estate Model
- Indexes & Benchmarks UK and International available benchmarks- factsheet
Fund Management & Strategy
- Bottom Up vs ‘Top Down’ approach to Fund Management
- Managing Real Estate risk at the portfolio level
Conclusions
Course Details
Pricing – Public Course
In-Person: £1,250 + VAT
Virtual: £1,000 +VAT
Upcoming Dates – Public Course Dates
Number of days: Two days
Course type: Strategy
Course level: 
Pre-requisite: None
CPD Hours: 15
Trainers
Malcolm Frodsham
Alex Moss
Andri Rabetanety
How to Book
Course Bookings:
Jacob Noble
[email protected]
Course Delivery & Administration:
Emma Wilson
[email protected]
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Webinar Videos
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