Bayfield Training - European Real Estate Analyst - Amsterdam

Thursday  18 July  2019  10:00 AM    Friday  19 July  2019 5:00 PM
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Last update 20/07/2019
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European Real Estate Analyst


Included with course

  • All Excel models used on the course, provided on disk

  • Comprehensive course manual (also available separately and designed for self-study)

  • 2-months post course email and telephone support


Course Outline

Day One

Know how to build a property asset cash flow, analyse geared, and ungeared IRRs

  • Term & Reversion and Layer Method Valuation (Intro to Excel)

  • Equivalent Yield (Solver, Scenario and Goal Seek functions)

  • Single-Let Discounted Cash Flow

  • Cash Flow inputs (Rents, Yields, Growth Rates, Target Returns)

  • Analysis and use of date series

  • Internal Rate of Return (IRR) and Net Present Value (NPV)

  • Comparing Value, Price and Worth

  • Switching between Annual, Quarterly and Monthly DCF models

  • Adding borrowing and analysing geared returns

  • Introducing Rent Reviews and other ‘events’ into cash flows

  • The ‘Rent Function’ concept and Logic functions (IF, OR, AND)

  • Analysing the IRR for errors (data tables, charting)

  • Sensitivity analysis and Scenario testing

  • International comparison of property market


Day Two

Know how to build a multi-let property cash flow and analyse advanced debt structures.

  • The ‘Rent Function’ and Multi-let cash flows

  • The ‘date problem’ and assumptions in property asset cash flows

  • Pattern of rents in UK, European and Index linked leases (Arrays, Lookups)

  • Reducing the rent function, intermediate calculations and modelling theory

  • Modelling leases expiries, break clauses, voids, and upward only covenants

  • Incorporating time-varying rental growth rates

  • Analysing multi-let cash flows to see if the leases are sufficiently diversified

  • Further IRR analysis (XIRR, MIRR)

  • Creating Annual summaries of quarterly/monthly cash flows

  • Modelling stressed cash flows for debt purposes

  • Interest only and amortising loans (PMT)

For more information visit - www.bayfieldtraining.com 

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