14 - 18 October 2019

Value drivers

Investing in and financing properties is one of the most difficult “games in town.” Therefore, it is crucial to keep up with current market changes and challenges to be able to exploit opportunities. This course has been designed to provide a practical and comprehensive knowledge of this entire subject.


The course is designed for real estate professionals at any level who are exposed to real estate financial models on a frequent basis. It will be useful for both real estate analysts who would like to start building their own real estate models quickly, rather than relying solely on coaching from existing team members, as well as for mid-level to senior managers and entrepreneurs who want to gain a detailed understanding of the dynamics of debt and financial return fluctuations.


  • Introduction to real estate market

- Characteristics of real estate assets
- Space & capital markets model
- Players and Investment styles

  • Real Estate Financial Analysis pro-forma forecasting

 - Real Estate Profit & loss and Balance sheet
- Cash flow statements with unlevered FCFO 

  • Main return and value estimation financial metrics:

- Internal Rate of Return (IRR)
- Present Value (PV) & Net Present Value (NPV)
- Pay Back Period & Discounted Pay Back Period
- Equity Multiple, Property & Dividend Yields

  • An introduction to Property Valuation

- Value definitions: market value and investment value
- Appraisal methods

  • Real Estate Capital Markets

- Cost of equity & cost of debt
- Capital structure

  • Excel for cash flow models
  • Case study: income producing property appraisal
  • Guest Speach on a Real Estate Development Project
  • Introduction to development appraisal

- Residual model technique, site and profit calculations
- Discounting development cash flows
- Case study on a Real Estate Development Project

  •  Introduction to real estate finance

- Corporate & structured finance
- Bank loan contractual forms
- Income producing properties financing
- Term sheet examples
- Case studies on debt financing

  • Guest Speech on Debt financing
  • Case study: development project analysis with structured financing
  • Risk analysis & simulations

- Sensitivity and Scenario Analysis
- Monte Carlo Analysis

Course Wrap-up and Q&A


Learning Model

The course is a one-week full time program, including some social activities at the end of class time. It is delivered in a Classroom format, including some group work with instructor support.
The course enrolment is restricted to no more than 20 attendees in order to maximize teacher to student interaction. Attendees are invited to bring their own laptop, though shared computers in private workspaces designed for group work are available. All study materials will be delivered in advance in electronic format and a hard copy of the most relevant readings and case studies will be delivered in class. During the program, students will receive a complete set of spreadsheets for all examples and case studies discussed in class.



5.500,00 euros + VAT (including teaching materials, coffee breaks, business lunches during the program, excluding accommodation)

Enrollment procedure

Please complete the enrollment request form, available on this web page, and mail or fax to:
SDA Bocconi School of Management
fax +39 02 5836.6833
The final deadline for enrollment is 24 September 2019. Enrollment requests are reviewed on a rolling basis, those received after the final deadline may not be accepted. Please contact Micaela Valli for this option.

Participation fee

€5.500 + VAT (if required)

Special Payment Terms

A 10% reduction on the program fee is offered to applications sent in by 15 August 2019. For further information please contact Daniela Miglioli.
See all Special Payment Terms