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OBJECTIFS :

Flèche rougeGet a good understanding of the main players, financing structures and documents used in international Real Estate Finance and, more specifically, those used by real estate banks, investors, developers and lawyers.
Flèche rougeTo be able to analyze RE finance documents edited in English and discuss with English - speaking business partners on Real estate finance deals.
Flèche rougeAcquire the typical terminology used in International Real Estate Finance. A glossary will be handed out which you will put in practice through various case studies

PUBLIC CONCERNÉ :

Flèche rougeCommercial bankers financing the Real Estate industry in an international context
Flèche rougeDevelopers and investors operating in a multinational environment
Flèche rougeReal estate analysts and surveyors
Flèche rougeInvestment fund managers
Flèche rougeLegal and technical Real Estate advisers

FORMATEURS :

Sylvaine Chubert,

Vingt ans d’expérience à l’international ausein de grands groupes bancaires, où elle a exercé des fonctions commerciales puis de gestion des risques sur des opérations Corporate, Trade Finance puis de Financements de Projets immobiliers. Depuis plus de 10 ans, elle collabore également en tant que professeur invité à plusieurs programmes Executive Master en Finance de l’Immobilier, notamment à l’université de Paris IX Dauphine et à EUROMED.

FORMATION - Programme

The main market players in the (Commercial) Real Estate Finance industry and their rationale when seeking financing
› Real Estate Developers. Construction Financing
› Investors: Project financing and refinancing. The notion of recourse and non – recourse financing
› Commercial and investment bankers
› Tenants
› Others : Public and Private Joint Venture Company, Public Planning Board, Surveyor

The main investment asset types:
› « Core », « Core+ », « Opportunistic »

The main types of financing and the distribution channels. Related documentation
› Senior debt, Junior debt, Mezzanine /Equity and quasi –equity.
› Debt distribution: underwriting with syndication or club deal.
› Loan documentation: commitment letter, term sheet/ loan agreement, conditions of drawdown.
Case study: a term sheet issued by an investment bank.

The Due diligence process. How to ensure an optimal Due diligence of the underlying asset(s)?
› The rental contract and the lease statement, asset per asset and at portfolio level. Case study: Analysis of the list of tenants on a portfolio of industrial (logistics) assets
› The valuation report. Case study : valuation of a commercial center owned by a Retail investment fund in Southern Europe.
› The financial data on the investor (in case of nonrecourse financing).
› Financial data on the operating company and / or of the tenant.

How to secure the deal?
› Sensitivity tests on Real Estate financial modeling. The main ratios of analysis: DSCR, ICR, Investment yield.
› Conditions Precedent (CP’s)
› Security and covenants

Conclusion & Evaluation

TARIFS:

Flèche rouge990 euros HT

DURÉE :

Flèche rouge1 jour

 

PRÉREQUIS :

Flèche rougeAnglais
Flèche rougeCette formation est généralement dispensée en anglais mais peut être réalisée en français

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