A one – day training seminar
Why attend the seminar?
- Get 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.
- To be able to analyze RE finance documents edited in English and discuss with English - speaking business partners on Real estate finance deals.
- Acquire 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.
Period
One day
Who should attend?
- Commercial bankers financing the Real Estate industry in an international context
- Developers and investors operating in a multinational environment
- Real estate analysts
- Investment fund managers
- Asset and property managers
- Brokers
- Legal and technical Real Estate advisers working in an international environment
Course program
Day 1
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, SEM, EPA, Architects, Project Manager, Property Valuer
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. The notion of subordination
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) ? Which documents’ check list?
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 non recourse 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
Course evaluation
Your seminar coach:
The seminar will be conducted by Sylvaine Chubert*, Executive Trainer and consultant in International Finance, France – the Netherlands
Sylvaine Chubert, Executive Trainer and Consultant in International Finance
Ms Chubert has a twenty – year experience in International Banking, specifically in Structured Finance applied to large project (Real estate) financing. as well as Corporate and Export finance transactions.
She has worked for BNP Paribas (Paris & Amsterdam) in Commercial corporate lending, Rabobank International and lately at Bouwfonds Property Finance and ING Real Estate as Senior Loan adviser, structuring and advising on the risk management of large (USD 50 to 500M) commercial Real Estate projects and, back in France, for GSE Group, a French Real Estate group delivering turnkey office and logistic real estate projects in 17 countries. Also, Sylvaine is Professor of Finance at Dauphine University (Paris), EDHEC, Euromed and ESSCA. She now has her own training and consulting practice where she trains financial institutions and real estate market players on fincing and risk management issues. She holds a Master degree from Sciences Po (I.E.P.) in Paris and a Graduate Certificate of Management from the E.U.A University in San Francisco, USA.
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