REAL ESTATE FINANCE- DEVELOPMENT

Project description
PLEASE NOTE THAT: ASSIGNMENT BRIEF IS ATTACHED AS FILE “ASSNMNT MUST READ” – THIS DOCUMENT HAVE DESCRIBED> WHAT THE ASSIGNMENT IS AND WHAT IS EXPECTED DO THE COURSEWORK THAT FULFILS ALL THE REQUIREMENT MENTIONED

Simulated Scenario:

You are employed by a large UK REIT with a substantial portfolio of standing assets and development projects (at various stages) in central London. The REITas weighted average cost of capital is around 6%. All of its assets are in the UK. It has a total portfolio value of c11.9 billion of which c8.4 billion are standing assets with the reminder comprising of the value of its development pipeline.
For the development opportunity, your line manager has been asked to report to the Head of Central London Office Development. In turn, she has asked you to produce a report that analyses two key areas
1 For the uses specified in the sales particulars for the site, she has asked for an analysis of demand and supply conditions in the sub-market.

2 Accompanied by a justification of the key inputs, a preliminary financial appraisal of the development opportunity is required.

As part of the quality assurance process, the report should also include a completed Report Check-list inside the front cover (See below).

In a professional environment, it is important that a report has few or no grammatical or spelling errors. The credibility of, or confidence in, any written advice or analysis that you provide to clients or colleagues will be undermined if you make basic errors in your written expression. If you can truthfully confirm that your report conforms with the formatting checklist below, then you should be fine in terms of structure and formatting. It is also important that you check grammar and spelling. This involves a process of editing, correcting, proof reading and improving.

Bear in mind that this check-list is focussed largely on the presentation and communication of the report rather than the content and substance. The latter are far more important! However it is important to get into good habits in terms of writing and presenting your work.

1 The Project

Through a alearning-by-doinga mode, this project aims to enhance studentsa understanding of the development process with particular emphasis on appraisal in the context of the London real estate market – the project site is in central London. By providing an opportunity to engage and propose solutions in a alive projecta involving various stakeholders, this project introduces students to the complexities of synthesis and decision making that are integral to real estate development.
2 Learning Outcomes

At the end of the project, students are expected to be able to:-
yi _Appreciate the factors in a physical site evaluation and identify constraints and opportunities;
yi _Understand the importance of the planning policy context of a site in the context of understanding and articulating site planning aims;
yi _Identify stakeholders with likely interests in a site and interpret these interests with regard to a development proposal;
yi _Undertake research on market demand and supply variables influencing the feasibility of a development project.
yi _Apply standard development appraisal techniques to the analysis of the financial feasibility of a residential development opportunity.

3 Additional Outcomes
Communication: Students will develop report writing and presentation skills that enable an advocacy of particular development choices. Students are expected to develop skills for communicating concepts and development strategies whilst presenting a well-reasoned argument for particular choices.
Information gathering: Students will demonstrate information gathering skills to research a site and its physical and policy context. They will develop familiarity with data sources necessary for feasibility appraisal (including policies at various levels, maps, statistical, archival and web-based information)
Analytical skills: Students will analyse the information gathered through varying sources and will develop skills in analysis, synthesis and decision-making including the ability to justify development decisions. 3

Financial modelling: Students will process information about the projected costs and revenues from development opportunities in order to analyse their financial performance.

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