Topic outline

  • General


    Please note that the course has a pre-exam! 

    Instructions for preparing for the pre-exam can be found under Materials -> Pre-exam after 15th of December.


    Please see course content, learning aims and methods in the Syllabus. More detailed instructions on the course in "Study instructions" under Materials.


    Lecture schedule

    Date 

    Topic 

    Lecturer 

    Pre-reading material 

    14.1. 

    Introduction to course, market analysis 

    Heidi 

    - 

    15.1. 

    Market analysis, rental market dynamics 

    Heidi 

    - 

    21.1. 

    Pre-exam 

    Heidi 

    Exam materials 

    22.2. 

    Rental market dynamics and letting 

    Jussi Kivitie, Newsec Oy 

    - 

    28.1. 

    Rental markets dynamics II 

    Heidi 

    1) Fanning (part 1) 

    2) Geltner et al. Ch. 6 

    29.1. 

    Operating costs 

    Niina Kuusakoski, KTI Kiinteistötieto 

    - 

    4.2. 

    Yield and required rate of return 

    Heidi 

    1) Brealey and Myers, 8.2 and 8.3 

    2) Valuation of investment 

    properties 

    - a frame of reference for the yield 

    5.2. 

    Real life case example 

    Sami Kiehelä, CBRE 

    - 

    11.2. 

    Leverage and financing 

    Heidi 

    Geltner (Ch 13 and)  Ch 15 

     

    12.2. 

    Value adding strategies 

    Anna-Maija Grandy, Ailecon Oy

    - 

    18.2. 

    Retail markets 

    Aarne Mustakallio, JLL 

    - 

    19.2. 

    Price setting in real estate markets, investment value and market value 

    Heidi 

     


    Tutorial schedule

    Date 

    Theme 

    Preparation 

    15.1. 

    Q&A for discounted cash flow / pre-exam 

    Prepare questions 

    22.1. 

    Handout of home assignment & introduction to excel template 

    Read assignment task and prepare questions 

    29.1. 

    Market analysis (how to use and find relevant information: rents, yields, vacancy etc.) 

    Read market reports and start drafting your market analysis 

    Prepare questions about unclarities 

    5.2. 

    Rents and rent roll 

    Start with your valuations: fill in the rent roll and start with the DCF with focus on rents, vacancy and OPEX 

    Prepare questions about unclarities 

    12.2. 

    Yields 

    Continue with your valuations: focus on yields and leverage 

    Prepare questions about unclarities 

    19.2. 

    Q&A 

    Assess investment project risks and do sensitivity analysis 

    Prepare questions about any unclarities 

    Thu 25.2. 

    Q&A (on MyCourses) 

    Wrap up your assignment – you can ask “last minute”-questions through MyCourses with swift responses