Topic outline

  • General

    Welcome to the course!

    Due to the pandemic, all contact teaching in the course will be organised online.

    For more details on how we will work, please find the Syllabus for year 2022 below.

    NOTE that we have a pre-exam on the course 20.1.2022. The instructions for the pre-exam are published on 1.12.2021. To access the pre-exam materials, please check that you have logged in.

    The preliminary lecture schedule is as follows.

    Date 

    Topic 

    Lecturer 

    Pre-reading material 

    13.1. 

    Introduction to course, market analysis 

    Heidi 

    - 

    14.1. 

    Market analysis 

    Heidi 

    - 

    20.1. 

    13.15-14 Pre-exam
    14.15-15 Market analysis continued

    Heidi 

    Exam materials 

    21.2. 

    Rental market dynamics and letting 

    Jussi Kivitie, Newsec Oy 

    - 

    27.1. 

    Rental markets dynamics 

    Heidi 

    1) Fanning (part 1) 

    2) Geltner et al. Ch. 6 

    28.1. 

    Operating costs 

    Niina Kuusakoski, KTI Kiinteistötieto 

    - 

    3.2. 

    Discount rate, yield and cap rates 

    Heidi 

    1) Brealey and Myers, 8.2 and 8.3 

    2) Valuation of investment 

    properties 

    - a frame of reference for the yield 

    4.2. 

    Value adding strategies 

    Anna-Maija Grandy, Ailecon 

    - 

    11.2. 

    Leverage and financing 

    Heidi 

    Geltner et al. Ch 15 

    12.2. 

    Price discovery in real estate markets 

    Heidi 

    Geltner et al. Ch 12

    17.2. 

    Real life case example 

    Sami Kiehelä 

    - 

    18.2. 

    Concluding the course 

    Heidi 

     

    The schedule for tutorials is:

    Date 

    Theme 

    Preparation 

    14.1. 

    Recap and Q&A for discounted cash flow / pre-exam 

    • Prepare questions 

    21.1. 

    Handout of home assignment & introduction to excel template 

    • Read assignment task 

    • Prepare questions related to the assignment 

    28.1. 

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

    • Read market reports  

    • Start drafting your market analysis 

    • Prepare questions about unclarities 

    4.2. 

    Rents and rent roll 

    • Start with your valuations: Fill in the rent roll and start with the DCF (focus on rents, vacancy and OPEX) 

    • Prepare questions about unclarities 

    11.2. 

    Yields 

    • Continue with your valuations: Focus on yields and leverage 

    • Prepare questions about unclarities 

    18.2. 

    Q&A 

    • Assess investment project risks and do sensitivity analysis 

    • Prepare questions about any unclarities 

    Thu 24.2. 

    Q&A (on MyCourses) 

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