JEM137 - Real Estate Investment

Credit: 4
Status: CSF - elective
EEI and EP - elective
ET - elective
F,FM and B - elective
Masters - all
MEF - elective
Semester - winter
Course supervisors: Tomáš Jandík, CFA, MRICS
Course homepage: JEM137
Description: The objective of this applied course is to provide students with thorough theoretical background in real estate and, at the same time, show how these methods are applied in the real world.

The course starts with an introduction of property as a specific asset class and puts real estate economics to a wider theoretical context. Property valuation module introduces key valuation methods and their application on income producing assets as well as development projects. Investment module discusses in detail pre-acquisition analysis and the due diligence process. In the next step, debt and equity financing structures are presented including related derivative products and markets. Finally, the portfolio module deals with construction and management of property portfolios with respect to their risk and return characteristics.

Key feature of this course is the application of theories and methods in practice. This objective is supported by the fact that the course is taught by two real estate practitioners.

Basic course literature:

Real Estate Finance & Investments, William Brueggeman and Jeffrey Fisher
Real Estate Investment, A Capital Market Approach, Gerald R. Brown, George A. Matysiak

Other recommended literature:

Commercial Real Estate Analysis and Investment, David M. Gettner, Norman C. Miller
Income Property Valuation, Jeffrey D. Fisher and Robert S. Martin
The Economics of Commercial Property Markets, Michal Ball, Colin Lizieri, Bryan D. MacGregor
Urban Economics and Real Estate, John F. McDonald and Daniel P. McMillen
Construction Economics, Danny Myers
Investment Analysis for Real Estate Decisions, Phillip T. Kolbe, Gaylon E. Greer
Securitization: Structuring and Investment Analysis, Davidson, Sanders, Wolff, and Ching
Risk, Uncertainty and Decision Making in Property Development, Peter Byrne
August 2022




Patria Finance
Česká Spořitelna