Real Estate Professional Postgraduate Educational Programme

Transcription

1 Real Estate Professional Postgraduate Educational Programme Postgraduate Educational Programme of Polish Council of Shopping Centres and Solvay Brussels School

2 Starting October 11 th, 2014, the Polish Council of Shopping Centres and Solvay Brussels School of Economics & Management of Brussels University launch the third edition of the Real Estate Professional postgraduate educational programme. Whether you are a university master graduate professional with at least 5 years of experience looking to widen your knowledge regarding the real estate industry or a company needing to train key-staff in critical issues, this programme is designed to deliver essential up-to-date knowledge and provide each participant with the best educative experience. The Real Estate Professional postgraduate programme, held in Warsaw, is a ten-month general real estate training for professionals who wish to expand their business functional knowledge and develop insights into real estate industry principles, rounded off by four core modules. 1. DEVELOPMENT 2. ASSET MANAGEMENT 3. ADMINISTRATION & REPORTING MANAGEMENT 4. RETAILERS, BEHAVIOURISM, CONSUMERISM The programme provides a broad-based, practical introduction to the main concepts and approaches of real estate, combined with practical insights. The Solvay Brussels School of Economics and Management (SBS-EM) is the leading business school in Brussels, and one of the top 3 Faculties of the Brussels University. SBS-EM is EQUIS and AMBA accredited, and member of the European Public Real estate Association (EPRA) as well as the European Property Federation (EPF). Brussels University Programme has 500 graduates among which there are: Laurent Tirot (CEO, Bouygues Immobilier Poland), Roland Teixeira (Region Executive, GE), Didier Snyers (Head of Real Estate Finance Belgium, BNP Paribas Fortis Bank), Luc Devroye (Director Real Estate & Institutionals for Brussels, ING Belgium), Serge Christiane (Head of Division Infrastructure, Protocol and Conferences, European Commission), Michel De Saive (Audit Partner, KPMG Belgium). THE FACULTY of the Real Estate Professional postgraduate programme is made of recognized international and Polish experts with strong professional track in their fields. The participants will have an opportunity to gain from their outstanding expertise and both practical and theoretical knowledge. Upon the successful completion of the Real Estate Professional postgraduate educational programme and its case studies, participants will obtain a Postgraduate Certificate issued by the Polish Council of Shopping Centres and the Faculty Solvay Brussels School of Economics & Management of the Brussels University. 2

3 Practical Information Language the course is delivered in English, in Warsaw TIME SCHEDULE Saturdays, 9 AM till 5 PM; programme lasting 152 hours spread over nine months. Please find the detailed schedule at end of this brochure. Dates October 11 th, 2014 June 14 th, 2015 PARTICIPATION fee Fee Date of payment 3000 Euro + 23% VAT Euro + 23% VAT Euro + 23% VAT Group Discount: Enjoy a group discount of 5% for two or more participants who register simultaneously. Enrollment Enrollment is opened to all holding a MA university diploma or an equivalent, with at least 5 years experience. The number of participants is limited to 30. Admission depends on documentation provided. GRADUATION Certificate Certificate issuance is subject to programme attendance, a minimum of 75% of all modules is required, and case studies assessment. 3

4 OBJECTIVES Broaden knowledge of the real estate sector Develop better understanding of the technical and economical requirements of the market Widen knowledge of urban planning regulations Learn about current sustainability requirements Discover tendencies in consumerism and behaviourism Acquire information concerning legal, tax, valuation and accounting issues Exchange of know-how and experience among participants Establish new business contacts ParticiPANT S PROFILE Professional of the real estate industry With at least 5 years of working experience in the real estate industry University graduate holding a Master s degree 4

5 Programme outline MODULE 1 MODULE 2 DEVELOPMENT 1. Real Estate Development 2. Land, Urban & Master Planning 3. Concept Planning 4. Technical Bases & Sustainability ASSET MANAGEMENT 1. Asset Management 2. Real Estate within its Social & Economic Context MODULE 3 MODULE 4 ADMINISTRATION & REPORTING MANAGEMENT RETAILERS, BEHAVIOURISM, CONSUMERISM 1. Valuation & Appraisal 2. Legal & Tax 3. Accounting CASE STUDIES 5

6 1MODULE DEVELOPMENT PROGRAMME Table of Contents Real Estate Development Land, Urban & Master Planning Marc Schuermans Yann Guen 24 H Grzegorz Buczek Huub Droogh 8 H The role of a developer Developer vs. Investor Role of the other intervening parties (architects, engineering firms, consultants) The property product Types Macroeconomic data per type Market analyses Base concepts Financial feasibility Feasibility studies modeling Development phases and decision making process Site control or acquisition Assembling a development team Defining the programme Planning permission process Financing techniques Financial control and budgetary follow up Marketing the project Case review: risks and pitfalls to avoid in a forward sale agreement of a to be developed project Polish context: the principles of the spatial planning system in Poland Recent evolution Actual Act on Spatial Planning and Development Expected changes Planning permission processes Specific role of a Local Spatial Policy Document Study on the conditions and directions of spatial development and of the Local Spatial Development Plans Importance of planning procurements Participation of interested parties; the roles of the mayor, planners, city council Local Plan basis for a building permit application Building permit application within the areas without a local plan Building permit review and delivery processes Assessment criteria by the planning authorities Joint permit processes (building permit and environmental permit) The single permit (building permit & listed/ protected property) Appeal and claim processes The roles of the Voivode, the Selfgovernment Appealing Collegium and of Administrative Courts The role of a monuments conservator and the Ministry of Culture 6

7 PROGRAMME Table of Contents 1MODULE DEVELOPMENT Concept Planning Technical Bases & Sustainability Philippe Samyn Eugene Houx 8 H Denis Mélotte Zbigniew Maćków Peter Bull 24 H People-Planet-Profit: ethics in development and construction Architecture: an art of space and a cultural product Geometry and typology of structures and buildings Materials and life cycle of buildings Foundations and soil surveys Core and structure: morphology, shapes and materials Façade and roofs: performances and technologies Interior finishes Comfort factors and HVAC Construction site and workplace safety; accessibility Sustainability in construction Consumables and renewable energies Environmental certifications (BREEAM, HQE & LEED) Upcoming EU regulations and certifications 7

8 PROGRAMME Table of Contents 2MODULE ASSET MANAGEMENT Asset Management Real Estate within its Social & Economic Context Pol Tansens 8 H Pierre Pozzi Bernard Cardon de Lichtbuer 24 H The international investors market Asset backed vehicles and investments Investment vehicles: funds, REIT s, listed investment companies Overview of returns and performances Promotors and Managers of real estate investment vehicles Role of banks, and other debt and equity providers Historical and macro-economic data Real estate in an urban context: building a city: a sustainable approach Privatizations by E.U. member States; PPP s and PFI s; the cases of UK, Italy and Belgium Corporate Social Responsibility in and by real estate 8

9 PROGRAMME Table of Contents 3MODULE ADMINISTRATION & REPORTING MANAGEMENT Valuation & Appraisal Legal & Tax Jean-Paul Loozen Chris Grzesik 16 H Andrzej Lulka Katarzyna Klimkiewicz 16 H Driving factors for the market value of a property: Definition of fair market value Rental value and usage value Property assessment criteria to estimate these values Leasable or sellable areas and measurement codes Risk factors Valuation methods: Comparables Income approach: capitalization of stabilized net income Income approach: discounted cash flows Alternative method: depreciated replacement cost Implementation examples: An office complex A mixed used property with initial renovation Valuation of a (re)development site Advanced case: Property valuations and portfolio transaction by trading the shares of the property company Introduction Civil law, Corporate law, Administrative law Tax regime in Poland Taxation of corporations, partnerships, investment funds Acquisition of real estate Transaction structures Corporate & administrative requirements Collaterals Taxation of share and asset deals Tax restructuring Financing Financing instruments under Polish law Taxation of shareholder or third party loans Selected tax issues of financial and operating lease Development and refurbishment of real estate Contract law and practice Administrative consents General contractor agreement typical tax issues Tax settlement of investment expenses Lease (tenancy) agreement Typical lease (tenancy) agreement Specific Polish law and practice related issues Taxation of lease leasehold improvements or lease incentives 9

10 PROGRAMME Table of Contents 3MODULE ADMINISTRATION & REPORTING MANAGEMENT 4MODULE RETAILERS, BEHAVIOURISM, CONSUMERISM Accounting Retailers, Behaviourism, Consumerism Jean Kotarakos Julie Duthoit 16 H Claude Boffa Karina Kreja Agnieszka Sora 8 H Introduction to accounting (starting with the basic principles, and getting to the preparation of a cash flow statement and the computation of financial ratios) Property accounting under IAS 16 (Property, Plant and Equipment), IAS 40 (Investment Property), IAS 2 (Inventory), IFRS 5 (Non-current assets held for sale) Financial investment in a property company (through subsidiaries, joint ventures, associates, other investments; principles of consolidation) Construction contracts (under IAS 11) and agreements with buyers before completion Inventory & residential landbank (under IAS 2) Operating and finance leases under IAS 17 IFRS vs Polish GAAP REITs EPRA best practices Case study: analysis of the financial statements of a listed property company Commercial / retail formats typologies, analysis of retail evolution in Poland, future trends From catchment analysis to tenant mix how to construct a retail concept Retail schemes competition shopping centres involved in a powerful market game, positioning strategies Commercial development as a product for both tenants and customers: branding, individual narrative, place making Principles of a catchment area analysis Who s who in retail The challenges of international expansion for a retailer How to transform a good location into good sales: in store layout and merchandizing practices The evolution of customer behavior in Europe and in the world Bricks or clicks: the challenges to meet for on-and offline retail The Drive Concept and its + and 10

11 Faculty Claude Boffa Director of s.a. Master in Business Engineering (Solvay Brussels School of Economics and Management, Bruxelles University). Professor in Marketing and Retail with an extended Professional background in International Retail. Academic Director of the Executive Programme in Retail and Distribution Management at Solvay Brussels School of Economics and Management. Grzegorz Buczek Urban Planning, RE Development & Local and Central Government Consultant; holds a MSc in Architecture and a Post-Graduate Diploma in Urban Design and Regional Planning & Management. He specializes in urban management, local & regional government policies and development strategies. Peter Bull Global Retail business leader for Arup, an international and independent firm of designers, consultants and engineers. He is interested in all aspects of sustainability including the development of economically viable solutions. He is a Visiting Industrial Professor at the University of Bristol. Bernard Cardon de Lichtbuer Master in Business Engineering, Université catholique de Louvain Honorary CEO of Cofinimmo, premier REIT of Belgium Pastpresident and founder of ULI Belgium. Huub Droogh Graduated as a Spatial Planner and later as an Urbanist in the Netherlands. After a career at the Planteam foundation and the Dutch Ministry of Economics and Regional Development he joined Rothuizen architects and urbanists in 1993, which in 2008 opened a branch in Poland (Poznan): RDH Architekci Urbanisci Sp. z o.o. He concentrates on organizing, designing and leading urban processes, with a main focus on advising local governments in their spatial and economic development. Julie Duthoit Retired PwC Partner Poland. Professional Accountant in Poland with 17 years of consulting and accounting experience. Working with a range of Real Estate businesses, both Listed and Private entities as well as Property Funds. Prior to working in Poland worked with Developers in the UK and Africa. 11

12 Faculty Christopher Grzesik MRICS REV. UK born, Polish speaking chartered surveyor, Polish qualified valuer and Recognised European Valuer in the UK and mainland Europe. University of Reading graduate, valuation surveyor at the UK Government s Valuation Office. Kinney & Green Chartered Surveyor. Vice Chairman of The European Group of Valuers Associations. Yann Guen Former Vice-President, Mayland Real Estate, Warsaw. Yann has 26 years experience in several big French and International Real estate and Retail companies. In Poland Yann has been working in the field of hypermarket development with Geant Polska and King Cross. In Mayland Yann Guen had overall responsibility for all development matters. Eugene Houx Graduate of Business Economics, Erasmus University Rotterdam. General Manager Nacarat Polska Sp z o.o. Andrzej Lulka Legal advisor and founder of his own law firm. Holder of Master s degree in law and a Master s degree in applied linguistics University of Warsaw. University of Giessen (Germany) European Diploma holder, DESS holder from the College of French and European Law at the University of Warsaw and the University of Poitiers. Former Partner and head of the Real Estate Department of Gide Loyrette Noue s Warsaw Office. Jean-Paul Loozen Master in Business Engineering, Solvay Brussels School EM, Brussels University, Belg. CPA, U.K. Corporate Finance Qualification. Professor at the SBS. EM Brussels University. Academic Director of the Brussels University Executive Programme in Real Estate. Real estate industry leader. Deloitte Belgium and Deloitte Europe, Middle East & Africa. Denis Mélotte Graduated as an Engineer Architect at the Université catholique de Louvain Postgraduated at the Executive Master in Management, SBS EM ULB Principal Partner of Philippe Samyn, involved in the development and construction of every project commissioned to the firm (Samyn and Partners). 12

13 Faculty Katarzyna Klimkiewicz Certified tax advisor with 12 years of experience. Specializes in transactional advisory and restructurings of commercial real estate. Advises investment funds, private investors or developers. Graduate of Warsaw School of Economics, Post-Diploma Studies of European Law at Warsaw University, Leopold-Franzens University in Innsbruck, Executive Education Course at INSEAD. Partner in DPPA. Jean Kotarakos Master in Business Engineering, Solvay Brussels School EM, Université libre de Bruxelles In charge of advanced accounting exercises of the master programme of the SBS EM ULB Executive Director and CFO of the Residential Real Estate Investment Trust Aedifica. Karina Kreja Associate Director in CBRE s Development Consultancy Department, Licenced Valuer, retail market advisor with experience in academic and commercial research and consultancy. She has worked on a number of client assignments in Poland and CEE region as a part of World Winning Cities. She graduated as an architect and urban planner at Warsaw Technical University and worked as teaching assistant at Edinburgh College of Art. Pierre Pozzi Master in Political Sciences, International Relations, Université libre de Bruxelles Master Degree International Economics and Affairs, Johns Hopkins University Former Owner/co- Owner of DTZ Belgium, Luxemburg, France, Italy Former Holding Board Member and co-ceo of Vizzion Participations SA. Philippe Samyn Ph.D. in Applied Sciences, architect, engineer and urbanist Member of the Belgian Royal Academy of Science, Art and Litterature and Member of the board of SECO (Belgian Technical Control Bureau for Construction). Marc Schuermans Civil engineer architect and postgraduate in business administration at university of KULeuven development director in an international development company. 13

14 Faculty Agnieszka Sora Master in Economics, Warsaw School of Economics in Warsaw with more than 20 years of experience in marketing, market research and management. Since 1996 Managing Director of GfK Polonia, leading market research company, specialized in consumer, shopper and retail research. Lectures at Warsaw School of Economics and at European University Viadrina, MBA. Pol Tansens Master in Applied Economics at the Master in Applied Economics at the University of Antwerp & Master in Commercial Engineering. Head of Real Estate Investment Strategy of BNP Paribas Wealth Management. Visiting lecturer at the real estate programs of the Solvay Business School and the Universiteit Antwerpen Management School. Member of the Royal Institution of Chartered Surveyors RICS, board member of RICS Belgium and Luxembourg. Academic directors Programme Management Board Patrick Delcol Academic Director, President of the Polish Council of Shopping Centres Jean-Paul Loozen Academic Director, Professor at Solvay Brussels School Anna Szmeja-Kroplewska General Manager, Polish Council of Shopping Centres Olivier Witmeur Vice-Dean for Executive Education, Professor at Solvay Brussels School 14

15 STUDENTS OPINIONS CALENDAR PROGRAMME REal EStatE ProfESSional POStgraduatE Educational 2014 / 2015 It has been a very comprehensive programme concentrating on the whole development process including the analysis of the local master planning, discussion on the possible urban concepts, construction phasing and finally financial calculations, feasibility studies including the taxation and yield sensitive analysis. The programme involved the key new trends in the development and selling the real estate properties including the green building certification. We have also discussed the key economic, demographic and IT trends influencing the real estate market worldwide. The studies gave me more extensive knowledge about the real estate development. I have met many new people from our real estate business which broadens my business contacts as well. Overall I found this programme and studies very interesting and interactive. OCTOBER Land, Urban & Master Planning Grzegorz Buczek, Huub Droogh 18 DECEMBER Asset Management Pol Tansens 13 Real Estate Development retail and shopping center Yann Guen RE within its Social & Economic Context Marc Lebbe NOVEMBER RE within its Social & Economic Context Pierre Pozzi 22 RE within its Social & Economic Context Bernard Cardon de Lichtbuer 25 Real Estate Development 29 Real Estate Development Marc Schuermans retail and shopping center Yann Guen FEBRUARY Technical Bases & Sustainability Denis Mélotte, Zbigniew Maćków JANUARY Concept Planning Eugène Houx, Benedetto Calcagno 17 Technical Bases & Sustainability Denis Mélotte MARCH Valuation & Appraisal Chris Grzesik MałGORZATA GAJUK AssocIATe DirecTOr BNP ParIBAs Real EsTATe PolAND 21 Technical Bases & Sustainability Peter Bull 21 Legal & Tax Andrzej Lulka It has been a pleasure to participate in a program that efficiently combined tutors who are either thought leaders in their fields or high key real estate professionals, or both. I am glad they were willing to devote their time and share their insights with us. Also, thanks to the course admission process, requiring all the applicants to have a track record in the real estate sector, it was also possible to share experience among the course participants. Finally, I strongly believe that the structure of the program allowed each of us to learn something new and to broaden our professional horizons. 28 Valuation & Appraisal Jean-Paul Loozen APRIL Accounting Jean Kotarakos JUNE Projects presentation Closing event 28 MAY Accounting Julie Duthoit 30 Legal & Tax Katarzyna Klimkiewicz Retailers, Behaviourism, Consumerism Karina Kreja, Agnieszka Sora, Claude Boffa TOMASZ OżDZIńSKI ParTNer, HeAD OF Real EsTATe AT TPA HorWATH The Organizers reserve the right to change the lecturers and the lecture dates. 15

16 The Polish Council of Shopping Centres was established as an association in 2003 and from the outset is the exclusive national partner of the ICSC. PRCH represents the interests of retail real estate industry in Poland. The Association issues market reports, organizes seminars and conferences, quarterly business mixers and holds the main Polish stand at MAPIC in Cannes under the name PRCH Meeting Point. PRCH organizes working groups promoting best practices in the industry. The Association has more than 200 member companies and is one of the highlights in Central and Eastern European organisations in terms of quantity and diversity of members of educational and business communities. Our mission it to support the development and relations between all parties involved in the Polish retail industry and to promote a positive image of shopping centres and shopping streets in Poland. The Solvay Brussels School of Economics and Management (SBS-EM) is the leading business school in Brussels, capital of Europe, and one of the top 3 Faculties of the Brussels University. Founded in 1903 as the Solvay School of Commerce, the SBS-EM covers the entire scope of both economics and management fields, providing high quality education and research in these two specialized areas at an international level. EQUIS and AMBA accredited, the SBS-EM counts more than students split almost equally between bachelor and master students. It is composed of 5 research centers and offers a broad range of postgraduate executive education programmes, attended by 600 participants annually. Started in 2003, its Executive Programme in Real Estate is widely recognized as the leading post-university property focused programme in French speaking Belgium, has graduated in excess of 400 participants to date and is academic member of the European Public Real estate Association (EPRA) and the European Property Federation (EPF). Contact details Polish Council of Shopping Centres ul. Nowogrodzka 50 lok Warsaw Phone: prch@prch.org.pl Monika Niewiadomska Business Development Manager Mobile: mniewiadomska@prch.org.pl