Immobilieninvestment (Steininger, V2/Ü2, WS, economics competency)
In addition to direct real estate acquisition there are several indirect investment vehicles (open-ended and closed ended real estate funds, real estate operating companies, REITs, property derivatives, covered bonds (German Pfandbrief), MBSs or debt funds). After a basic introduction into investment analysis for real estate, this course will focus on the features of the types of investment, paying special attention to their pros and cons. Apart from that, different approaches for evaluating indirect forms of real estate investment for different types of investors based on common evaluation concepts will be discussed. The inclusion of the asset category of real estate into models of the capital market theory will be covered as well.
After successful completion, students should be able to:
• name the features of different indirect real estate investments.
• better assess their specifics.
• perform a deepening evaluation of these types of investment.
• make a decision regarding the appropriate use of specific investment types.
• evaluate these types of investment with regard to the common theories of finance and the ones specific for real estate.
• The required methodological knowledge for quantitative solutions for financial decision-making problems relating to real estate investments and the capability to critically analyze the requirements for applying these models will be conveyed to the students.
• In doing so, the students will be made familiar with the question of how new approaches for problem solving based on research can be derived.
• This course should train the participants’ abilities to communicate and present challenging issues within the scope of the accompanying exercise course.
Basic knowledge in investment, finance, and quantitative methods (can be made up)
Examination (100%, graded, 60min.)