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Visiting the US!

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Zum Thema Real Estate Finance sind seit 2008 zwei jeweils einwöchige Workshops in Zusammenarbeit mit der George Washington University fester Bestandteil des Curriculums. Die erste Workshop-Woche findet in Berlin statt, die zweite in New York und Washington. Internationale Standards werden durch die Bearbeitung und Vermittlung von fachübergreifenden Themen sowohl mit internationalem Bezug als auch aus internationaler Sicht gesetzt. Von besonderer Bedeutung sind der EU-Rahmen und angelsächsische Ansätze (einschließlich USA) im Hinblick auf den "Stand der Technik", die Finanzmärkte und Marketingstrategien.

Während des Real Estate Workshops in New York City und Washington D.C. wird den Studierenden die einmalige Möglichkeit gegeben, Case Studies zu Lebenszykluskosten von Immobilien anhand von realen Projekten durchzuführen. Während des Workshops werden die Studierenden von renommierten Fachdozenten der Immobilienbranche begleitet. Doch nicht nur der fachliche Input ist an diesem Workshop besonders: Sich dabei in Zentren der "Real Estate World" zu befinden versetzt die Studierenden in die Lage, weit über den deutschen und europäischen Markt hinauszublicken und internationale Zusammenhänge kennenzulernen.

REM Students visiting the US: Past, Present and Future
Tom G. Geurts

Introduction:
In the current globalized economy real estate is still a local business, however the capital used to finance it is a truly glo-
bal affair. One needs to look across borders, and in order to be successful in this industry one needs to understand the best
practices around the world and foster international contacts. You never know where the next deal will take place, where the capital provider is located, and/or where the next meeting will be convened. Consequently, to experience this aspect in the REM program one of the fixtures is the yearly trip to the United States. By making this visit, students learn how the various local real estate markets operate through lectures by professors, presentations by local practitioners, and project/company
visits. The objective is that students will take this knowledge back to their home market in order to improve their own investment and underwriting efforts to become better real estate professionals.

Past:
The program has evolved every year, with different individuals involved to improve the collective knowledge communicated to the students. Since its inception there have been constants as outlined below:
  1. The program lasts a week in May and is organized by Professor Dr. Tom G. Geurts, FRICS.
  2. To prepare students for this visit there is a week in November where Dr. Geurts travels to Berlin with some of his colleagues from the United States and the Netherlands to lay the foundations of real estate finance.
  3. The main emphasis of the trip to the United States, as well as the preparatory week in November, is on how to analyze the real estate market and identify a potential investment, how to evaluate this investment within a
    well-diversified portfolio, how to determine the price at which one wants to purchase or sell the property, how to finance the transaction, and finally how to manage the acquisition through effective asset, property, and facility management.
  4. Visits to various real estate projects in different stages of development and planning, and established firms to get a first-hand experience from those working in the field. Who doesn’t remember the amazing views from the top floor of a building overlooking Manhattan, looking at an exclusive residential apartment, or seeing the progress at Ground Zero?
  5. An interactive case study where students have to work together and put into practice what they have learned during the two weeks, staged in a buyer-seller-lender scenario. As the week in May gets closer to the end, students enter into frantic negotiations to find a buyer or seller and to secure financing for their hypothetical deal.
  6. An official certificate of completion granted by theuniversity hosting the week.
  7. And to top it off, literally, drinks at a rooftop bar, generously hosted by Dr. Holz from the TU Berlin. After a week full of stressful negotiations this is the time to finally relax and reflect.
Present:
The most current visit, which took place in May 2012 added a new component, which was well-received by the students and
the accompanying faculty. The presentations were held in some of the more prominent real estate firms, like Taconic Investment Partners and Cushman & Wakefield, instead of at the university. This enabled the students to see the actual offices of these real estate firms and interact with their representatives in their own environment. Indeed, if there was a particular question about a topic discussed in the lecture, someone from the firm could be asked to come in and explain the practical aspects in more detail. It’s like having your own real estate team of advisors on-call!

Future:
The future will bring even more innovations and improvements with a visit to Washington DC, one of the more vibrant real estate markets in the United States, where also all major professional real estate organizations and data providers are located. This will open a new dimension to the visit since professional real estate organizations represent the view of a large segment of the real estate industry and can give a broader overview instead of the more local views thus-far presented. The George Washington University is very happy to host the REM students in 2013 and the years thereafter and is excited about the cooperation with the TU Berlin.

Finally:
A personal “Thank You!” from me for a number of pleasant experiences throughout the past years. I am always looking forward to my visit to Berlin in November and the counter visit of the students to the United States in May. I am very honored to be associated with the TUB-REM program where I have encountered intelligent students who are eager to learn and willing to work hard to master the sometimes complex finance materials. I am also very grateful to the faculty and staff who are always very welcoming and helpful when I and my colleagues come to visit. Without them this program would not be the success it has become.
New York - International Real Estate Workshop, May 2012
Denise Jekel & Nicolás Mercker-Sagué
 
During the 2012 International Real Estate Workshop in New York City we, the REM students, were given a unique opportunity to experience the entire life cycle of real estate complemented by a case study in real estate finance. Doing the workshop in
New York was of great value because of the knowledge that was delivered by experienced real estate professionals who lectured, but also because of the location as “the center” of the real estate world.

What was the purpose of the trip?
To provide deeper insight into real estate finance related topics in one of the most vibrant real markets through lectures on relevant topics such as real estate finance, corporate real estate, asset management, development and market research and analysis.

Was the theoretical part somehow complemented by any practical input?
Indeed! The agenda was full of activities. We had the opportunity to visit a wide range of companies in the real estate industry. During a visit at the headquarters of Cushman & Wakefield we got a great deal of insight into the data used for extensive market research and analysis. The interdisciplinary approach of analyzing economic and socio-demographic as well as soft indicators and being able to make predictions for the future performance of New York’s real estate market was highly stimulating and very impressive.

Interesting, what else did you experience?
Well, another great experience was a workshop at Taconic Investment Partners, a major developer and asset management firm with clients such as Google. Peter Febo, senior vice president at Taconic gave a very informative introduction on their business operations such as project development, project management, asset management, as well as the overall business structure of the company. A visit at Silverstein Properties rounded up the understanding on the field of project development by giving us an exclusive tour of the marketing center of the new World Trade Center developments. Seeing the models of the design competitions and the on-site offices where world renowned architects design and document the process of the new World Trade Center site was not only an educational, but also a touristic highlight since we got to see ground zero up close.
An excursion to the meat packing district and the Standard Hotel gave another perspective on New York real estate. Lauren Danziger from the Meat Packing Improvement Association introduced her organization’s model to connect businesses and the neighborhood in order to achieve sustainable development.

Was there any further real estate related approach?
At Ralph Lauren we had a chance to learn about the criteria companies base their decisions on. Market research and analysis are the basis for any of the company’s real estate acquisitions. Being a major fashion house, not only location but also the delivery of life style is key to the branding and development of all the stores. This is an innovative and fascinating approach to integrate corporate identity into corporate real estate.

Sounds like you had a lot of input! Did you see or do anything else apart from the workshop?
The day didn’t end after lectures and excursions. On our first day we were assigned a case study in which we were divided into different groups, assuming the roles of buyers, sellers and financiers. Each group was given instructions and expectations they had to meet. After negotiating all week the groups had to make agreements and make deals.

How about enjoying the trip outside of the real estate box?
Sightseeing, food, drinks, neighborhoods, socializing with the other students, shopping, night life ... Great but as always it could have been longer.

   

Impressionen New York, 13. Jahrgang

© Reinhard Schulz

© Reinhard Schulz

© Reinhard Schulz

© Reinhard Schulz

© Reinhard Schulz

© Reinhard Schulz

    Visiting Amsterdam!

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    Der ASRE-Workshop findet jedes Jahr im Mai in Amsterdamm an der Amsterdam School of Real Estate statt.
    Die Studierenden nehmen an verschiedenen Exkursionen Teil und hören Vorträge zu verschiedenen Themen des Immobilienmarktes in den Niederlanden, aber auch international.
    Nähere Infos können dem Flyer des ASRE-Workshops 2015 entnommen werden.

    Letzte Aktualisierung: 18.10.2017 16:36