Real Estate Professional - Solvay Brussels School

Real Estate
Professional
Postgraduate
Educational Programme
Postgraduate Educational Programme of
Polish Council of Shopping Centres and Solvay
Brussels School
Starting October 12th, 2013, the Polish Council of Shopping Centres and
Solvay Brussels School of Economics & Management of Brussels University
launch the second 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
Upon the successful completion of the Real
postgraduate programme is made of recognized
Estate Professional postgraduate educational
international and Polish experts with strong pro-
programme and its case studies, participants
fessional track in their fields. The participants
will obtain a Postgraduate Certificate issued by
will have an opportunity to gain from their out-
the Polish Council of Shopping Centres and the
standing expertise and both practical and theo-
Faculty Solvay Brussels School of Economics
retical knowledge.
& Management of the Brussels University.
2
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 ten months.
Please find the detailed schedule at end of this brochure.
DATES
October 12th, 2013 – June 21st, 2014
PARTICIPATION FEE
€ 3,100 + VAT
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
OBJECTIVES
Î
Broaden knowledge of the real estate sector
Î
Develop better understanding of the technical and
economical requirements of the market
Î
Widen knowledge of urban planning regulations
Î
Learn about current sustainability requirements
Î
Discover tendencies in consumerism and behaviourism
Î
Acquire information concerning legal, tax, valuation and
accounting issues
Î
Exchange of know-how and experience among
participants
Î
Establish new business contacts
PARTICIPANT’S PROFILE
Î
Professional of the real estate industry
Î
With at least 5 years of working experience in the real
estate industry
Î
University graduate holding a Master’s degree
4
PROGRAMME OUTLINE
MODULE 1
MODULE 2
DEVELOPMENT
ASSET MANAGEMENT
1. Real Estate Development
1. Asset Management
2. Land, Urban & Master
2. Real Estate within its Social
Planning
& Economic Context
3. Concept Planning
4. Technical Bases &
Sustainability
MODULE 3
MODULE 4
ADMINISTRATION &
REPORTING MANAGEMENT
RETAILERS, BEHAVIOURISM,
CONSUMERISM
1. Valuation & Appraisal
2. Legal & Tax
3. Accounting
CASE STUDIES
5
PROGRAMME
1
MODULE
TABLE OF CONTENTS
DEVELOPMENT
Real Estate Development
Marc Schuermans
Yann Guen
Land, Urban & Master Planning
24 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
Grzegorz Buczek
Huub Droogh
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
•
•
6
8H
The roles of the Voivode, the Selfgovernment Appealing Collegium and of
Administrative Courts
The role of a monuments’ conservator and
the Ministry of Culture
PROGRAMME TABLE OF CONTENTS
1
MODULE
DEVELOPMENT
Concept Planning
Philippe Samyn
Eugene Houx
•
•
•
•
Technical Bases
& Sustainability
8H
Denis Mélotte
Zbigniew Maćków
Peter Bull
24 H
People-Planet-Profit:
ethics in development and
construction
•
Foundations and soil surveys
•
Architecture:
an art of space and a cultural
product
Core and structure: morphology, shapes
and materials
•
Façade and roofs: performances and
technologies
Geometry and typology of
structures and buildings
•
Interior finishes
•
Comfort factors and HVAC
Materials and life cycle of buildings
•
Construction site and workplace safety;
accessibility
•
Sustainability in construction
•
Consumables and renewable energies
•
Environmental certifications
(BREEAM, HQE & LEED)
•
Upcoming EU regulations and
certifications
7
PROGRAMME TABLE OF CONTENTS
2
MODULE
ASSET MANAGEMENT
Asset Management
Pol Tansens
8
Real Estate within its Social
& Economic Context
8H
Pierre Pozzi
Bernard Cardon de Lichtbuer
24 H
•
The international investors’ market
•
Historical and macro-economic data
•
Asset backed vehicles and investments
•
•
Investment vehicles: funds, REIT’s, listed
investment companies
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
•
Overview of returns and performances
•
Promotors and Managers of real estate
investment vehicles
•
Role of banks, and other debt and equity
providers
PROGRAMME TABLE OF CONTENTS
3
MODULE
ADMINISTRATION & REPORTING MANAGEMENT
Valuation & Appraisal
Jean-Paul Loozen
Chris Grzesik
Legal & Tax
16 H
Driving factors for the market value of a
property:
Andrzej Lulka
Katarzyna Klimkiewicz
Introduction
•
Definition of fair market value
•
Rental value and usage value
•
•
•
•
Property assessment criteria to estimate
these values
Acquisition of real estate
•
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
16 H
•
•
•
•
•
Civil law, Corporate law, Administrative law
Tax regime in Poland
Taxation of corporations, partnerships,
investment funds
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
PROGRAMME TABLE OF CONTENTS
3
MODULE
ADMINISTRATION &
REPORTING MANAGEMENT
Accounting
Jean Kotarakos
Julie Duthoit
•
•
•
10
4
MODULE
RETAILERS, BEHAVIOURISM,
CONSUMERISM
Retailers, Behaviourism,
Consumerism
16 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)
Claude Boffa
Karina Kreja
Agnieszka Sora
8H
•
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
•
Operating and finance leases under
IAS 17
•
The challenges of international expansion
for a retailer
•
IFRS vs Polish GAAP
•
•
REITs
•
EPRA best practices
How to transform a good location
into good sales: in store layout and
merchandizing practices
•
Case study: analysis of the financial
statements of a listed property company
•
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 –
FACULTY
Claude Boffa
Grzegorz Buczek
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.
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
Bernard Cardon de Lichtbuer
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.
Master in Business Engineering, Université
catholique de Louvain – Honorary CEO of
Cofinimmo, premier REIT of Belgium – Pastpresident and founder of ULI Belgium.
Huub Droogh
Julie Duthoit
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.
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
FACULTY
12
Christopher Grzesik
Yann Guen
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.
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
Andrzej Lulka
Graduate of Business Economics, Erasmus
University Rotterdam. General Manager Nacarat
Polska Sp z o.o.
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
Denis Mélotte
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.
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).
FACULTY
Katarzyna Klimkiewicz
Jean Kotarakos
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.
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
Pierre Pozzi
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.
Master in Political Sciences, International
Relations, Université libre de Bruxelles – Master
Degree International Economics and Affairs,
Johns Hopkins University – Former Owner/coOwner of DTZ Belgium, Luxemburg, France,
Italy – Former Holding Board Member and
co-CEO of Vizzion Participations SA.
Philippe Samyn
Marc Schuermans
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).
Civil engineer architect and postgraduate
in business administration at university of
KULeuven – development director in an
international development company.
13
FACULTY
Agnieszka Sora
Pol Tansens
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”.
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
14
Patrick Delcol
Jean-Paul Loozen
Academic Director,
President of the Polish Council
of Shopping Centres
Academic Director,
Professor at Solvay
Brussels School
Anna Szmeja-Kroplewska
Olivier Witmeur
General Manager,
Polish Council of Shopping
Centres
Vice-Dean for Executive
Education, Professor
at Solvay Brussels School
STUDENTS’
OPINIONS
CALENDAR PROGRAMME
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
MAŁGORZATA GAJUK
ASSOCIATE DIRECTOR
BNP PARIBAS REAL ESTATE POLAND
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.”
REAL ESTATE PROFESSIONAL POSTGRADUATE
EDUCATIONAL 2013 / 2014
2013
NOVEMBER
RE within its Social
& Economic Context
Pierre Pozzi
12
Land, Urban & Master Planning
Grzegorz Buczek, Huub Droogh
19
Real Estate Development
retail and shopping center
Yann Guen
16
Real Estate Development
retail and shopping center
Yann Guen
26
Real Estate Development
Marc Schuermans
23
RE within its Social
& Economic Context
Bernard Cardon de Lichtbuer
DECEMBER
7
14
2013
9
2013
JANUARY
2014
Asset Management
Pol Tansens
11 Concept Planning
RE within its Social & Economic
Context
Marc Lebbe
25
Philippe Samyn, Eugène Houx
FEBRUARY
2014
Technical Bases & Sustainability
Denis Mélotte
MARCH
2014
1
Technical Bases & Sustainability
Denis Mélotte, Zbigniew Maćków
8
Valuation & Appraisal
Jean-Paul Loozen
8
Technical Bases & Sustainability
Peter Bull
22
Valuation & Appraisal
Chris Grzesik
APRIL
5
12
2014
MAY
2014
Legal & Tax
Andrzej Lulka
10
Accounting
Jean Kotarakos
Valuation & Appraisal
Chris Grzesik
24
Accouanting
Julie Duthoit
JUNE
7
2014
Retailers, Behaviourism, Consumerism
Karina Kreja, Agnieszka Sora
and Claude Boffa
20
Projects presentation
21
Closing event
TOMASZ OŻDZIŃSKI
PARTNER, HEAD OF REAL ESTATE
AT TPA HORWATH
The Organizers reserve the right to change the lecturers and the lecture dates.
15
the highlights in Central and Eastern European
organisations in terms of quantity and diversity
The Polish Council of Shopping Centres was
established as an association in 2003 and from
of members of educational and business communities.
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.
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.
PRCH organizes working groups promoting
best practices in the industry. The Association
WWW.PRCH.ORG.PL
has over 190 member companies and is one of
students. It is composed of 5 research centers and offers a broad range of postgraduate
executive education programmes, attended by
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.
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
Founded in 1903 as the Solvay School of Com-
Belgium, has graduated in excess of 400 par-
merce, the SBS-EM covers the entire scope
ticipants to date and is academic member of
of both economics and management fields,
the European Public Real estate Association
providing high quality education and research
(EPRA) and the European Property Federation
in these two specialized areas at an interna-
(EPF).
tional level. EQUIS and AMBA accredited, the
SBS-EM counts more than 3.700 students split
almost equally between bachelor and master
WWW.SOLVAY.EDU
CONTACT DETAILS
Polish Council of Shopping Centres
ul. Nowogrodzka 50 lok. 448
00-695 Warsaw
Phone: +48 22 629 23 81
E-mail: prch@prch.org.pl
Natalia Pawluczuk
Monika Niewiadomska
Education Programmes Manager Business Development Manager
Mobile: +48 512 402 290
Mobile: +48 512 402 357
npawluczuk@prch.org.pl
mniewiadomska@prch.org.pl