Real Estate Investment Trust Investor Education Webinars – PART 2 – Development REIT

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INTRODUCTION TO UNDERWRITING & VALUATION OF REAL ESTATE INVESTMENTS SPECIAL FOCUS

The Kenyan capital market has only one REIT that is listed on the Nairobi Securities Exchange. However, investors, and more so the institutional fund managers see the underlying advantages of investing in REIT securities. Nonetheless, the market does not have other examples by which to compare and analyze a REIT investment. In this regard, Renaissance Capital, a global full-fledged investment bank licensed and regulated by the Capital Markets Authority, together with Masterdam, a Netherlands based real estate corporate finance firm and the REITs Association of Kenya (RAK) are introducing a 2-part series on Real Estate Investment Trusts (REITS) – Income and Development Trusts.

Hosted by: Renaissance Capital

Moderator: Karimi Warui, Vice President Investment Banking, Renaissance Capital Kenya

Speaker: Christos Angelis - Masterdam, President of CAIA Netherlands

Panelists:

Kenneth Masika - Vice Chairperson, REITs Association of Kenya and Director, Lloyd Masika Limited

Hilda Njoroge MRICS - Secretary, REITs Association of Kenya and Property Investment Manager, Co-op Trust Investment Services Limited

WEBINAR B: DEVELOPMENT PROJECTS

• Defining a Real Estate Development Project
• Advantages and Disadvantages of Development Projects
• Comparison with Growth Equities & High-Yield Bonds
• Assessing ERV & Stabilization Period
• Understanding Development Budgets
• Development Expertise & Track Record
• Investment Comparable Analysis for Successful Exits
• Introduction to Valuation Methodologies
• Valuation Process & Considerations (Example)
• Converting Valuations into Business Plans
• Ways to Gain Exposure to Development Projects (equity)

ICIFA members will earn 1 unstructured CPD point per hour while CISI members will earn 1 structured CPD point per hour.

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