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Commercial Real Estate Investments & Markets Executive Education Program 19 September - 22 September 2019 Finance | Innovation | Leadership Management | Marketing | Strategy www.gecc.com.au

Commercial Real Estate Investments & Markets · Assessing Commercial Real Estate Investments and Markets provides institutional investors and financial advisors with a complete picture

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  • Commercial Real Estate Investments & Markets Executive Education Program

    19 September - 22 September 2019

    Finance | Innovation | Leadership Management | Marketing | Strategy

    www.gecc.com.au

  • ABOUT GLOBAL EXECUTIVE EDUCATION CENTER

    Global Executive Education Center (GEEC) brings world-class experiential learning experience to global senior executives, designed to advance leaders at every level and aspect. Drawing on the expertise and knowledge from world leading business schools and research institutes, GEEC is committed to bring a diverse and global perspective to help them navigate the speed of change in today’s marketplace, and advance their leadership at every level and make an impact on their organization.

    In business today, success is a moving target. Business leaders must continually reassess and refresh their thinking, or risk falling out of touch. That’s why more leaders turn, and return, to Global Executive Education Center to hone their leadership skills and deepen their business acumen.

    Partnering with the globally top ranked business school Wharton, GEEC brings you a range of executive education programs, covering four core areas of senior executives’ essential skills:• Leadership & Management; • Finance & Investment; • Strategy and Innovation; • Marketing & Sales.

    Through the executive education programs, GEEC aims to help executives develop the skills needed to make key business decisions with confidence and position their companies for long-term success.

    “ It’s not easy to take a step back and assess your leadership in the moment. If you want to improve, carve out time to learn, reflect about your current capabilities, and build on them.— Professor Michael Useem, William and Jacalyn Egan Professor of Management, The Wharton School

    Page 2 Commercial Real Estate Investments & Markets

  • PARTNERSHIP WITH WHARTON BUSINESS SCHOOL

    To bring you the most premium and meaningful executive education program, Global Executive Education Center forms a partnership with the world’s top ranking business school, Wharton Business School.

    Established in 1881, the Wharton Business School is the world’s oldest collegiate school of business. Wharton’s leading position in business education is globally recognized and highly ranked.

    Donald Trump45th President of the

    United States

    Warren Buffett Founder & CEO of

    Berkshire Hathaway

    Elon Musk Founder & CEO of Paypal

    and Telsa Motors

    * https://www.ft.com/content/14221926-e9bb-11e8-94da-a6478f64c783

    ^ https://www.forbes.com/business-schools/#194926946d6d

    The Wharton School has over 92,000 alumni in 150 countries, including some of the most influential

    politicians and entrepreneurs.

    Global Ranking of the Wharton Business School (2018)

    Ranking Financial Times*

    Forbes^

    1st Wharton(Pennsylvania)

    Wharton(Pennsylvania)

    2nd Sloan (MIT) Stanford

    3rd Columbia Harvard

    4th Booth (Chicago)

    Kellogg – (Northwester)

    5th Ross (Michigan)

    Tuck (Dartmouth)

    Page 3Commercial Real Estate Investments & Markets

  • EVOLVE WITH WHARTON KNOWLEDGEEach year, more than 9,000 executives worldwide choose Wharton Executive Education to navigate change and advance their leadership at every level. Wharton’s faculty brings a decidedly global mindset, focused on unlocking the value and opportunity that comes from delving into issues across geographic and cultural boundaries.

    50+Locations in 22 countries

    9,000Executive Education participants from 88 countries annually

    93,000+Wharton alumni in 153 countries

    3 campusesin Philadelphia, San Francisco and Beijing

    GLOBAL

    10Academic departments

    20Research centers and initiatives

    225+ Faculty

    ANALYTICAL

    60+ Open Enrollment Programs offered

    8,100 Executive Program hours taught per year

    160+ Custom Programs delivered annually

    IMPACT

    Page 4 Commercial Real Estate Investments & Markets

  • After the market conditions for the Australian property market made a sharp turn in the year 2018-2019, property developers and institutional investors start shunning away from residential property projects. As they are looking for alternative ways to achieve a reasonable yield on investment capital, diversification for portfolios, and protection against inflation, commercial real estate is increasingly in investors’ radars.

    Global Executive Education is pleased to deliver the 2019 Wharton Executive Education Program - Commercial Real Estate Investments and Markets. The program aims to help participants understand, analyse and assess commercial real estate investment opportunities by deepening your understanding of the different classes of real estate assets and exploring the pros and cons of various investment channels, from direct investing, to REITs, to private equity, and to investing in real estate debt.

    Program Summary:

    Many Australian institutional investors, fund managers, and financial advisors have been raising their targets for real estate allocations in recent years. Some classes of real estate investments can yield solid returns and provide good diversification. Others are higher risk, but potentially higher return, options compared to conventional assets of blue-chip stocks and bonds.

    Assessing Commercial Real Estate Investments and Markets provides institutional investors and financial advisors with a complete picture of the pros and cons of the various ways to invest in global and Australian commercial real estate. Participants will become a more discerning evaluator of offers and opportunities in Australia and globally. Beyond just improving your awareness of common investing pitfalls, you will also discover how to make real estate a more valuable slice of your client’s or institution’s diversified investment portfolio.

    Participants will discover how best to incorporate commercial real estate into their overall investment strategy. The current state of the Australia and global real estate market will be discussed, and you will grasp the nuances of managing risk during boom and bust periods. Interactive exercises, case studies, and small-group breakouts make for engaging and thought-provoking sessions.

    As a result of attending this program, you will gain a deeper understanding of the concepts, terminology, strategies, and opportunities that will enable you to confidently add both domestic and global real estate to your investment portfolio.

    AUSTRALIAN COMMERCIAL REAL ESTATE - GROWTH, BOOMS OR RISK?

    Page 5Commercial Real Estate Investments & Markets

  • 2019 PROGRAM KEY INFO

    Topic: Commercial Real Estate Investments & Markets

    Scheduled Date: Thursday 19 Sep 2019 – Sunday 22 Sep 2019

    Venue: Intercontinental Hotel (Sydney)

    Cost: AUD$14,999 + GST

    Todd Sinai, PhD Professor of Real Estate and Business Economics and Public Policy, The Wharton School

    His research interests include commercial real estate, real estate investment trusts, risk and pricing in housing markets, and taxation of real estate.

    Bilge Yilmaz, PhD Wharton Private Equity Professor; Professor of Finance; Director, Wharton Alternative Investments Initiative, The Wharton School

    Professor Yilmaz’s research focuses on corporate finance, alternative investments, and political economy.

    Maisy Wong, PhD Associate Professor of Real Estate, The Wharton School

    Her research interests include labor mobility, urbanization in emerging markets, housing, and real estate finance, with publications in journals including the American Economic Review, Review of Economic Studies, and Journal of Finance.

    The Wharton faculty, who are the leading minds in real estate today, will explore the fundamental concepts around different commercial real estate asset classes such as hotels, apartment buildings, shopping centers, and office buildings, and the varied economic forces that drive their returns.

    The effect of location — including cities, countries, coasts, and neighborhoods — and their distinct risk and return characteristics will also be covered. You will investigate many real estate investment strategies: direct investment, investing in public equity, lending to real estate, investing in real estate debt, or investing in a company or private equity firm that is itself investing in real estate. The advantages and drawbacks of each will be thoroughly discussed, as well as the unique risks that accompany each approach. You will also hone your skills around global real estate investment, including diversifying your investments across countries, finding local partners, and assessing and hedging currency risks.

    Faculty:

    Page 6 Commercial Real Estate Investments & Markets

  • FACULTY

    Todd Sinai, PhD Professor of Real Estate and Business Economics and Public Policy, The Wharton School

    Professor Todd Sinai has been with Wharton since 1997 and is Professor of Real Estate and Business Economics and Public Policy at the Wharton School. He received his PhD from the Massachusetts Institute of Technology and his BA from Yale University. Todd has also served as a faculty research fellow at the National Bureau of Economic Research and a visiting scholar of the Federal Reserve Bank of Philadelphia.

    His research interests include commercial real estate, real estate investment trusts, risk and pricing in housing markets, and taxation of real estate.

    Education

    PhD, Massachusetts Institute of Technology, 1997; BA, Yale University, 1992

    Career and Recent Professional Awards; Teaching Awards

    Journal of Urban Economics Highly Cited Author Award, 2009

    Edwin S. Mills Best Paper Award, 2004

    HUD/AREUEA Best Paper Award, 2001

    Academic Positions Held

    The Wharton School, University of Pennsylvania

    July 1, 2014 — present: Professor of Real Estate and Business Economics and Public Policy (with tenure)

    Other Positions

    Faculty Research Fellow, National Bureau of Economic Research, 1999-present

    Visiting Scholar, Federal Reserve Bank of Chicago, 2011

    Visiting Scholar, Federal Reserve Bank of Philadelphia, 2000-2003, 2009, 2012

    Professional Leadership

    Co-organizer,”Housing Markets and the Financial Crisis” conference and volume

    Co-organizer, Public Policy and Real Estate sessions at NBER, 1999-present

    Editorial Board, Journal of Urban Economics (2009-present)

    Editorial Board, Real Estate Economics (2007-present)

    Page 7Commercial Real Estate Investments & Markets

  • FACULTY

    Bilge Yilmaz, PhD Wharton Private Equity Professor; Professor of Finance; Director, Wharton Alternative Investments Initiative, The Wharton School

    Bilge Yilmaz is the Wharton Private Equity Professor and professor of finance at the Wharton School. Prior to his current appointment, he was a faculty member at the Graduate School of Business, Stanford University. He received his first degrees in electrical engineering and physics from Bogaziçi University and his PhD in economics from Princeton University.

    Professor Yilmaz’s research focuses on corporate finance, alternative investments, and political economy. Recently, he has written on corporate governance, credit rating agencies, hedge funds, private equity, security design, short-selling constraints, corporate bankruptcy, and banks’ internal risk models. His earlier articles appeared in leading academic journals including the top three in the field: Econometrica, American Economic Review, and Journal of Political Economy.

    Professor Yilmaz has designed a number of courses in corporate finance and alternative investments. He currently teaches courses on mergers and acquisitions, private equity, corporate bankruptcy, and European financial markets. He also leads the Wharton School’s Alternative Investments Initiative. Outside of Wharton, he is actively involved in asset management.

    Education

    PhD, Princeton University, 2000; B.S., Bogaziçi University, 1991

    Academic Positions Held

    Wharton: 2009-present; 1998-2008. Previous appointment: Stanford University

    Page 8 Commercial Real Estate Investments & Markets

  • FACULTY

    Maisy Wong, PhD Associate Professor of Real Estate, The Wharton School

    Research Interests: Development economics, real estate economics, urban economics

    Dr. Wong is an Associate Professor at the Wharton Real Estate Department and the Assistant Director of the Grayken International Real Estate Program at the Zell/Lurie Real Estate Center. Since 2008, she has taught Real Estate Investments to undergraduates and MBAs and will create a new course on Global Real Estate Investments. She won an Excellence in Teaching Award for the Undergraduate Division. Her research interests include labor mobility, urbanization in emerging markets, housing, and real estate finance, with publications in journals including the American Economic Review, Review of Economic Studies, and Journal of Finance. She is on the editorial board of the Journal of Urban Economics and was elected to the board of the American Real Estate and Urban Economics Association (AREUEA). She has also consulted for the World Bank. Dr. Wong earned her undergraduate degree from U.C. Berkeley in 2003 and her PhD from Massachusetts Institute of Technology in 2008.

    Education

    Ph.D. in Economics: Massachusetts Institute of Technology, 2008; B.A. in Economics: University of California, Berkeley, 2003

    Academic Positions Held

    Associate Professor, The Wharton School: 2017-Present

    Assistant Director, Grayken International Real Estate Program at the Zell/Lurie Real Estate Center of the Wharton School: 2017- Present

    Other Positions

    Consultant, World Bank (Jakarta Office), 2003-2011

    Page 9Commercial Real Estate Investments & Markets

  • PROGRAM HIGHLIGHTS AND BENEFITSProgram Highlights & Benefits

    In Assessing Commercial Real Estate Investments and Markets, you will:

    • Learn about various sectors of commercial real estate and the different options for investing in them

    • Discover how to balance risk and return in real estate investments

    • Gain clarity and confidence around evaluating potential real estate investment partners and opportunities

    • Understand the drivers of real estate markets and the effect of changes in the economy and tax code

    • Determine how best to fit real estate into an overall investment strategy

    • Find out how to locate overseas opportunities and manage the risk of investing globally

    Session topics include:

    • Growth, Booms, and Risk

    • Commercial Real Estate Risk and Returns

    • Differences Across Property Sectors

    • Portfolio Allocation to Real Estate

    • Public Investment and Private Equity Investment

    • Real Estate Debt Investments

    • Global Real Estate

    Page 10 Commercial Real Estate Investments & Markets

  • Breakfast and Lunch:

    Intercontinental Hotel Sydney

    117 Macqaurie Street, Sydney NSW 2000 Australia

    Classrooms:

    Heritage Room

    Thursday, 19 Sep 2019 Friday, 20 Sep 2019 Saturday, 21 Sep 2019 Sunday, 22 Sep 2019

    Registration 8:00 - 8:30 Breakfast 8:00 - 9:00 Breakfast 8:00 - 9:00 Breakfast 8:00 - 9:00

    Breakfast 8:00 - 9:00

    9:00 - 9:45Program Introduction and OverviewTodd Sinai

    9:00 - 9:45Did You Invest?Todd Sinai

    9:00 - 12:15Property Investing: How to MAke Money, Avoid Going Broke, & Why Great Leadership MattersBreaks at Faculty DiscretionAsuka Nakahara

    9:00 - 10:30Global Real Estate: Cross-border Investment StrategyMaisy Wong

    9:45 - 11:00Foundations: Cash Flow and Cap RatesTodd Sinai

    9:45 - 11:00Portfolio Allocation to Real Estate Todd Sinai

    Break 11:00 - 11:15 Break 11:00 - 11:15 Break 10:30 - 10:45

    11:15 - 1:00The Inevitable Real Estate Crash: How to be a Wary InvestorTodd Sinai

    11:15 - 1:00Public Investment in Real Estate: REITSTodd Sinai

    10:45 - 12:15Global Real Estate: Cross-border Investment StrategyMaisy Wong

    Class PhotoLunch1:00 - 2:00

    Lunch1:00 - 2:00

    Lunch12:15 - 1:15

    Lunch12:15 - 1:15

    2:00 - 3:15Overview: Commercial Real Estate Risks and ReturnsJoseph Gyourko

    2:00 - 3:15Private Equity InvestmentBilge Yilmaz

    1:15 - 3:30Real Estate Debt InvestmentsBreaks at Faculty DiscretionTodd Sinai

    1:15 - 3:30The Changing Face of Real Estate in CitiesGilles Duranton

    Break 3:15 - 3:30 Break 3:15 - 3:30 Break 3:30 - 3:45 3:30 - 4:30Program Wrap-up & Certificate Award Ceremony3:30 - 5:15

    Difference Across Property Sectors: How and WhyJoseph Gyourko

    3:30 - 5:15Real Estate Private EquityyBilge Yilmaz

    3:45 - 5:45The What and Why of Global Real EstateMaisy Wong

    Break 5:15 - 5:30

    5:30 - 6:30Networking Reception

    2019 TIMETABLE

    Academic Director

    TODD SINAIProgram Director

    STEVEN YUProgram Manager

    KARL FU

    Page 11Commercial Real Estate Investments & Markets

  • TESTIMONIALS

    “ My company provides analytics for clients on the buy side and sell side of Wall Street. We deal with the analysis of securitized products, which have a number of different underlying products including commercial mortgage-backed securities. So in that respect we deal with real estate.

    The program was terrific and really well-structured. It covered all aspects of assessing and analyzing real estate investments. You gain an understanding of the risks and other aspects of real estate investment whether domestic or international. The lead professor, Todd Sinai, explained in detail about commercial real estate, real estate investment trusts, risk and pricing in housing markets, and taxation.

    — Sanjay Rajaram President, ImagineSys Inc., Princeton, New Jersey

    “ The faculty in Assessing Commercial Real Estate are simply amazing. Todd Sinai was fantastic; he patiently explained all of the basics of real estate investing and made some of the more complex subjects easy to understand. Maisy Wong’s global real estate cross-border investment strategy, and her discussion of how to hedge currency exposure, was simply brilliant. I also really enjoyed Asuka Nakahara’s speech about how to profit in real estate and learned a lot about how scale and location have a dramatic effect on the viability of real estate investment opportunities. I really enjoyed all of the faculty members and guest speakers, but these specific speakers had the most impact on my learning, and are therefore the most memorable for me.

    — Andrew K. Davies Managing Member, Think Holdings, LLC, Coral Springs, FL

    “ Attending the program provided us with the necessary tools, concepts, and strategies. We’ve gained clarity and confidence prior to rolling out our real estate fund. I returned to my organization with the critical insights and frameworks to structure our funds for the long run.

    I also came out of the program equipped with new strategies to enhance operational efficiencies, to create value through improvements in operations, and to analyze a pro forma. I gained a better understanding of how critical the capital structure is in real estate, and to slice and dice the capital stack.

    — Jorge Quintanilla CEO, Capital Safi, La Paz, Bolivia

    Page 12 Commercial Real Estate Investments & Markets

  • PROGRAM REGISTRATION

    To Apply for the Program

    Application Form can be found on page 10 of this program information pack. To apply, please complete the Application Form and email to [email protected] Should you have any queries, please feel free to contact Steven Yu, the Academic Director via [email protected]

    Payment

    Payment is due upon acceptance into the program. We accept bank transfer, and checks made payable to Global Executive Education Center Pty Ltd. Program fees are subject to change without notice. Admission, cancellation and substitution policy applies to each applicant and participant*.

    Group Benefits and Company Sponsorship

    We offer 10 percent discount to a team of four or more participants. This tuition discount will be refunded only upon the conclusion of the program. All four (or more) participants must attend the same offering. Please note that the number of people from one organization who can attend a particular program may be limited, depending on class size.

    *Admission, Cancellation and Substitutions Policy

    The Executive Education Program carefully monitors the balance of industries, regions, functions, and companies in each program session. By doing so, we lay the foundation for a strong peer-learning environment. Applications are subject to joint review and acceptance by Global Execution Education Center and Wharton Executive Education.

    Cancellations must be received in writing. Cancellations received more than 90 days prior to a program’s start date will incur a charge of 25 percent of the full tuition; cancellations received 60 to 14 days prior to a program’s start date will be charged 50 percent of the full tuition of the program. Cancellations received less than 30 days prior to a program’s start date will be charged 100 percent of the full tuition. If a registrant fails to attend without notification, or if a withdrawal occurs on or after a program start date, full tuition will be forfeited.

    If GECC or Wharton cancels a program due to low enrollment, registered participants will receive a refund of any tuition paid, or be allowed to move their registration to a future running of the program. Refunds from cancelled programs can also be applied to other GECC executive education programs.

    If a request to substitute a registrant is received in writing prior to a program’s start date, Wharton may, in its sole discretion, permit the substitution at no additional charge if the candidate is qualified.

    Page 13Commercial Real Estate Investments & Markets

  • APPLICATION FORM

    Personal Information Salutation Mr. Ms. Mrs. Dr. Miss.

    First Name Middle Name

    Last Name

    Address (business address preferred)

    Date of birth (dd/mm/yyyy) Gender

    Academic History What is your highest degree

    List any executive education programs attended at other schools and the name of the school(s)

    To apply, please email to [email protected]

    Professional Information Name of Organization

    Organization’s Industry

    Annual Revenue for your organization in AUD

    Number of employees

    Please summarize your primary responsibilities

    What are the business challenges that prompting you to take this program?

    What particular strengths will you bring to the program?

    Page 14 Commercial Real Estate Investments & Markets

  • VENUE, CALENDAR AND CERTIFICATE

    Venue:

    Intercontinental Sydney

    Wharton Certificate

    All candidates who have completed the program will receive an Official Certificate issued by the Wharton Business School. Sample Certificate:

    Calendar Dates

    Program runs from Thursay 19 September to Sunday 22 September 2019

    Page 15Commercial Real Estate Investments & Markets

  • Global Executive Education Center Level 45, MLC Tower, 19 Martin Place Sydney 2000

    +61 2 8666 [email protected]

    Pathway to World-Class Leadership Executive Education Program by GECC and Wharton

    www.gecc.com.au