Development of Real Estate Ventures
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ScribdTranslationsDevelopment of Real Estate Ventures
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ScribdTranslationsUNIVERSITY OF BELGRANO
RATIONALE
In this academic proposal, the University of Belgrano combines the field of knowledge of different
academic units, with the aim of providing professionals in this activity, or those who wish to be, with the
technical tools necessary to face the challenge that Real Estate Development currently poses to us.
DURATION
1 academic year (with a break between December and March).
MODE
Intensive In-Person: Courses are held on Fridays from 6:00 p.m. to 10:00 p.m. and Saturdays from
8:00 a.m. to 2:00 p.m., once a month
APPROVAL
75% attendance at classes; At the end, a Development Plan will be presented to the Director. During
the course, partial presentations of the contents of the Thesis may be requested.
CERTIFICATES
The Department of Graduate Studies and Continuing Education of the University of Belgrano will issue
the respective Certificate to those who pass the evaluations and meet the minimum required
attendance.
The Certificate for University Professionals will indicate “Postgraduate Course in Real Estate
Development”, while for admitted Executives who do not have a university degree it will indicate
“Professional Update Course in Real Estate Development”.
GENERAL CONSIDERATIONS OF THE PROGRAM
Real estate development and construction have been one of the main drivers of the
country's economic activity in the last decade, positioning themselves as a profitable and
safe investment product favored by both individual and corporate investors.
Furthermore, the current housing and infrastructure deficit problem requires this industry to
present alternatives and responses to the community, both from the point of view of the
product, financing and commitment to the environment.
In this context, the diversity of actions that converge in the resolution of these undertakings
requires the participation of specialists who undertake interdisciplinary activities, which
guarantee professional commitment and business success.
ADDRESSED TO
Architects, Engineers, Accountants, Graduates in Business Administration, Real Estate
Brokers, Executives and/or Directors of companies or companies dedicated to real estate
development, real estate intermediary and consulting companies, investment firms,
property and physical asset management companies, corporate divisions of real estate
development and facility management, real estate development capital groups, financial
institutions and mortgage credit companies and investors in general who wish to update
their knowledge and receive extensive training on various aspects of the construction and
real estate development market.
GOALS
To train professionals who incorporate the comprehensive management of a real estate
venture as a core capability. This training aims to transmit new knowledge regarding
project analysis and management methodologies, construction, investment strategy and
marketing of a real estate development; focusing on product design, economic-financial
analysis and the structuring of these businesses with innovative instruments such as trusts,
“sale at cost” and the capital market.
PROGRAM
THE REAL ESTATE AND CONSTRUCTION MARKET
The real estate and construction market: Statistical indicators and market analysis. Retrospective analysis
of the market and the behavior of its variables.
Study of the current situation and prospects.
THE REAL ESTATE INVESTMENT PROJECT
Definition. Concept. Main features. Phases that compose it.
Actors involved: real estate company, construction company, architect, designer, construction manager,
marketer, etc., scope and responsibilities.
Different products of real estate development: housing, offices, shopping centers, leisure, time sharing,
etc. The rental business and the purchase-sale business.
Case analysis.
ACCOUNTING AND FINANCIAL PRINCIPLES
Finance and Financial Tools. Introduction to Finance. Basic Financial Tools: Interest Rates: Compound
Interest Amount vs. Simple interest. Equivalent Rates and Nominal Rates. Real Yields: Nominal Rates /
Real Rates. The problem of inflation. Amortization Systems. Tools for Analysis: Indicators Ratios: Static /
Dynamic for the value of money over time. Static/Dynamic by the type of accounting information used.
Profitability – Liquidity – Risk. Accounting and Analysis of Accounting Indicators: Elements of the
Accounting System. Accounting, Legal and Tax Standards Construction Hypothesis. Advantages and
Disadvantages of the Accounting System. Financial Statements and Complementary Information:
Statement of Financial Position, Statement of Income, Statement of Cash Flows, Statement of Changes
in Net Worth. Financial Tools for the Business Plan: Short-Term Investment or Working Capital
Management. Long-Term Investment: Evaluation of Investment Projects Levels of Analysis of an
Investment Project. Feasibility in Project Study Project Selection Criteria: Net Present Value, Internal
Rate of Return, Static and Dynamic Payback Period. Present Value Index / Net Present Value Index or
Impact of Risk on Investment Evaluation. Financial Structure in Real Estate Developments: Operational
versus Non-Operational Financing, Short-Term and Long-Term Financing, Traditional Financing vs. Non-
Traditional, Bank Financing. Some advice for the sector: Bank Financing via Loans, Bank Financing via
Financial Leasing, Financing in the Capital Market.
Check Trading on the Stock Exchange. Financial Trusts. Negotiable Bonds Issuance of Shares. Mutual
funds.
Practical exercise.
ARCHITECTURAL PRODUCT DESIGN: HOUSING
Importance of architectural design in real estate development. Product and design as a determining factor in
entrepreneurship.
The problem of architectural products in housing: Aspects to take into account. Analysis of current and future
competition. Analysis of current and projected demand. Target, common and own surface of the units. Design
guidelines and flexibility. Infrastructure of services, image, materiality and programming of the ventures.
Urban and suburban housing: Buildings between party walls, high-rise buildings and condominiums.
Individual housing, Housing and Semi-detached houses. Megaprojects, Satellite Cities.
National and international case studies.
OFFICE AND RENTAL MARKET: PRODUCT DESIGN AND MAIN
FEATURES
Office real estate product: Urban and suburban offices. Buildings between party walls, tower and office
park. Corporate image. Smart buildings. National and international case studies. Urban and suburban
industry: Current and projected industry. Industrial parks.
National and international case studies.
LEGAL ASPECTS OF REAL ESTATE PROJECTS
Basic legal principles. Concept of property. Real rights. Urban planning laws. Planning and Building
Codes. Basics. The construction contract. Forms of contracting. Economic systems. Project and
Construction Management Contract. Project management and its legal framework. Horizontal and Pre-
Horizontality Property Law. Current regulations for country clubs and gated communities.
Responsibilities. Law 24,441 on housing financing. New legal figures: trust and real estate leasing.
Case analysis.
TAX ASPECTS OF REAL ESTATE PROJECTS
Tax basics. Direct and indirect taxes. Construction and its tax problems. Taxes on the transfer of real
estate and its rental exploitation. Exemptions.
National and international case studies.
THE TRUST AND THE WORK AT COST
New financial scheme for real estate developments. The trust and the work at cost. Investors and end
buyers. Price determination. Legal and economic schemes for structuring this type of venture. The trust
and its different variables. Advantages and disadvantages over the traditional model.
Case study.
MARKETING
Marketing basics. Marketing Environment: its actors and external forces. Different types of markets.
Product. Product line and mix. Brand. Services: concept, characteristics. Price. Types of prices and their
setting in practice. Square. Types of channels. Design, management and control of channels. Trade
Promotion: Sales Force; Advertising; Sales Promotion; Public Relations. Marketing media and methods.
Pre-sales, Showroom, Direct Marketing, Press, Graphic material, Models, Virtual tours
Case study.
1—
TEACHING STAFF
ACADEMIC DIRECTOR and PROFESSOR
Arch. / Mg. RUIZ DE GOPEGUI, Gervasio
Master in Construction and Real Estate Management from the Polytechnic University of Madrid (Spain), he
has studied Project Management and Real Estate at NYU (USA).
He served for more than 7 years as technical manager of the Real Estate Projects Department of Banco Rio,
participating in the evaluation and management of more than 300 financing trusts. He was also an advisor to
the Government of the Province of Córdoba, and through the Córdoba Real Estate Corporation, he
participated in the design of the real estate strategy of the Province of Córdoba and the Bank of the Province
of Córdoba, managing a portfolio of 2,000 public properties. He was also director of New Fidu SA, a company
responsible for the management and fiduciary administration area of Estudio Aisenson, with more than
150,000 m2 of work in progress, maintaining his participation within the company. He currently works as
Administration Manager and PMO in Urban Developments at Banco Hipotecario, in charge of the
administration and Project Management of the urban developments built by the Bank as Trustee of the
Pro.Cre.Ar program (3.5 million m2 of construction throughout the country, plus 15,000 lots in urbanization).
At the same time, he has developed his teaching career at the University of Belgrano, currently holding the
position of Academic Director of the Master's Degree in Real Estate Development. He was in charge of the
subject “Construction Management” and is currently the professor of the subject “Investment Strategies” at
the FAU of the University of Belgrano. Author of numerous investigations on topics of urban project
management, which have allowed him to obtain, among others, the Reina Sofia Prize (1996) and the 1st.
Winner of the Buenos Aires Architecture Biennial Award twice.
He is also a professor at the National University of Rosario and the National University of Tucumán.
TEACHERS
Arch. / Mg. STREET, Maria Laura
Architect. Master in Real Estate Development. University of Belgrano, Argentina and Polytechnic University of
Turin, Italy.
He is currently in charge of the Real Estate Asset Valuation Department of Banco Santander Rio SA.
Previously, he was in charge of the Technical Area of Real Estate Project Management for a period of 10
years.
He began his teaching career at the University of Belgrano and is currently working as an adjunct professor in
the Architecture program and the Master's in Real Estate Entrepreneurship Development. He also works as
an academic coordinator and professor at the Risk School of Argentina of Banco Santander Rio SA.
He is a member of the Urban Habitat Institute of the Professional Council of Architecture and Urbanism and
the Association of Professors of Postgraduate Real Estate Studies.
Arch. / Dr. NERPITI, Valeria
Lawyer and Architect. Co-author of the book "LEGAL ARCHITECTURE: The Answers" and "OPUS JODEX,
Breviary of legal architecture and engineering for non-conforming use." Professor of Criminal Law at the
University of Buenos Aires.
Professor of the module “Legal Aspects of Real Estate Development” corresponding to the Postgraduate
Course in Real Estate Development at the University of Belgrano.
Dr. SOSA, Nestor
Certified Public Accountant graduated from UBA. He joined AFIP in 1992 in the operational area (inspection).
Since 1999 he served as Head of the Expenditure Control Division in the General Subdirectorate of Planning
and Administration, until the end of 2000, when he was called to take charge of the Central Processes Audit
Department. In April 2003, he was appointed Internal Auditor of the AFIP, assuming audit responsibilities also
over the Organization's operational processes (Taxes, Customs and Social Security). From July 2005 to
January 2009 he served as Deputy Director General of Internal Audit. Before joining AFIP, he worked at
KPMG (auditor) and Cargill SACI (accounting analyst).
He is Vice President of the Internal Audit and Corporate Governance Studies Commission of the Professional
Council of Economic Sciences of the Autonomous City of Buenos Aires.
Real estate.
CP / Lic. SPIDALIERI, Roque Martin
Graduate in Business Administration from the Catholic University of Córdoba, Kaufman Diploma from the
European University of Viadrina, Certified Public Accountant from the Catholic University of Córdoba,
Master's student from the Institute of Administration Sciences and currently pursuing a postgraduate degree
in executive development at the Esade Barcelona Business School.
He has served as Undersecretary of Administrative Coordination and Internal Control of the Ministry of
Industry, Commerce and Mining of the Government of the Province of Córdoba.
Until 2011, he served as a specialist responsible for the Corporate Finance area of the International
Consulting Firm Deloitte in the Córdoba region. His expertise includes advising on Structured Financing in the
Capital Markets. He specializes in the following industries: Agribusiness, Manufacturing, Food & Beverage,
Consumer Business, Education, Cooperatives, Banking, Leisure & Hotels.
The University reserves the right to make changes to the teaching staff that it deems
appropriate. The program may be subject to changes due to unforeseen events.
m1
Belgrano
UNIVERSITY OF
Buenos Aires - Argentina
www.ub.edu.ar
[email protected]
Mariano Moreno 410 - 2nd
floorCordoba - Argentina
