Property Securitisation

This subject has the following teaching availabilities in 2016:

170 Hours

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability

Topics covered include:
Commercial property as an investment asset class in Australia; Property joint ventures, partnerships, trusts, funds and companies; Listed and unlisted REITs; Valuation and pricing of listed and unlisted property securities; Equity and debt financing; Taxation of property investment vehicles, including stapled entities; Property funds management; Recent trends in property investment products.

On successful completion of this course, students should:

• Understand the legal and financial structure of various property ownership entities and regulatory requirements applicable to each;
• Have some knowledge of the tax implications of indirect property ownership;
• Be able to apply appropriate methods to the pricing of listed and unlisted property securities;
• Appreciate the various roles within the property funds management sector; and
• Understand emerging issues in listed and unlisted property investments.

Assessment involves development of proficiency in written and oral presentation, research ability and related skills.

• Written presentation on three property funds, due week 5, 15%, 500 words
• Two-week workshop to create a business case for a property funds management business, due week 7, 15%, 500 words
• Written assignment on unit pricing for listed and unlisted property funds, due week 9, 15%, 500 words
• Peer-assessed oral presentation based on other written assignments, due week 12, 15%, 500 words
• Class paper on a relevant topic, due exam period, 40%, 3000 words

Course materials and reader.

This subject is not available as a breadth subject.

Students should have improved advanced generic skills as follows:

• Skills and techniques available to the discipline;
• Problems solving approaches;
• Research methodologies;
• Computer and information technologies;
• Professional competences;
• Oral, written and other presentation skills;
• Participation in projects that require teamwork.

The course includes presentations by working professionals and senior executives from the property funds management sector of the financial services industry.