The Real Estate Funds are one of the most common alternative investment structures used by asset managers to invest in real estate. Diversification in their investment strategy is one of the main drivers for those structures.
But what are they really? How do they operate? What is the applicable legal and regulatory framework? What are the role and responsibilities of the different intervening parties?
This programme will bring concrete and appropriate answers to those questions.
At the end of the training programme participants will be able to:
- Describe the value chain of real estate funds
- List the main role and responsibilities of the intervening parties
- Understand the legal and regulatory framework applicable to those vehicles including the tax aspects
- Supervise and value the assets
- Understand the main accounting and control issues related to the operations of the real estate funds
I / Introduction to Real Estate
a) The Real Estate industry in Luxembourg
b) Types of Real Estate investment
c) Types of Real Estate vehicles
d) Main Intervening parties and Lifecycle of a Real Estate Fund
e) Investment strategy in Real Estate
II/ Legal & Regulatory Framework
a) Regulatory Framework
b) Tax aspects
III / Administration of Real Estate
a) Administration of Investor Capital Accounts
b) Performance Measures
c) Main topics Private Placement Memorandum (Initial Offering Period, Subscriptions & Redemptions)
d) Risk Management approach for Real Estate
IV / Valuation of Real Estate
a) AIFMD valuation principles
b) Valuation basic Real Estate
Any professional involved in operations of real estate vehicles (lawyers, accountants, compliance officers…)
This training is coordinated by Kenneth Kai Siong Iek and Frank Ballmann, Partners of PwC Luxembourg. The training will be facilitated by subject matter experts of PwC Luxembourg daily involved in the real estate industry.
Kenneth Iek is an assurance partner at PwC Luxembourg with over 24 years of experience.
He specialises in alternative investments including Luxembourg and Cayman investment entities, cross border real estate structures and IFRS.
Kenneth leads the Luxembourg real estate technical team and the Asian team focused on developing South East Asian businesses.
He is a member of the ALFI Real Estate Sub-committee and the CSSF committee on the issue of “look thru” relating to the SIF law.
He is a qualified Luxembourg Réviseur d’Entreprises Agréé, Luxembourg Expert Comptable, and Fellow of the Institute of Chartered Accountants in Ireland.
Frank Ballmann is an assurance partner at PwC Luxembourg with over 15 years of experience.
He is expert in IFRS and Lux Gaap for Real Estate and Asset Management (including consolidation).
He is member of the Real Estate Technical Team and member of German Country Working Team.
He is a qualified Luxembourg Réviseur d’Entreprises Agréé, Luxembourg Expert Comptable and Wirtschaftsprüfer.
This programme can also be delivered in French and German.
Duraion: 1 day
Number of participants: 20 participants maximum to ensure appropriate level of interactivity.