REIF - Fundamentals: Understanding the Commercial Design of Real Estate Investment Products

Real Estate Investment products play a key role in portfolio diversification and long-term value creation. This course offers a practical overview of the main product types—open-ended, closed-ended, listed, and segregated—along with their risk, performance, and liquidity profiles.

 After completing this course, learners will gain a solid understanding of the macroeconomic factors influencing real estate investments, as well as the broader environment for real estate products from an investor’s perspective. The course covers various product structures—including open-ended, closed-ended, listed vehicles, and segregated accounts—alongside key considerations such as liquidity, risk, and performance criteria.
Participants will also explore the characteristics of real estate investment products in the European and Luxembourg markets, and examine the fundamental commercial distinctions between open-ended and closed-ended fund designs.

Introduction

• Case Study: Your own practical exposure to Real Estate investment (Location/Style/Equity/Debt/Income/Tax)
• Introduction to the real estate investment asset class
• Understanding the overall environment for real estate investments from an investor perspective
• Understand different product formats (open, closed, listed, segregated accounts)
• Key real estate fund investment criteria for investors
• Overview: European and Luxembourg markets for real estate investment products

A brief introduction to:

• Principles of tax & legal structuring 
• Designing a financial framework
• Roles of parties involved in real estate funds
• Typical operating processes in real estate funds
• Typical governance & controls in real estate funds 

Case study 1: What do you expect to see in a term sheet for an open-ended fund?

Case study 2: How will the commercial design differ for a closed-ended fund?

It is particularly relevant for Fund and Asset Managers, Accountants, Risk Managers, Bank employees, Fund Administrators, Corporate Secretaries, and other professionals working in or alongside the real estate and investment fund industries. This course is designed for professionals seeking to deepen their knowledge or become actively involved in real estate investment products.  

For this course, an optional exam is available. Interested candidates may select a date from the list of scheduled exam sessions. Registration for the exam must be completed at least five days prior to the chosen exam date. Please note that a registration fee applies.

At the end of the course, participants will be able to download a certificate of attendance via their client portal.