Specialized Asset Types

Real Estate Fund Valuation

Overview

Value a real estate fund from an impartial viewpoint with a qualified team of professionals:

Opportunity

Increase the level of transparency
Implement systems to improve the efficiency of portfolio analysis and fund raising
Internal decision making, financial reporting, third party negotiations

Solution

Deliver a valuation report that follows the guidelines laid out by the IPA* and that adheres to international valuation standards:

Value the real estate fund every 2 years after the initial offering
Follow the ethical code of the Appraisal Institute, USPAP and International Valuation Standards
Report written by a member of the appraisal institute with the MAI designation or equivalent
Concluded value based on the individual asset values – utilizing discounted cash flow methods and Argus software

* Valuation of Publicly Registered, Non-Listed REITs.” Investment Program Association, 2013, ser. 01, 29 Apr. 2013. 01.

Deliverable

1. Valuation of the Assets that Comprise the Portfolio (Asset Approach)

Summary of the asset including the verification and modeling of the following variables:

Wholly Owned Assets

Discount Rates
Capitalization Rates
Growth Rates – Inflation
Market Rents

Partial Interests

Discount Rates
Income Participation Rates
Capitalization Rates
Growth Rates – Inflation
Market Rents
Equity Balances

Land

Comparable Sales, Comparable Rents (Comparable Method)
Residual or Discounted Cashflow (Income Method)

Discount Rates

Sensitivity Analysis
Discount Rates
Capitalization Rates (Entry)

2. Net Asset Value of the Assets (NAV, Net Asset Value)

Financial Analysis of the Entity

Short-term Debt
Medium and Long-term Debt
Minority Interests

Preferred Return, Special Interests, Return Incentives

Performance-based return adjustments (Waterfall)

3. Price per Share

Entity Control Analysis – Partnerships
Marketability Analysis

Leadership Team

Leadership Across Latin America's
Principal Markets.

See our services

Bryan L. Dragoo MAI, MRICS

Managing partner LATAM

Speciality

Robert L. Dragoo MAI, MRICS

Managing Partner

Speciality

Cristina García, RAA

Managing Director USA

Speciality

Andrés Felipe Robayo

Managing Director Mexico

Speciality

Carlos Neuhaus, REPEV

Managing Director Perú

Speciality

Diana M. Tibaduiza, MSF, RAA

Managing Director Caribbean

Speciality

Franedward Moreno Castellano

Valuation Director Colombia & Venezuela

Speciality

Santiago Fernández Daudet

Managing Director Chile

Speciality

Siany Loaiza

Valuation Subdirector Central America

Speciality

Other case studies

CCLA – Multifamily Market Study Colombia

Project Leaders: Diego Rodriguez Rueda, MRICS; Paola Raba. Market analysis for the first institutional Multifamily project in Colombia, Nomad 77 (127 Units).

Latam Logistic Properties – Industrial Market Study Colombia, Peru

Project Leaders: Diego Rodríguez Rueda MRICS, Paola Raba Need The client needed to understand and keep track of the dynamics of the logistics.

Real Estate Fund Valuation

Overview

Opportunity

Solution

Deliverable

1. Valuation of the Assets that Comprise the Portfolio (Asset Approach)

Wholly Owned Assets

Partial Interests

Land

Discount Rates

2. Net Asset Value of the Assets (NAV, Net Asset Value)

Financial Analysis of the Entity

Preferred Return, Special Interests, Return Incentives

3. Price per Share

Leadership Across Latin America's Principal Markets.

Other case studies

Local teams. Regional standards. One point of contact.

Leadership Across Latin America's
Principal Markets.

Local teams. Regional standards.
One point of contact.