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

See our services

Bryan L. Dragoo MAI, MRICS

Principal – South America & Caribbean

Office Valuation | Institutional Portfolios

Robert L. Dragoo MAI, MRICS

Principal – Mexico, Central America & USA

Hospitality | Expert Witness

Cristina García, RAA

Managing Director – USA

Industrial | Specialized Assets

Andrés Felipe Robayo

Managing Director – Mexico

Industrial | Residential Projects

Carlos Neuhaus, REPEV

Partner – Peru & Chile

Office & Industrial | Portfolio Valuation

Diana M. Tibaduiza, MSF, RAA

Managing Director – Central America & Caribbean

Hospitality | Retail | Office

Franedward Moreno Castellano

Valuation Director – Venezuela & Colombia

Land | Technical Due Diligence

Santiago Fernández Daudet

Managing Director - Chile

Portfolio Valuation | Office

Valuation Director - Central America

Hospitality | Luxury Residential

Regional Director – Consulting

Market Studies | Technical Consulting

Valuation Director – Colombia

Institutional Valuation | Multifamily | Retail

Other case studies

BASE PG – Office Market Study Colombia

Project Leaders: Diego Rodriguez Rueda, MRICS; Jessica Suarez Needs Market information for use with investors, banks, and for management.

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.