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Real Estate
Investment Funds Professional
ALFI / IFBL Training and Career Path Certification
This comprehensive programme of real estate training modules, created in a partnership between
ALFI and the IFBL, aims to support the growing international reputation of Luxembourg as a market place
for real estate investment funds (REIFs). It aims to do this through a continued increase in the level of
quality and professionalism delivered by service providers and to provide a broader understanding
generally of the industry’s activities, actors and structures.
These courses offer a rich learning opportunity for real estate professionals both in and outside
Luxembourg and represent an important additional possibility in career path certification at the IFBL.
The courses are directed at all levels, from beginner to active professional and from those simply seeking
to deepen their knowledge in specific areas to others wishing to consolidate and certify their experience
through recognised examinations.
In addition to the core modules of the private equity programme the IFBL offers additional modules of
interest to private equity professionals such as AIFMD (“Understanding AIFMD” as detailed in this
brochure), M1 UCITS and Non UCITS ManCos and numerous others for which details are available on
our website (www.ifbl.lu).
This programme, now in its fourth year continues to improve and evolve. It has also received some
excellent feedback from its past participants:
“Excellent trainer, well structured and highly competent”.
A very good training, strongly recommended to all professionals of the REIF industry.
“A very practical course with good real-life examples. Many thanks”.
Partners
IFBL
With a steadily increasing number of registrations, the Institute is one of the leading providers of
vocational training courses in Luxembourg. The Luxembourg Institute for Training in Banking (IFBL) was
created in 1990 as the training organ of the Luxembourg Bankers’ Association (ABBL, www.abbl.lu) and
has the distinctive mission to prepare, create, develop and promote any training means, programmes and
actions in the interest of the financial centre of Luxembourg (www.ifbl.lu).
ALFI
The Association of the Luxembourg Fund Industry (ALFI) is a non profit making association that is the
representative body of the Luxembourg investment fund community. Created in 1988, ALFI is a member
of European Fund and Asset Management Association (EFAMA) and International Investment Fund
Association (IIFA) and has as its mission to “lead industry efforts to make Luxembourg the most attractive
international centre for investment funds”. ALFI has as its objective to help its members capitalise on
industry trends, shape regulation, encourage professionalism, integrity and quality and to promote the
Luxembourg investment fund industry.
Concept
This career path certification, focused on real estate, further broadens the existing training offer in
investment funds developed by ALFI and IFBL. The training offer consists of seven modules, allowing
certification at various levels in: real estate administration, accounting and business processes
management. The courses can also be attended individually with optional examinations, as per other
courses currently available from the IFBL. All courses are taught in English.
Three basic modules (M1) deliver the basic theory, providing the fundamentals of real estate, the basics
of international real estate fund structuring and the roles and responsibilities of real estate professionals.
A certification “Specialist Real Estate - Administration” will be issued to participants who sit and
successfully pass the associated exams for these modules.
A combination of four further advanced specialist modules (M2 & M3 level), provide a more practical
orientation, operating on the basis of exercises, case studies and opportunities to master complex issues
through interaction with recognized industry professionals.
Two further advanced paths of certification are also available to: “Specialist Real Estate - Business
Processes” or “Specialist Real Estate - Accounting” by sitting the Business Process and Controls or the
Accounting modules respectively and passing their associated examination. These certifications can be
complemented through valuable further optional modules: “Tax Compliance Considerations for
Luxembourg Fund Structures”, “Determination of Fair Value of Properties”, “Understanding AIFMD” and
other modules available in the full investment fund offer at the IFBL.
The following overview summarises the career path certifications described above:
Trainers
A team of expert trainers in the field of real estate investment funds will be responsible for the delivery of
the extensive material to be covered in this programme. Trainers for all modules have been proposed by
ALFI to teach on behalf of the IFBL. The trainers have been selected on the basis of their recognized
expertise and strong practical industry experience considered essential in order to facilitate interactive
responses within the sessions.
Programme
M1 REIF Fundamentals
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Fundamentals of Real Estate (8 hours)
Introduction and definitions
Real estate servicing structures, investment strategies and business models
Categories of assets and investment policies
Real estate fund structuring, functioning and key actors
Valuation of properties & NAV calculation
Financial statements & disclosures
Risk factors
ALFI REIF survey
Real Estate organizations and market update
Prerequisites : None
M1 REIF International Structuring Fundamentals of International Real Estate
Investment Fund Structuring (8 hours)
Overview of European Regulatory Regime and Country Comparison
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Overview of EU Law applicable to Real Estate Funds
Country comparison and national specific vehicles
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Real Estate Regulated Funds Legal Aspects
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Overview of the legal regimes (regulated and unregulated) available under
Luxembourg law
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Setting up a real estate investment regulated fund in Luxembourg
Tax aspects
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Regulated and unregulated Real Estate Fund Structures
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Luxembourg Limited Partnership Regime
Prerequisites : (Strongly recommended) M1 REIF Fundamentals and Understanding
AIFMD.
M1 REIF Roles of Professionals Fundamentals of the Roles and Responsibilities of
Real Estate Professionals (8 hours)
In this module the roles and responsibilities of the following service providers are
covered:
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Management Company / Board of Directors
Custody
Central Administrator
Administrative Agent
Transfer and Paying Agent
Corporate Agent & Domiciliary Agent
Listing Agent
Fund Promoter & Asset Manager
Property Manager & Local Accountants
Regulator – CSSF
Independent Valuer & Auditor
Lawyers and Tax advisors
Prerequisites : None
M2 REIF Business Processes and Controls Understanding Real Estate Funds Business Processes an Controls (16 hours)
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Legal Documentation
Fund set-up
Investor services
NAV calculation and accounting processes (including also NAV errors)
The role and needs to the property developer
Capital activities
Acquisitions and disposals
Governance framework
Reporting and Governance Structure
Exit strategies
Prerequisites : M1 REIF Fundamentals, M1 REIF International Structuring, M1 REIF
Roles of Professionals
M2 REIF Tax Compliance for Luxembourg Understanding Tax Compliance and its
Considerations within Luxembourg Real Estate Fund Structures (8 hours)
Part I – Base concepts
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Introduction and the Luxembourg tax environment
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Categories of income
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International context – Double tax treaties and EU Directives
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Tax compliance implications for real estate income
Part II – Applied Concepts
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International structuring – Tax implications
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EU Savings Directive
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VAT Implications
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Other taxes
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Holding real estate in Luxembourg
Prerequisites : M1 REIF Fundamentals & M1 REIF International Structuring. A
fundamental understanding of tax aspects for funds is also recommended for this course.
M3 REIF Accounting Mastering Accounting for Real Estate Investment Funds (16
hours)
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Introduction
Fund accounting key elements and comparisons in NAV calculation
Accounting for:
- Leases
- Investment properties
- Investment properties under development
- Deferred tax
- Fund capital
- Performance
- Currencies
- Service charges
Reporting on Non GAAP data (INREV/ EPRA)
Consolidation and closure
Reporting processes,resources, best practices and AIFMD requirements.
Prerequisites : M1 REIF Fundamentals, M1 REIF International Structuring, M1 REIF
Roles of Professionals. A solid knowledge base and applied knowledge of either
traditional or alternative fund accounting is also expected for all participants on this
course.
M2 REIF Fair Value Properties Understanding Real Estate Investment Funds –
Determining the Fair Value of Properties (8 hours)
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Review of the financial basics for valuation purposes Background and valuation principles
Valuation methodologies
Valuation review issues Valuation report analysis Case studies pricing and valuation uncertainty
Prerequisites: M1 REIF Fundamentals, M1 REIF International Structuring, M1 REIF
Roles of Professionals.
Understanding AIFMD (8 hours)
Understanding AIFMD provides comprehensive explanations and discussion regarding the
content, objective, scope and practical impacts of the Alternative Investment Fund Manger’s
Directive (AIFMD) directive. Although AIFMD may come up as a topic within the various
contexts of the programme’s modules, a fundamental understanding of the directive is
assumed and strongly recommended in order to fully understand the directive’s implications,
This training will provide an understanding of:
• The AIFMD, its political environment, objectives and impact
• The regulatory process
• The scope of the AIFMD
• Passports, marketing and management
• Authorization
• Conduct of business (incl. governance, internal control, rules of conduct,
remuneration, conflicts of interest)
• Functions and service providers (incl. portfolio management, risk / liquidity
management, delegation and sub-delegation, valuation, depositary)
• Transparency (disclosure to investors, annual reports, reporting to competent
authorities)
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Specific provisions
The impact to investors, product ranges and organizational models
Implementation of the AIFMD
Practical Information
Dates and prices of courses
M1
REIF Fundamentals
M1
REIF International Structuring
M1
REIF Roles of Professionals
M2
REIF-Business Processes & Controls
M3
REIF Accounting
M2
M2
22.04.2015
28.10.2015
29.04.2015
29.10.2015
19.05.2015
30.10.2015
9 and 10.06.2015
11 and 12.11.2015
8 hours
€195
8 hours
€195
8 hours
€195
16 hours
€505
19 and 20.11.2015
16 hours
€635
REIF Tax Compliance for Luxembourg
30.11.2015
8 hours
€255
REIF- Fair Value Properties
24.11.2015
8 hours
€255
Please see our
website
8 hours
€425
Understanding AIFMD
(All prices +3% VAT)
Examinations
Exam sessions take place every Tuesday and every last Thursday of each month except on school
holiday weeks in Luxembourg. The participant’s choice is to be indicated on the registration form. The
price of examinations is €40 for M1 modules and €45 for M2 & M3 modules.
Course schedules
8.30 to 12.30 am / 1.30 pm to 5.30 pm
* In order to make our courses more accessible to those coming from outside Luxembourg, the start time
for the REIF Fundamentals module (28.10.2015) will be 10.00 and the end time of REIF Roles of
Professionals module (30.10.2015) will be 16.00. These sessions will be intensive courses; the content
covered will be identical to all other instances of the same course.
Training location
Centre de Formation IFBL/Chambre de Commerce,
7, rue Alcide de Gasperi, Luxembourg/Kirchberg
Registrations
Registrations on the attached form have to be sent to the IFBL either by fax (46 50 19) or by mail to the
following address:
IFBL
B.P. 13
L-2010 Luxembourg
Email: [email protected]