2PR415 Real Estate Finance and Law

The Department of Business and European Laws offers a course on Real Estate Finance and Law (2PR415) for which you can register in InSIS.

The course will be taught between  3. 10 –  5. 10. 2019, RB 539  (Paradise Building).


Here are some details on the course and the course instructor:

“Investing in Real Estate: Why (not)?”

The course provides an introduction to real estate as an investment class. Relying on more than a decade of experience with leading real estate investment companies, Karel will help students find the answer to questions such as: How do investors make (and lose) money with property? How much is a building really worth? What are people talking about when they talk about capital structure, leverage, net initial yields, REITs and thin cap rules? What does a real estate developer really do (and what not)? And where do the banks fit into the picture? Basic theoretical concepts are illustrated by real-life examples and case studies to facilitate students’ understanding and application of the acquired knowledge in their professional lives.

Karel Smerak, CFA: Throughout his career, Karel has transacted over 1 Bn worth of real estate properties throughout Central and Eastern Europe (CEE) and Germany for some of Europe’s leading real estate investors (Unibail-Rodamco SE, with assets currently valued at EUR 33Bn Europe’s largest publicly traded commercial real estate company and Immofinanz AG, the largest publicly traded REIT focusing on CEE). As vice president in Citigroup’s Global Special Situations Group, Karel was behind one of the CEE region’s first high-yield mezzanine financings of a real estate portfolio. In addition to the transaction work, Karel served as a member of the management board of GRDC, Georgia’s largest real estate development company, and he has been involved in the asset management of EUR 600mn retail portfolio with assets in Germany, Czech Republic and Hungary. Over the years, Karel has been member of several expert juries for industry awards in the CEE region, such as CEEQA or the CIJ Awards. He has also spoken on a number of conference panels. Karel is fluent in English, German, Czech and Spanish, with a reading knowledge of French, Russian and Polish.