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“Property valuation is both an art and a science and first principles are essential knowledge in a world where electronic ‘black boxes’ are asserting themselves.
This body of work is an excellent place to start.”

Tony Crabb, Director - Research, Cushman & Wakefield Australia

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“Il volume […] offre un contributo prezioso agli operatori del comparto, agli investitori a tutto tondo, ai policy maker e a tutti quanti riconoscono nel comparto turistico un’industria complessa, fondamentale per il paese che, pur fondandosi su un patrimonio di risorse d’eccellenza spesso tramandato, necessita sempre più – per affrontare le sfide competitive – di conoscenze, di investimenti cospicui, di strategie e di continui update.”

Magda Antonioli, Professore di Economia Politica e del Turismo e direttore del corso di laurea magistrale in Economics and Management in Arts, Culture, Media and Entertainment, presso l’Università Bocconi e docente presso SDA Bocconi School of Management

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“Property Finance represents not only an excellent reference for both researchers and practitioners, but also required reading for anyone interested in the financial, legal and regulatory aspects of real estate financing”

Prof. Andrea Sironi, Rector, Bocconi University

“The market desperately needs a succinct instructional book on Commercial Property Valuation and this text by Giacomo Morri and Paolo Benedetto fills the gap. It clearly instructs the appraiser to select appropriate methods given the information available and type of property under analysis. At the same time, it is more than an appraisal book. It covers fundamentals of user decisions, fundamental drivers of demand and supply and risk metrics which should impact required yields and value. The length is such that we can require and actually expect readers to utilize the entire book. We are going to switch to this book as soon as it is available.”

Prof. Norman G. Miller, Ernest W. Hahn
Chair of Real Estate Finance, University of San Diego

“Troppo spesso la valutazione immobiliare è stata una materia assimilata frettolosamente (ed erroneamente) ad altre asset class finanziarie piuttosto che riservata a un nucleo limitato di tecnici e addetti ai lavori. Il libro di Morri e Benedetto ribalta correttamente questa prospettiva e ci accompagna nella lettura e nella diffusione di metodologie e prassi che debbono diventare progressivamente un patrimonio noto e chiaramente distinto da quello che occorre per la valutazione di altri strumenti finanziari e di altri progetti di impresa.”

Stefano Caselli, Professore Ordinario di Economia degli Intermediari Finanziari e Prorettore agli affari internazionali dell’Università Bocconi

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“As a Chinese legal scholar, I personally have benefited greatly from reading this book.
I encourage readers to share the valuable knowledge presented in this book”

Prof. Dr. Junhai Liu, Director, Business Law Center, Law School, Renmin University of China

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“Il settore alberghiero oggi è senza dubbio tra quelli più appealing nel mercato immobiliare italiano […] pensiamo che possa essere necessario l’intervento di investitori in grado di concentrare il mercato intervenendo sugli asset sia dal punto di vista immobiliare, sia dal punto di vista manageriale creando poi un prodotto adatto anche a chi cerca rendimenti core.”

Giampiero Schiavo, Amministratore Delegato, Castello S.G.R. p.A.

“Commercial Property Valuation: Methods and Case Studies is a valuable addition to existing books on property valuation. Focusing less on the maths, the book is very readable but rigorous at the same time. Blending the professional and academic experience of the two authors, the chapters are comprehensive and well-written. The accompanying cases provide realistic and clear illustration on the different valuation methods and scenarios. This book is highly recommended for students and practitioners in commercial property appraisal as well as those seeking to build a strong foundation in property development, investment and asset management because valuation is an integral part of every real estate decision.”

Prof. Joseph Ooi, Professor of Real Estate, National University of Singapore

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“A valuable contribution to the emerging body of knowledge on global property finance, particularly for its much needed comparative treatment of real estate processes in some of the most important international markets”

Prof. Dr. Manish Srivastava, Professor of Real Estate Finance & Investments, New York University

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“A practical guidebook, useful to the practicing lawyer, business professional and academic alike, on modern international project finance. […] This book comes highly recommended to anyone seeking a deeper understanding of modern international project finance”

Paul Varela, Founding partner of Varela, Lee, Metz & Guarino, LLP, Tysons Corner, Virginia - San Francisco, California

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“Il settore sarà oggetto di una lenta riqualificazione, necessaria poiché gli alberghi italiani sono spesso di proprietà di imprenditori che gestiscono direttamente. Oggi, con i cambiamenti in atto, questo modello non è più sostenibile [...] pertanto, questo processo è attualmente iniziato, e vede una progressiva riqualificazione degli alberghi, unita a un lento processo di concentrazione delle strutture e della proprietà degli alberghi”

Magda Antonioli, Professore di Economia Politica e del Turismo e direttore del corso di laurea magistrale in Economics and Management in Arts, Culture, Media and Entertainment, presso l’Università Bocconi e docente presso SDA Bocconi School of Management

“This book is focused on a thorough understanding of the inputs into both implicit and explicit valuation methods, and uses a set of highly practical examples for readers to follow.”

Prof. Andrew Baum, Professor of Practice, Saïd Business School, University of Oxford

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“I metodi resi meno efficaci e un po' obsoleti dall’evoluzione delle pratiche di mercato e dalla globalizzazione vengono lasciati sullo sfondo, meno approfonditi, a fare da strumenti di verifica al contorno dei risultati, ottenuti invece con un attento e sofisticato utilizzo del Metodo Economico-Finanziario.”

Aldo Mazzocco, Amministratore Delegato e Direttore Generale, Generali Real Estate S.p.A.

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“Mazza and Morri provide a unique property finance textbook that is based on robust economic and finance principles and comparable to those in the area of managerial finance”

Prof. Dr. Matthias Thomas, Chief Executive Officer, INREV

“This book will interest of course every real estate professional who wish to deepen their knowledge on real estate valuations. But beyond that, this book brings for sure a welcomed and worthwhile contribution to our industry and, more broadly, to the economy as it shows the way to raise the bar of valuation practices thanks to a sophisticated and rigorous but always pragmatic approach. This can just reinforce trust in the real estate business sector; a fundamental aspect in the always turbulent markets.”

Vincent Vinit, Chief Risk Officer, Generali Real Estate S.p.A.

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“The authors have adopted an inter-disciplinary approach which successfully pairs the explanation of the core skills required in the field of property finance with the outline of the most relevant legal issues in selected jurisdictions”

Prof. Giovanni Iudica, President, ESCL / Professor of Civil Law, Bocconi University

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“Il settore sarà oggetto di una lenta riqualificazione, necessaria poiché gli alberghi italiani sono spesso di proprietà di imprenditori che gestiscono direttamente.
Oggi, con i cambiamenti in atto, questo modello non è più sostenibile [...] pertanto, questo processo è attualmente iniziato, e vede una progressiva riqualificazione degli alberghi, unita a un lento processo di concentrazione delle strutture e della proprietà degli alberghi”

Chema Basterrechea, Chief Operating Officer, Radisson Hotel Group Inc.

Home – Englishteschio1002024-11-09T16:35:03+01:00

Welcome on Property Finance, website of studies, research and news on real estate

Here you can find educational materials to support the books, insights on real estate,
a bibliographic collection of major books on the field as well as useful links.

Giacomo Morri

Associate Professor of Practice in Corporate Finance and Real Estate at SDA Bocconi School of Management and lecturer in Real Estate Finance at Bocconi University. Partner at Andersen responsible for the ‘Real Estate Valuation & Advisory’ service line. Author of numerous publications on real estate finance topics.

Libri

Section focusing on content and insights from Giacomo Morri’s books: excerpts, presentations, and Excel files.

Corsi

Real estate training programs from SDA Bocconi School of Management. Learn in particular about the online course dedicated to Real Estate Valuation of Commercial Properties and Real Estate Valuation and Financing

Research

In-depth section with data sources for real estate research. Links to major data providers, research centers and associations.