PBSA Development Model
Does anyone know where to find an Excel model for PBSA development deals?
It would be very much appreciated !
Does anyone know where to find an Excel model for PBSA development deals?
It would be very much appreciated !
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Can't share the model, but happy to run through it (I have experience on PBSA developments).
MANAGEMENT AGREEMENT
LEASE AGREEMENT
Happy to reply to any question ;)
Legend ! Thank you very much !
Just a couple of questions if you have time:
1. Income: what assumption do you take for the churn/turnover? Do you assume that it's fully let at the start of every academic year?
2. Leverage: In the case of a development with forward funding, what is the typical structure of the loan?
Many thanks.
Best regards.
No problem. The replies below are based on my personal experience (I work for a developer with a focus on PBSA - European market).
As per the first question: usually PBSAs are fully leased before the beginning of the academic year. You may want to model
As mentioned, the "short stay" component is totally different - you're basically doing the UW of an hospitality structure
As per the fwd funding - it depends how detailed you want it to be.
Two years ago I worked on the UW of a PBSA to be sold via fwd funding (at the end we closed the deal on a more traditional co-investment). I'm a bit rusty on the topic, but if I recall correctly basically there were two cash flows in the model
Cash flow "development"
Cash flow "next buyer"
Hope it's clear :)
Very helpful indeed ! Thank you very much ! I would throw 10 bananas if I could ! Sorry don't want to be a pain but do you know where I could find some basic assumptions to try and model from scratch to get some training? Thanks a million 🙏
It really depends on the market and on the asset. See below some assumptions based on my experience
Thank you ever so much !!!
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