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Invest in yourproperty futurewith the Investment Property Forum’s post-graduateInvestment Education Programme

ContentsThe Investment Education Programme 2The Investment Property Forum 3The Institute of Continuing Education (ICE) 4Introduction to Property Investment 5Virtual Learning Environment (VLE) 5Qualifications & Awards 6The modules:Investment Valuation & Portfolio Theory 8Financial Instruments & Investment Markets 10Property Investment Appraisal 12Property Finance & Funding 14Indirect Property Investment 16International Property Investment 18Portfolio Management 20Frequently Asked Questions 22Past Contributors 24Inserts (pocket inside back cover):Timetable & FeesWho’s Who?1

The InvestmentEducation ProgrammeEducationStay one step ahead in a fast moving and global market with the InvestmentProperty Forum’s well established education programme. By addressing the keyareas of investment, finance and property, ensure that your knowledge and skillsare right up to date. Drawing on the expertise of leading practitioners andacademics, the IPF investment education modules offer an applied, practicalapproach underpinned by the latest academic research.BackgroundThe Investment Property Forum’s Investment Education Programme (IEP) has beendelivered by the University of Cambridge Institute of Continuing Education since2009. Since its inception 10 years ago, the Education Programme has seen over175 individuals achieve the full Diploma, and over 600 individuals take one ormore modules.Aims of the Programme• To improve the skills and knowledge of IPF members and others and to engagethem in debate about issues affecting property investment;• to provide a wide range of formal education relevant to property investment,for IPF members and others in the UK and, where appropriate, abroad; and• to provide education for the general investment community and other relevantparties about property investment.2www.ice.cam.ac.uk/ipf

Set up in 1988, the Investment Property Forum (IPF) is recognised as one of theleading specialist property industry bodies in the UK. It comprises an influentialnetwork of senior professionals all active in the property investment market.The strength of the organisation lies in its diversity of its membership of over1,800, including investment agents, fund managers, bankers, lawyers, researchers,academics, actuaries and other related professionals. It operates in London, Scotland,the Midlands and the North of England.To find out more about the IPF and its activities, please visit the IPF website –www.ipf.org.uk.Our MissionThe IPF's mission is to enhance the understanding and efficiency of property as aninvestment, including public, private, debt, equity and synthetic exposure, for itsmembers and other interested parties, including government, by:• undertaking research and special projects and ensuring effectivecommunication of this work;• providing education; and• providing a forum for fellowship, discussion and debateamongst our members and the wider investment community.IPF Next Generation GroupEspecially for individuals with between 5 and 15 years’ experience in the UKproperty investment market, the Next Generation Group organises events, briefingsand networking opportunities, in addition to the benefits you already enjoy as anIPF member.3www.ipf.org.uk

The Institute of Continuing Education (ICE) provides opportunities for adult learners tostudy at the University of Cambridge on a part-time basis. With options ranging fromweekend courses right up to two-year Masters programmes, it has more than 8,000student enrolments each year from all over the world.As an academic department of the University, ICE is committed to the higheststandards of excellence. All of the professional courses and qualifications in itsportfolio are developed with guidance from leading Cambridge academics incollaboration with specialist industry bodies such as the IPF.ICE was founded in 1873, and was the first English university department to embracecontinuing education. It is based at Madingley Hall, an historic 16th-century manorhouse with 21st-century facilities, including state-of-the-art teaching space andaccommodation for up to 60 students.4The Institute of Continuing Education is based at Madingley Hall, Cambridgewww.ice.cam.ac.uk/ipf

Introduction to PropertyInvestmenteLearning moduleThis online module provides an introduction to property as an investment asset class.The content includes:• Property as part of the UK economy• Direct investment in property• Financing property investment• Indirect investment in property• Risk / return profile of property• Investment performance of property• Regulation, tax and accounting as it affects propertyEach subject is broken down into manageable study sections.The module can be taken as part of the IPF Certificate in Property Investment, on anassessed basis, or as a standalone introduction for those wanting to know more aboutthis market.All learning is conducted on the Virtual Learning Environment, with access to interactivecontent and support from the Module Leader.ICE’s Virtual Learning EnvironmentThe Virtual Learning Environment (VLE) is ICE's secure, password protected, onlineresource space.You’ll be able to download reading materials, copies of presentations and find links torelevant external resources as well as keeping in touch with your fellow delegates via theQmail option. The VLE is also the space where you will be asked to upload your finalassignment for marking and where your marks (only seen by you) will be published.To find out more and take a virtual tour, go to this web address:www.ice.cam.ac.uk/courses/online-study5www.ipf.org.uk

Qualifications & AwardsInvestment Property Forum CertificateThe Certificate is awarded on successful completion of the following modules:Introduction• Introduction to Property Investment (eLearning module)Part I• Investment Valuation and Portfolio Theory (3-day module)• Financial Instruments and Investment Markets (3-day module)This qualification is listed by the Financial Services Authority (FSA) as a Key 2 AppropriateExamination under the Managing Investments activity. Holders of the IPF Certificate willneed to complete a Key 3 qualification, namely a UK regulatory examination, to meet thefull examination requirements for this activity.Investment Property Forum DiplomaThe Diploma is awarded on successful completion of the following modules:Part I• Investment Valuation and Portfolio Theory• Financial Instruments and Investment MarketsPart II• Property Investment Appraisal• Property Finance and Funding• Indirect Property Investment• International Property Investment• Portfolio ManagementDelegates are invited to collect their Diplomas at an IEP reception held prior to theIPF Annual Lunch in January.Those who successfully achieve the IPF Diploma can use the designation DipIPF.6www.ice.cam.ac.uk/ipf

Investment Property Forum Educational Trust AwardsTwo awards are presented every year by the IPF Educational Trust. Only thoseachieving the full Diploma are eligible for these awards:• The Investment Property Forum Educational Trust Module prize for bestperformance in a single module from Part II• The Investment Property Forum Educational Trust John Whalley prize for bestoverall performance in the Diploma (highest average mark)Both awards come with a cash prize and are presented at the IPF Annual Lunchin January.Hilke Nijmeijer, winner of the IPF Educational Trust Module Prize 2011.IPF MembershipDelegates taking the Diploma are entitled to free student membership of the IPF forthe duration of the course, up to a maximum of three years.Those who have completed the Diploma are fast-tracked for full IPF membership.7www.ipf.org.uk

Investment Valuation& Portfolio TheorySample Schedule(each day includes lunch and several refreshment breaks)Day One8:45 Registration9:15 Introduction9:30 Basic mathematics10:00 Investment mathematics11:30 Investment project analysis and basic asset valuation14:00 Asset valuation: application16:00 Asset valuation: application (cont’d)17:30 EndDay Two8:45 Arrival9:00 Basic statistics11:30 Regression analysis14:00 Basic portfolio theory16:00 Basic portfolio theory (cont’d)17:30 EndDay Three9:15 Arrival9:30 Index-linked gilts11:30 Duration, volatility & relative value14:30 Risk in a post-CAPM world15:30 Exam17:00 EndA list of past contributors to the IEP can be found on page 24.8www.ice.cam.ac.uk/ipf

Where London When OctoberWhat is involvedSet pre-course reading and preparation3 days classroom based, including 90 minute examTake-home assignmentFurther information & booking ICE: +44 (0)1223 760860www.ice.cam.ac.uk/ipfAT A GLANCEWhat’s the course about?Investment Valuation & Portfolio Theory offers delegates the fundamental buildingblocks for understanding property investment mathematics, statistics and theirapplication to valuation and portfolio management.This course takes an in-depth look at:• the tools required for financial and investment analysis;• basic financial mathematics and statistics;• principles required for constructing a portfolio;• how its performance is measured;• the basic forms of modelling that can be used in practice; and• practical examples and case studies applying these tools.Who is the course for?• anyone wishing to increase their knowledge of financial analysis in propertyinvestment; and• applicants should have at least a working knowledge of the fundamentals offinancial and investment analysis to gain fully from the course.9www.ipf.org.uk

Financial Instruments& Investment MarketsSample Schedule(each day includes lunch and several refreshment breaks)Day One8:45 Registration9:15 Introduction9:30 The equity market and equity analysis11:45 UK Government fixed-interest securities14:15 Valuation and analysis of REITs and real estate16:00 Valuation and analysis of REITs and real estate (cont’d)17:30 EndDay Two9:15 Arrival9:30 Corporate bonds10:30 Derivatives11:30 Derivatives12:30 Principles of taxation14:00 Property derivatives16:00 Return characteristics: property and other asset classes17:30 EndDay Three9:15 Arrival9:30 Taxation and real estate investment11:30 Investors and their liabilities12:00 Additional teaching, if required13:00 Group presentations15:30 Exam17:00 End10A list of past contributors to the IEP can be found on page 24.www.ice.cam.ac.uk/ipf

Where London When NovemberWhat is involvedSet pre-course reading and preparation3 days classroom based, including 90 minute examTake-home assignmentFurther information & booking ICE: +44 (0)1223 760860www.ice.cam.ac.uk/ipfAT A GLANCEWhat’s the course about?Join your fellow delegates in examining each of the securities markets, theinstruments available in those markets and putting the different investments intoperspective. An important part of this course is to introduce you to the characteristicsof the major investors and the terminology used in the securities markets. Propertyinvestment vehicles will be introduced into the course where analytical techniquesthat are of general use across investment markets can be applied to propertyinvestment vehicles.This course takes an in-depth look at:• how equities and bonds differ from property;• methods of analysis of different types of investments and derivative products;• why different types of investor have different liability profiles and differentperformance requirements from their investments;• the different types of investment instrument available and how they are traded;• how indirect forms of property investment and their characteristics relate bothto direct property investment and other investment instruments; and• aspects of the regulatory and tax framework under which property investmentmarkets operate.Who is the course for?Anyone wishing to increase their knowledge of professional investment, as well asmore experienced property professionals wishing to update their knowledge.11www.ipf.org.uk

Property InvestmentAppraisalSample Schedule(each day includes lunch and several refreshment breaks)Day One8:45 Registration9:00 Introduction9:15 Valuation fundamentals11:15 Concepts and bases in appraisal13:45 The DCF model – an introduction15:45 Individual property appraisal information needs for a cash flow model17:30 EndDay Two8:45 Arrival9:15 Development appraisal workshop and case study11:15 Individual property appraisal: forecasting techniques12:15 Individual property appraisal: forecasting – uses in appraisal14:15 Risk evaluation16:15 In class project17:30 EndDay Three9:15 Arrival9:30 Leases and their impact on values11:15 Rationality in investment markets13:45 Review15:15 Exam16:45 EndA list of past contributors to the IEP can be found on page 24.12www.ice.cam.ac.uk/ipf

Where London When JanuaryWhat is involvedSet pre-course reading and preparation3 days classroom based, including 90 minute examTake-home assignmentFurther information & booking ICE: +44 (0)1223 760860www.ice.cam.ac.uk/ipfAT A GLANCEWhat’s the course about?Expand your knowledge of the property valuation process on this course. Examinecurrent practices and their application. Learn about alternatives to these and explorethe most current theories and techniques. Take a closer look at the market andconstitutional context within which valuation takes place.This course takes an in-depth look at:• the main appraisal approaches from a critical perspective;• ways of adapting appraisal techniques to meet changes in market conditionsand circumstances;• cutting edge developments in the field of property appraisal; and• the difficulties of appraising flexible lease forms.Who is the course for?• Experienced practitioners looking to update their appraisal techniques.NB. Prior understanding of spreadsheets is required.13www.ipf.org.uk

Property Finance& FundingSample Schedule(each day includes lunch and several refreshment breaks)Day One8:45 Registration9:15 Introduction9:30 Global financial crisis and impact on property finance(types and sources of property finance)10:30 Mind the debt funding gap11:50 A borrower’s perspective: ‘Using other people’s money’14:30 Group task 116:00 Property derivatives: applications for risk and portfolio management18:00 EndDay Two8:45 Arrival9:00 Loan terms, costs and risk management of senior debt10:00 CMBS market: picking up the pieces after the crash11:50 Current economic environment, interest rate trends and predictions14:30 Palmer Capital case study15:45 Group task 218:00 End14Day Three8:45 Arrival9:00 Impact of finance structures10:00 Impact of finance structures (cont)11:20 Group task 313:40 Keynote discussion: Evolution of finance markets in a property contextWhere to go from here?15:30 Exam17:00 EndA list of past contributors to the IEP can be found on page 24.www.ice.cam.ac.uk/ipf

Where London When MarchWhat is involvedSet pre-course reading and preparation3 days classroom based, including 90 minute examTake-home assignmentFurther information & booking ICE: +44 (0)1223 760860www.ice.cam.ac.uk/ipfAT A GLANCEWhat’s the course about?Explore the complex issues surrounding finance & funding whilst gaining anunderstanding of the conditions surrounding provision, the use of debt and equity incorporate and project form at an advanced level. The course takes a case studyapproach to explore the qualitative and quantitative analysis necessary to fullyappreciate the risk/return implications of the various forms of finance.This course takes an in-depth look at:• how to identify appropriate sources and types of finance & funding;• the implications of leverage in property investment;• cash flow analysis of structured finance;• different forms of debt and equity finance and their effect on investment riskand return;• risk hedging techniques and their use to limit exposure to different formsof risk; and• tax and accounting issues affecting property finance.Who is the course for?Experienced professionals and those following the Diploma Programme.15www.ipf.org.uk

Where London When AprilWhat is involvedSet pre-course reading and preparation3 days classroom based, including 90 minute examTake-home assignmentFurther information & booking ICE: +44 (0)1223 760860www.ice.cam.ac.uk/ipfAT A GLANCEWhat’s the course about?With expert input and guidance, explore the main indirect investment routes – listed,unlisted and derivatives – and the advantages and pitfalls of these vehicles todifferent investors.This course takes an in-depth look at:• matching investor requirements to the investment characteristics of indirectproperty investment vehicles;• the risk/return profiles of indirect property investment vehicles within abalanced investment portfolio;• the operational implications for investors of indirect investment including feestructures and legal structures;• the strengths and weaknesses of retail products in the indirect investmentmarket and match to individual investor specifications;• investment structures in the UK, off-shore, Europe, and the US from theperspective of contrasting investor profiles and preferences; and• the appropriate inclusion of indirect property investments into an investmentstrategy taking account of contrasting investor profiles and preferences.Who is the course for?Experienced professionals and those following the Diploma Programme.17www.ipf.org.uk

International PropertyInvestmentSample Schedule(each day includes lunch and several refreshment breaks)Day One9:30 Registration10:00 Introduction & rationale for global investments relativeinvestment matrix10:45 Discussion on country research and preparation for grouppresentations11:45 Approach to international investingMarket update: Asia-Pacific14:30 Market update: USA16:15 Risk ranking national markets18:00 EndDay Two9:15 Arrival9:30 Market update: Europe10:45 Case study: currency markets & hedging12:00 Case study: global indirect investment14:00 Legal structures: accessing markets15:00 Case study16.15 Group case study presentations: Europe18:00 End18Day Three9:15 Arrival9:30 Group case study presentations: America and Asia10:45 Global joint venture investing/structuring12:15 Investing in Emerging Markets14:30 Case study: global investment portfolio15:45 Exam17:15 EndA list of past contributors to the IEP can be found on page 24.www.ice.cam.ac.uk/ipf

Where London When JuneWhat is involvedSet pre-course reading and preparation3 days classroom based, including 90 minute examTake-home assignmentFurther information & booking ICE: +44 (0)1223 760860www.ice.cam.ac.uk/ipfAT A GLANCEWhat’s the course about?Examine how the core skills in property investment can be applied in an internationalcontext. You will examine case studies of major markets, however, during the moduleto compare and contrast domestic and international property investment processesand practices and provide an important practical context.This course takes an in-depth look at:• the rationale for adopting an international investment strategy and the associatedrisks and rewards;• the contextual differences (e.g. tenure lease lengths, organisational structures)between key international property markets;• current trends and themes in international property investment markets;• international property data sources and performance measurement issues relevantto international investment;• the role of currency risk in international investment; and• the different roles that direct and indirect investment can play in an internationalstrategy.Who is the course for?Experienced professionals and those following the Diploma Programme.19www.ipf.org.uk

PortfolioManagementSample Schedule(each day includes lunch and several refreshment breaks)Day One8:45 Registration9:30 Introduction & Modern portfolio and capital market theories11:00 Constructing a European real estate portfolio14:00 Index models15:15 Tactical management of property portfolios17:15 EndDay Two8:45 Arrival9:00 Constructing a property portfolio: a practitioner’s perspective11:30 Performance measurement14:00 Risk-adjusted performance measurement16:00 Real estate in a multi-asset portfolio17:30 EndDay Three8:45 Arrival9:15 In class assessment10:50 Modelling risk in real estate development12:30 Liquidity risk in commercial property13:00 IPF’s research programme14:00 Portfolio selection in the presence of liabilities16:45 Computer exercise – finalise project17:30 EndA list of past contributors to the IEP can be found on page 24.20www.ice.cam.ac.uk/ipf

Where London When SeptemberWhat is involvedSet pre-course reading and preparation3 days classroom based, including 90 minute examTake-home assignmentFurther information & booking ICE: +44 (0)1223 760860www.ice.cam.ac.uk/ipfAT A GLANCEWhat’s the course about?Presenting the latest thinking on issues and techniques in portfolio management.Critically examine the role of property in a multi-asset portfolio and appreciate theneed for measurement and control of risk at portfolio level.The course builds on the fundamentals presented in module 1, ‘Investment Valuation& Portfolio Theory’, embracing both theoretical and practical concepts.This course takes an in-depth look at:• how investment tools can be employed in structuring portfolios;• how to control portfolio risk;• the role of liquidity risk; and• the risk-and-return characteristics of commercial property.Who is the course for?Anyone with experience in portfolio management who wants to acquire the latestthinking on issues and techniques and those following the Diploma Programme.21www.ipf.org.uk

Frequently Asked QuestionsAre there any entry requirements for the IPF Certificate and Diploma inProperty Investment?Yes. Applicants should be graduates with at least a 2nd class degree (or equivalent iffrom outside the UK) and a minimum of three years’ work experience in a relevantindustry. You must be fluent in both written and spoken English (with a minimumIELTS level 7 or higher). Professional qualifications are also considered an advantage.What are the CPD opportunities offered by the IEP modules?For RICS purposes, a three-day module offers at least 18 hours of coursework, inaddition to the time spent on prior study and on completing the post-moduleassignment.Each of the modules in the IEP satisfies 100% of a solicitor’s annual unaccredited CPD.I’m really busy at work, how much time should I expect to spend oneach module?We understand that it can be really tough combining study with a full-time job andother commitments, but it is essential that you find enough time for modulepreparation. Approximately a month before the module starts, you will be givenaccess to our online resource site (the VLE) where you can download the modulehandbook. You are expected to read this at least once before the module begins –pre-reading forms an integral part of the course. Occasionally you will be asked todo some additional research and preparation before a module starts. Following yourthree-day classroom-based learning, there will be a take-home assignment for youto complete.Is each course assessed?22Yes. There are two assessed elements to each course: an in-class exam (comprising aseries of questions) and a take-home assignment (normally in essay form). To pass themodule, you must achieve an aggregate mark of 50%. If you are not intending tostudy for the IPF Certificate or Diploma, assessment is not compulsory.www.ice.cam.ac.uk/ipf

What happens if I fail one or both of the assessed elements?If you fail one or both parts of the assessment and do not achieve the aggregate passmark, you will be offered the opportunity to re-sit or re-submit the failed assessmenton one occasion only. If you do not achieve a pass on re-submission, you will have tore-apply to take the module again the following year.Can I take the modules out of order?You can but we would advise that the modules are taken in the order they run as theybuild on one another.Can I take just one module?Yes, you can pick any module to study but we may advise you to start with the onlinemodule, Introduction to Property Investment, if you do not meet the entry criteria.Do I have to pay for all the modules at once?No, you – or your sponsor – can pay on a module by module basis.Where’s the course held?The classroom based modules are delivered in central London.Where can I stay?You will need to make your own accommodation arrangements but there are anumber of reasonable hotels close to the venue.What’s the connection between the University of Cambridge and the IPF?The University of Cambridge delivers the IPF Certificate and Diploma programme inInvestment Education on behalf of the IPF.Is the Diploma officially awarded by the University of Cambridge?No. The Diploma is a professional qualification awarded by the IPF.23www.ipf.org.uk

Past Contributors24Nigel Almond, DTZAndrew Appleyard, Aviva InvestorsCarl Bacon, StatPro GroupPaul Batho, NARANatalie Bayfield, Bayfield TrainingTim Bellman, ING Real Estate InvestmentManagementGerald Blundell, ConsultantShaun Bond, University of CincinnatiPhilip Booth, Institute of Economic AffairsMark Callender, SchrodersDonovan Campbell, Morgan StanleyGraham Chase, Chase & PartnersTami Chuang, DTZDhananjai, ING Real Estate InvestmentManagementLouise Ellison, Quintain Estates andDevelopmentWill Gabby, Hermes Real EstateÖrn Greif, BNP Paribas Real EstateInvestment ManagementFerhat Guven, Paladin Realty PartnersMatthew Hall, DTZAndrew Hook, Aviva InvestorsNadja Savic de Jager, CBRE InvestorsMark Jones, Jones Lang LaSalleSimon Jones, Hymans RobertsonXavier Jongen, Bouwfonds Real EstateInvestment ManagementCompanies correct at time of teaching.Jeremy Kelly, Jones Lang LaSalleTony Key, Cass Business SchoolBart Kruijssen, PricewaterhouseCoopersMichael Lister, University of WestminsterColin Lizieri, University of CambridgeGianluca Marcato, Reading UniversitySimon Marshall, NationwideTony McGough, DTZPaul Mitchell, Paul Mitchell ConsultancyPaul Ogden, inProp CapitalBarry Osilaja, Jones Lang LaSalleIryna Pylypchuk, CBREDominic Reilly, Jones Lang LaSalleDavid Roberts, GrosvenorWill Robson, PRUPIMMelville Rodrigues, CMS Cameron McKennaBen Sanderson, Hermes Real EstateJudy Smith, Kingston UniversityEva Steiner, University of CambridgeLee Sheldon, Clifford ChanceRupert Sheldon, Palmer Capital PartnersKeith Steventon, BNP Paribas Real EstateDarren Stolzenberg, NabarroChris Turner, ING Real Estate InvestmentManagementRoberto Varandas, UBSNick White, Morgan Stanleywww.ice.cam.ac.uk/ipf

Timetable & FeesWho’s Who?

Who’s WhoProgramme Advisory CommitteeThe Programme Advisory Committee directs the Investment Education Programme.Philip Allmendiger Dept of Land Economy, University of CambridgePaul Batho IEP Course DirectorIan BaxterInstitute of Continuing EducationFrankie Clay Investment Property ForumSue Forster Investment Property ForumRebecca Lingwood Institute of Continuing EducationColin Lizieri Dept of Land Economy, University of CambridgeLydia Romero Institute of Continuing EducationJohn Story Consultant & Chair of Academic GroupAcademic GroupThe Academic Group brings together industry knowledge and expertise from the IPF andfeeds this into the Programme Advisory Committee through its IPF representatives.John Story (Chairman) ConsultantCiaran Carvalho NabarroMark Charlton Colliers InternationalFrankie Trailor Investment Property ForumBob Dyson Jones Lang LaSalleSue Forster Investment Property ForumAndy Hann WP ConsultingMax Johnson ING Real Estate Investment ManagementIan Marcus Credit SuissePhilip NellAviva InvestorsMark Pendower Oak Green EstatesDominic Reilly Jones Lang LaSalleBen Sanderson Hermes Real EstateKaren Sieracki Kaspar Associates

Module LeadersOur module leaders come from both professional and academic backgrounds.All are experts in their field.Investment Valuation and Portfolio TheoryEva Steiner, University of CambridgeFinancial Instruments and Investment MarketsPhilip Booth, Institute of Economic AffairsProperty Investment AppraisalPaul Batho, NARAProperty Finance and FundingMatthew Hall, DTZIndirect Property InvestmentXavier Jongen, Bouwfonds Real Estate Investment ManagementInternational Property InvestmentDhananjai, ING Real Estate Investment ManagementPortfolio ManagementJamie Alcock, University of CambridgeCourse DirectorPaul Batho, NARADay-to-dayLydia RomeroFrankie TrailorAcademic Programme Manager, Institute of Continuing Education,University of Cambridgeemail lr305@ice.cam.ac.uk tel 01223 760863Associate Director – Education, Investment Property Forumemail ftrailor@ipf.org.uk tel 020 7194 7928

Timetable & Fees 2012/13Introduction to Property InvestmenteLearning module £450Investment Valuation and Portfolio Theory3 day classroom-based module 8-10 October 2012 £1,490Financial Instruments and Investment Markets3 day classroom-based module 19-21 November 2012 £1,490Property Investment Appraisal3 day classroom-based module 4-6 February 2013 £1,490Property Finance and Funding3 day classroom-based module 25-27 March 2013 £1,490Indirect Property Investment3 day classroom-based module 20-22 May 2013 £1,490International Property Investment3 day classroom-based module 24-26 June 2013 £1,490Portfolio Management3 day classroom-based module 23-25 September 2013 £1,490For more information on modules and how to apply, please refer to the mainbooklet, or visit the IPF or IoCE websites:www.ipf.org.uk or www.ice.cam.ac.uk/ipf