Module 4 · Alternative Investments

Real Estate and Infrastructure

EN: Real-estate investment forms and the cap-rate / NOI framework; infrastructure stages.
VN: Các hình thức đầu tư BĐS và khung cap-rate/NOI; các giai đoạn infrastructure.

1. Real Estate Investment Forms Concept

Direct equity Own physical property.
REIT (public) Publicly traded — liquid but more correlated with equities.
Private REIT Less liquid; may have stable NAV.
RE debt Mortgages, CMBS.

2. NOI & Cap Rate Core

\[ NOI = \text{Rental income} - \text{Op. expenses} \] \[ \text{Cap rate} = \frac{NOI}{\text{Property value}} \] \[ \text{Property value} = \frac{NOI}{\text{Cap rate}} \]

Practice problem

Property NOI = $200,000, market cap rate 5%. What is fair value?

Show solution

Value = 200,000 / 0.05

= $4,000,000

3. Infrastructure Stages Concept

About: Greenfield (to-be-built, high construction risk, higher returns) vs brownfield (operating, stable CF, lower returns). Economic vs social subcategories.Tóm tắt: Greenfield (rủi ro xây cao) vs brownfield (CF ổn định). Economic vs social.

Greenfield New, to-be-built; high construction risk, higher returns.
Brownfield Existing operating asset; stable cash flows, lower returns.
Categories Economic (transport, utilities, telecom) vs Social (schools, hospitals).