THE REAL ESTATE SECONDARIES INVESTOR - BLANK MODEL SET: THE BOOK'S OWN INPUTS

Type these back into the blank files and the book's results come back. Cell references are sheet!cell.
Seventy_Two_Questions.xlsx has no blank version: it arrives empty.

The_Discount_You_Are_Actually_Paying_Blank.xlsx  (Chapters 5 to 9, 13)

   1. Inputs!B3                      50
   1. Inputs!B4                      46
   1. Inputs!B5                      38.5
   1. Inputs!B6                      0.82
   1. Inputs!B7                      0.22
   1. Inputs!B8                      3.5
   1. Inputs!B9                      0.0125
   1. Inputs!B10                     0.12
   1. Inputs!B11                     0.4
   2. Unsmoothing!B5                 100
   2. Unsmoothing!B6                 101.5
   2. Unsmoothing!B7                 102
   2. Unsmoothing!B8                 100.8
   2. Unsmoothing!B9                 98.5
   2. Unsmoothing!B10                96
   2. Unsmoothing!B11                94.2
   2. Unsmoothing!B12                93
   6. Bridge and margin!B5           1.477720010281751

   Result: 18.00, 14.42, 13.01 and 9.18 per cent; alpha threshold 0.1317; adjusted value 36.80; margin at the offer 14.21 per cent.

Pricing_from_the_Tape_Blank.xlsx  (Chapters 10 to 12, 19)

   1. The tape!A2                    Rotterdam
   1. The tape!B2                    Logistics
   1. The tape!C2                    6.2
   1. The tape!D2                    0.035
   1. The tape!E2                    0.0535
   1. The tape!F2                    1.5
   1. The tape!A3                    Lyon
   1. The tape!B3                    Office
   1. The tape!C3                    4.1
   1. The tape!D3                    0.12
   1. The tape!E3                    0.082
   1. The tape!F3                    12
   1. The tape!A4                    Madrid
   1. The tape!B4                    Retail park
   1. The tape!C4                    3.3
   1. The tape!D4                    0.06
   1. The tape!E4                    0.066
   1. The tape!F4                    0.8
   1. The tape!A5                    Munich
   1. The tape!B5                    Office
   1. The tape!C5                    2.9
   1. The tape!D5                    0.1
   1. The tape!E5                    0.059
   1. The tape!F5                    2.4
   1. The tape!A6                    Milan
   1. The tape!B6                    Light industrial
   1. The tape!C6                    2.05
   1. The tape!D6                    0.04
   1. The tape!E6                    0.061
   1. The tape!F6                    0.6
   1. The tape!A7                    Berlin
   1. The tape!B7                    Residential
   1. The tape!C7                    1.55
   1. The tape!D7                    0.22
   1. The tape!E7                    0.039
   1. The tape!F7                    1.2
   2. Fund level!B4                  128
   2. Fund level!B5                  4.5
   2. Fund level!B6                  2.1
   2. Fund level!B8                  0.22
   2. Fund level!B11                 38.5
   3. Debt!B3                        128
   3. Debt!B4                        0.031
   3. Debt!B5                        2.5
   3. Debt!B6                        0.054
   5. Scenarios!B4                   31.57
   5. Scenarios!B5                   0.6
   5. Scenarios!B6                   36.89066768176473

   Result: gross asset value 291.83; interest 36.57; debt advantage 1.478; 25 bp = -7.79 per cent; thresholds +45.4 bp and -7.32 per cent.

Sell_or_Roll_Blank.xlsx  (Chapters 15 and 16)

   1. Sell or roll!B3                38.5
   1. Sell or roll!B4                0.9
   1. Sell or roll!B5                4
   1. Sell or roll!B6                0.01
   1. Sell or roll!B7                0.2
   1. Sell or roll!B8                0.08
   1. Sell or roll!B9                0.12
   1. Sell or roll!B10               1.6
   3. The queue!B3                   0.04362435240011164
   3. The queue!B4                   0.12

   Result: break-even 1.667x, 13.62 per cent, 1.62 points; one-year queue 14.45 per cent.

The_Portfolio_Bid_Blank.xlsx  (Chapter 17)

   1. The portfolio!A2               Kestrel European Property Fund III
   1. The portfolio!B2               38.5
   1. The portfolio!C2               36.8
   1. The portfolio!D2               0.15
   1. The portfolio!A3               Northgate Logistics Partners I
   1. The portfolio!B3               22
   1. The portfolio!C3               21.6
   1. The portfolio!D3               0.15
   1. The portfolio!A4               Sablon Core Plus Europe
   1. The portfolio!B4               17.5
   1. The portfolio!C4               15.2
   1. The portfolio!D4               0.15
   1. The portfolio!A5               Harrow Street Opportunity IV
   1. The portfolio!B5               12
   1. The portfolio!C5               8.4
   1. The portfolio!D5               0.15
   1. The portfolio!A6               Vantage Residential Fund I
   1. The portfolio!B6               6.5
   1. The portfolio!C6               6.3
   1. The portfolio!D6               0.15

   Result: portfolio discount 22.22 per cent; average 23.92; without Harrow Street 19.63; cost of all-or-nothing 2.60 points.

