MILANO | ITALY PARIS | FRANCE

EMPIRETHE EXECUTIVE MANAGEMENT PROGRAM IN INTERNATIONAL REAL ESTATE

INNOVATING FOR TURBULENT TIMES THROUGH NEW VALUE DRIVERS

9 DAYS IN 3 MODULESSEPTEMBER 2018, NOVEMBER 2018, FEBRUARY 2019

4TH EDITION

EXECUTIVE-EDUCATION.ESSEC.FR/EMPIRE

ELTVILLE | GERMANY

SDABOCCONI.IT IREBS-IMMOBILIENAKADEMIE.DE

In cooperation with

EXECUTIVE-EDUCATION.ESSEC.EDU

ESSEC BUSINESS SCHOOL

The IRE|BS International Real Estate Business School is part of the University of Regensburg. It houses tenchairs and professorships in law, economics and business administration. With its broad range ofeducational programs in Real Estate, IRE|BS is one of the largest real estate institutes in Europe. The IRE|BS Department of Real Estate with its broad offerings covers all industry-specific features of realestate and real estate companies. Thus, the University of Regensburg is the first public university inGermany offering complete, interdisciplinary teaching and research in the field of real estate. The IRE|BS Real Estate Academy offers executive education for real estate professionals in the Rhein-Mainarea (Frankfurt & Eltville), Berlin, Munich and Hamburg. The IRE|BS Real Estate Academy was ranked first inthe 2012 University ranking for real estate study-courses of the “Immobilien Zeitung”.Prof. Dr. Tobias Just, academic director of the IREBS Immobilienakademie was ranked together with twoother IREBS professors among the most influential economists in Germany in 2015 by the FrankfurterAllgemeine Zeitung.

IREIBS INTERNATIONAL REAL ESTATE BUSINESS SCHOOL

SDA BOCCONI SCHOOL OF MANAGEMENTThe leading School of Management in Italy and the only Italian School present in all of the most importantInternational rankings (Financial Times, Bloomberg BusinessWeek, The Economist, Forbes), SDA Bocconi hasestablished itself as a European leader in education. SDA Bocconi School of Management is part of UniversitàBocconi, the first Italian University to grant a degree in economics. For over a century, Bocconi has played aleading role in Italy’s social and economic modernization. SDA Bocconi has been engaged in the promotionand organization of executive education since 1971, with an International approach. The School’s vision of empowering life through knowledge and imagination lies behind its program offerings:Executive Education Open and Custom Programs, MBA and Master Programs, for the development ofindividuals, companies, institutions and economic systems. Choosing SDA Bocconi and coming to Milanomeans choosing a vibrant environment, the entrepreneurial, financial and industrialized center of Italy, adoorway to Europe. In short, a wealth of international contacts and opportunities. And Milano, of course, is culture, fashion, design,food and the art of living. SDA Bocconi has developed research projects, executive programs and a post-experience Master program specifically addressed to real estate managers for more than twenty years, thanksto a dedicated faculty expertise in the field.

Created in 1907, ESSEC Business School is an academic institution of excellence, which throughout itshistory has been characterized by its pioneering spirit. In both full-time education and vocational training,ESSEC offers a wide range of programs to all those wanting to obtain an extraordinary learning experience,strengthen their talent, express their leadership and become truly high-level managers. A centennial institution with a wide network of companies and academic institutions in France andthroughout the world, ESSEC has opted to focus its strategic development on three principles: innovation,involvement and internationalization. These compose the three axes of the ESSEC 3i strategy that will beimplemented from now until 2020. An institution nourished by research and committed to an ambitious development of alliances with leadinginstitutions, ESSEC constantly strives to bring its students face to face with cutting-edge knowledge at thecrossroads of discipline and to provide them with the latest technologies. Hallmarked by a profoundhumanist tradition, ESSEC has succeeded not only in making the link between business and society a majorsubject of research, but it is also one of the fundamental components in the training of responsiblemanagers.

All three Schools hold RICS - Royal Institution of Chartered Surveyors accredited degree programs. This program is in cooperation with RICS

1 THE CONTEXT MODEL● MANAGEMENT EXCELLENCE IN REAL ESTATE

SDA Bocconi School of Management, IRE|BS International Real Estate Business Schooland ESSEC Business School: three top European Schools of Management with a strongfocus and tradition on Real Estate Management Education and Research will provide anextensive focus on the most up to date models and techniques for Real Estate strategyand innovation.

● INTERNATIONAL NETWORKING

The program allows participants to enter a network of professionals, investors and publicauthority representatives operating on different sides of real estate and to face eachmanagerial issue from all professional points of view. In addition to class activities,participants will have the chance to attend social lunches, dinners and cocktails withkeynote speakers to stimulate networking, experience sharing and discussion on specificmanagerial issues.

2 THE LEARNING MODEL● SELECTED FACULTY

Together with some of the most experienced educators in Real Estate Management,faculty members of the three Schools of Management, the program has invitedinternationally acclaimed professors and industry experts.

● INTERNATIONAL PERSPECTIVE VS LOCAL EXCELLENCE

Each module approaches key managerial issues and trends in real estate with aninternational perspective and a focus on local specificity: finance and innovation in the realestate market in La Defence-Paris, Retail properties in Milano, housing market developmentin Germany.

● SOLUTION-ORIENTED APPROACH

Interactive case-based sessions, intensive group work, simulations, site visits to main localoperators and face-to-face sessions with top professionals from the business communitywill allow participants to find real and concrete solutions to face the new challenges in realestate.

3 THE KNOWLEDGE MODELWe will analyze the effects on the real estate market of present economic trends in Europe,with a focus on Globalization, Emergence of Global Value Chains and the Economic crisis.We will understand how to create a diversified international property portfolio consideringthe latest issues in the real estate market: the effects of retail and shopping experience onthe property market, the investment opportunities in housing, the new concepts ofintelligent buildings and intelligence in buildings, green property and the need forsustainability. Each module will include a thematic focus on a key local issue.

4 THE RELATIONSHIP MODELA selective process of participants, the team working during the program and all the socialactivities proposed to the class will give participants the chance to create new professionalrelationships and links with qualified peers. The professional network will be extended withparticipants of the past edition of the program who will be invited to the last day in Paris.

EMPIRE: why choose thisprogram?The EMPIRE program is an intensive andengaging journey designed to equipindustry leaders with the right perspectives,knowledge, skills and tools to successfullyface the current turbulent times in the realestate market.

Innovation is the answer and it must involveproducts, services, business and mentalmodels in order to find new value drivers forperformance.

Participants will be exposed to the latestapplied knowledge and tools on innovationfrom three different perspectives underlinedby each School: real estate & sustainability,retail properties & digital, finance & theEuropean real estate market.

These three lenses on innovation areexclusive in some sense and mutuallyinclusive in another, guaranteeing acontinuous learning experience all throughthe course that will end with a final wrap-upaimed at summarizing the learning processand identifying pragmatic ways to applynew drivers to future business models.

Very few real estate fields areas dependent from andintertwined with geopoliticalissues as retail real estate. The ability to combine focuson business specifics with abroader view - which isprecisely the aim of theEMPIRE program - is anessential prerequisite forsuccess in retail real estate,particularly in present marketconditions.

PIETRO MALASPINAAdvisory Board of ICSC -International Council of ShoppingCentres & Senior Advisor, AedesSIIQ Group

TARGET PROFILE The program is designed for managers and professionals with 10-15 years of professional experience in the real estate sector, typically ashead of fund management, investments or asset management of companies, institutions and consultant agencies involved in thedevelopment and management of real estate assets, including managers of real estate inside companies and independent companyowners in real estate.The program may also be of interest to other companies, institutions and public authorities interested in understanding the new frontiers ofstrategy, investment, advisory and management in real estate with an international and innovation-oriented perspective.

LEARNING MODEL AND TEACHING METHODS● Limited class size (up to 30 participants) to facilitate the use of experienced-based approach.

● Large and internationally selected faculty.

● Interactive, case-based sessions.

● Intensive group work.

● Software-based simulations.

● Site visits and discussion sessions with main local operators.

● “Global and local” networking sessions with participants, faculty members and top professionals from the three countries represented.

● Networking dinners and cocktails with internationally acclaimed speakers and industry representatives.

● Three modules located in three cities considered symbols for specific real estate excellences.

BLUE OCEAN STRATEGYSIMULATIONDeveloping decision making skills forinnovating real estate business models

In a competitive business environment, suchas the real estate market, managers need tobe advanced decision makers, being able torecognize the complexities of no-winsituations and adopt pertinent innovativeglobal strategies to deal with them. For this reason, the EMPIRE participants areengaged throughout the program in asimulation activity based on the “Blue OceanStrategy” teaching software. The simulation isaimed at improving their decision making skillsfor creating profitable, durable and innovativereal estate business models.

MICHEL BARONI,FRICSESSEC Business Schoolbaroni@essec.edu

TOBIAS JUST,FRICSIRE|BS International Real Estate

Business School

tobias.just@irebs.de

GIACOMO MORRI,MRICSSDA Bocconi School ofManagementgiacomo.morri@sdabocconi.it

➥ MODULE 3➥ MODULE 1 ➥ MODULE 2

MANAGING INNOVATION INREAL ESTATE & SUSTAINABILITY

➥ 8-10 November 2018

IRE|BSReal Estate AcademyKloster Eberbach, EltvilleGermany

MANAGING INNOVATION INFINANCE & THE EUROPEANREAL ESTATE MARKET

➥ 7-9 February 2019

ESSEC Business SchoolCNIT - BP23092 053 - Paris La DéfenseFrance

MANAGING INNOVATION INRETAIL PROPERTIES & DIGITAL

➥ 13-15 September 2018

SDA Bocconi School ofManagementVia Bocconi 8, MilanoItaly

MODULES CONTENT, LOCATION AND CALENDAROver a period of 6 months, participants will spend 9 days in a program that encourages increasing effectiveness in real estate businessmanagement, strategy and innovation, with a new and international perspective. New vision about the business will be slowly created andnew performance drivers will be discovered, business model created and mental models discussed.

The program consists of three modules, each focused on a specific innovation aspect real estate issue and run by one Business School:the first by SDA Bocconi School of Management in Milano, the second by IRE|BS Real Estate Academy in Eltville, near Frankfurt, and thethird by ESSEC Business School in Paris.

Each module includes lessons on Saturday in order to reduce the impact of the learning experience on the professional schedules of theparticipants.

TIMETABLEParticipants should expect about eight hours of intense in-class teaching and discussion each day.

They will have the chance to attend some social evening events organized after the session. For didactical reasons, some days may requirea specific timetable.

EUROPEAN COORDINATOR ACADEMIC COORDINATORS

INIGO ECHEVESTEESSEC Business Schoolecheveste@essec.edu

BLUE OCEAN STRATEGY SIMULATION - BOSSDeveloping decision making skills for innovating real estate business models

The EMPIRE program gives the great chance to approachthe latest and more critical trends and issues in theEuropean real estate market from different internationalperspectives.

GIACOMO MORRI | MRICS SDA Professor of Finance & Real Estate

➥ MILANO: 13-15 SEPTEMBER 2018Coordinator: Giacomo Morri - MRICS, SDA Bocconi, Professor of Finance & Real Estate

13.09.2018 Thursday: TRENDS, INNOVATION & RETAILING● New trends worldwide.

● Real Estate Development for Retailers: present scenario, disruptive changes generated by 2008-2014 crisis, emerging and discontented needs.

● How to set up a distinguishing and attractive value proposition in terms of Retail Development: singling out and defining new potential retailers.Digital impact and attractive value propositions.

● What’s next. Designing and managing new shopping malls for the next decade: upcoming key distinguishing traits.

14.09.2018 Friday: INNOVATION & RETAILING: THINKING OUT OF THE BOX● Globalization and the Emergence of Global Value Chains.

● Impact in Retailing Innovation.

● Site Visit of Milan excellence in retail properties with leading local operators.

15.09.2018 Saturday: HOW TO APPLY INNOVATION TO MARKETING OF RETAIL PROPERTIES

● How to define a Marketing Plan in Retail Business: the STEP methodology.

● Marketing and retail properties: final conclusion.

● Self-cases: presentation by every group, and discussion all together.

FACULTY

➥ MODULE 1 - MANAGING INNOVATION IN RETAIL PROPERTIES & DIGITAL

➥ CARLO ALBERTOCARNEVALE MAFFÉ

SDA Professor of Strategicand EntrepreneurialManagement

➥ SANDRO CASTALDO

SDA Professor of Marketingand Full Professor ofManagement at UniversitàBocconi

➥ PIETRO MALASPINA

Advisory Board of ICSC -International Council ofShopping Centres & SeniorAdvisor, Aedes SIIQ Group

➥ MARCO MERELLI

SDA Professor ofEconomics. Lecturer at BocconiUniversity

➥ GIACOMO MORRI -MRICS

SDA Professor of Accounting,Control, Corporate and RealEstate Finance and Lecturer inCorporate Finance at Università Bocconi

➥ RAFFAELLA PINTO

Head of Research, CBREItaly

➥ DAVIDE REINA

SDA Professor of Marketingand Professor of Marketing inthe Digital Environment atUniversità Bocconi

Real estate investors increasingly call forinternational real estate knowledge: both, academicreal estate knowledge and international networkgain importance. Our program offers both: excitinglecturers and an internationally active and highlymotivated audience.

TOBIAS JUST | FRICSManaging Director at the IRE|BS Real Estate Academy andProfessor for Real Estate at the University of Regensburg

➥ ELTVILLE: 8-10 NOVEMBER 2018Coordinator: Tobias Just - FRICS, Head, IRE|BS International Real Estate Business School

8.11.2018 Thursday:STARTING WITH REALITY AND GEOGRAPHICAL EXPANSION INNOVATION

● Global monetary policy - low interest rates, high risks.

● European housing market: market structure and market dynamics.

● Strategic Management.

● Working Dinner.

9.11.2018 Friday:REAL ESTATE & INNOVATION

● Entrepreneurial Thinking & Drivers of Innovation.

● Real Estate and innovation: What is different?

● Dinner with a keynote speaker: Come on - towards a sustainable World Society.

10.11.2018 Saturday:REAL ESTATE & SUSTAINABLE INNOVATION

● Sustainability 2.0 - From Green talking to Green walking.

● Morgenstadt: City of the Future - how to link innovations to urban development.

➥ MODULE 2 - MANAGING INNOVATION IN REAL ESTATE & SUSTAINABILITY

➥ STEFAN KOOTHS

Head of Forecasting Center, Kiel Institutefor the World Economy (IfW Kiel) andProfessor of Economics, Business andInformation Technology School (BiTS),Berlin Campus

➥ SVEN BIENERT

Chair for Sustainable Real Estate,IREBS University of Regensburg

➥ STEPHANIE BIRKNER

Junior Professor of Entrepreneurshipat the Carl von Ossietzky University,Oldenburg

➥ MICHAEL DOWLING

Chair - Innovation and TechnologyManagement

➥ TOBIAS JUST - FRICS

Managing Director at the IRE|BSImmobilienakademie and Professor forReal Estate at the University ofRegensburg

➥ MARTIN RODECK

Managing Director of OVG Real EstateGmbH

➥ ALANUS VON RADECKI

Head of Competence Team UrbanGovernance Innovation

FACULTY

➥ ERNST ULRICH VON WEIZSÄCKER

President of the Club of Rome.Environmental scientist and climateexpert

Sharing experiences and best practices naturallyhelps to produce new knowledge, pushing real estatemanagers in new directions, stimulating the growth ofa more competitive European-wide real estateindustry, which is necessary to this sector andstrategic for our economy and wealth.

ALDO MAZZOCCO | MRICS, MBA CEO and General Manager, Generali Real Estate.

Innovation and risk management are two of the mostimportant issues today for top executives working in theEuropean real estate sector. EMPIRE is a unique programdelivered in an international environment providingsenior executives with the opportunity to exchange withindustry experts and share knowledge among peers.

MICHEL BARONI | FRICSProfessor of Finance and Director of the Executive Master inReal Estate Management, ESSEC Business School

➥ PARIS, 7-9 FEBRUARY 2019Coordinator: Michel Baroni - FRICS, ESSEC Business School

7.02.2019 Thursday: INNOVATION FINANCE: PAN-EUROPEAN STRATEGY A WAY TO DIVERSIFY THE PORTFOLIO?● Trends for the European real estate investment market in 2016.

● How to define sustainability as a determinant of an allocation strategy?

Dinner with a keynote speaker

8.02.2019 Friday: INNOVATION USING RISK MANAGEMENT TOOL ON REAL ESTATE● Case study: How to define sustainability as a determinant of an allocation strategy?

● Site visit in Paris: The “Grand Paris” project, La Defence integrated

● Real Estate as a risk management tool for the companies

9.02.2019 Saturday: INNOVATION REAL ESTATE● Wrap up and conclusions

FACULTY

➥ MODULE 3 - MANAGING INNOVATION IN FINANCE & THE EUROPEAN REAL ESTATE MARKET

➥ MICHEL BARONI - FRICS

Professor of Finance and Director of theExecutive Master in Real EstateManagement at ESSEC BusinessSchool

➥ ETIENNE DUPUY

Head of Asset Management Europeat Invesco Real Estate

➥ INIGO ECHEVESTE

Senior Lecturer on Services andDigital Innovation and thesisresearch coordinator at the ExecutiveMaster in Real Estate Managementat ESSEC Business School.

➥ ROBIN N. GOODCHILD - FRICS

International Director Research & GlobalStrategy, Lasalle Investment Management,London

➥ FRANCK PETEL

Ile de France Regional Manager, MatforSomeca. Groupe Saphyr.

GENERAL INFORMATION

We may update some parts of the EMPIRE Program. Please see the program webpage for the most updated information: executive-education.essec.fr/empire

PRICING€ 9.000 plus VAT (if required). The program fee covers tuition, case materials, lunches and social events included in the program agenda.

SPECIAL PAYMENT TERMS FOR RICS PROFESSIONALS (MRICS/FRICS)● A 15% reduction on the program fee is offered exclusively to professionals RICS Members with paid dues.● A 20% reduction on the program fee is offered to companies or institutions that register at least three participants for the program.Note: discounts are not cumulative.

INQUIRIESFor further information about the program, please contact the program consultant:Mr. Thierry GRAEFF, Admisions Manager, ESSEC Executive Education , tel. +33 (0)146921789 - empire@essec.edu

ENROLLMENT PROCEDUREFor information about this option, please contact Inigo Echeveste (echeveste@essec.edu - tel. +33 (0)1 46 92 49 06)To aid the learning process, a limited number of participants can enroll in the program. Priority will be given on the basis of the arrival date ofthe enrollment request form, which must be filled in, signed and sent to:ESSEC Executive EducationCNIT BP 23092053 Paris-La Défensefax +33 (0)1 46 92 49 00 - echeveste@essec.eduESSEC Executive Education will send written confirmation of acceptance by email.For further information, please contact: Inigo Echeveste, (echeveste@essec.edu, tel. +33 (0)1 46 92 49 06

METHOD OF PAYMENTThe fee must be paid upon enrollment in one of the ways explained in the enrollment request form: cashier’s cheque, banker's draft, moneytransfer, credit card.

HOTEL ACCOMODATIONOur experience shows that being in the same hotel helps participants build interpersonal relationships and team spirit. That is why we will tryto organize the same hotel for all participants, who are also free to choose an alternative solution.

In EltvilleA limited number of hotel rooms are available directly at the Eberbach Monastery. To book call +49 (0)6723 993-200. Please contact AnkeSchneider (anke.schneider@irebs.de) if further hotel recommendations are needed.

In MilanoThe external agency BCD Travel offers a free hotel booking service and special conditions to our clients. Accommodation is guaranteed if youbook at least 15 days before the program begins. If you book less than 15 days before, the agency will do its best to find a suitable andconvenient solution. To book call +39 0871 803810 or send an e-mail to sdabocconi@bcdtravel.it

In ParisFor hotel recommendations, please contact the program officer, Inigo Echeveste phone: +33 (0) 1 46924906

With the support of

SDA BOCCONI SCHOOL OF MANAGEMENTvia Bocconi 8, 20136 Milano - Italy

ESSEC BUSINESS SCHOOLCNIT - BP230 - 92 053 - Paris La Défense - France

IRE|BS REAL ESTATE ACADEMYKloster Eberbach, 65346 Eltville - Germany

“From the first session, I was rapidly put in contact with many key players ofthe European real estate industry and was able to develop a profoundunderstanding of the issues facing my clients. The program included a greatdiversity of profiles of candidates, lecturers and speakers. The complementarity between IREBS, SDA Bocconi and ESSEC has givenme the tools to expand my company’s operations into other Europeanmarkets”.

BENOÎT MONROCHE - EMPIRE participantFounder & CEO Angeris, Paris, France

“In a world that changes and expands very quickly, even the real estatesector, which is perceived as local due to its fixed asset nature, needs to“globalize”. Our clients are new, fast changing and global. When choosingEMPIRE, I appreciated the international/cross-border angle and theinnovation-driven program. I had the opportunity to be in a group of industryprofessionals working in different areas of real estate business and indifferent countries, this enriched our experience session after session”.

BARBARA PIVETTA - EMPIRE participantHead of Corporate, Finance & Control, Beni Stabili Siiq, Milano, Italia

“The EMPIRE program is a perfect, inspiring setting of seniorprofessionals participants and high profile lecturers. It provides aninnovative, environment to discuss future real estate challenges”.

GERALD GRÜLL - EMPIRE participantHead of Operations, BEHF, Vienna, Austria