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Real Financial Modelling Case Study

This case study is based on an actual financial modelling test used by a large private-equity firm and closely mirrors the modelling tests and assessment-centre exercises at leading investment firms. It is specifically designed to help you practise under realistic constraints and pass financial modelling tests and assessment centres with confidence.

In this advanced case study you step into the role of an Analyst at a real estate private equity firm and evaluate a value-add opportunity with two tenants on short-term leases and materially under-rented space. The business plan requires terminating or renegotiating near-term leases, executing a targeted capex programme to upgrade and reposition the building, and re-letting at open-market rents (ERVs) to capture rental uplift and stabilise cash flows. You will build the full model from a blank sheet—including the leasing logic, voids and downtime, re-letting and incentives, capex phasing, unlevered cash flows, Sources & Uses, and returns with sensitivity tables.

Course Curriculum

    1. Course Introduction

      FREE PREVIEW

    2. Support Materials & Financial Models

    1. Lesson 1: Model Setup (1 of 2)

      FREE PREVIEW

    2. Lesson 2: Model Setup (2 of 2)

    3. Lesson 3: FInancial Model Calculations

    4. Lesson 4: Market Rents

    5. Lesson 5: Void Toggle

    6. Lesson 6: Void Costs

    7. Lesson 7: Total Rents

    8. Assessment - Quiz 1

    9. Lesson 8: Cash-Flows

    10. Lesson 9: Asset Cash-Flows

    11. Lesson 10: Unlevered Cash-Flows

    12. Lesson 11: Levered Cash-Flows

    13. Lesson 12: Annual Cash-Flows

    14. Lesson 13: Formatting

    15. Lesson 14: Sources & Uses

    16. Lesson 15: Sensitivity Tables

    17. Final Assessment

    1. Course Recap & Next Steps

About this course

  • £149.00
  • 3.5 hours of video content

Course Highlights

Elevate your commercial real estate financial modelling expertise by tackling the complexities of a value-add investment case. In this advanced course, you will learn industry best practices and receive personalised training from an ex-Blackstone analyst. Each lesson builds the professional modelling habits that prepare you to excel in financial modelling assessment centres, perform confidently in real estate job interviews, and accelerate your CRE career. You will discover how to structure spreadsheets and financial models in the same way the world’s top private equity firms approach their analysis. This course is designed to help you stand out, get hired, and succeed in commercial real estate investment roles.

  • Practical case study: follow a value-add commercial investment project and build the full financial model through detailed video training.

  • Structured approach: create a full commercial real estate financial model from scratch, guided through 15 practical video modules.

  • Institutional standards: develop commercial real estate financial models with the same rigour used at top-tier private equity firms.

  • Shortcut mastery: see each keyboard entry in real time and develop the speed and accuracy expected in professional financial modelling.

  • Terminology made simple: the course includes a jargon buster section to help you master the vocabulary used in real estate financial modelling.

  • Learn on the go: use the REIA mobile-friendly app to study lessons and practice financial modelling wherever you are.

  • Professional credential: receive a certificate of completion to strengthen your CV, LinkedIn profile, and job applications.

  • No-questions-asked refund policy: students are entitled to a full refund within the first 72 hours of signing up for this course.

  • Instructor profile: benefit from insider knowledge gained at Blackstone and other leading investment platforms, taught by REIA’s founder and CIO, Steffen Klüners.

Your Instructor

Steffen Kluners

Founder of the Real Estate Investment Academy

The course is taught by Steffen Klüners, an active real estate investment professional with over 15 years of experience in real estate private equity, including at Blackstone. He has worked on transactions with an aggregate value exceeding $5.0 billion and currently holds the position of Chief Investment Officer (CIO) at a private equity–backed real estate investment platform. Steffen also brings academic experience from Oxford University, where he was Head Instructor of the online real estate investment programme. In the REIA courses, he shares valuable insights into how top-tier private equity firms analyse, structure, and execute real estate transactions.

Course Completion Certificate

Upon completion, you’ll earn a certificate you can feature in job applications and proudly share on LinkedIn or other social media to highlight your skills.

The REIA Mobile App

The course content can be accessed via our REIA mobile app so that you can access our courses on-the-go, providing for a more user-friendly experience.

Course Overview

This advanced commercial real estate financial modelling course teaches you how to build a complex LBO model from scratch in Excel through a value-add case study. It is ideal for analysts, associates, and ambitious students who already grasp the basics and want to elevate their financial modelling skills to institutional standards and learn how leading private equity firms structure their models and present results.

The course is specifically designed for interview and assessment-centre success. You will complete the same Excel financial modelling tasks that employers test for: clean inputs/calcs/outputs architecture, leasing logic with ERVs, voids and downtime, capex planning and phasing, quarterly-to-annual roll-ups, Sources & Uses, unlevered and levered returns, and clear, presentation-ready outputs.

When you enrol, you’ll get full access to the Excel model (start and solution files), captioned video lessons, a jargon-buster glossary, an Excel shortcuts cheat sheet, and a certificate of completion you can share on LinkedIn.


Course Structure & Lessons

  • Lesson 1: Model Setup (1 of 2)
     Create the assumptions and rent-roll tabs; define general, acquisition, and leasing drivers used throughout the model.

  •  Lesson 2: Model Setup (2 of 2)
     Add timing, capex, financing, and exit valuation assumptions (yields/cap rates) to prepare for cash-flow forecasting.

  • Lesson 3: Calculations Architecture
     Build the core CALCS tab; map periods and surface area and set up driver-based formulas that feed the cash-flows.

  • Lesson 4: Market Rents (ERVs)
     Forecast ERVs to anchor re-letting economics and future rental uplift after the capex programme.

  • Lesson 5: Void Periods & Toggle
     Model vacancy windows with a void toggle; compute building occupancy across the timeline.

  • Lesson 6: Void Costs
     Calculate landlord-borne opex during vacancy to reflect realistic downside in NOI.

  • Lesson 7: New/Total Rents
     Translate ERVs to new lease rents; build total rental income by quarter and consolidate with in-place rents.

  • Lesson 8: Cash-Flow Sheet (Quarterly)
     Link key metrics from CALCS; assemble operating cash flows at the property level.

  • Lesson 9: Asset Cash-Flows
     Project rents, opex, NOI, and capex phasing to generate asset-level profiles.

  • Lesson 10: Unlevered Cash-Flows & Returns
     Combine asset cash-flows with acquisition/exit to compute unlevered IRR, MOIC, and valuation metrics.

  • Lesson 11: Levered Cash-Flows & Returns
     Introduce debt schedule and financing costs; calculate equity cash flows and levered IRR/MOIC.

  • Lesson 12: Annual Roll-Up
     Aggregate quarterly results to annual statements for board-ready outputs.

  • Lesson 13: Formatting Improvements
     Apply institutional formatting, print areas, footers, and checks so the model is audit-friendly.

  • Lesson 14: Sources & Uses
     Show how capital is raised and deployed; incorporate fees and ensure S&U balances to zero.

  • Lesson 15: Sensitivity Analysis
     Build one- and two-axis tables (e.g., exit yield and rent growth; price) and back-solve for target returns.


Why Take This Course?

  • Interview-ready skills: Mirrors real modelling tests used by private equity and investment firms.

  • Institutional workflow: Learn the structure, checks, and presentation standards used by top teams.
  • From scratch to finish: Start with a blank sheet; finish with a polished, reusable advanced CRE model.

  • Expert instruction: Taught by Steffen Klüners (ex-Blackstone), drawing on 15+ years in real estate private equity.

  • Career impact: Build a portfolio-worthy model you can discuss confidently in interviews and apply on the job.



Recommended Prerequisites

Prior exposure to Excel and basic real estate modelling is recommended. Completing the Beginner Real Estate Financial Modelling course (or equivalent knowledge) will help you move faster, but it is not strictly required.

Refund Policy

You are entitled to a full refund within 72 hours of enrolment. Simply email [email protected] and we’ll take care of the rest.

Student Testimonial

“REIA gave me the knowledge and modelling skills I needed to break into real estate private equity. The platform is intuitive, the progression is well structured and it walks you through each step to apply core fundamentals to case studies that truly reflect real-deal work. Compared to other courses I have tried, REIA stands out for being sharp, focused, and centered on the essentials you actually use day-to-day. I also appreciated that Steffen Kluners made himself available to answer questions along the way, which added a personal and supportive touch to the learning experience. I would highly recommend the course to anyone looking to strengthen their modelling skills and break into real estate private equity”

Gregoire Delcourt (Analyst at Starwood)

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