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ICONIC [AHY-KON-IK]: An Enduring Symbol |
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Kellogg Team Victorious in 9th
Annual Real Estate Challenge
Members of the winning 2010 Kellogg Team include:
Boris Shraybman, Justin Hollyn-Taub, Michael Regan, Kevin Newell,
Rhodee Gine, Mclean Quinn
5/28/2010 - Six students from the Kellogg School of Management were
named winners of the ninth annual Kellogg-Booth Real Estate
Challenge.
The Real Estate Challenge is a quarter long, for-credit course in
which the teams took on the role of an institutional investor
presenting in an investment committee style meeting. Each team
created an investment analysis and acquisition recommendation on a
portfolio consisting of industrial, apartment, retail, office and
hotel assets located in the Chicago metro market. The course
concluded with a final presentation and question and answer session
with a panel of five industry judges, acting as the Pension
Fund Board.
"The Kellogg and Booth teams both grappled wit the complex
calculation of post-fee, post-leverage risk-adjusted returns and
thereby demonstrated that they understood how financial structuring
changes the risk-return characteristics of a joint venture
investment." said Jacques Gordon, Global Strategist for LaSalle
Investment Management.
The Kellogg team's acquisition strategy focused on attempting to
capture excess returns through investing in urbanization trends in
Chicago's downtown. The investment thesis predicts a Gold
Coast apartment market recovery and continued State Street retail
expansion over the next five years, and was supported by an in-depth
submarket survey, a detailed asset level review, and a capital
structure analysis.
William M. Bennett, a faculty instructor of the Kellogg Team said,
"The Challenge is a cutting edge example of how universities and
leading firms can work together to apply rigorous academic concepts
to complex real-world issues." Team co-instructor and Real Estate
Program leader Denis Akason added that, "Experiential learning is a
pillar of our program, and a reason Kellogg is a leader in real
estate education."
When asked about the Kellogg Team's performance, Bennett said, "The
Kellogg team was able to gain the confidence of the judges, who
acted as the pension fund's investment board. As my colleague
Professor Paolo Sapienza has shown through her research and the
Booth/Kellogg Financial Trust Index, confidence is of utmost
importance when making investment decisions."
First year Kellogg student and team member Justin Hollyn-Taub said,
"The Kellogg/Booth Challenge is the quintessential experiential
learning exercise - whether my team members end up on sitting on the
board of pension fund, working in real estate private equity, or
taking a more entrepreneurial approach within the industry, the
skills and tools we were able to develop in completing this project
will be very valuable."
Kevin Newell, the team Project Manager said, "This was an incredible
opportunity to synthesize and apply the material we've covered in
nearly every course we've taken at Kellogg to real-world situations
in the real estate industry."
For its winning efforts, the Kellogg Team was awarded 70% of the
cash prize, while the team from Booth claimed 30%.
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