From crisis to transformation: The new landscape of real estate finance

The connection between finance and real estate has deep historical roots but evolves over time. In their book Strumenti e tecniche di finanziamento immobiliare (EGEA, foreword by Stefano Caselli), Giacomo Morri and Antonio Mazza provide an updated guide to navigating the world of real estate finance, blending theory and practice with rigorous yet accessible language.

The book tackles the subject with a systematic and multidisciplinary approach. The chapters cover key financing methods—ranging from traditional bank credit to more sophisticated techniques like mezzanine financing and private equity—as well as the impact of international regulations, such as the Basel Accords, on the sector.

This edition significantly updates the original 2010 publication, which was released amidst the global financial crisis triggered by the U.S. subprime mortgage collapse and its worldwide ripple effects.

Practicality is a key feature of the work: alongside technical insights on topics such as project finance and interest rate risk management, the book offers online tools that facilitate the application of its concepts. This makes it not only a manual for industry professionals but also a valuable resource for students and academics.

Morri and Mazza’s perspective embraces the global transformations in the sector: from the growing importance of ESG criteria, which present both challenges and opportunities, to the rise of alternative lenders reshaping the real estate credit market in Europe and Italy.

As Stefano Caselli highlights in the foreword, the interplay between finance and real estate shapes urban development and investment dynamics. On one hand, real estate is becoming an essential component of wealth management and portfolio construction. On the other, effective financial strategies in the real estate sector can help create more livable and resilient cities, fostering economic growth and innovation.

• Publisher: EGEA
• Publication date: September 2024
• ISBN/EAN: 9788823839403
• Pages: 424
• Format: Print, digital

GIACOMO MORRI (Ph.D.) is Associate Professor of Practice in Corporate Finance & Real Estate at SDA Bocconi School of Management and teaches Real Estate Finance at Bocconi University. He is also a visiting professor for the Master’s in Real Estate Management and Development at ISEG University of Lisbon.

ANTONIO MAZZA (EMBA) has over 30 years of experience in the real estate sector, holding executive positions in real estate companies, and Italian and international banks. For the past 20 years, he has collaborated with SDA Bocconi School of Management, teaching structured real estate finance courses.