Project : Business Game for Architects
The Faculty of Architecture of the Hasselt University has launched a business game for the 2nd Master in Architecture students in 2012. The purpose is to give the second master in architecture student an insight in conducting business as well in as out of real estate. To this end an appeal was done to real estate developer Matexi and the departments Corporate Finance and Financial Audit of BDO. This game forms the exam for the course “Management 5 - Introduction to Business Administration” of which prof Dr Didier De Buyst is titular.
The program of this course, which is unique for the architectural education in Flanders, consists of five modules concerning Entrepreneurship, Corporate Finance, Strategy & Negotiation, all given by guest lecturers from the field.
Synopsis of the game
During the business game a location with limited financial data and the urban boundary conditions is given to the students. Next, this location is further elaborated in detail. This happens in a two-day game whereby English is the working language.
Stages of the game
The game consists of three rounds whereby the students are divided in groups. It is an exercise with limitation of time. The teams are in competition with one another.
Round 1 : first phase of the early project cycle
Each team answers the following design questions.
- Which relationship concludes the project with the context?
- Is the public area sufficiently diversified and useful for every road user?
- Does the implantation of the housing types take into account the orientation?
- Is the urban planning structure performant enough?
- Analysis real estate financial efficiency after a first Quick & Dirty Calculation.
Around noon every team appears before the Investment Committee, consisting of specialists from Matexi and BDO and other external members, in order to defend their first analysis and choice, on which the necessary feedback is given. After the feedback is given, the team gets additional data to make a profound financial analysis of the project.
Round 2 : second phase of the early project cycle
Each team must clarify the following aspects:
- the urban planning project an sich;
- the financial project from the point of view of the promoter/investor.
The project must be financially appreciated and the sensitivity of it must be analysed.
Round 3 : the final negotiation
Team of buyers and sellers compete against each other. The goal is to come to a signed and written out agreement (terms & conditions) of purchase whereby there are two dimensions: price and guarantees (so called reps & warranties).
- Didier De Buyst, PHL/UHasselt
- Alexander Veithen and Alexi Vangerven, BDO
- Adel Yahia and Bart Aerts, Matexi
- First edition: 15-16.11.2012
- Second edition: 14-15.11.2013
- Third edition: 6-7.11.2014
- Fourth edition: 19-20.11.2015
- Fifth edition: 15-16.12.2016