Citi Real Estate investment banking assessment centre + case study

Hi, 

I have an interview with Citi Real Estate investment banking summer analyst role. There will be technical with a case study. Can I get any advice on this/potential questions, or whether anyone has done the Citi AC for REIB.

Thanks

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Firstly, well done on getting the AC, that's an achievement in and of itself.

I had a look at the job description of the REIB 2023 programme. From what I can tell, it looks like it's a pretty traditional investment banking (sector/coverage) role. So I think you'd be good if you covered how to do a DCF, the three financial statements, have some idea of valuation techniques or on a high-level, things to consider. You're product agnostic, so you need to be familiar with all types of product offerings such as bonds, equity ... It says in the job description that you'd be helping clients raise funds through the "Capital Market". Probably a niche thing relevant to this role (but I'm not 100% sure) is that possibly some real estate clients would use structured credit? Idk if mortgage lenders fall under this remit of REIB but if they do, then likely some knowledge of securitisation might be advantageous. 

This is a new role, I didn't see this advertised last year. Usually teams don't hire straight into the programme, they hire generally and then you'd be assigned into a team.

The important thing for an AC with Citi isn't necessarily getting everything right, rather to show a willingness to learn and to have a go at the questions. Thinking process is the most important. I remember for my AC last year, I bombed the technical questions, simple things like "how much debt is too much", "what are some issues with financing oil companies" and stuff like that. But I showed my thinking process and used concepts from my degree (econ) and just shrunk them to a very micro level (and I got the offer).

Hope this helps! You got this!

 

Aside from standard IB, for RE coverage review the following:

-FFO/affo

-trends for major asset classes (office, retail, resi, hospitality)

-trends/macro in sector (takeprivates, recaps of overlevered hint not in PIIGS this time)

-cap rate method to value reit

-trading yield

-discount or premium to NAV

from what I know citi is strong in financing so maybe have an opinion on rates stuff like that. Good luck.

 

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