June 19, 2026
| Title: | Investment Analysis and Financial Modelling in Industrial Real Estate Advisory |
| Author: | Vinayak Varal |
| Advisor: | Mr. Ashutosh Mishra |
| Degree: | บริหารธุรกิจบัณฑิต สาขาวิชาการเงินและการลงทุน (หลักสูตรนานาชาติ) – Bachelor of Business Administration Program in Finance and Investment (International Program) |
| Major: | บธ.บ. การเงินและการลงทุน (หลักสูตรนานาชาติ) – B.B.A. Finance and Investment (International Program) |
| Faculty: | บริหารธุรกิจ (Business Administration) |
| Semester/Year: | 2/2568 (2025) |
Abstract
This cooperative education report, titled “Investment Analysis and Financial Modelling in Industrial Real Estate Advisory,” documents the activities, professional development, and analytical contributions made during a 16-week internship placement at VentuNext, a Bangkok-based real estate investment development and advisory firm specializing in industrial and logistics assets across Thailand. The primary objective of this co-operative education experience was to apply theoretical knowledge acquired from the coursework in finance, investment analysis, and business strategy to a real-world scenario. The internship encompassed three major work streams. First, market research and valuation activities, including site visits to industrial facilities and the production of investor-facing pitch decks, dashboards, and investment summaries. Second, financial modelling, comprising modeling of long-horizon Discounted Cashflow (DCF) models from scratch, the conversion of company-provided models into standardized formats, training on advanced Excel techniques including circular references, Solver, and Goal Seek, and the iterative development of cashflow forecasts in response to bank feedback. Third, investor engagement, including the preparation of pitch decks for institutional counterparties such as Principal Asset Management, direct meetings with investors and developers, and attendance at commercial land price negotiations. 4 A key challenge encountered during the internship was the complexity of modelling leasehold land structures in Thailand’s industrial real estate market, particularly for the Nakhon Sawan build-to-lease project. This required developing a deep understanding of how leasehold tenure, debt service coverage requirements, and the absence of a terminal sale assumption interact within a 30-year project finance model. This challenge was addressed through iterative model refinement, guided by feedback from both VentuNext’s senior advisors and banking counterparties. The internship provided substantial gains in both technical and professional capabilities, including financial modelling proficiency, real estate market knowledge, institutional investor communication, and commercial deal exposure. These outcomes are described in detail in the chapters that follow.
Keywords: industrial real estate investment, financial modelling, discounted cashflow analysis, warehouse logistics, Thailand property market
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