MSc Real Estate Investment and Finance (Flexible)

Course overview

By relating your practical knowledge to academic theory, this programme will give you a strong understanding of real estate investment and financing decisions. It can enhance your career prospects by giving you the capability to undertake independent real estate investment analysis and is accredited by the Royal Institution of Chartered Surveyors. 

The core modules will develop your knowledge in areas such as corporate finance, investment appraisal, analytical methods, economics and financial institutions. You can tailor the degree to your individual requirements by choosing from a range of options. Our flexible programmes also develop your report writing, oral presentation and research skills that are applicable to a range of future career paths. 

This programme is delivered on a part time block release basis.

Students who have completed the IPF - Investment Education Programme to Diploma level are eligible to continue to our MSc Real Estate Investment and Finance (Flexible) programme using the IPF entry route which will give you 100 credits towards your degree.

Timetables and FAQs

How we teach you

Similar to corporate training methods, our flexible courses are based around relatively short periods of intensive study which are then reinforced by your experience in practice and web-based learning materials. You will attend the University for short blocks of study when there are opportunities to experience a range of learning methods. Each module runs for either 4 or 5 days and is held from Monday to Thursday or Monday to Friday. The timings of each module can be seen on the timetables available via the links below.

You are encouraged to contribute your own knowledge and experience in order to extend the learning opportunities. The flexibility of the courses means that there are no stages or parts to the degree. You work towards the Masters qualification by fulfilling requirements for 180 credits. There is also the possibility of gaining a Postgraduate Certificate (60 credits) or Postgraduate Diploma (120 credits). It is also possible to take individual modules as part of a Continuing Professional Development programme.

Our courses are designed and delivered by internationally-renowned experts, with a wealth of academic and professional experience. All of our courses are regularly updated to maintain their relevance in a rapidly changing industry.

How to apply

There are two different application processes: apply online and apply by post.

The quickest and easiest way to apply for Postgraduate study at Henley Business School, at the University of Reading is through the University’s online application service.

This allows you to complete your application information, attach electronic copies of your academic transcripts, certificates and other supporting information and also provides a facility for an email request to be sent to your referees enabling them to send your supporting references directly to us.

Apply online

Apply online now using the University of Reading's online application system.

Apply by post

If you are unable to apply online you can request a paper application form by telephoning +44(0) 118 378 5289 or writing to the Admissions Office, University of Reading, Miller Building, Whiteknights, Reading, RG6 6AB, UK.

When to apply

There is no deadline for applications to our part time programmes and applicants can join the course at one of the four entry points throughout the year: September, December, April and June.

After you apply

You will receive a confirmation email when we receive your application form. Your application is then reviewed by a member of academic staff. Successful applicants will be notified by email in the first instance, and once a start date has been agreed, you will receive a formal offer letter outlining any necessary entry criteria you will need to meet, and you will be asked to confirm your acceptance of this offer.

Throughout the admissions process we will keep you updated with key information via email. 

Meet Us

If you are unable to attend a postgraduate event please get in touch with our team.  We will be happy to speak to you by telephone, on Skype or through our Live Chat system (during UK office hours: 9 - 5 pm).

Our contact details are: postgraduate@henley.ac.uk or telephone: +44 (0) 118 378 7593.

Please see our list of world fairs below where you can meet a Henley representative. 

UK

  • Master's Visit Afternoon - Wednesday 21 February 2018

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  • QS Connect Masters 121, London

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  • QS World Grad School Tour - London

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EUROPE

  • Study UK International Education and Career Fair, Nicosia

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  • QS World Grad School Tour, Rome

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  • QS World Grad School Tour, Bologna

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  • QS World Grad School Tour, Milan

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  • QS World Grad School Tour, Thessaloniki

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  • QS World Grad School Tour, Athens

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ASIA

  • IDP Korea Global Education Exhibition

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INDIA & THE MIDDLE EAST

  • Study UK UAE Business Study Tour - Dubai

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  • Study UK Exhibition - Kuwait

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AFRICA

  • Access Masters Tour, Casablanca 2018

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AMERICAS

  • Access Masters Tour, Casablanca 2018

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Faculty & Staff

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Contact Us

If you have any questions, please contact us by email at pgrep@reading.ac.uk or by phone on +44 (0) 118 378 6219.

Important Information

Duration: 24 - 72 months part-time

Teaching: Each module consists of a 4 or 5 day block of lectures based at the University's Whiteknights campus.

Programme:
This programme is the ideal option if you want to continue in employment but also want to expand your academic understanding and enhance your career prospects in the real estate finance industry. The flexibility of this degree allows you to spread your studying over a number of years depending on your work commitments.

School of Real Estate and Planning:
Our School is the largest in the UK for teaching and research in real estate and planning. Established in 1968 at the University of Reading, we are the only major UK real estate and planning centre to be located within a business school.  Being part of the Henley Business School reflects our close and longstanding collaborative relationship with industry.

We enjoy a worldwide reputation for excellence in both teaching and research and we are consistently highly ranked in all major league tables. We undertake internationally recognised, leading edge research into real estate, planning and land and we offer a comprehensive range of undergraduate and postgraduate degree courses, all of which are accredited by the Royal Institution of Chartered Surveyors (RICS). Our planning courses are also accredited by the Royal Town Planning Institute.

Our programmes are held in high regard by leading employers, many of whom come to us each year to recruit our graduates. We are proud of our outstanding employment record, with more than 95% of our students entering graduate level jobs within 6 months of leaving us.

Henley Business School:

Consistently maintain highest standards and with an excellent networking potential : 72,000 Henley alumni members in 150 countries

High calibre students: always oversubscribed, 1,000 ambitious new Master's students join Henley each year

Award winning campus: beautiful, green, 134 hectares, with state of the art facilities

World-leading faculty: widely published, frequently asked for expert comment by media and to speak at events

Henley is proud to be part of the University of Reading.  The University is ranked within the top 200 universities worldwide (Times Higher Education World University Rankings 2016/17 and QS World University Rankings 2018) and 98% of the research is rated as being of international standard.

Course modules

The module descriptions set out on this page are correct for modules being taught in the 2017/18 academic year. Optional module listings are indicative and may be subject to change

Modules Credits

Compulsory Modules:

The module presents the main sources of funding available in real estate markets, presenting the implication on returns, ownership and cash flows.

20 [10 ECTS credits]

Aims:
By the end of the module students will be able to:

  • Understand how financial issues influence decisions involving real estate within the firm.
  • Analyse the capital structure of a firm and its weighted average cost of capital.
  • Understand the problems that have to be overcome if real estate is to be treated on the same basis as other assets that are managed by companies.
  • Understand concepts of market efficiency as applied to property and the different approaches that can be taken to incorporate market perspectives into real estate management and decision making.
  • Describe the contribution of options, both real and financial, to management decision-making techniques.
  • Critically discuss the choices of target return required for real estate investments.
  • Understand the forms of financing available to real estate companies and relative costs.
20 [10 ECTS credits]

Aims:
The aim of this module is to enable students to develop understanding of the financial, technical and market context of the appraisal of investments in general and the appraisal of real estate in particular. Students will be able to understand and apply cash flow techniques for the pricing and appraisal of investments and apply these techniques to commercial real estate investments.

 

20 [10 ECTS credits]

Aims: 
This unit aims to enable students to develop their understanding of the concepts of investment strategy, portfolio selection and performance measurement and their application to real estate markets. It will develop students’ analytic capacity. Upon completion of the module, students should have a detailed understanding of key theoretical concepts in investment strategy and their application in a real estate context, be able to use statistical toolboxes for portfolio decision making, appraise critically published work in the field, and apply this knowledge to the analysis of real estate investment problems.

20 [10 ECTS credits]

Summary module description:
To acquire knowledge of the main opportunities of indirect investment in real estate. To develop understanding of the different features of real estate securities and direct investment in real estate. To understand how real estate securities are structured and priced in capital markets.

20 [10 ECTS credits]

Elective Modules:  

Four optional modules from a range that may include:

Aims:
This module applies key business management principles to real estate management. The subject is considered at both the strategic and operational levels from the perspectives of the landlord (investor), tenant (occupier) and owner/occupier. It will consider the different approaches to management and analyse how management objectives alter throughout the building and/or occupancy life cycles. It examines the relationship between property management and facilities management through the review of current research, innovation and practice in this subject area.

20 [10 ECTS credits]

Aims:
The module aims to provide the student with a comprehensive introduction to key issues in and approaches to the analysis of international commercial real estate markets and in particular to examine the functioning and principal characteristics of commercial real estate markets and the real estate sector, in both established and emerging markets.

20 [10 ECTS credits]

Summary module description:
The aim of this module is to enable students to develop understanding of the key elements of the real estate development process. Students will understand how real estate development encompasses a range of skills and knowledge derived from a number of disciplines Students will be able to apply different techniques to the financial analysis of development opportunities and critically evaluate different techniques for the pricing and appraisal of development opportunities with a particular emphasis on risk management. Students will be able to evaluate the various aspects of the feasibility of development. Students will appreciate the roles of the various ''actors'' in the development and understand the key elements of the process such as planning consent and finance, procuring construction services and design.

20 [10 ECTS credits]

Aims:
The module aims to build a solid foundation in the economics of property to provide an insight into the application of economic principles and models to property and land use.

20 [10 ECTS credits]

Summary module description:
This module aims to provide students with a knowledge and understanding of the legal principles governing the use, enjoyment and transfer and leasehold land and to set these in their practical and commercial context.

20 [10 ECTS credits]

Summary module description:
The theory and practice of housing markets will be surveyed from international, national and sub-national perspectives. Housing markets will be studied in a dynamic context, with emphasis placed on demand-side and supply-side drivers. The role of finance in the housing market will be explored as will the impact of regulation. The roles of market search, estate agents, developers and financial institutions will be considered from an economic perspective and the links between the housing market, the macro-economy and business cycles will be investigated. Various housing policies will be evaluated. Empirical analysis will be undertaken in appropriate sections.

20 [10 ECTS credits]

Summary module description:
The aim of this module is to enable students to develop a further understanding of the financial, technical and market context of the appraisal of property investments and to examine the different applications of technique to the valuation of commercial real estate in the UK. Students will understand the different roles for which valuations are needed (financial statements, bank lending security, performance measurement, sale and acquisition) and the advantages and disadvantages of various applications of technique for each role and be able to apply these different techniques within the market context of the UK.

20 [10 ECTS credits]

Aims:
This module applies strategic management principles to corporate real estate. The subject is considered at the business strategy, the portfolio planning and the operational impact levels. It examines strategic planning from the viewpoint of the various stakeholders and the ways in which they interact. The different approaches to strategy and the implications of these approaches for the real estate portfolio will be examined within the context of live case studies. These case studies provide examples of how corporate real estate requirements shift in response to both strategic imperatives and the changing economic and competitive environment. In order to examine how real estate can enhance or inhibit the ability to remain aligned with corporate business needs this module reviews current research, innovation and practice in this subject area.

20 [10 ECTS credits]

Aims:
This module introduces quantitative techniques that can be applied to component modules across the MSc Flexi programme. Topics will include introductory data analysis and statistical inference, regression analysis, modelling and forecasting relationships and Monte Carlo simulations. At the end of the module students will have developed skills enabling them to substantially enhance their understanding and application of quantitative and modelling methods used in the property industry. The module will be a blend of lectures and computing workshops/group exercises using Excel and econometric software applied to real estate data.

20 [10 ECTS credits]
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Fees & funding

The fees are currently £1,950 per 20 credit module

Entry requirements

Entrants to this programme are normally required to have obtained:

  • An upper second-class honours degree from a UK university, or the equivalent from an internationally recognised university.
  • Prospective entrants should normally be in relevant graduate level employment.
  • Students whose first language is not English are required to provide evidence of proficiency.

Tier 4 visa pilot scheme

The University of Reading is pleased to have been selected by the Home Office to take part in a small pilot scheme, which provides Master's level students the opportunity to benefit from a streamlined visa application process, and six months extra time on their Tier 4 visa to look for work.

The pilot scheme will cover Tier 4 visa applications made for entry in the academic year 2018/19. Find out more on the University of Reading website.

Careers

Students must be in relevant employment in order to undertake the programme. Their career prospects will be enhanced by the skills and knowledge gained on each of the modules.

Students will benefit from the networking opportunities with fellow real estate professionals afforded to them in the various modules.

The School of Real Estate & Planning has a worldwide reputation and a long history of providing postgraduate education in real estate. All our postgraduate programmes open up many options for employment in the real estate industry around the world.

Our alumni association, The Reading Real Estate Foundation, organise career development and recruitment events for real estate students throughout the year. These include an evening lectures series with key industry speakers, an annual Careers Fair and our highly successful Mentoring Programme which pairs students with professionals in the real estate industry.

We have a professional Careers Development Advisor, Jane Batchelor, who helps our students with every aspect of the career development process, including identifying work placement, internships and permanent career opportunities.

On graduation our students are employed by the largest and most prestigious firms including:

Real Estate Service Firms:

CBRE, Cluttons, Cushman & Wakefield, Drivers Jonas Deloitte, DTZ, Jones Lang LaSalle, KingSturge, Knight Frank and Savills

Investment Banks:

Barclays Capital, BNP Paribas, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch and Morgan Stanley

Institutional Investors and Investment Funds:

Aviva, Invesco, Legal & General

Consultancy Firms:

Accenture, Ernst & Young, PriceWaterhouseCoopers and Property Portfolio Research

Investment and Development Companies:

British Land, Grosvenor, Hines, Land Securities and SEGRO

Accreditation Information

The programme is accredited within the University of Reading – Royal Institution of Chartered Surveyors (RICS) partnership arrangement