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Masters in Real Estate and Planning

Masters in Real Estate Finance

At a glance

  • Gain an  understanding of financial theory and its application in real estate assets
  • Accredited by the Royal  Institution of Chartered Surveyors (RICS)
  • Offered jointly with our finance faculty at the ICMA Centre
  • Programme recognised by the Investment Property Forum (IPF)
  • Participate in  the alumni association's RREF mentoring programme
Level
Masters
Subject area(s)
Real Estate & Planning
Award
MSc
Duration
12 months
Attendance
Full-time
Programme Director
Isil Erol
Dr Isil Erol

Overview

The MSc Real Estate Finance programme will help you understand real estate in the context of the international financial markets. You will learn the quantitative and conceptual skills needed to make the complex decisions in the real estate finance sector. The programme also places property investment into context with equity, fixed income and financial derivative products.

This Masters programme is accredited by the Royal Institution of Chartered Surveyors. It is also recognised by the Investment Property Forum, facilitating fast-track membership.

The Real Estate Finance programme is particularly suited if you have a degree in a quantitative discipline. Also, if you wish to develop specialist finance skills that can be used in the real estate sector. This programme examines investment in the underlying real estate sector. It provides extensive coverage of Real Estate Investment Trusts, Real Estate Funding, Mortgage Backed Securities and Real Estate Portfolio Management.

This programme is offered jointly with our specialist finance faculty at Henley Business School, the ICMA Centre. You will gain a thorough understanding of financial theory and its application in the context of real estate assets. In this programme, you’ll learn through a combination of academic rigour and commercial relevance. You will build a portfolio of skills and can choose from a range of modules taught across the Business School.

Our long-standing reputation in real estate ensures that you will have exposure to leading thinking in both academia and industry. You will have modules led by some of the world’s leading real estate finance academics. Guest speakers from industry will further build that experience. There will be several industry visits to and from leading global real estate finance companies in London. You will also have the opportunity to visit another major city/financial centre.

Real Estate & 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. 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. More than 95% of our students enter graduate-level jobs within 6-months of leaving us.

COVID-19 update

Core Modules

Compulsory modules Credits

Securities, Futures and Options provides learners with the relevant financial knowledge for analysing and valuing different classes of risky assets. It begins with the description of all main asset classes and the basic theory behind market efficiency and investors’ attitude towards financial risk. It then analyses the main framework behind portfolio theory and optimum asset allocation, followed by the introduction of the main pricing models, their applications and limitations. Furthermore, the module provides an in-depth introduction to financial derivatives (futures and options) and their valuation. All the techniques introduced are widely applied in other elements of the programme.


20 [10 ECTS credits]

Fixed Income and Equity Investments applies general valuation methods to specific financial instruments: fixed income and equity securities. It describes the basic characteristics of each security and develops practical strategies for finding its value and assessing its risk. It develops general trading strategies for each type of security. It also considers how the markets for these securities are related and begins the task of showing how these relationships can be exploited to form an optimal investment strategy.

20 [10 ECTS credits]

This module is designed to provide an introduction to economic, market, and investment analyses, which are important fundamentals for commercial real estate investment analysis. The topics covered by this module include demand and supply of real estate, fundamentals of real estate market research, and basic cash flow techniques for real estate investment valuation.

10 [5 ECTS credits]

The module provides students with a comprehensive introduction to core econometric methods and their application to real estate investment and portfolio analysis. It enhances the ability of students to study relationships between the economy and the broader investment environment and the real estate market. The module emphasizes the practical uses and implications of core econometric methods with students further equipped by using econometric software to investigate real world situations.

  • Descriptive statistics for real estate data
  • Classical Ordinary Least Squares Estimation
  • Hypothesis Testing, t-tests, F-tests
  • Dynamic models: multivariate regression analysis
  • Diagnostics checking and robust model building in real estate
  • Cross section and basic panel models for real estate market analysis
  • Stationarity, Unit Root Processes, ARMA Models applications to real estate
Academic authors
Pin Te Lin 2018 75izlr166
Dr Pin-Te Lin
20 [10 ECTS credits]

This module will enable students to interpret the main principles of corporate finance with an appropriate emphasis on real estate. It will also allow students to recognise the strategic importance of real estate to corporate financial decision making. Finally, students will learn the different forms and pricing of funding available for real estate projects at both individual asset and corporate level.

  • Equity financing and the cost of raising own capital
  • Pricing and structuring of traditional lending, structured finance and hybrid forms of funding for real estate projects/companies
  • Principles underlying decisions about capital structure
  • Analysis of financial and accounting implications of lease or buy decisions
  • Comparison of valuation methods used in finance and real estate (incl. traditional methods of investment and development appraisal used in the property industry);
  • Real options for real estate financial decisions: development appraisal and mortgage contracts
Academic authors
Gianluca Marcato004 75eh8ywhn
Professor Gianluca Marcato
10 [5 ECTS credits]

Aims:
This field trip project module aims to expose students to the operation of land and property markets in a different institutional context from that found in Britain and in doing so requires students to develop a clear understanding of the way in which property markets work in general, and the need to modify that understanding to place the field trip case study in its appropriate economic, social, political, and legal context.

10 [5 ECTS credits]

The Real Estate and Planning Dissertation module provides a vehicle for an in-depth understanding of a chosen area of planning, real estate, and rural land and business management practice. Depending on the student's interest, this independent study requires students to select a relevant topic or issue in their programme area for further research and analysis. They will also be specifically required to display academic rigour in carrying out an agreed research programme, in presenting findings, and in producing a high quality, fully referenced dissertation that is supported by appropriate statistical, qualitative and/or illustrative data.

Academic authors
Richard Nunes 75e5pfiod
Dr Richard Nunes
40 [20 ECTS credits]

Elective Modules

Students must choose 50 credits of option modules, at least 20 credits must be from REP:

Optional modules Credits

Aims:
The module explores both practical and strategic aspects of real estate management primarily for commercial property, and examines innovation and change in this area. The subject is considered from the perspective of the various stakeholders (owners, tenants and owner/occupiers). Underpinning the module is the application of key management and business concepts to real estate advice and real estate management.

Academic authors
Dr Catherine Hughes 75j1cuzl7
Dr Catherine Hughes
20 [10 ECTS credits]

The aim of this module is to enable students to develop an understanding of the role of property valuation in both investment and occupier markets. Students will understand the different approaches to valuation and be able to match the methods adapted to the role of the valuation. The module will build on the appraisal issues developed in REMF45 Investment Appraisal and Valuation core module and students will be able to distinguish between different concepts of value and the formal definitions of the bases that follow the concept. Students will be able to apply and critically evaluate different techniques and understand their limitations. Students will understand how statutory and quasi-statutory regulations influence and impact upon the valuation process. Students will understand the importance of the valuation process and the internal and external influences affecting this process and its outcomes.

Academic authors
Dr pete wyatt 75ej3nfy8
Professor Peter Wyatt
20 [10 ECTS credits]

This module enables students to enhance their understanding of the concepts of investment strategy, portfolio selection and performance measurement, applying them to the real estate asset class. It develops students’ analytical capacity. Students will have a detailed understanding of key theoretical concepts and will be able to inform their empirical application in a real estate context. They will also be able to use statistical toolboxes for portfolio decision making, critically examine published work in the field, and apply this knowledge to the analysis of real estate investment decisions within a portfolio context.

Academic authors
Pin Te Lin 2018 75izlr166
Dr Pin-Te Lin
10 [5 ECTS credits]

The Real Estate Securities module examines the key indirect vehicles in the real estate market, examining real estate investment trusts (REITs) and property companies, private funds and real estate derivatives. The module will extensively address those issues that differentiate real estate securities from both the private real estate market and from similar mainstream assets.

  • Regulatory framework of real estate investment trusts
  • Financial statement analysis of REITs and property companies
  • Corporate finance and REITs: dividend policy
  • Corporate finance and REITs: capital structure and capital raising
  • Investment dynamics and characteristics of real estate equities
  • Geared investment and private real estate funds
  • Commercial real estate derivatives: total return swaps and futures
  • Housing futures contracts
Academic authors
Chen
Dr Chen Zheng
20 [10 ECTS credits]

The module aims to provide students with an understanding of: the nature of the real estate development process including the activities, agencies, events, relationships, skills and tasks involved; the factors which influence the process and its outcomes; and the types, characteristics, utility and quality of buildings and schemes. The module also explores the methodologies involved in the appraisal and financing of development projects.

Academic authors
Pat Mc Allister 75e5pfiod
Professor Pat McAllister
20 [10 ECTS credits]

Aims:
Building on the material introduced in Quantitative Methods for Finance, this module covers a number of more advanced techniques that are relevant for financial applications, and in particular for modelling and forecasting financial time series. These include an introduction to maximum likelihood estimation and two-stage least squares, models of volatility, simulation techniques, and multivariate models. Case studies from the academic finance literature are employed to demonstrate potential uses of each approach. Extensive use is also made of financial econometrics software to demonstrate how the techniques are applied in practice.

20 [10 ECTS credits]

The main aim of the module is to provide a rigorous grounding of the theory and practice of corporate finance and more specifically the long-term financial management decisions of the firm pertaining to investments, financing and payout and how they affect its value. It deals with how corporations are governed, their financing structures, payout policies, the processes involved in the issuance of public and private equity, as well growing through inorganic investment (mergers and acquisitions). The module also extensively dealsParticipants also gain exposure to with advanced financial analysis and enterprise valuation methods employed by financial advisors/investment banks as part of advising corporations. Students on this moduleThey also take part in a bespoke investment banking pitch-book simulation challenge whereby they have to work with as part oftheir a team and to produce a real life pitch-book including financial analysis on a real transaction as part ofand assessing the company’s strategic alternatives.

20 [10 ECTS credits]

The module or course content descriptions set out on this page are correct for those being taught in the current academic year. Modules or course content marked as optional are indicative and may be subject to change.

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

Our teaching received an excellent score in the most recent independent Teaching Quality Assessment (TQA), highlighting our commitment to maintaining a world-class learning environment. You will enjoy access to our cutting-edge research, both academic and industry, ensuring that you remain at the forefront of the field.

We believe that our students should have access to good quality resources and, in addition to the facilities offered by the University, we fund a professionally staffed Resource Centre. MSc Real Estate Finance students have access to a variety of databases, from both Real Estate & Planning and ICMA, including Bloomberg; SNL Financial; Thomson Reuters; Datastream and Costar.

Most of the modules on the programme are specifically dedicated to the MSc Real Estate Finance. Students therefore obtain the benefit of both highly focused modules and small group teaching.

We aim to create a stimulating academic environment; you will be encouraged to develop individual interests and general skills as a basis for a career in the property industry, a related field or for further study.

How can Henley Careers work with you?

We have an award-winning careers team that will support you through your postgraduate studies and four years after graduation.

Here is how Henley Careers can help you:

  • Careers Consultant appointments: Our Careers Consultant are here to help and support you with any careers related concern that you might have. Whether it’s CV advice, practicing for an interview, providing feedback if applications aren't successful or support planning your career goals. We are here to help empower you to progress in your career.
  • Events: Henley Careers organise numerous events aimed to help you build your confidence, develop the skills employers are looking for. Additionally, network with employers and expand your industry knowledge.
  • Alumni support: You can continue to book one-to-one appointments with your Careers Consultant and use our online resources. For up to four years after graduating we’re here to help and support in your career.
  • Career Smart: Get a head start in securing a graduate job by taking part in our online course, Career Smart. You can expect to learn about the graduate recruitment cycle in the UK. As well as where to look and how to start applying to jobs, and the different roles available to you.

For more information  please see our Careers page.

Continuing your career

This programme is ideal if you're wishing to pursue a successful career in real estate finance, investment management and research. Since its launch, graduates from the MSc Real Estate Finance have secured employment at a variety of firms. This includes JP Morgan, Unibail-Rodamco, Schroders, CBRE Finance, LaSalle, LNR Partners, ICG Longbow, DTZ, Grosvenor and Knight Frank.

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 (RREF), organise career development and recruitment events for real estate students throughout the year. These include an evening lectures series with key industry speakers and an annual Careers Fair. To support your career development and interpersonal skills, you will also be assigned an industry mentor through the RREF mentoring scheme. Our innovative mentoring programme pairs your with professionals in the industry, both in the UK and overseas.

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. The MSc Real Estate Finance students also have access to the ICMA Career Development Service.

Graduates from this programme are highly sought after. You'll be well placed to take up positions across a wide range of positions in real estate investment, finance, portfolio & fund management and research. RICS accreditation also facilitates entry into the main property service and advisory firms. Since its launch graduates from the MSc Real Estate Finance have secured employment at firms such as JP Morgan, Unibail-Rodamco, Schroders, CBRE Finance, La Salle Investment Management, LNR Partners, Grosvenor, Price Waterhouse Coopers, Savills, Knight Frank and Gerald Eve.

Our alumni have secured employment at a wide range of firms including:

Investment and Commercial Banks:

Barclays Capital, BNP Paribas, Deutsche Bank, Erste Group, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley, UBS

Institutional Investors and Investment Funds:

Allianz Real Estate, Aviva, InfraRed Capital Partners, Invesco, Legal & General, M&G Real Estate, PATRIZIA Immobilien and Union Investment

REITs and Property Companies:

British Land, Grosvenor, Hammerson, Hines, Land Securities, SEGRO and Vastned

Consultancy and Research Firms:

Accenture, Ernst & Young, Fitch Ratings, IPD, PriceWaterhouseCoopers and Property Portfolio Research

Real Estate Service Firms:

CBRE, Cluttons, Cushman & Wakefield, Deloitte Real Estate, DTZ, Gerald Eve, Jones Lang LaSalle, Knight Frank and Savills

Royal Institution of Chartered Surveyors (RICS)

Royal Institution of Chartered Surveyors (RICS)

The MSc Real Estate Finance programme is also recognised by the Investment Property Forum (IPF), facilitating fast-track membership.

Our students and alumni are always keen to share their Henley experience. Whether you are a prospective applicant or already applied to a Masters programme at Henley Business School. You can ask questions to a current student by clicking the “Chat to our students” button below.

When contacting one of our students, please introduce yourself and the Masters programme you have applied for.

Speak to a current student

Contact us

If you have any questions, please contact us by email at postgraduate@henley.ac.uk or by phone on +44 (0)118 378 7593.

An image of Mathy Vandhana Sannasi

I have had a very eventful career, being a dentist turned technology enthusiast. There could not have been a better validator to my passion than my Masters and my professors. The entire experience, I feel, has done complete justice!

An image of Jamie Parkes

I love the world of property because it impacts everyone’s daily life, from where you live, to where you work, shop, exercise and socialise. A personal highlight of the course is meeting and networking with other young professionals.

Jamie Parkes Masters in Real Estate
An image of Xiaochen Guo

The programme is in line with the trend of future property market development. You are able to benefit from top educational and industry resources which is a rare opportunity to understand the real estate financial market.

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