Masters in Real Estate Investment and Finance (Flexible)

Aims

• 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.

Aims:
To enable students to understand the financial, technical and market context of the appraisal of real estate investments. Students will be introduced to different concepts of value and how these relate to decision making in the property investment market. They will apply basic financial and cash flow models to the appraisal of real estate investments, identifying the appropriate approaches for estimating Market Value and Investment Value as defined by International Valuation Standards. The information content of appraisals will be also be considered, including inputs such as rental values, capitalisations rates, rental growth rates and exit yields.

Aims:
This module aims to introduce students to concepts of investment strategy, portfolio selection and performance measurement, and to develop and apply these concepts in the context of real estate investment markets. Upon completion of the module, students should be able to understand key theoretical concepts in investment strategy, undertake basic modelling for portfolio decision making, critically appraise published work in the real estate investment field, and apply this knowledge to the analysis of real estate portfolio investment problems.

Summary module description:
This module introduces students to the primary real estate securities markets. The module will extensively discuss a variety of issues with respect to Real Estate Investment Trusts and Property Companies. It will also examine the debt capital markets. The module will examine how the different vehicles are structured and how they can contribute to a broad real estate portfolio. In particular it will cover extensively those issues that differentiate real estate securities from both the private real estate market and from similar mainstream assets

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.

Summary module description:

The module has three overarching aims:

1. To develop students’ understanding of the practicalities of some of the development process i.e. the activities, agencies, events, relationships, skills and tasks involved.
2. To develop students’ capacity to critically analyse real estate development as a social and political process.
3. To develop students’ skills in the financial appraisal of development opportunities.

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.

Summary module description:

The module will present and analyse several sources of funding and their pricing. The process of raising equity for private real estate investment will be introduced and examined. As far as debt funding is concerned, alongside traditional methods (e.g. private lending and mortgages), the module will review structured products and hybrid forms of financing. Particular emphasis will be given to the implications of different funding structures on returns that are achieved or are achievable by equity investors.

Summary module description:
This module aims to provide students with a knowledge and understanding of the legal framework for freehold and leasehold ownership and with a sound grasp of how the rules governing the use, enjoyment and transfer of leasehold property operate in a practical and commercial context.

Summary module description:

Students will understand the different roles for which valuations are needed (financial statements, bank lending security, performance measurement, sale and acquisition) including the advantages and disadvantages of various applications of techniques for each role and be able to apply these different techniques within the market context of the UK.

Summary module description:

The module aims to provide students with the tools to assess housing problems and policies. The module will use economic theory and empirical tools to study housing markets 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. The merits and demerits of the various methodologies to derive house price indices will be analysed. Empirical analysis will be undertaken in appropriate sections.

Summary module description:

The module aims to provide the student with an understanding of the role, responsibilities and skills required of the CRE asset manager and a critical appreciation of the diversity and development of their functions.

This module permits a student to conduct a substantial research study on a relevant topic in either real estate or real estate investment and finance that is selected by the student in consultation with the module convenor and a specific supervisor.

Academic authors

Dr Chen Zheng