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Real Estate Masters Subject Area 2

Masters in Real Estate Investment and Finance (Flexible)

At a glance

  • Develop your career prospects in the real estate finance industry
  • Start the programme from either September or February
  • Delivered on a part-time block release basis
  • Fully accredited by the Royal Institution of Chartered Surveyors (RICS)
  • Tailor the degree according to your interests via the range of modules
Henley Whiteknights
Subject area(s)
Real Estate & Planning
24 - 72 months depending on route taken
Programme Director
Image of Professor Eamonn D Arcy
Eamonn D'Arcy


This Masters programme allows you to relate your practical knowledge to academic theory. It can develop your career prospects by giving you the capability to undertake independent real estate investment analysis. It is accredited by the Royal Institution of Chartered Surveyors. 

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

This programme is ideal if you want to continue in employment but also want to expand your academic understanding. The flexibility of this degree allows you to spread your studying over a number of years depending on your work commitments.

If you have completed the IPF - Investment Education Programme to Diploma level, you are eligible to continue to this programme. You can use the IPF entry route which will give you 100 credits towards your degree.

93% of students would recommend their programme
Masters Careers Survey 2022
98% employed post graduation
Masters Careers Survey 2022

Timetables and FAQs

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. We offer a comprehensive range of courses, all of which are accredited by the  Royal Institution of Chartered Surveyors (RICS).

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.

Compulsory modules

Compulsory modules Credits

This module presents concepts of real estate finance, both theoretically and empirically. It can be seen as a course in corporate finance (funding and valuation) applied to real estate topics. It is particularly relevant for investment appraisal because it presents models to determine the discount rate in real estate investment decisions and it reconciles types of cash flows and discount rates to obtain investment values.

By the end of the module, students will demonstrate understanding of how financial issues influence decisions involving real estate within firms. They will show awareness of 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. They will be able to extract information from company accounts and to understand the 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. In particular they will understand the forms of financing available to real estate companies/funds and their relative costs. Finally, students will be able to apply formal models to determine discount rates to be used in investment appraisal.

Academic authors
Gianluca Marcato004 75eh8ywhn
Gianluca Marcato
20 [10 ECTS credits]

This module develops the theory and practice of appraisal for individual property investments, mainly in the context of the commercial and industrial real estate investment markets. It will consider different bases of value, different approaches to appraisal, required returns, yields, how cash flow is generated and how property investment relates to other asset markets.

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 also be considered, including inputs such as rental values, capitalisations rates, rental growth rates and exit yields.

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

This module examines investment strategy, portfolio selection and performance measurement for real estate investment markets, with particular reference to private/direct real estate investment.

Academic authors
Gianluca Marcato004 75eh8ywhn
Gianluca Marcato
20 [10 ECTS credits]

Summary module description:
This module introduces students to primary securitised real estate markets. Equity vehicles examined will include listed companies, with a focus on Real Estate Investment Trusts. The module will also examine debt and debt-related products (e.g., residential mortgages and mortgage-backed securities) and other real estate derivative products and investment vehicles. The module will present how the different vehicles are structured and their applications in the investment context.

Academic authors
Image of Claire Xiaoying Deng sitting
Claire Xiaoying Deng
20 [10 ECTS credits]

Elective modules

Five optional modules from a range that may include:

Optional modules Credits

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.

The dissertation module provides a vehicle for an in-depth understanding of a chosen area of real estate or real estate investment and finance. Depending on the student’s interest, this requires students to select a relevant topic or issue in their programme area for further research and analysis. They will 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
Image of Professor Eamonn D Arcy
Eamonn D'Arcy
40 [20 ECTS credits]

This module is about understanding how commercial real estate markets work in an international context. It covers three distinct, but interrelated areas - topics in international market analysis - analysis of European real estate markets - introduction to global market analysis. Please note that this module is available every other year.

Academic authors
Image of Professor Eamonn D Arcy
Eamonn D'Arcy
20 [10 ECTS credits]

This is an optional module that explores both practical and strategic aspects of real estate management for commercial property, focussing on asset and property management. It is considered from the perspective of both investors and corporate occupiers (who may be tenants or owners/occupiers). Underpinning the module is the application of key management and business concepts to real estate advice and management.

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.

Academic authors
Howard Cooke
Howard Cooke
20 [10 ECTS credits]

The content of the module is focused on some of the practicalities of real estate development, as well as on the broader political context in which development takes place. There is an emphasis on applying and linking concepts from economics, political economy and finance in order to help students to develop their understanding of property development as a multidisciplinary and social process. In addition, students will develop a practical and applied understanding of real estate development appraisal.

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

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.

Academic authors
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Carlo Corradini
20 [10 ECTS credits]

The module reviews the main sources of debt and equity funding available in real estate investment markets, presenting the implications for ownership, cash flows and rates of return.

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.

Academic authors
Image of Yuan Zhao
Yuan Zhao
20 [10 ECTS credits]

This module provides students with knowledge of the legal principles of property law relevant to a real estate professional. It covers the foundational concepts of land law, including the rules relating to the transfer of land. It also deals with the rights and obligations arising from leasehold ownership.

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.

20 [10 ECTS credits]

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.

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 techniques to the valuation of commercial real estate in the UK.

Academic authors
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Peter Wyatt
20 [10 ECTS credits]

The module will provide students with an awareness of the economic principles that underpin residential property markets and relevant government policies. Students will be able to assess the impact of different policy interventions in the housing market.

This module aims to provide students with an understanding of why global, national and local housing markets operate as they do, and the implications this has for economies and societies more generally. It also aims to provide students with an understanding of how different types of policy – town planning, fiscal, monetary, etc. – shape housing markets.

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. Please note, constraints in timetable scheduling may mean you are unable to take some optional modules at the same time as others.

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.

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.

The fees are currently:

Academic year Fees
2023/24 £2,000 per 20 credit module
2024/25 £2,000 per 20 credit module

Current scholarships

Entry requirements
An upper second-class honours degree from a UK university, or the equivalent from an internationally recognised university
You should normally be in relevant graduate level employment
If your first language is not English, you are required to provide evidence of proficiency

You must be in relevant employment in order to undertake the programme. Your career prospects will be enhanced by the skills and knowledge gained on each of the modules. You will also benefit from the networking opportunities with fellow real estate professionals 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

Royal Institution of Chartered Surveyors (RICS)

Royal Institution of Chartered Surveyors (RICS)

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

Henley Business School provides students with the knowledge, connections and hands-on experiences they need to secure excellent graduate positions.

“Industry focused and career orientated course. Exposure to industry professionals through assignments, networking events and mentor programmes was particularly valuable.”
Real Estate graduate, now working as a Senior Associate at Deloitte, UK

Where are our 2021 graduates now?

98% employed post graduation
Masters Careers Survey 2022
93% of students would recommend their programme
Masters Careers Survey 2022
£36,214 average salary one year post-graduation
Masters Careers Survey 2022
94% said the careers team had a positive impact on their career
Masters Careers Survey 2022

2021 graduates in this area are working at the following organisations:

Knight Frank
Berkeley Group
Credit Agricole
ET Planning
Basingstoke Borough Council
Lee Baron
Walsingham Planning
Noratis AG
Aon/The Townsend Group
Woking Borough Council
Cushman and Wakefield
BNP Paribas

23 UPM 041 PGT Pie REP l
22 MIS 036 REP map

Please note the above statistics are based on respondents to our Masters Outcomes Survey in 2022, which was completed by our 2021 graduates, 12 months after graduation.

Respondents are from the following programmes: MSc Real Estate, MSc Real Estate Finance and MSc Spatial Planning and Development.

Apply online

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 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

Entry Deadline
September 31st July
February 31st December

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.

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 or by phone on +44 (0)118 378 7593.

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