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:
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.

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.

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.

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.

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 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.

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 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.

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.

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.

Summary module description:

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.

Summary module description:

This module applies strategic management principles to corporate real estate. The subject is considered at the business strategy, the real estate portfolio alignment and the operational impact levels. It examines strategic real estate management from the corporate viewpoint having regard to the various stakeholders involved and how 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 be managed in a way that enhances rather than inhibits corporate performance. Corporate real estate management is aimed at ensuring that the real estate portfolio remains aligned with corporate business needs. This module reviews current research, innovation and practice in this subject area.