Masters in Real Estate Investment and Finance (Flexible)
This flexible Masters programme, accredited by RICS, will give you a strong understanding of real estate investment and financing decisions.
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
- Our masters graduates secure positions at prestigious employers worldwide, earning competitive salaries. Explore our graduate outcomes.
- Locations
- Henley Whiteknights
- Subject area(s)
- Real Estate & Planning
- Duration
- 24 - 72 months depending on route taken
- Attendance
- Flexible
- Programme Director
-
Eamonn D'Arcy
Overview
The activities of real estate professionals are fundamental to our economic and social development and impact the lives of countless individuals. They contribute to the wellbeing of society through the development of places to live, work and play in, while also fostering enterprise and economic competitiveness through the creation of spaces to produce goods and services in. Through the provision of financial analysis and investment advice on the world’s largest asset class they contribute to wealth creation. Because of the potential impact of real estate on the environment they increasingly are at the forefront of debates and action on climate change and sustainability.
The principal aim of the Flexible MSc Real Estate Investment and Finance Programme is to produce an advanced learning platform for working professionals who are currently working in the real estate sector and wish to enhance their career or those who are currently working in other business sectors and wish to switch to or specialize in the commercial real estate and real estate investment & finance sector.
The programme aims to be globally relevant combining academic rigor – teaching underpinned by research – with ‘real world’ practical application and insight. The programme structure embeds a range of activities focused on the students' personal and professional development.
The programme is accredited by the Royal Institution of Chartered Surveyors (RICS) which allows graduates from the programme to progress to membership of the institution following two years of relevant professional experience and the completion of an assessment of professional competence (APC).
The teaching for all flexible programs is based on a part-time block release basis. Each module is intensively delivered over four days, usually Monday to Thursday. Students can complete all the modules between 2 to 6 years.
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.
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.
Students are required to complete 180 credits within the 6 year registration period. This will comprise of four, 20 credit core modules along with either five, 20 credit optional modules or three, 20 credit optional modules plus the 40 credit optional dissertation module.
Semester 1
| Compulsory modules | Credits |
|---|---|
Real Estate Portfolio Management (REMB22)
This module aims to enable students to develop and deepen their understanding of the concepts of investment strategy, portfolio selection and performance measurement and their application to property markets. It also aims to further develop students' analytic capacity. Upon completion of the module, students should have an understanding of key theoretical concepts in investment strategy, be able to appraise critically published work in the field and apply this knowledge to the analysis of practical real estate problems.
Academic authors
Gianluca Marcato
|
20 [10 ECTS credits] |
Corporate Finance (REMB31)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. Read moreStudents will be able to 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 Marcato
|
20 [10 ECTS credits] |
Optional Modules
Real Estate Development (REMB16)This module provides a course of study that focuses on the property development process. The module aims to provide students with an understanding of:
The content of the module is focused on some of the practicalities of real estate development, as well as on the broader context in which development takes place. There is an emphasison applyingand linkingconcepts from economics, political economy and finance in order to help students to develop their understanding of real estate development as a multidisciplinary process.In addition, students will develop a practical and applied understanding of the financial modelling of real estate development projects. Academic authors
Pat McAllister
|
20 [10 ECTS credits] |
International Real Estate (REMB26)
The 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. The module aims to provide the student with a comprehensive understanding of the key issues in and approaches to the analysis of commercial real estate markets in an international context. It critically evaluates the functioning and principal characteristics of commercial real estate markets, key global players and the real estate sectors in both established and emerging markets.
Academic authors
Eamonn D'Arcy
|
20 [10 ECTS credits] |
Real Estate Funding (REMB38)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
Yuan Zhao
|
20 [10 ECTS credits] |
Real Estate Asset Management (REMB41)This is an option 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 corporate occupiers (who may be tenants or owners/occupiers) and investors. Underpinning the module is the application of key business and management concepts to real estate asset management. Read moreThe module aims to provide the student with an understanding of the role,responsibilities and skills required of the Asset Manager and a critical appreciation of the diversity and development oftheirfunctions. Academic authors
Howard Cooke
|
20 [10 ECTS credits] |
Semester 2
| Compulsory modules | Credits |
|---|---|
Real Estate Investment Appraisal (REMB05)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. Read moreTo 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 McAllister
|
20 [10 ECTS credits] |
Real Estate Securities (REMB19)This module aims to provide students with knowledge of market structures and the pricing of financial products available for indirect investments in real estate, in order to develop a critical understanding of the different features of real estate securities. It challenges the implications that specific characteristics of private real estate assets have on the pricing of such securities. Read moreThis 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 what their applications are in an investment context. Academic authors
Claire Xiaoying Deng
|
20 [10 ECTS credits] |
Optional Modules
Real Estate Valuation (REMB10)This module builds on the REMB05 Real Estate Investment and Appraisal module and studies the market valuation process; as distinct from the wider appraisal process. It examines both the valuation process and valuation methods,andas well as preparing students for the workplace, it critically examines property valuation practice at both a theoretical and applied level. Read moreThe 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 the REMB05 Real Estate Investment and Appraisal 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
Peter Wyatt
|
20 [10 ECTS credits] |
Real Estate Economics (REMB27)This module covers the economic principles underlying urban economics, planning economics, commercial market and residential market. The module aims to build a solid foundation in the economics of property market to provide an insight into the application of economic principles and models to land use, city growth, planning and property market. Academic authors
Carlo Corradini
|
20 [10 ECTS credits] |
Residential Real Estate and Policy (REMB35)This module will provide students with an awareness of the economic principles that underpin residential property markets and relevant government policies. Housing has always been a fundamental basis for human life. Recently though, it has also grown to become the world’s largest asset class, powered by three decades of rapid global house price inflation. What happens in housing markets therefore affects almost everything; from financial market stability, to wealth inequalities; from national productivity, to rates of child birth. Read moreThis 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. – can shape housing markets. Academic authors
Gianluca Marcato
|
20 [10 ECTS credits] |
Real Estate Law (REMB36)This module is designed to help students develop a conceptual and practical understanding of the legal environment in which real estate operates in England and Wales. Students will gain a systematic appreciation of the legal framework governing the rights and obligations which attach to owners and occupiers of real property. Students will explore the key issues of ownership, transfer, use and enjoyment of freehold and leasehold land relevant to a real estate professional, in their practical and commercial contexts. Academic authors
Pin-Te Lin
|
20 [10 ECTS credits] |
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 4 days and is held from Monday to Thursday.
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
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?
2021 graduates in this area are working at the following organisations:
Knight Frank
JLL
Savills
Schroders
Berkeley Group
Credit Agricole
ET Planning
Basingstoke Borough Council
Lee Baron
Schroders
Walsingham Planning
Noratis AG
Aon/The Townsend Group
PwC
Woking Borough Council
Cushman and Wakefield
BNP Paribas
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 postgraduate@henley.ac.uk or by phone on +44 (0)118 378 7593.