MSc Real Estate Finance

Programme

Professor Sotiris Tsolacos

Chair in Real Estate Finance

Established as a dedicated programme in 2011 the MSc Real Estate

Finance prepares students for careers in real estate investment

management, finance and the securitised/public real estate markets.

The programme is run by Real Estate & Planning in conjunction with

the ICMA Centre, the Business School’s Finance department.

Henley Business School is one of Europe’s oldest and leading

business school, one of the elite of business schools that are triple

accredited by AASCB, AMBA and EQUIS.

Students have the benefits of that association and the alumni network

that HBS provides at a global level.

– 60,000 alumni in 150 countries.

MSc Real Estate Finance

You will gain a thorough understanding of financial theory and the

application of this in the context of real estate assets The programme provides extensive coverage of areas such as public real

estate (Real Estate Investment Trusts-REITs, Property Companies), debt

markets (Mortgage Backed Securities), unlisted funds and property

derivatives in addition to the direct real estate market

Core finance modules cover the mainstream capital markets and asset

classes

Given the changes over the last two decades, now more than ever, it

is absolutely key that the industry has people who have the skills to: Understand a wide variety of financial vehicles and structures

Appreciate both the advantages and disadvantages of these vehicles and

different investment and financing strategies

To understand both the property and financial markets

Know when real estate is important and when other issues take

precedent

MSc Real Estate Finance

Core (70):

• Intro to RE Investment and

Economics (10) REP

• Fixed Income and Equity

Investments (20) ICMA

• Securities, Futures and

Options (20) ICMA

• Quantitative Techniques

(20) REP

Core (50):

• Global Real Estate Markets

and Investment (10) – Field

trip

• Dissertation (40)

MSc Real Estate Finance Outline

Term II: Jan-Mar (60)Term I: Sept-Dec (70) Term III: May-Aug (50)

Core (10):

• RE Finance (10) – joint

with ICMA

Elective (50), min 20 from:

• RE Securities (20) – joint

with MSc RE (REP)

• RE Funding (20) (REP)

• RE Portfolio Management

(10) – joint with MSc RE

(REP)

• … plus Development

Processes, Practices and

Appraisal

• … or other ICMA

Demonstrate academic rigour in

investigating a topic theme in the

real estate market.

Production of a high quality piece of

research with both academic and

practical value.

Opportunity to apply knowledge

acquired throughout the programme

and further develop your research

and analytical skills.

Prove self-direction and originality in

tackling and solving problems

Work independently, taking

initiatives, making decisions.

Dissertation Aims

Help students develop a clear understanding of the way in which real

estate markets work in practice.

Gain first-hand experience to place the field trip case study in its

appropriate context and produce a real world study.

Plan and implement a search for relevant documentary evidence,

integrate a range of analytical perspectives and apply them to a case

study market.

Exposure to decision makers in the market and their thinking.

Field Trip Aims

Global Real Estate Markets - Field Trip

New York, 2012 Singapore, 2013

Hong Kong, 2014 Toronto, 2015

Global Real Estate Markets - Field Trip 2017

Real Capital AnalyticsCushman & WakefieldMoody’sTreppJP Morgan

London Visits

Each year we run a series of trips

to London

Autumn Visit – Investment focus Cushman & Wakefield, M&G Real

Estate, GIC

Spring visit – Finance and Risk

Management focus

We also host an autumn

networking event with alumni

from the Real Estate Finance

Programme.

Industry Links

The programme is accredited by the

RICS and is also one of a limited

number of programmes to be

recognised by the Investment

Property Forum (IPF) allowing fast

track membershipRREF Evening Lecture Series and

Industry Mentoring Scheme

A variety of dedicated guest

speakers from property services

firms, property funds, structured

products, private equity and others

Career events organised throughout

the year

HBS has unparalleled strengths in depth in real estate finance and

economics providing academic rigour and research led teaching together

with industry facing commercial relevance

Internationally renowned teaching staff with strong research track and industry links

The MSc Real Estate Finance is the only such programme to have direct

input and to be jointly offered with a finance department (ICMA)

Students have access to the resources of both REP and ICMA including the ICMA

trading rooms

A small but diverse cohort meaning you obtain the benefit of small group

teaching in the majority of the modules

Since 2011 the programme has had 100 students from 28 countries

Austria; Bahamas; Botswana; China; France; Germany; Ghana; Greece; Hong

Kong; Indonesia; Italy; Japan; Kuwait; Malaysia; Mexico; Netherlands; Romania;

Saudi Arabia; Singapore; South Africa; South Korea; Sri Lanka; Sweden; Taiwan;

Thailand; Turkey; Vietnam; Uganda; U.K.

25 minutes away from one of the world’s largest financial centres and real

estate markets

What Makes the HBS MSc Real Estate Finance

Different?

Case/event studies and real world simulations

Specialisation

Experienced mentorship

Programmes designed with a global approach

Research methods

Group projects and participating exercises

Industry speakers, presentations

12

Study Methodology

13

Career Options

Investment

Careers

Capital

Market teams

Lenders

Development

Property CosFund

managers

Private equity

Family offices

Corporates

Gov-t

Agencies (eg.

NHS)

RE Risk

Management

RE Equity

Market

Analyst

Debt Market

Analyst

Structured

Products

Ratings &

Fund

services

Research &

Consulting

RE Professional

14

Careers

Ways in

Internships

Short-term contracts

Graduate programmes

Direct

The programme is designed for students with relevant undergraduate

degrees or work experience and strong quantitative skills

A minimum II.i (or equivalent) in a numerate subject

Work experience isn’t a requirement but obviously helps

ELTS 7.0 for international applicants

With a minimum of 6.5 in any component

The fees for 2016/17 which includes all field trips are:

Home/EU tba

International/Non-EU tba

MSc Real Estate Finance

For More Information

www.reading.ac.uk/rep

www.henley.ac.uk/postgraduate/course/msc-real-estate-finance

www.reading.ac.uk/rep

pgrep@reading.ac.uks.tsolacos@icmacentre.ac.uk