Course description
The MSc Real Estate courses (MSc in Real Estate Finance and Strategy and MSc in Real Estate Investment) provide an innovative mixture of theoretical rigour and practical application, preparing students for work within the real estate field. The two MSc courses in real estate are seen as leaders in the field, with the outcome that students from these courses are widely sought after in industry.
The courses are well respected and recognised by the main professional bodies. Students on these courses come from diverse backgrounds. Students normally have either a property-related first degree or one in a related subject such as economics, finance, mathematics. Some want to embark on careers in the real estate sector; others are already working in areas such as law, accountancy, banking, management consultancy and want a better understanding of the real estate and finance aspects of their work. 75 per cent of full-time and 25 per cent of part-time students are international.
Evaluating real estate as an investment tool is an increasingly complex process. Its relative illiquidity, the requirement for intensive management and wide-ranging performance characteristics have led to a reassessment of real estate as an investment class. At the same time, securitised real estate vehicles have required fund managers to understand real estate in the context of the equity and bond markets and to adopt greater rigour in measuring real estate investment performance.
The programme aims to give students an in-depth understanding of real estate investment as part of a multi-asset portfolio, to foster awareness of other investment classes and the regulatory framework in which they operate, and to develop skills in analysing risk and return in real estate investment. It is fully recognised by the Investment PropertyForum, the association of the major players in the property investment market.
Cass Business School has excellent contacts with the property industry's professional bodies and practitioners, and is able to arrange an attachment project for all master's and PhD students to gain practical experience of working in a City or West End company.
Course Content - Ahead of the game
Ahead of the game
We review all our courses regularly to keep them up-to-date on issues of both theory and practice. Therefore, there may be some change to the detailed content of the modules and occasionally to module titles.
To satisfy the requirements of the degree programme students must complete:
* Eight core courses
* Three electives
* Business Research Project
Two Induction Weeks The MSc Real Estate Investment starts with two compulsory induction weeks, focused on:
* an introduction to careers in real estate and the opportunity to speak to representatives from over 75 companies during a number of different industry specific fairs.
* a refresher course of basic financial mathematics, statistics, computing and electronic databases
* Term 1
Five core modules (60 hours each)
Investment Markets
Students will comprehensively examine the broad investment markets. The module will place into context the role of real estate as an investment asset by examining alternative investment vehicles. The module will examine asset valuation and the principles of portfolio diversification across a wide variety of asset classes including; equities, fixed-income securities, derivatives and the foreign exchange markets.
Quantitative Techniques
This module introduces statistical and econometric techniques with a focus on applied real estate research. The module will introduce techniques and concepts within the context of investment and portfolio research. The techniques learnt in this module will be applied and expanded on in other modules.
Real Estate Economics
This module introduces students to the principles of economics, and the primary ways in which those principles are useful in the analysis of real estate performance and real estate markets. Particular attention will be paid to the impacts of changes in the economy on rental values, development activity, real estate returns and its returns relative to other assets.
Real Estate Investment Analysis & Development Appraisal
The aim of this module is to introduce and examine the various techniques used to analyse real estate development and investment. Students will examine real estate investment through the development or redevelopment process, will analyse the principle inputs to the real estate appraisal process, and explore the techniques and skills involved in financial real estate appraisal and feasibility.
* Terms 2
Four core modules (30 hours each)
Portfolio Risk Management
This module covers key applied issues in relation to portfolio theory in particular the application of these models in practice. The module will also cover fund management issues such as regional, sector & economic diversification, portfolio construction and portfolio performance evaluation.
Real Estate Capital Markets
This module will provide comprehensive coverage of the real estate capital markets. The module will not only provide details on the structure of these securities and markets but also examine how they can be used in the context of issues such as real estate portfolio construction and asset allocation, hedging and financing. The module will also highlight the different characteristics of many of these securities to those commonly traded in the investment markets. The course will primarily cover Real Estate Investment Trusts, Private Funds and Real Estate Derivatives.
Real Estate Finance
This module enables students to develop an appreciation of the various techniques available in commercial real estate finance, to identify the different sources, both of debt and equity finance and to examine how risk and reward can be shared.
Real Estate Modelling and Market Dynamics
This is an applied econometric modelling course. It provides students with comprehensive coverage of the application of alternative modelling techniques. The module examines modelling issues across the range of real estate related assets and securities. In the context of the private real estate market the course illustrates the challenges in modelling markets due to factors such as data limitations. The module contains a mixture of theoretical constructs and the application of these in an applied econometric setting.
* Term 3
Three electives and Business Research project
Electives
You may choose from a wide variety of electives. For example:
* European Real Estate Markets
* Financial Regulation
* Housing Economics
* Panel and Cross-sectional Modelling
* Real Estate Forecasting
* Securitisation and Structuring of Vehicles
Research Methods Module
This compulsory module trains students to undertake independent research either in the context of a single organisation or by using third-party sources. It provides the necessary tools and skills to initiate, research and write up a business project and includes training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career as well as when they are completing their Business research Project.
