Real Estate Investment MSc

Key information

Duration: 12 months

Attendance mode: Full-time

Location: Bunhill Row

Start of programme: September 2025

Application deadline: Rolling applications

Entry year: Showing course information for 2025

Develop the analytical skills and practical expertise that employers value

Overview

Real Estate Investment MSc Who is it for?

The postgraduate degree in Real Estate Investment is your gateway to a successful career across the multidisciplinary real estate profession or the broader investment and finance environment. Choose this course if you’re looking for roles and a career in real estate investment strategy, capital markets and fund management, real estate finance but also in all areas of real estate including professional services.

Whether you are a graduate with the equivalent of a UK upper second-class degree, seeking to advance your real estate career, or just starting out, you already have an interest in real estate and are eager to develop the strong analytical and practical skills highly sought after in the real estate profession.

Accreditation

Accredited by The Royal Institution of Chartered Surveyors (RICS) and recognised by the Investment Property Forum.

Why choose this course?

Focus on investment strategy, finance, fund management, risk analysis, financial modelling
Connect with professionals and employers from London’s thriving real estate industry via seminars, events, guest speakers and the Bayes Real Estate Club

Comprehensive academic learning for innovative thinking ready to apply in industry
Accredited by The Royal Institution of Chartered Surveyors (RICS) and recognised by the Investment Property Forum, enabling graduates to enter the RICS Assessment of Professional Competence (APC) qualification.

Course objectives

The Bayes MSc in Real Estate Investment prepares you for the complexities of real estate investment and finance, as well as other areas in the real estate field. The programme is designed to provide you with the academic rigour and analytical skills needed to critically evaluate market conditions, assess risks, and make well-informed investment decisions.

You’ll learn at a fast pace. Before the programme begins, we help enhance your foundational quantitative and numeracy skills through pre-study materials, exercises, and Excel training.

The programme starts with core skills such as valuation, financial modelling, development appraisal, the principles of financial markets, the economic environment and real estate, analysis both of core and alternative real estate sectors, and statistical applications to real estate and forecasting.

You’ll then take on advanced methods in financial modelling, portfolio construction and diversification and debt finance and investment. You'll also explore investment markets such as Real Estate Investment Trusts, unlisted property funds, and securitised debt, as well as emerging investment forms. You will also receive training on practical investment decision-making supported by an array of guest speakers from the industry.

Practical skills are a key focus of the programme. You will receive hands-on training in analytical techniques and practical tools for investment through our extensive computer lab sessions, where you will practice Excel, ARGUS and other software and also apply new technologies like Python for real estate data analysis.

Your competencies will be further strengthened through training and access to key real estate databases, as well as Business School resources, including major financial and business databases.

Group work and a focus on presentations will enhance your teamwork, communication, and presentation skills.

Teaching staff

Your Course Director will be Professor Sotiris Tsolacos, who is an academic with years of practical experience. Previously he was with Henley Business School and held posts at JLL and Property Portfolio Research/Costar from 1999 to 2013. He is working closely with property service providers, investment managers and private equity firms on a range of topical real estate themes. He is co-author of the standard textbooks Applied Quantitative Analysis for Real Estate and Real Estate Modelling and Forecasting. He is the recipient of the European Real Estate Society’s Achievement Award.

Professor Sotiris Tsolacos teaches on the Applied Statistics module, Applied Financial Analysis module, Economics and Market Analysis module and Debt Finance and Investment module.

Other teaching staff and modules they teach on

Professor David Blake is Head of The Pensions Institute and an investment expert.

Investment Markets module.

Christopher Bourn has more than 25 years' real estate experience, which includes private equity, investment banks and property company investor developers, with coverage in the UK and Pan European markets.

Appraisal and Financial Modelling
ARGUS software training
Debt Finance and Investments

Stephen Lee is an internationally recognised academic, who sits on the boards of the European Real Estate Society and the International Real Estate Society. He has published over 100 papers.

Appraisal and Financial Modellng
Portfolios and Asset Allocation

Alex Moss is Course Director for the MSc Real Estate programme and the Director of the Real Estate Research Centre at Bayes. He has previously held senior roles with Macquarie, Apax Partners, CSFB and BZW. He is currently Chairman of the Research Committee of the European Public Real Estate Association and runs a consultancy business advising institutions on their listed real estate strategies. He has authored numerous industry publications and academic papers. Alex is a Fellow of the Higher Education Academy.

Real Estate Equity Analysis

Accreditation details

The Royal Institution of Chartered Surveyors (RICS) accredits the course, enabling graduates to enter the RICS Assessment of Professional Competence (APC).

The Investment Property Forum (IPF) in the UK recognises the programme as a gateway to the real estate investment field. The successful completion of the programme provides fast-track membership, providing that the candidate has two years of relevant professional experience. As a student on the programme, you can take the IPF Student membership for free for the duration of your studies to access IPF’s extensive seminar programme, research reports and the online Resource Library.

Course content

Overall, the MSc Real Estate Investment can be described as a real estate degree with a strong foundation in investment and finance principles.

The topics and methods you study are relevant to all real estate businesses, including mainstream employers like chartered surveyors, while your training in investment and finance broadens your career options. However, the programme does not limit you to any specific type of firm or role.

In Term 1, you build a foundation in the core skills of a real estate professional. You will learn basic appraisal methods for valuation, development, and investment financing, as well as financial modelling.

Additionally, you will take an applied statistics module that focuses on using statistics for investment analysis and market forecasting. This knowledge is broadened through modules on economics and market analysis, along with an investment markets module that covers financial markets and includes alternative real estate markets.

Term 2 focuses on applying these core skills and principles in greater depth. You will explore financial instruments and techniques for analysing securitised equity and debt markets, the private debt market, portfolio risk, property futures, and emerging forms of real estate investment such as tokenisation.

In the Real Estate Equity Analysis module, you will examine different forms of indirect real estate investment, including REITs and property funds (core, opportunistic, and value-add). The Debt Finance and Investment module covers mortgage lending, risk analysis for lenders, IRR calculation in the event of default, mezzanine finance, mortgage-backed securities, and fund performance analysis when debt is utilised.

The Portfolio and Asset Allocation module addresses the role of real estate in investment portfolios and the composition of assets within real estate portfolios. This module also involves practical applications using real estate databases and performance data.

In Applied Financial Analysis, you will further develop your analytical skills and acquire advanced tools to address real-world issues in real estate investment and risk analysis. Topics include fair value assessments in real estate, risk-adjustment metrics, waterfall structures, industry forecast assessments, and training in ARGUS and Python.

The practical knowledge gained in Term 2 is further enriched by dedicated lab sessions and guest lectures from industry professionals.

In Term 3, you can choose two options; a general research project or research methods; each with a blend of electives.

Course structure

Programme content is subject to change. We regularly review our module offering and amend to keep up to date and relevant.

Induction weeks

All of our MSc courses start with two compulsory induction weeks which include relevant refresher courses, an introduction to the careers services and the annual careers fair.

Investment Markets
Investors measure the performance of real estate and decide how much to invest in it against other asset classes. This module sets that context, covering market structures, pricing and performance measurement across equities, bonds and derivative markets. The module extends to analyse alternative real estate markets including infrastructure and applications to real life investing.
Applied Statistics
Across all modules in this course you will need good skills in data analysis and an understanding of the statistical methods used in performance analysis, portfolio modelling and risk analysis. This module covers those general techniques leading to assess relationships empirically and build models to forecast take up, rents and development. With emphasis on lab sessions your practical skills are enhanced.
Appraisal and Financial Modelling
We begin with the foundations of financial principles and mathematics which apply across all asset classes. You then learn how those techniques are used in cash flow modelling, valuation and investment decisions for real estate investments and developments, both in the UK and around the world. Since real estate is often financed with debt, you will apply financial modelling to understand how senior, junior, equity and mezzanine debt affect returns and risks.
Economics and Market Analysis
A course in economics is standard for all Business School students. Here you will learn not only those general economic principles – business cycles, inflation, interest rates, government and central bank policies - but also how they apply to real estate: drivers of demand for real estate and supply of space, rent determination and property yield movements. The module also covers the urban hierarchy, location, agglomerations and government intervention in the real estate market.

Portfolios and Asset Allocation
Two of the biggest questions in real estate are show investors decide how much to invest, and then how they spread their portfolios across markets to deliver target returns and risks. You will learn in depth the performance measurement and portfolio construction techniques which drive those decisions, and how to apply them to portfolios spread across countries, sectors and regions. This module builds on the understanding of drivers of real estate returns from different types of investment vehicle covered in other Term 2 modules.
Real Estate Equity Analysis
Real estate investment and finance has been transformed by the globalisation of capital flows, and the growth in the investment vehicles which hold real estate assets such as (listed) REITs and (unlisted) Real Estate Funds.
The module aims to provide an understanding of the financial and strategic considerations of how these vehicles operate, how they can be valued, and how they can be used as part of an investment strategy.
Applied Financial Analysis
The objective of the module is to address topical issues in real estate investment. You will learn techniques to forecast real estate markets and assess forecast uncertainty. The module covers risk adjusted metrics and investment instruments including property derivatives and tokenisation. The applied nature of the module is completed with an examination of waterfall structures and hands on training on the appraisal software ARGUS and simulations to assess investment risks.
Debt Finance and Investments
Debt finance in real estate is a critical factor for investors and for lenders – indeed as the Global Financial Crisis showed, for the financial system as a whole. This module looks at real estate debt from all those angles, exploring with you the impacts of debt on investor returns, the types of debt offered by lenders and the underwriting criteria they use and the features of securitised debt - CMBS and convertible bonds. Extensive use of Excel is made to illustrate the impact of leverage on performance, loan payments, calculate lender risks and default adjusted lender IRRs and to structure a CMBS deal.

You may choose from the following options in your final term.

Route 1:

BBM110 General Research Project, plus three 10 credit electives

Route 2:

Six 10 credit electives, including BBM109 Career Management Skills and Research Methods

General Research Project
The last block of your course, the General Research Project (GRP), is the one you design and build for yourself. It takes the form of a report of around 5,000 words submitted in August. We see the GRP as your opportunity to have a showpiece which shows potential employers what you know, what you can do, your ability to produce good-quality individual work.
GRP's come in the full range of forms. To give a few examples:
Some are about studying trends and review prospects across all real estate markets and making investment recommendations
- Others examine the performance of investment vehicles and strategies
- Or look at topical questions (like the impact of e-tailing on real estate, sustainability and building values)
- Or investigate specific development projects and conversions involving in-depth feasibility analysis, different forms of financing and investor advice
- and least but not last, the impact of fast moving technology on real estate.
GRPs have the potential to be published in academic journals or industry magazines. Further, the Investment Property Forum provides an annual prize of £500 for the best dissertation from this programme on a real estate investment topic.

Term 3 Electives

In term three, you also pick a set of three elective topics from around six modules specific to real estate plus a range run by other Bayes Masters programmes – some of them taught on trips to locations outside the UK. So you can focus on:

Added core real estate topics such as sustainability in real estate, residential investment, international real estate markets, and building management.
Alternatively, choose broader modules in investment, finance, and management, taught by experts from other Bayes programmes.

Electives

International Real Estate Markets
Ethics, Society and the Financial Sector
Project Finance and Infrastructure Investment
Hedge Funds
Mergers & Acquisitions
Family Business
Residential Investment
Real Estate Fund Management
Sustainability in Real Estate
Investment Strategy.

International electives

International Real Estate Markets (taught in Dubai, UAE)
Project Finance and Infrastructure Investment (taught in Madrid, Spain).

Please note that electives are subject to change and availability.

Download course specification:

Real Estate Investment MSc [PDF]

Assessment methods

Course work
Examinations
Group projects
Presentation

Term dates

Term dates 2025/26

Induction: 15th September 2025 - 26th September 2025
Term one: 29th September 2025 - 12th December 2025
Term one exams: 5th January 2026 - 16th January 2026
Term two: 19th January 2026 - 3rd April 2026
Term two exams: 20th April 2026 - 1st May 2026
Term three - international electives: 4th May 2026 - 15th May 2026
Term three: 18th May 2026 - 3rd July 2026
Term three exams: 6th July 2026 - 17th July 2026
Resits: 10th August 2026 - 21st August 2026
Additional resit week - tests only: 24th August 2026 - 28th August 2026.

Timetables

Course timetables are normally available from July and can be accessed from our timetabling pages. These pages also provide timetables for the current academic year, though this information should be viewed as indicative and details may vary from year to year.

View academic timetables

Please note that all academic timetables are subject to change.

Male student paying attention in lecture

Careers

Graduates from this course may follow the same path as those from the MSc in Real Estate, but will be better qualified for real estate analyst roles in investment strategy, financing, and research. The MSc in Real Estate Investment offers a clear route for entry to the Investment Property Forum in the UK. Recent employers include Aventos, Crescendo Group, Bricksave and Savills OCM.

Recent graduates have secured positions including:

Investment Analyst
International Capital Markets Analyst
Real Estate Structured Finance Analyst
Credit Analyst
Graduate Surveyor
Assistant Manager of Research
Development Trainee
Deal Advisory Trainee
Assistant Site Manager

Download our latest MSc Employment Report

Our MSc Real Estate Investment students have dedicated careers sessions featuring guest speakers, often alumni, covering various industry topics. Past sessions have included discussions on industry recruitment, the impact of AI on real estate, real estate in emerging markets, along with employer talks.

Students also had the opportunity to attend finance industry overviews by a leading provider and an annual real estate investment panel, offering insights into the diverse career paths taken by our alumni.

Additionally, students can engage with industry professionals through our annual careers fair and corporate events, which include workshops, company presentations, and industry talks.

Dedicated to your success

From the moment you accept your offer, you'll have access to our dedicated Postgraduate Careers Service, tailored to support your career journey.

Our Career Accelerator module, launched over the summer, provides early access to valuable resources, employer insights, and career planning tools to prepare you for the job market.

Our expert Postgraduate Careers Team, made up of experienced recruiters and career coaches offers personalised one-to-one guidance, covering everything from networking and CV building to job offer management and mock interviews.

Whether you’re pursuing a new career path, seeking an entry-level role, or launching your own business, you'll receive support to develop the skills and knowledge needed to succeed.

You'll also benefit from exclusive events such as Careers Fairs, panel discussions, and networking opportunities with industry professionals and alumni, helping you explore career options and make valuable connections.

Workshops led by our Careers Team and industry experts cover essential professional skills, including presentation techniques, personal branding, and assessment centre success, ensuring you stand out in the job market.

Additionally, Bayes Careers Online (BCO) offers career planning tools, guidance leaflets, access to job postings directly from employers and key career events, helping you stay on track with your career goals.

You’ll be supported on your way by our careers team and benefit from the connections we offer with business and industry.

Recent employers

Alumni stories

Hear from our alumni. Discover the real experiences of learning at Bayes and how Bayes helped to boost our graduates' careers.

Read all stories

Fees & funding

International fee

September 2025 entry

£28,200

Tuition fees are subject to annual change.

UK/Home fee

September 2025 entry

£27,000

Tuition fees are subject to annual change.

Deposit: £2,000 (usually paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met).

First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the start of the induction period).

Second installment: Half fees (paid in January following start of course).

Scholarships & bursaries

Scholarships, sponsorships, loans and other funding could support your education at Bayes Business School.

Learn about the cost of living as a Bayes student in London.

View our scholarships and funding

Entry requirements

A UK upper second class degree or above, or the equivalent from an overseas institution.
Applicants for the MSc in Real Estate Investment will be required to have a basic knowledge of quantitative methods.
Work experience is not a requirement for this course.

English language requirements

If you have been studying in the UK for the last three years it is unlikely that you will have to take an English language test.

If you have studied in the UK at degree level for less than three years (e.g. 3+1, 2+1, 2+2, etc.) you will be required to provide the results of an approved English language test and possibly resit the test to meet our academic entry requirements.

Full list of approved English language tests/qualifications and minimum requirements.

Apply

Please see our Application Guide for details of the documents you will need to supply as part of your application, and other useful information.

We cannot comment on individual eligibility before you apply. We can only make a decision on your application once it is fully complete, with all requested information received.

Frequently asked questions

Apply for September 2025 entry

We only accept online applications.

Apply - MSc Real Estate Investment

Individual Appointments

If you would like to arrange an individual appointment to discuss the application process and be given a tour of the facilities, please complete this form.

Please note - these are subject to availability and will be on campus.