Real Estate MSc

• Principles of Appraisal

  A module to set out the financial principles and core techniques used in valuation, cash flow modelling and investment decisions, which underpin the rest of the course. You will learn how to value a building, how to use forecasts to model future cash flows and investment returns.

• Asset and Fund Management

  The management of real estate is critical to the success of all businesses. This module looks at issues like the role of real estate in firm strategy, cost control and benchmarking, layout and working practices which are critical for both occupiers of space and property owners who provide the space.

• 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 but also how they apply to real estate: what determines rent in different places, how differences in rent shape the skyline of our cities, why real estate development notoriously swings from boom to bust.

• Real Estate Financial Modelling

  This module introduces and examines the skills and knowledge required to enable you to model real estate investment opportunities using a discounted cash flow approach and the various techniques to perform a variety of real estate financial analysis tasks.

• Applied Appraisal

  Shows how the principles and basic methods covered in Term 1 are extended to cover specialist property types like pubs and hotels, and are used in negotiations between landlords and tenants to decide terms for giving up, extending or transferring leases.

• Real Estate Finance

  The module introduces and examines the various techniques that are available to finance real estate, to enable you to develop an understanding of alternative funding methods and the basis for structuring an appropriate solution.

Plus any two of the following:

• Real Estate Equity Structures

  The module first covers the main forms of real estate investment – direct, unlisted funds and listed companies – to develop an understanding of the structures used in the capital markets, and their performance.

  It then examines the approaches used by investors and fund managers to set investment objectives and structure portfolios to meet those objectives.

• Landlord and Tenant Law

  Provides a sound knowledge of legislation and case law affecting the commercial property market in order to enable students to apply the legislation when undertaking valuations and appraisals of such premises.

• Applied Data Analysis

  This module introduces you to the basic concepts of statistical techniques used in market and investment analysis. The techniques learnt in this module will be applied and developed further in other modules.

  On successful completion of this module, you should be able to understand the conventional techniques and statistics used in analysing real estate data. Part of the course explains the role of property in the general investment market.

• Development and Planning

  A development is like a new business start-up, with a sequence of high-risk steps to go through – planning, design, financing construction, letting, final sale. The development module shows how those steps are managed, the valuation and cash-flow appraisals that drive development, with a case-study and hands-on modelling approach.

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, 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 mostly about technical methods (a forecasting model for London offices, REITs and asset allocation in the USA)
  • Others review trends and prospect in specific real estate markets (like housing in Hong Kong, investment in Africa)
  • Or look at topical questions (like the impact of e-tailing on real estate, sustainability and building values)
  • Or look in-depth at specific development projects (Kings Cross in London, a resort in Montenegro).

• Career Management and Research Methods

  Supporting your wider learning and career success through the development of key transferrable skills and attributes that you will use both in your programme and across your career. In particular: research and analysis, career planning and employability skills development, and sustainable working.

  Develop a grounding in research methods, targeted to your particular degree requirements. You will be able to use these skills to support your learning, substantiate your arguments and make assessments about the nature of the evidence you are using.

  Career and employability skills development, delivered in a highly targeted and applied format throughout the year, will help you develop your aspirations, take a planned and efficient approach to your job search and / or entrepreneurial plans, and help you create a strong base from which to manage your career in the longer term. The content of this module will also help you understand how to apply your learning in the wider context of your career.

Electives

• General Research Project
• Career Management skills and Research Methods
• Corporate Restructuring
• Ethics, Society and the Financial Sector
• Project Finance and Infrastructure Investment
• Visual Basics in Finance
• Family Business
• Residential Investment
• Sustainability in Real Estate
• Advanced Modelling and Risk Analysis

International electives

• FinTech (taught in Italy)
• International Real Estate Markets (taught in Dubai, UAE)
• Investment Strategy (taught in New York, USA)
• Project Finance and Infrastructure Investment (taught in Madrid, Spain).

Please note that electives are subject to change and availability.