Real Estate – (M.Sc.)

Contents

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 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

Four core modules (30 hours each)

Property Valuation

This module will provide students with an overview of current valuation techniques commonly used and the legal background to both the valuation process and to the real estate markets generally. Classes discuss current UK and international valuation methodologies, examining both the similarities and differences in approaches. The module also covers legal issues in the valuation process.

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 Asset Management

This module provides comprehensive coverage of the management of real estate as an asset. While the module will examine many aspects of asset management from a portfolio perspective it will also examine other issues. The module will look at the asset management of properties and how investors can add value. It will also examine real estate's role from the perspective of a corporate occupier.

Quantitative Techniques in Investment

This module introduces investment mathematics and statistical techniques. The module seeks to 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 Investment & Financial Analysis

This module introduces students to the primary issues in the evaluation of real estate investments. The course considers the primary valuation techniques, the financial modelling of investment appraisal of properties and also provides an introduction into the importance of financing structure. Students will examine alternative sources of capital and the impact on investment appraisals and performance.

Plus any three of the following modules:*

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.

International Real Estate

This course is concerned with the considerations real estate investors and developers need to examine when looking at investing in international markets. The module covers the differing risk factors involved in global investment, such as market maturity, transparency, country risk and political risk. The module will also consider differences in valuation methods and market structure.

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.

Real Estate Development & Planning

The aim of this module is to examine the various techniques used to analyse real estate developments. Students will examine real estate through the development and redevelopment process, the principals of development market analysis and appraisal, the importance of financing on the development process and the legal structures in place due to planning/zoning legislation.

Statutory Valuations

Examines the statutory aspects of appraisal. Rating law and procedures, and taxation, particularly capital gains and value added tax, are also studied in depth.

*Modules must have a minimum of 15 students to run

Three electives and a Business Research Project

Electives

You may choose from a wide variety of electives. For example:

• Building, Project Management & Procurement
• European Real Estate Markets
• Financial Regulation
• Real Estate Investment Law
• Real Estate Portfolio & Fund Management
• Residential Investment
• Securitisation & Structuring of Vehicles
• Work Space Planning

Accreditation

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