This course investigates direct and indirect real estate as a financial and investment asset, competing for funds with other assets classes.  It explores the attributes that determine the risk and return characteristics of this investment class, and compares and contrasts with the main asset classes.

The course will be delivered in 3 hourly blocks in semester 2, once per week, over 6 consecutive weeks.

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Assessment:

The course will be assessed through a group project. The project comprises a 5,000-word professional report weighted at 75% of the total grade and a presentation of the material weighted at 25%. The group assessment will assess the ability of students to collaborate with peers in terms of producing professional outputs, through a written report and presentations (ILO2) that will also allow them to demonstrate their understanding of real estate as an investment asset class (ILO1), considering direct and indirect real estate (ILO1, ILO2 and ILO3) through demonstrating effective investment analysis (ILO4). The individual student comprehension of the four course ILO's will also be considered through individual interviews that allow for a degree of flexibility in the final grades received by individual students. 

The aim of this course is to enable students to analyse real estate as a financial and investment asset, competing for funds with other assets classes.

In accordance with the specific and evidenced competency requirements of the accreditation body (RICS), by the end of the course, participants should be able to:

■ Critique the role of real estate in a mixed asset portfolio and the main principles of investment in relation to direct and indirect real estate investment structures  

■ Collaborate with fellow students to deliver professional standard reports on issues surrounding indirect real estate vehicles and portfolio construction, reflecting the roles played by portfolio theory and benchmarking.

■ Critique the role various funding strategies and structures mixing equity and debt can play in financing real estate investment. 

■ Evaluate the risk and return characteristics of a range of direct and indirect real estate investments through appropriate investment analysis

Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment.

Minimum requirement for award of credit for students on MSc Real Estate.

University standard regulations apply to students on other qualifications.