MSc Real Estate Finance Programme. Professor Sotiris Tsolacos Chair in Real Estate Finance

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1 MSc Real Estate Finance Programme Professor Sotiris Tsolacos Chair in Real Estate Finance

2 MSc Real Estate Finance Established as a dedicated programme in 2011 the MSc Real Estate Finance prepares students for careers in real estate investment management, finance and the securitised/public real estate markets. The programme is run by Real Estate & Planning in conjunction with the ICMA Centre, the Business School s Finance department. Henley Business School is one of Europe s oldest and leading business school, one of the elite of business schools that are triple accredited by AASCB, AMBA and EQUIS. Students have the benefits of that association and the alumni network that HBS provides at a global level. 60,000 alumni in 150 countries.

3 MSc Real Estate Finance You will gain a thorough understanding of financial theory and the application of this in the context of real estate assets The programme provides extensive coverage of areas such as public real estate (Real Estate Investment Trusts-REITs, Property Companies), debt markets (Mortgage Backed Securities), unlisted funds and property derivatives in addition to the direct real estate market Core finance modules cover the mainstream capital markets and asset classes Given the changes over the last two decades, now more than ever, it is absolutely key that the industry has people who have the skills to: Understand a wide variety of financial vehicles and structures Appreciate both the advantages and disadvantages of these vehicles and different investment and financing strategies To understand both the property and financial markets Know when real estate is important and when other issues take precedent

4 MSc Real Estate Finance Outline Term I: Sept-Dec (70) Term II: Jan-Mar (60) Term III: May-Aug (50) Core (70): Intro to RE Investment and Economics (10) REP Fixed Income and Equity Investments (20) ICMA Securities, Futures and Options (20) ICMA Quantitative Techniques (20) REP Core (10): RE Finance (10) joint with ICMA Elective (50), min 20 from: RE Securities (20) joint with MSc RE (REP) RE Funding (20) (REP) RE Portfolio Management (10) joint with MSc RE (REP) Core (50): Global Real Estate Markets and Investment (10) Field trip Dissertation (40) plus Development Processes, Practices and Appraisal or other ICMA

5 Dissertation Aims Demonstrate academic rigour in investigating a topic theme in the real estate market. Production of a high quality piece of research with both academic and practical value. Opportunity to apply knowledge acquired throughout the programme and further develop your research and analytical skills. Prove self-direction and originality in tackling and solving problems Work independently, taking initiatives, making decisions.

6 Field Trip Aims Help students develop a clear understanding of the way in which real estate markets work in practice. Gain first-hand experience to place the field trip case study in its appropriate context and produce a real world study. Plan and implement a search for relevant documentary evidence, integrate a range of analytical perspectives and apply them to a case study market. Exposure to decision makers in the market and their thinking.

7 Global Real Estate Markets - Field Trip New York, 2012 Singapore, 2013 Hong Kong, 2014 Toronto, 2015

8 Global Real Estate Markets - Field Trip 2017 Real Capital Analytics Cushman & Wakefield Moody s Trepp JP Morgan

9 London Visits Each year we run a series of trips to London Autumn Visit Investment focus Cushman & Wakefield, M&G Real Estate, GIC Spring visit Finance and Risk Management focus We also host an autumn networking event with alumni from the Real Estate Finance Programme.

10 Industry Links RREF Evening Lecture Series and Industry Mentoring Scheme The programme is accredited by the RICS and is also one of a limited number of programmes to be recognised by the Investment Property Forum (IPF) allowing fast track membership Career events organised throughout the year A variety of dedicated guest speakers from property services firms, property funds, structured products, private equity and others

11 What Makes the HBS MSc Real Estate Finance Different? HBS has unparalleled strengths in depth in real estate finance and economics providing academic rigour and research led teaching together with industry facing commercial relevance Internationally renowned teaching staff with strong research track and industry links The MSc Real Estate Finance is the only such programme to have direct input and to be jointly offered with a finance department (ICMA) Students have access to the resources of both REP and ICMA including the ICMA trading rooms A small but diverse cohort meaning you obtain the benefit of small group teaching in the majority of the modules Since 2011 the programme has had 100 students from 28 countries Austria; Bahamas; Botswana; China; France; Germany; Ghana; Greece; Hong Kong; Indonesia; Italy; Japan; Kuwait; Malaysia; Mexico; Netherlands; Romania; Saudi Arabia; Singapore; South Africa; South Korea; Sri Lanka; Sweden; Taiwan; Thailand; Turkey; Vietnam; Uganda; U.K. 25 minutes away from one of the world s largest financial centres and real estate markets

12 Study Methodology Case/event studies and real world simulations Specialisation Experienced mentorship Programmes designed with a global approach Research methods Group projects and participating exercises Industry speakers, presentations 12

13 Career Options RE Professional Capital Market teams Development Property Cos Fund managers RE Risk Management Lenders RE Equity Market Analyst Investment Careers Private equity Family offices Debt Market Analyst Corporates Structured Products Ratings & Fund services Research & Consulting Gov-t Agencies (eg. NHS) 13

14 Careers 14

15 Ways in Internships Short-term contracts Graduate programmes Direct

16 MSc Real Estate Finance The programme is designed for students with relevant undergraduate degrees or work experience and strong quantitative skills A minimum II.i (or equivalent) in a numerate subject Work experience isn t a requirement but obviously helps ELTS 7.0 for international applicants With a minimum of 6.5 in any component The fees for 2016/17 which includes all field trips are: Home/EU tba International/Non-EU tba

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