Professional/Short Course Real Estate Finance and Investment

Content

The module is to be delivered in partnership with Industry, and will cover topics deemed essential to develop a high-level understanding of investment in property from both debt and equity perspectives.

The themes addressed will typically be international in nature, and whilst a UK focus will exist in discussion of practical application, global investment considerations, investment overseas and exchange rate risk will all be specifically addressed.

What does it cover? 

The Who, Why and How of Investing in Property 

• Property as an Investment Class 
• Financing Options and Structuring 
• Risk vs Return 

Debt Capital Markets 

• Loan to Value 
• Interest Rate Cover Ratios 
• Banking Covenants in Loan Documentation 
• Liquidity 
• Residual Positions 
• Ability to Refinance 
• Revolving Credit Facilities 
• Interest Rate Management and Hedging 
• Foreign Investment and Exchange Rate Risk 
• Covenant Strength 
• Accounts Analysis 
• Sector Exposure 
• Tenant Exposure 
• Debt Portfolio Risk Management 
• Development Finance vs Investment Finance Considerations 

Equity Capital Markets 

• SPV investment 
• Portfolio Financing 
• Balance Sheet Lending 
• Debt Clubs 
• Debt Syndication 
• Derivatives 
• Joint Ventures 
• Private Finance Initiative 
• Infrastructure Funds 

The Importance of Qualitative Issues  

• Working relationships 
• Personal judgement 
• Practical Case Studies and Experience from Industry 

What will the course outcome be? 

• Explain the underlying concepts of financial investment and to apply these concepts to real estate as an investment class. Discuss and evaluate the position of real estate as an asset class in the national and global investment market; 
• Choose and compute appropriate calculations to undertake complex financial appraisals on a range of real estate and non-real estate investments. Critically assess appraisal tools and to analyse the results of calculations to produce advice and conclusions for the design and assembly of an investment portfolio containing property; 
• Identify and analyse risk in investment and critically evaluate portfolio and single asset strategies to manage risk including the differentiation of conflicting options and selection and calculation of investment performance indicators; 
• Appreciate the economics of land value creation through development activity and recognise the economic constraints under which development decisions are taken; 
• Critically discuss conceptual models of the planning and development process including the activities, elements, skills and research intelligence involved; 
• Identify and appraise potential development sites, propose optimum development strategy as mediated by national and local planning policy, and critically evaluate their financial viability; 
• Demonstrate knowledge of complex real estate and financial structures, including legal, technical and liability implications. 

Learning and Teaching

This course will be delivered as on-campus seminars with resources available online to support your studies. You will have the flexibility to fit your studies around personal and professional commitments, with access to our learning resources any time. Studying while you work also provides valuable opportunities to apply what you have learned directly to your role.

Our comprehensive learning platform provides your entire course content, and puts you in contact with your tutor and fellow students.

Assessment

We assess your work through a variety of coursework assignments, including essays, reports, surveys and presentations. We also encourage you to do 'formative work' to prepare for assessment. This does not count towards final marks, but the feedback you receive helps improve your performance.

The assessment for this course includes three elements: a multiple choice exam, presentation and professional report.