MSc Real Estate Finance Programme

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1 MSc Real Estate Finance Programme Professor Simon Stevenson Professor of Real Estate Finance and Investment Programme Director MSc Real Estate Finance Henley Business School, University of Reading Research Associate, Centre for Financial Markets, Smurfit School of Business, University College Dublin

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 an elite group of business schools that are triple accredited by AACSB, 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 through a combination of academic rigour and commercial relevance The programme provides extensive coverage of areas such as public real estate (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 COURSE STRUCTURE Term I: Sept-Dec A common first term provides the necessary background in Financial Theory & Techniques and the structure and operation of real estate markets Term II: Jan-Mar The second term provides a variety of modules that allow students to apply these skills in a real estate finance specific context. Students have to select modules totally 60 credits Term III: May-August International Field Trip (10 Credits) Finance & Investment Project (30 Credits) Real Estate Investment Analysis (20 Credits) {REP} Quantitative Methods (20 Credits) {REP} Fixed Income and Equity Investment (20 Credits) {ICMA} Securities, Futures & Options (20 Credits) {ICMA} Real Estate Finance & Debt Markets (20 Credits) {REP} Real Estate Investment (20 Credits) {REP} Real Estate Securities (20 Credits) {REP} One of the above can be substituted with a mainstream finance elective from ICMA

5 Field Trip The International field trip takes place in the summer term In 2012 we went to New York

6 New York Field Trip The New York visit included presentations by the following: Matthew Galligan, Executive Vice President and Group Head, CIT Real Estate Finance Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Kim Diamond, Senior Managing Director and Head of Structured Finance, Kroll Bond Rating Agency Robin Panovka, Partner and Co-Head of Real Estate and REIT M&A, Wachtell Lipton Rosen & Katz and Adjunct Professor at Columbia University Dr. Youguo Liang, Managing Director Investment Research, Prudential Real Estate Investors (Pramerica) Christina McNeilis and Marissa Novak, Kimco Realty Dara McQuillan and Kristina Zimbardo, Silverstein Properties

7 2013 Field Trip: Singapore Cambridge Industrial Trust; CapitaLand; CBRE; DTZ; GIC; ION Orchard; JLL; Marina Bay; Pramerica; Urban Redevelopment Authority

8 2014 Field Trip: Hong Kong & Macau ANREV; Blackstone; CBRE; Cushman Wakefield; Hong Kong Land; Knight Frank; The Link REIT; Regal REIT; The Venetian Hotel & Casino

9 2015 and 2016 Field Trips Last month we visited Dublin as our first European field trip Hosted by DTZ Sherry Fitzgerald; Goodbody Stockbrokers; Green REIT plc; JLL; KBC Bank In June the main field trip will be to Toronto and whilst not confirmed possible locations for 2016 are Berlin and Tokyo

10 Industry Links 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 RREF Evening Lecture Series and Industry Mentoring scheme In addition, a variety of dedicated site trips and guest speakers takes place throughout the year AXA Real Estate; Barclays; Brookfield Financial; Capital & Counties; CBRE Global Investors; Deutsche Bank; DTZ; Grosvenor; Hermes; HSBC; IPD; InfraRed Capital Partners; JC Rathbone; LaSalle Investment Management; Macquarie; M&G Real Estate; Radley & Associates; Real Capital Analytics; Royal Bank of Scotland; St. Martin s Property Group; Townsend Group; UBS We host an autumn networking event in London with alumni from the Real Estate Finance programme

11 What makes the Reading MSc in Real Estate Finance Different? The European market leader in Real Estate education and research Unparalleled strengths in depth in real estate finance and economics providing academic rigour and research led teaching together with industry facing commercial relevance A world leading faculty Professor Simon Stevenson ranked 1 st in the UK, 2 nd in Europe & 2 nd outside the US based on research productivity in the three leading US real estate journals over the period and the co-editor of the Journal of Real Estate Portfolio Management Professor Sotiris Tsolacos is one of the world leading real estate forecasters and rejoined Reading in 2013 after spending over a decade in industry latterly as European Head of CoStar Portfolio Strategy (formerly Property & Portfolio Research) Dr. Gianluca Marcato chaired the 2014 International Conference of the American Real Estate & Urban Economics Association Faculty with PhD s from a variety of world leading business school s and universities e.g. City University, University College Dublin, Université Lumière Lyon 2, University of Connecticut, University of London (Birkbeck), University of Regensburg, University of Warwick

12 What makes the Reading MSc in Real Estate Finance Different? 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 This facilitates training on Thomson Reuters, Bloomberg and other financial trading systems and databases A small but diverse cohort The current class is only 22 so you obtain the benefit of small group teaching in the majority of the modules Since 2011 the programme has had 75 students from 25 countries Austria; Botswana; China; France; Germany; Greece; Hong Kong; Indonesia; Italy; Japan; Kuwait; Malaysia; Mexico; Romania; Saudi Arabia; Singapore; South Africa; South Korea; Sri Lanka; Sweden; Taiwan; Thailand; Turkey; Vietnam; U.K. 25 minutes away from one of the world s largest financial centres and real estate markets

13 Who Recruits in Real Estate Finance? Real Estate & Planning have a dedicated careers advisor in addition to the university career services Graduates of the programme since 2011 have secured employment at a variety of firms across a range of functions; Financial institutions and advisory firms CBRE Capital Advisors; ICG Longbow; JP Morgan; Prareto; PwC REITs and Property Companies Grosvenor; Homax Real Estate Corporation; Keppel Land; Unibail-Rodamco Property Funds and Institutional Investors Cathay Life Insurance; La Salle Investment Management; LNR Partners; Schroders Property Advisory & Service Firms DTZ; Gerald Eve; Knight Frank; Savills Public Sector Hong Kong Lands Department

14 Real Estate Careers & MSc Real Estate Finance There are a wide variety of career paths open following the completion of the MSc Real Estate Finance Real Estate Professional Chartered Surveyors Graduate Prog / Direct Investment & Development Fund Managers & Prop Cos Direct / Graduate Prog MSc in Real Estate Finance Finance Banks Direct / Graduate Prog Corporate Big companies Direct entry Research & Consulting Property & general consultancies Direct Entry

15 Entry Requirements and Fees 2015 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 Numeracy may be illustrated in other ways Work experience isn t a requirement but obviously helps IELTS 7.0 for international applicants With a minimum of 6.5 in any component The fees for 2015/16 which includes all field trips are: Home/EU 18,000 International/Non-EU 21,250

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