REMB22- Real Estate Portfolio Management

Module Provider: Real Estate and Planning
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Autumn term module
Pre-requisites: REMB31 Corporate Finance
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2023/4

Module Convenor: Prof Gianluca Marcato
Email: g.marcato@henley.reading.ac.uk

Type of module:

Summary module description:

This module examines investment strategy, portfolio selection and performance measurement for real estate investment markets, withÌýparticular referenceÌýto private/direct real estate investment.Ìý

Aims:

This module aims to introduce students to concepts of investment strategy, portfolio selection and performance measurement, and to develop and apply these concepts in the context of real estate investment markets. Upon completion of the module, students should be able to understand key theoretical concepts in investment strategy, undertake basic modelling for portfolio decision making, critically appraise published work in the real estate investment field, and apply this knowledge to the analysis of real estate portfolio investment problems.Ìý

Assessable learning outcomes:

Upon completion of the module, students should be able to:Ìý

• identify and explain key theoretical concepts from finance and economics relating to investment strategy, portfolio selection and performance measurement;Ìý


• evaluate the application of such concepts to real estate investment markets;Ìý


• apply investment strategy and portfolio management principles to p ractical real estate investment problems;Ìý


• analyse data using quantitative techniques in order to identify theoretically optimal portfolio strategies and to assess manager performance;Ìý


• interpret and discuss professional and academic literature on investment strategy, portfolio selection and performance measurement in real estate investment markets.Ìý

Additional outcomes:

• develop their business report writing skills through the coursework;Ìý


• develop their IT and quantitative analysis skills through the computer-based exercises.Ìý

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Outline content:

The module will cover risk and return, and investors’ investment preferences; models of portfolio selection and pricing (mean-variance portfolio theory, the capital asset pricing model); the place of real estate in mixed asset class investment strategies; structuring the property portfolio through sector and geographical mix; performance measurement, attribution analysis and the analysis of manager performance; the nature of real estate indices and benchmarks; indirect real estate investment options in a portfolio context. The module will draw on both academic and professional literature, utilising published performance data to illustrate the conceptual points.Ìý

Brief description of teaching and learning methods:

The module will be delivered as a block release with online support after the module has ended. The block release teaching will comprise lectures supported by class tutorials and workshops, with an individual assignment acting as a consolidating and integrating vehicle for the taught material.Ìý

The block release taught element will be supported by the use of Blackboard. The course information, handouts, presentations and assignment will be supplemented by use of discu ssion boards on technical aspects of the assignment and other material.Ìý

Summative assessment- Examinations:

None

Summative assessment- Coursework and in-class tests:

One piece of project-based coursework that will involve statistical analysis, interpretation of results and production of a report (4,000 words, taking into account the spreadsheet work which will need to be done for the assignment).Ìý

Assignment Submission Deadline: Week 30

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Formative assessment methods:

Penalties for late submission:

The Support Centres will apply the following penalties for work submitted late:Ìý

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;Ìý


• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.Ìý

The University policy statement on penalties for late submission can be found at:?/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdfÌý

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.Ìý

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Assessment requirements for a pass:

The pass mark for this module is 50%.

As this is a core Module of Special Significance, students completing the MSc in Real Estate Investment & Finance must achieve a mark of at least 40 in order to be awarded the MSc.Ìý

Students completing the IPF Certificate, IPF Diploma and/or MSc IPF Entry route must achieve a mark of at least 50 in order to obtain the IPF Qualification.Ìý

Reassessment arrangements:

Reassessment will be by the same method as for the module's original assessment requirements, subject to variation by the Examination Board where appropriate.Ìý

Additional Costs (specified where applicable):

Required Textbook: About £50

Last updated: 30 March 2023