REMB22: Real Estate Portfolio Management

Module code: REMB22

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: 7

When you'll be taught: Semester 1

Module convenor: Professor Gianluca Marcato, email: g.marcato@henley.reading.ac.uk

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE REMB31 (Compulsory)

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: No

Talis reading list: Yes

Last updated: 19 November 2024

Overview

Module aims and purpose

This module aims to enable students to develop and deepen their understanding of the concepts of investment strategy, portfolio selection and performance measurement and their application to property markets. It also aims tofurther develop students' analytic capacity. Upon completion of the module, students should have an understanding of key theoretical concepts in investment strategy, be able to appraise critically published work in the field and apply this knowledge to the analysis of practical real estate problems.Ìý

Module learning outcomes

By the end of the module, it is expected that students will be able to:Ìý

• develop a systematic understanding ofÌýthe main theoretical concepts relating to investment strategy, portfolio selection and performance measurement;Ìý
• discuss and appraise critically, relevant literature applying investment strategy, portfolio selection and performance measurement models to real estate markets;Ìý
• apply theoretical investment strategy and portfolio management principles to practical real estate problems rigorously;Ìý
• critically analyse capital market data using quantitative techniques, to identify theoretically optimal portfolio strategies and assess manager performance.Ìý

Module content

Themodulewill cover risk and return and investors’ investment preferences; models of portfolio selection and pricing; the place of real estate in mixed asset class investment strategies; structuring the property portfolio through a sector and geographical mix and/or through the use of indirect vehicles; performance measurement, attribution analysis and the analysis of manager performance; benchmarking and the measurement of real estate market activity. The module will draw on both academic and professional literature and utilise data and examples from international markets.

Structure

Teaching and learning methods

The course will be delivered as a block release with online support after the module has ended. The block release teaching will comprise lectures supported by workshops, with an individual assignment acting as a consolidating and integrating vehicle for the taught material.Ìý
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The block release taught element will be supportedby the use ofBlackboard. The course information, handouts, presentations and assignment will be supplemented by use of discussion boards on technical aspects of the assignment and other material.Ìý

Study hours

At least 24 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 50% to pass this module.

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.

Summative assessment

Penalties for late submission of summative assessment

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

Assessments with numerical marks

• 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 three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: /cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Reassessment

Additional costs