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September 2011
Cass Business School 106 Bunhill Row London EC1Y 8TZ T: +44 (0)20 7040 8600 www.cass.city.ac.uk/masters
Course handbookMSc in Real EstateMSc in Real Estate Investment
Table of Contents
Section 1 MSc Real Estate and MSc Real Estate 1 Investment Course Directors’ Welcome 1
Section 2 Programme Information 2 Programme Aims 2 Programme Structure 3 Assessment Matrix 4 Term Dates and Examination Periods 5
Section 3 Module Descriptions 6 Module Descriptions 6 Elective Information 25
Section 4 Regulations for the Award of Degree 26 Qualification Requirements 26 Assessment Calculations 26 Failure and Resitting of Modules 26 Coursework 27 Award of Merit and Distinction 27 Postgraduate Diploma 28 Periods of Registration 28 Grade Related Criteria 29
Section 5 Additional Information 30 Course Office 30 Staff Contact Details 30 Virtual Learning Environment 31 Personal Tutors 31 The Royal Institution of Chartered Surveyors 31 The Investment Property Forum 32 Real Estate Careers 32 Real Estate Faculty 32
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Section 1 Course Directors’ Welcome
From all the staff in the Real Estate Finance & Investment Group, welcome to Cass Business School and your Masters programme. We hope you will have an instructive and enjoyable year with us.
You are joining more than 100 students from all over the world with a wide range of previous degrees, the majority with no knowledge of real estate. On graduation, most of you will be looking to take the first steps on a career in the real estate industry. Our shared task is to ensure that students from such varied backgrounds have the skills and the confidence they need to succeed as real estate professionals.
This handbook summarises key information on the real estate Masters which you will need through the year. You should note in particular the schedule for teaching and examinations in Section 2, plus the guidelines on coursework and explanation of how your overall results will be built up in Section 3. For more general background, Section 5 tells you about the staff who will be teaching on the courses and gives some initial comments about looking for jobs in real estate.
Learning all you need to know to become an effective real estate professional in the space of one year is no easy task. Both our Masters degrees are designed to help you do that; both are fully accredited by the Royal Institution of Chartered Surveyors (RICS) and highly valued by employers. They are different in emphasis.
The MSc in Real Estate is a broadly-based course, which opens up a wide range of career paths. It combines modules in the long-established real estate skills of valuation, development and market analysis with a good grounding in quantitative analysis, finance and investment. Options in the second term cater for those who are aiming for graduate entry into a firm of UK surveyors, and those intending to enter jobs overseas, or in other branches of the industry such as fund management, development or banking. The MSc Real Estate can be summarised as a real estate programme with good foundations in finance and investment
The MSc in Real Estate Investment has a different focus, which could be summarised as a course in finance and investment which uses real estate as its subject matter. Alongside a good foundation in real estate skills, it provides a higher level of quantitative analysis and a focus on financial markets in real estate – shares, debt securities and derivatives. It is designed for students who aim at careers in those aspects of the industry which are found not only in banking and fund management but also among the traditional real estate employers such as chartered surveyors and property companies.
On both degrees you will find a lot to learn; at first you may feel swamped with new concepts and information. But over the course of the year - if you keep up with the lectures, reading and assignments - the pieces should fit together into a coherent picture. And we hope you will find time to enjoy you time in London and at Cass alongside the hard work. If at any time you think you have lost track of the aim of the courses, or you are struggling to keep up with the work, we will be happy to help.
George Herd, Course Director MSc Real Estate, Tony Key, Course Director MSc Real Estate Investment
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Section 2 Programme Information
Programme Aims Real estate – land and any structures on it – is big business. It accounts for around half of global wealth; the diverse activities associated with it – construction, building management, leasing, trading, fund management, finance – together make up a larger fraction of UK GDP than the manufacturing sector. So careers in the real estate industry take many forms, and call up a wide range of skills. Some, the long-established real estate skills, focus on the management of buildings, brokerage of leases or investment sales, and asset valuation. Over the last fifty years, investment in real estate has grown massively, and added another set of real estate careers in fund management and finance. Most recently, the growth of mortgage backed securities, listed real estate firms and the introduction of derivatives based on real estate indices has created a third layer of financial engineers and traders who specialise in real financial markets.
A well-rounded real estate professional, even a specialist in one area, needs to be familiar with other aspects of the industry: property valuers should consider the impact of global capital flows on their market; to calculate risk, traders in mortgage-backed securities have to assess the quality of the buildings and leases that underpin the loans.
This poses a challenge for real estate education. It has become impossible for any individual to have in-depth understanding and skills in all aspects of modern real estate. Our Masters programmes aim to produce graduates who would not claim to be specialists in everything in real estate, but are familiar enough with at least the concepts and methods used outside their area of expertise to see the complete picture of the industry.
Both the MSc Real Estate and MSc Real Estate Investment therefore equip successful students with:
A thorough knowledge of the modern techniques applied to income flows, valuation and appraisal in the real estate industry.
Strong analytical skills in real estate, finance and investment and the ability to apply those skills to practical questions.
An understanding of the economic and financial context for real estate markets and asset values.
Specific knowledge of real estate, finance and investment is coupled with general business skills including:
Clear oral and written communication. The confident use of information technology. The ability to work effectively both individually and in groups.
The two Masters programmes, and options within the MSc Real Estate degree, offer differences in emphasis within the shared overall objectives:
The MSc Real Estate emphasises core real estate skills, with sets of options recommended for those intending to work as chartered surveyors in the UK or those intending to work in other areas of the industry or overseas.
The focus of the MSc Real Estate Investment is on quantitative analytical skills applied to real estate fund management and financial markets.
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Programme Structure MSc Real Estate Term One
Real Estate Economics Quantitative Methods in Investment Real Estate Asset Management Property Valuation
Term Two
Real Estate Investment and Market Analysis
Plus three modules selected from: Applied Valuation and Taxation Landlord and Tenant Law International Real Estate Markets Real Estate Development and Planning Real Estate Finance
Term Three
Three Elective modules Business Research Project
MSc Real Estate Investment Term One
Real Estate Economics Quantitative Methods Investment Markets Real Estate Investment and Financial Analysis
Term Two
Real Estate Capital Markets Real Estate Debt Markets Portfolio Risk Management Real Estate Modelling and Market Dynamics
Term Three
Three Elective modules Business Research Project
Please refer to the matrix on page four for related assessment weightings.
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Assessment Matrix
Contact Hours Credits Weights of each part of
assessment in module mark
Weights of each module in degree
total
Coursework Exam
Core Modules
Term 1 Core 1 30 15 25% 75% 8.33%
Term 1 Core 2 30 15 25% 75% 8.33%
Term 1 Core 3 30 15 25% 75% 8.33%
Term 1 Core 4 30 15 25% 75% 8.33%
Total Term 1 120 60 33.33%
Term 2 Core 5 30 15 25% 75% 8.33%
Term 1 Core 6 30 15 25% 75% 8.33%
Term 1 Core 7 30 15 25% 75% 8.33%
Term 1 Core 8 30 15 25% 75% 8.33%
Total Term 2 120 60 33.33%
Total Core Modules 240 120 66.67%
Elective Modules
Elective One 18 10 100% 5.56%
Elective Two 18 10 100% 5.56%
Elective Three 18 10 100% 5.56%
Total Elective Modules 54 30 100% 16.67%
Business Research Project 30 100% 16.67%
Degree Total 295 180 100%
As a general rule 2.4 CAPS* credits equals approximately 1 ECTS* based on an MSc programme of 180 credits.
ECTS (European Credit Transfer and Accumulation System)
CAPS (Credit Accumulation of Programme Specification)
Note: Coursework may take the form of an individual assignment, group assignment or invigilated test.
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Term Dates and Examination Periods
Induction
12th September 2011 – 23rd September 2011
Term One
26 September 2011 - 02 December 2011
Term One Examinations
09 January 2012 - 20 January 2012 Term Two
23 January 2012 - 30 March 2012
Term Two Examinations
23 April 2012 - 04 May 2012 Term Three
07 May 2012 - 15 June 2012
Term Three Assessments
25 June 2012 - 06 July 2012 Term One and Term Two Resit Examinations (including Term Three resit tests) 13th August – 24th August 2012 Research Project Submission Date
01 September 2012
Students are expected to be in attendance at lectures and other classes during term time, attend all invigilated tests and examinations. Students should not therefore make travel arrangements during term time. Any absence from any form of assessment, which does not constitute valid extenuating circumstances, will result in the student resitting the module as a second attempt
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Section 3 Module Descriptions
APPLIED VALUATION AND TAXATION SMM199
(MSc REAL ESTATE)
MODULE LEADER Patrick Bond, Visiting Lecturer SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%) EDUCATIONAL AIMS Property taxation and rates have a significant impact both on users of property and on valuation and investment decisions. Surveyors need to be aware of these in order to advise business people in order that they may make informed choices about property matters. This module provides students with a thorough grounding in the various types of local and national taxes affecting property and how these are incorporated in the valuation process LEARNING OUTCOMES
Appreciate the reasons for the taxation of real estate. Demonstrate a working knowledge of the different forms of taxation and how they
affect property Apply different valuation methods to solve property valuation problems where issues
of taxation arise Appreciate the importance and contribution of the valuation surveyor both in relation
to advising clients on taxation issues and as an independent expert witness before courts and tribunals
SYLLABUS
Taxes: Capital Gains, Inheritance, Stamp Duty Land, Value Added Tax on property Valuations for Capital Gains Tax, Inheritance Tax and VAT Overview of rates, exemptions and reliefs. The Council Tax Rateable occupation and the hereditament Basis of assessment, the hypothetical tenancy and valuation dates Methods of valuation for rating The borderline between rating and council tax The appeals process for rating The Empty Property Rate
READING LIST P.H. Bond & P.K Brown, Rating Valuation, Principles and Practice, 3rd Ed, Estates Gazette 2010
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BUSINESS RESEARCH PROJECT SMM800
(MSc REAL ESTATE AND MSc REAL ESTATE INVESTMENT) MODULE LEADER A project supervisor will be allocated. SESSIONS 4 x 3 hour sessions
This is an individual project which students will develop in their own time with support from their project supervisor.
ASSESSMENT Coursework 100%
Delivery of the final project, indicative length: 8,000 words EDUCATIONAL AIMS To train students to undertake individual research and provide them with an opportunity
to specialise in a contemporary business or finance topic related to their future career aspirations.
To integrate and apply concepts from different aspects of their MSc. LEARNING OUTCOMES On completing the project students will be able to:
Identify specific business or finance related issues which would be useful to research and shape an achievable research question around them.
Develop a research question and plan and carry out a research programme to address the question.
Understand the theories and recent research relating the project topic. Understand how to apply research methodologies to practical business and commercial
issues. Show confidence in overcoming problems raised in the course of a practical research
project. Accept the challenge of carrying out a piece of research with elements of originality. PROJECT REQUIREMENTS The choice of project is your responsibility. It is most important that you choose an area you are happy to work in, and in which you are confident of your abilities. Students are encouraged to start thinking about project ideas at the beginning of their studies. By the end of the first term you will have gained sufficient knowledge to start to develop ideas that can be discussed with faculty. We expect you to identify the basic idea or research question, though this is likely to be modified after discussion with academic staff. Make effective use of the RPMS module. This module can be used to help to formulate your ideas and design an appropriate methodology. It can also help you develop a specific
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project topic – the greater clarity you have about the topic of your project the more successful it is likely to be. The types of project allowed are:
What you can do. What you can’t do Business report on a contemporary issue Business plan Statistical test of literature driven
hypothesis Empirical feasibility of a financial strategy Development of a new product/ service /
finance strategy Market survey Case study on a specific issue within a
particular company / organisation Numerical project that describes and
implements one or more numerical methods for pricing, hedging or reserving for derivatives or portfolios.
Pure literature surveys Some evidence that the writer has learnt
a new subject, a sort of extra elective A synthesis of other writing of a piece of
journalism A mere compendium of facts and
statistics Projects totally unrelated to relevant
academic discipline and literature.
READING LISTS Student research and reading list will be defined by the subject matter of the project.
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INTERNATIONAL REAL ESTATE MARKETS SMM176
(MSc REAL ESTATE)
MODULE LEADER Tony Key, Professor of Real Estate Economics SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%) EDUCATIONAL AIMS The globalisation of real estate has lagged behind other asset classes. The last decade, however, has seen a surge in new cross-border investment vehicles and capital flows. International diversification is now a core strategy of real estate investors. A sound knowledge of international markets is therefore essential to an understanding how markets behave and a key aspect of the skills required by employers in the industry. The module will integrate material from other elements of the course – on portfolio construction, real estate economics, and market analysis – into a framework for the understanding of globalised real estate markets and add new material on the classification, structure and performance of a range of national markets. LEARNING OUTCOMES
Analyse the arguments for and against international real estate diversification Assess the investment potential of national real estate markets Apply portfolio optimisation techniques to international real estate data Apply presentation skills to the production and delivery of the investment prospectus
SYLLABUS
The history of international real estate investment The case for global investment: diversification, opportunity set, home bias Global real estate indices, returns, risks and co-variances Currency risk and risk management in real estate International real estate market sizes, information, transparency, risk premia The structure and performance of national markets Accessing global real estate: direct and indirect, listed and unlisted vehicles Global real estate fund managers and funds
INITIAL READING LIST Sirmans C. F. and Worzala E. (2003), International Direct Real Estate Investment: A Review of the Literature, Urban Studies, Vol. 40, Nos 5–6, 1081–1114 Hoesli, M., Lekander, J. and Witkiewicz, W., (2004) International evidence on real estate as a portfolio diversifier, Journal of Real Estate Research, Vol. 26, pp. 161-206
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INVESTMENT MARKETS SMM158
(MSc REAL ESTATE INVESTMENT)
MODULE LEADER Professor David Blake, Professor of Finance SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%) EDUCATIONAL AIMS This course aims to comprehensively examine the broad investment markets. It aims to place into context the role of real estate as an investment asset by examining alternative investment vehicles. The module will examine asset valuation and the principles of portfolio diversification across a wide variety of asset classes including: equities, fixed-income securities, derivatives and the foreign exchange markets. LEARNING OUTCOMES
Understand the principles of the efficient market hypothesis Understand the theoretical basis and application of Modern Portfolio Theory Understand equilibrium pricing models such as the Capital Asset Pricing Model and
Arbitrage Pricing Theory and understand their strengths and weaknesses Appreciate the workings, pricing and dynamics of the fixed income market Value derivative securities such as futures, forwards and options
SYLLABUS
The efficient markets hypothesis and the predictability of equity returns Modern portfolio theory and asset pricing models Fixed income markets, bond pricing and the term structure of interest rates Foreign exchange markets and international investment Forward and futures Option markets and pricing
READING LIST David Blake (1999) Financial Market Analysis (2nd edition), John Wiley & Sons,
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LANDLORD AND TENANT LAW SMM175
(MSc REAL ESTATE)
MODULE LEADER Elliot Shatzberger, Visiting Lecturer SESSIONS 10x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%) EDUCATIONAL AIMS The relationship between landlords and tenants is fundamental in the assessment of both rents and capital values of property. This module explains how English law governs landlord and tenant relationships and how law is taken into account in valuation. The module provides an in depth knowledge of the legislation and case law affecting the commercial and residential property markets. It also enables students to apply this knowledge in theoretical and real situations. LEARNING OUTCOMES
Be fully conversant with the main principles of landlord and tenant relationships under common law, equity and statute
Appreciate and understand the different points of view of both landlords and tenants when dealing with real estate issues
Show confidence in an ability to recognise, avoid or solve legal problems and to communicate needs and wishes to lawyers
Appreciate methods of resolving disputes apart from court action Demonstrate a sound knowledge of the legislation and case law affecting the
commercial and residential property markets Be able to apply legislation and case law to issues relating to landlord and tenant
relationships
SYLLABUS Easements, profits and covenants affecting land Creation and effect of leases in law and in equity The different types of lease; assignment and determination The meaning and effect of covenants and terms commonly found in leases Remedies for landlord and tenant, where breaches of covenant arise The law of landlord and tenant Statutory control of business and residential tenancies
READING LIST Wilkie, M. Luxton, P. Morgan, J. & Cole, G. (2006) Landlord and Tenant Law, 5th Ed, Palgrave Macmillan Garnier, S. (2008) A Practical Approach to Landlord and Tenant, 5th Ed, OUP, Blackstone Press Evans, D. (2004) The Law of Landlord and Tenant, Butterworths Blackstones Statutes on Landlord and Tenant Law, latest edition
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PORTFOLIO RISK MANAGEMENT SMM194
(MSc REAL ESTATE INVESTMENT)
MODULE LEADER Stephen Lee, Senior Lecturer in Real Estate Finance SESSIONS 10x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%) EDUCATIONAL AIMS The aim of this module is to examine the management of private real estate portfolios. The course will consider the investment strategies pursued by investors in real estate portfolio management including: market analysis, asset management, regional & sector diversification and international investment. LEARNING OUTCOMES
Understand techniques of index construction in real estate and the implications in relation to performance and risk measurement
Understand the key issues in the management of real estate portfolios and the asset’s role in a mixed asset framework
Understand the primary issues involved in international investment and diversification both in real estate and in capital market assets
SYLLABUS
Real Estate Market Analysis & Investment Strategies Application of Portfolio Theory to Real Estate Real Estate Portfolio Diversification Real Estate in a Mixed-Asset Portfolio Private Real Estate Funds International Investment & Diversification Alternative Asset Classes
READING LIST Brown, G. & Matysiak, G., (2000) Real Estate Investment, FT/Prentice Hall.
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PROPERTY VALUATION SMM787
(MSc REAL ESTATE)
MODULE LEADER George Herd, Senior Lecturer SESSIONS 10 x 3 hour sessions, plus tutorials ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%) EDUCATIONAL AIMS This course aims to provide an overview of current valuation techniques commonly used and the legal background to both the valuation process and to the real estate markets generally. The course will discuss and explain current UK valuation methodologies and examine legal issues relevant to the valuation process. LEARNING OUTCOMES
Appreciate the factors that underlie property values Be able to value a property based on current UK valuation standards Understand the different valuation approaches available Have an understanding of current landlord & tenant Law and how to apply it in the
valuation process Understand the general principles of compulsory purchase legislation including the
assessment of compensation for land taken and disturbance SYLLABUS
Current UK valuation methodology The implications of taxation in valuation Landlord and Tenant Law Compulsory purchase Planning Law in outline
READING LIST Mackmin, Davies and Shapiro (2009) Modern Methods of Valuation of Land, Houses & Buildings (10th ed), Estates Gazette. Hayward (2008), Valuation: Principles into Practice, Estates Gazette Millington (2001). An Introduction to Property Valuation. Estates Gazette. Baum & Crosby, (2007) Property Investment Appraisal, Routledge.
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QUANTITATIVE METHODS SMM196
(MSc REAL ESTATE INVESTMENT)
MODULE LEADER Dr Sotiris Tsolacos, Director European Research, Property
Portfolio Research, CoStar Group SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%) EDUCATIONAL AIMS This module introduces contemporary statistical techniques with a focus on applied real estate research. The module seeks to introduce techniques and concepts within the context of tenant market and investment portfolio research. The techniques learnt in this module will be applied and expanded on in other modules. LEARNING OUTCOMES
Understand the application and the use of contemporary research methods applied to real estate data
Be introduced to multivariate econometric analysis Gain experience in the application of these methods on real estate topics Be able to evaluate the outcome of empirical analysis in applied research
SYLLABUS
Introduction to regression analysis Multivariate regression analysis fundamentals and testing Relaxing the assumptions of the classical model Heteroscedasticity Autocorrelation Model specification and testing Structural instability and measurement errors Dynamic econometric models Simultaneous equation models Non-stationarity and cointegration
READING LIST Salvatore, D. (1982) Schaum's Outlines - Statistics and Econometrics, McGraw-Hill
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QUANTITATIVE METHODS IN INVESTMENT SMM679
(MSc REAL ESTATE)
MODULE LEADER Dr. Mark Andrew, Senior Lecturer in Finance SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by an invigilated test (25%) and
an examination (75%) EDUCATIONAL AIMS This module introduces students to the basic concepts of quantitative and statistical techniques. The techniques learnt in this module will be applied and expanded on in other modules.
LEARNING OUTCOMES
Be familiar with the main quantitative techniques and statistics used in analysing real estate markets
Be able to construct and use appropriate indices in analysis Understand and be able to describe data descriptively Understand and be able to use statistical theory to make inferences from samples Be able to analyse a variable whose value changes over time Be able to look at casual and non-casual relationships between variables
SYLLABUS
Data Transformations: percentage changes; levels; indexation; real and nominal terms
Descriptive Statistics: presenting and summarising data Inferential Statistics: probability, probability distributions, expected values, estimation,
hypothesis testing, correlation and covariance Time Series analysis: components; de-trending series Regression Analysis: simple regression, multiple regression
READING LIST Hill R.C., Griffiths W.E. & Judge G. (2001) Undergraduate Econometrics, 2nd Edition, Wiley.
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REAL ESTATE ASSET MANAGEMENT SMM191
(MSc REAL ESTATE)
MODULE LEADER Stephen Lee, Senior Lecturer in Real Estate Finance SESSIONS 10 x 3 hourly sessions ASSESSMENT This module will be assessed by an invigilated test (25%) and
an examination (75%) EDUCATIONAL AIMS The aim of this module is to provide a comprehensive coverage of the management of real estate as an asset. While the course will examine many aspects of asset management from a portfolio perspective it will also examine other issues. The course will look at the asset management of properties and how investors can add value. It will also examine real estate’s role from the perspective of a corporate occupier. LEARNING OUTCOMES
Understand the relationships between corporate strategy and real estate Understand the techniques of asset management Gain an appreciation of the role of property in the corporate sector Have a broad understanding of the perspectives and functions of property asset
management SYLLABUS
Adding asset value Extracting asset value Relocation case study Current issues in asset management
READING LIST Haynes B and Nunnington N, (2009) Corporate Real Estate Asset Management: Strategy and Implementation, EG Books Edwards V and Ellision L, (2003) Corporate Property Management: Aligning Real Estate with Business Strategy, Blackwell Cooke H and Woodhead s, (2007) Corporate Occupier’s Handbook, EG Books
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REAL ESTATE CAPITAL MARKETS SMM188
(MSc REAL ESTATE INVESTMENT)
MODULE LEADER Tony Key, Professor Real Estate Economics: Lecturers Alex
Moss, Macquarie; Simon Martin, Tristan Capital Partners; Nic Motson, Lecturer in Finance
SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%) EDUCATIONAL AIMS The course aims to provide comprehensive coverage of the real estate capital markets. The module will not only provide details on the structure of these securities and markets but also examine how they can be used in the context of issues such as real estate portfolio construction & asset allocation, hedging and financing. The course will also highlight the different characteristics of many of these securities to those commonly traded in the investment markets. This is particularly the case with Real Estate Investment Trusts (REITs) where the contrast with the standard corporate structure, with respect to both corporate finance issues and investment behaviour, will be highlighted. LEARNING OUTCOMES
Be aware of the alternative means of investing in real estate and the different characteristics of these securities and vehicles
Appreciate the differences in relation to corporate finance issues of REITs and conventional corporate vehicles
Understand the investment dynamics of the traded real estate security sector Appreciate the potential uses in a portfolio context of real estate derivatives.
SYLLABUS
Introduction to real estate equity vehicles Background to real estate investment trusts REITs and corporate finance Market dynamics and investment performance of traded real estate vehicles Real estate derivatives Introduction to the securitised debt markets
INITIAL READING LIST Chan, Erickson & Wang, (2002) Real Estate Investment Trusts. Oxford University Press Fabozzi, F (2005) The Handbook of Mortgage Backed Securities. McGraw-Hill
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REAL ESTATE DEBT MARKETS SMM177
(MSc REAL ESTATE INVESTMENT)
MODULE LEADER Not yet confirmed SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%)
EDUCATIONAL AIMS Recent years have seen a large rise in the used of debt finance in the sector, plus a rapid evolution in the use of debt securitisation in the form of mortgage backed securities and other instruments. An understanding of the role of debt in the real estate market, in the financing of funds and individual projects is therefore a core skill for investment professionals. The module will equip students with knowledge of debt instruments, risk mitigation techniques, and debt securitisation used in the financing of real estate, and the structuring of debt instruments as investment products.
LEARNING OUTCOMES Understand the financial principles underlying debt financing. Understand how debt can be packaged into securitised products. Understand the pricing and risk rating of securitised debt products. Apply interest risk management techniques to real estate debt financing. Construct robust models of cash flows from securitised debt pools.
SYLLABUS
Introduction to real estate financing Interest rate hedging and derivatives Analysis and modelling of the yield curve Commercial Mortgage Backed Securities (CMBS) The structuring, pricing and risk rating of CMBS pools Real estate security debt and bonds Collateralised Mortgage Backed Obligations Credit derivatives Credit risk modelling
INITIAL READING LIST Fabozzi, F. 2006 The handbook of mortgage backed securities, 6th 3d, McGraw-Hill. Fabozzi, F. 2005 The handbook of fixed income securities, 6th 3d, McGraw-Hill. Choudhry, R. 2004 An introduction to credit derivatives, Elsvier. Deacon, J. 2004 Global securitisaton and CDOs, Wiley.
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REAL ESTATE DEVELOPMENT AND PLANNING SMM179
(MSc REAL ESTATE)
MODULE LEADER Bill Rodney, Senior Lecturer SESSIONS 10x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%) EDUCATIONAL AIMS This module is intended to provide students with an understanding of the major elements of the real estate development process and how these components can be integrated to create viable and successful projects. The module will provide the student with the fundamentals of how to analyse, develop and operate a range of real estate development projects. Module material, lectures and cases concentrate on the identification and evaluation of the critical assumptions and issues related to feasibility, financial feasibility, planning, acquisition, construction and operation of economically viable commercial real estate projects; the development process and a comparison of the risks and the financing issues associated with properties in development versus existing properties. LEARNING OUTCOMES
Carry out quantitative appraisal and risk analysis of real estate projects. Understand equity and debt finance techniques and their application to property
development. Appreciate various technical and analytical approaches involved in appraisal of major
capital projects. Critically evaluate the factors that influence development decisions.
SYLLABUS
Stages in the Development Process Development cycles Appraisal techniques from the basics to cash flows with finance Application of planning / zoning regulation and building control The rationale and techniques of development and redevelopment Financing development through debt and equity
READING LIST Cadman, D. Wilkinson, S. and Reed, R. (2008) Property Development, 5th Ed., Routledge Collier, N. Collier, C. Halperin, D. (2002) Construction Funding: The Process of Real Estate Development, Appraisal, and Finance, Wiley Isaac, D. (1996) Property Development Appraisal and Finance, Macmillan Miles M, Berens, G and Weiss, M (2000) Real Estate Development: Principles and Process, 3rd Ed., Urban Land Institute
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REAL ESTATE ECONOMICS SMM174
(MSc REAL ESTATE AND MSc REAL ESTATE INVESTMENT)
MODULE LEADER Professor Tony Key, Professor of Real Estate Economics SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%). EDUCATIONAL AIMS The object of the module is to introduce students to the basic principles of economics, and the primary ways in which those principles are useful in the analysis of real estate performance and real estate markets. Particular attention will be paid to the impacts of changes in the economy on rental values, development activity, and real estate returns. Throughout the principles examined will be applied to real-world illustrations of real estate trends, cycles and market structure. LEARNING OUTCOMES
Understand the key principles of macro-economics and micro-economics Apply general economic principles to the analysis of real estate markets Understand core concepts of the real estate cycle, the allocation of land between
uses SYLLABUS
Basic micro economics, utility and household consumption, theory of the firm Perfect and imperfect competition, general equilibrium and Pareto optimality Introductory macro-economics: national accounts and the flow of income Keynesian and monetary approaches to analysis and policy Economic and real estate: links through occupier, investment and development
markets Business cycles, cobweb theory and real estate cycles, fundamentals of forecasting The determination of rent, relationships between land rents and building rents Introduction to the economics of location, bid-rents and land allocation Public intervention in real estate markets
READING LIST Sloman, J. (2003), Essentials of Economics (3rd ed), Financial Times / Prentice Hall Jowsey, E., and Harvey, J. (2003), Urban Land Economics (6th ed), Palgrave Macmillan Ball, M., Lizieri, C., and MacGregor, B. (1998), The Economics of Commercial Property Markets, Routledge
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REAL ESTATE FINANCE SMM192
(MSc REAL ESTATE) MODULE LEADER Bill Rodney, Senior Lecturer SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%). EDUCATIONAL AIMS The aim of the module is to enable the student to develop an appreciation of the various techniques available in commercial real estate finance, to identify the different sources, both of dept and equity finance and to examine how risk and reward can be shared. LEARNING OUTCOMES
Have an overview of the current commercial real estate finance market Understand, analyse and compare alternative commercial real estate funding
techniques Select appropriate types of provider of commercial real estate finance
SYLLABUS
The sources and supply of commercial real estate finance Alternative techniques of funding and finance, together with their implications for risk
and return Direct and indirect methods of funding Risk limitation instruments Financial partnership and joint ventures
READING LIST Isaac, D., (1998) Property Finance, Macmillan Brown, G. & Matysiak, G., (2000) Real Estate Investment A Capital Market Approach, FT/Prentice Hall
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REAL ESTATE INVESTMENT AND FINANCIAL ANALYSIS SMM197
(MSc REAL ESTATE INVESTMENT) MODULE LEADER Stephen Lee, Senior Lecturer in Real Estate Finance SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%). EDUCATIONAL AIMS The module will equip students with the knowledge of information sources, financial theory, and modern appraisal techniques which underpin the appraisal and financing of real estate assets, with an emphasis on the practical modelling methods which constitute global best practice in these fields. The module covers a core set of skills for the analysis of real estate investments essential to an understanding of market behaviour plus the practices of asset pricing and development in the industry. It comprises two main elements. First is investment appraisal. Here the focus is on the adaptation of standard discounted cash flow methods to real estate valuation and investment appraisal. Special emphasis is put on the linkages between discounted cash flow methods and conventional methods based on capitalisation rates, the use of risk assessment tools such as sensitivity testing, and the practical construction of appraisal models in Excel. Second are the methods of financing real estate investments and development projects. This element of the module provides the theoretical and practical background of equity and debt finance, including optimum capital structure comprising equity, senior and mezzanine debt. EARNING OUTCOMES
Understand the basis of discounted cash flow methods of investment appraisal Critically assess the robustness of assumptions used in appraisals, and the impact of
risk on appraisal results SYLLABUS
Financial mathematics, compounding, discounting and real estate cash flows Real estate appraisal by discounted cash flow methods Reconciliation of discounted cash flow and conventional appraisal methods Risk assessment, scenarios and sensitivity testing in appraisals The treatment of taxation, depreciation and leverage in appraisals The principles of equity and debt finance and their application to real estate Senior and mezzanine debt and optimum capital structure
READING LIST Baum, A., and Crosby, N. (2007), Property Investment Appraisal (3rd ed), Wiley-Blackwell
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REAL ESTATE INVESTMENT AND MARKET ANALYSIS SMM195
(MSc REAL ESTATE INVESTMENT)
MODULE LEADER Tony Key, Professor of Real Estate Economics SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%). EDUCATIONAL AIMS The module will equip students with the knowledge of information sources, market analysis methods and modern appraisal techniques which underpin the valuation and investment appraisal of real estate assets, with an emphasis on the practical modelling methods which constitute global best practice in these fields. The investment appraisal element of the module focuses on the adaptation of standard discounted cash flow methods to real estate. Special emphasis is put on the linkages between conventional and discounted cash flow methods and the practical construction of appraisal models in Excel. The second element of the module covers the acquisition and analysis of the market evidence needed to generate real estate appraisals. This includes the use of market indicators to evaluate market pricing and investment potential, plus the theoretical and practical background of trend analysis and forecasting methods. LEARNING OUTCOMES
Understand the basis of conventional and discounted cash flow methods of investment appraisal
Critically assess the impact of risk on appraisal results Construct cash flow models for real estate assets and apply risk assessments to
those models Compile and critically review analyses of real estate markets
SYLLABUS
Financial mathematics, compounding, discounting and real estate cash flows Real estate appraisal by conventional and discounted cash flow methods Risk assessment, scenarios and sensitivity testing in appraisals The treatment of taxation, depreciation and leverage in appraisals Data sources and standard techniques in real estate market analysis Statistical techniques for trend analysis and basic forecasting models
READING LIST Baum, A. & Crosby, N., (2007) Property Investment Appraisal (3rd ed), Routledge Fraser, W. D., (2004) Cash-flow Appraisal for Property Investment, Palgrave-Macmillan
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REAL ESTATE MODELLING AND MARKET DYNAMICS SMM190
(MSc REAL ESTATE INVESTMENT)
MODULE LEADER Prof George Matysak, Henley-Reading Business School
SESSIONS 10 x 3 hour sessions ASSESSMENT This module will be assessed by coursework (25%) and an
examination (75%). EDUCATIONAL AIMS This is an applied econometric modelling course. It aims to provide students with comprehensive coverage of the application of alternative modelling techniques. The course examines modelling issues across the range of real estate related assets and markets. The course aims to illustrate the challenges in modelling such markets due to factors such as data limitations. The module will contain a mixture of theoretical constructs and the application of these in an applied econometric setting. LEARNING OUTCOMES
Be comfortable with both the quantitative methods used in the course and their application in a real estate context
Appreciate the linkages between the theoretical background of real estate economics and applied modelling
Have an in-depth appreciation of the techniques available in the modelling of market behaviour in the private real estate market
Have an understanding of simulation approaches and their uses SYLLABUS
Modelling real estate cycles Simultaneous equation models Rent adjustment models Vector autogressive models Regime switching & structural breaks Introduction to panel modelling Modelling housing markets Simulation: historical, bootstrapping & Monte Carlo
READING LIST The material for the course will be given in lectures, drawn from key journal papers on econometric and quantitative modelling of real estate markets.
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Elective Information Cass Business School provides an extensive range of elective modules for the different MSc programmes. A special elective handbook, regarding your term three selection of modules, will be distributed in the second term and will provide further information. Electives which have previously been provided by MSc Real Estate and MSc Real Estate Investment include:
Real Estate Securitisation Residential Markets Professionalism Building Project Management and Procurement
Apart from those electives students will also be able to choose from preselected modules offered by other MSc programmes. In the past these have included:
Project Finance Corporate Restructuring Consulting Skills
Please note the School reserves the right to withdraw an elective if demand is insufficient and to add new electives if they are available. Space restrictions and timetable availability may also affect the availability of electives.
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Section 4: Assessment Regulations and Regulations for the Award of the Degree
Described below are the rules governing the award of a master degree in Real Estate and Real Estate Investment. For further information, the City University’s complete set of “Ordinances and Regulations” are published on the University’s website.
Assessment Regulations
Assessment Calculations The rules governing calculation of module and overall degree marks are as follows;
All modules must be passed individually. There are no minimum mark requirements for separate assessment components
(unless specifically stated). However, it is compulsory to complete all coursework and exam components and no module mark can be awarded until these are completed.
A module mark is calculated by aggregating marks for all assessment components, unless otherwise stated in the module outline (section three).
Where modules are assessed by both exam and coursework, these are weighted to calculate the module mark – please see the assessment matrix in section two for the relative weightings.
Where there are several pieces of coursework, the coursework results are averaged according to weightings.
To calculate the overall degree mark, module marks are combined using weightings in line with the relative credit values of modules.
Failure and Re-sitting of Modules
Any module with an aggregate mark of less than 50% is deemed to have been failed and must be resat.
To resit a failed module, a candidate must re-do all assessment components which gained marks of less than 50%.
Modules may be resat only once. A candidate who successfully completes a resit shall be awarded the credits for the
module. The mark awarded for the resat components will be capped at 50%. The mark awarded for other components will be the original mark. This mark will also be used in calculating the overall degree mark.
A candidate who does not pass his or her resit by the date specified by the Assessment Board will not progress on the programme and the Assessment Board will normally make a recommendation that they withdraw.
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Coursework All coursework and invigilated tests are compulsory and count towards the final degree. In some modules presentations or invigilated tests may replace written coursework assignments. Some subjects may be assessed by coursework only. Precise details concerning examined and non examined modules are provided in the module outlines. Please note coursework is required to be submitted for assessment by the specified deadline date. Late coursework will receive imposed penalties. Late coursework will immediately receive a deduction of five marks on the first day of lateness, with one further mark deducted for each day of lateness, for a maximum of five days. After this point coursework will not be accepted and a mark of zero will be awarded. All coursework should be submitted electronically via the virtual learning environment, Moodle. It is essential that you keep a copy of all coursework submitted. All sources used should be cited using the Harvard referencing system. Further information about this can be found on the Cass website: http://www.cass.city.ac.uk/intranet/student/learning-resource-centre/citing-references. Coursework will be returned to students as quickly as possible with the aim of students receiving feedback within three to four weeks of their submission
Degree Requirements To qualify for a Masters degree, a candidate must achieve at least 50% as an aggregate mark for each module and an overall degree average mark of 50%. This will result in the acquisition of 180 credits, which is the number required to achieve a masters degree in Real Estate and Real Estate Investment.
Award of Distinction To calculate the overall degree mark, all module marks are combined using the weightings in the Assessment matrix table. The award of distinction for the masters is based on:
An overall degree mark of at least 70%, with no modules failed at first attempt. However, where a student has one resit and passes, achieves an overall degree
average mark of 70% or above, should be awarded a merit and not a pass.
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Award of Merit To calculate the overall degree mark all module marks are combined using the weighting in the table. The award of merit for the Masters is based on:
An overall degree mark between 65% - 69.9% inclusive. No modules failed at first attempt.
Postgraduate Diploma A student who has not accumulated enough credits to be awarded a masters degree may be awarded a postgraduate diploma provided they have satisfied the following conditions:
1. The total number of credits gained is equal to or greater than the minimum credits stipulated in the programme specification for the award of a diploma.
For the award of a diploma, a student may compensate a maximum of 20 core or core elective credits provided the following conditions are met:
1. The mark achieved for the module(s) to be compensated is at least 40%. 2. The average mark of all modules to be counted towards the diploma, including those
modules to be compensated, is at least 50%. Note that:
The diploma average will be calculated in the same way as the masters average as specified in the programme specification;
The award of distinction and merit will also be calculated in the same way as for the masters degree, as specified in the programme specification.
Periods of Registration The periods allowed for completion of the qualifications are:
Four years for a masters degree: full or part-time Two years for a postgraduate diploma: full or part-time
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Grade Related Criteria
Class % Literary Knowledge Independent thought, uses of sources and research
materials
Presentation Professional
Dis
tin
ctio
n
85-100 A Outstanding Comprehensive and informative knowledge of subject area, may include - new knowledge derived from which the marker and wider community may learn; addresses the learning outcomes/ assessment criteria in full
Where relevant, evidence of independent reading, thinking and analysis and strong critical ability
Well-constructed
professional approach to academic practice; professional standard generally
80-84 Excellent 75-79 Very good Sophisticated or strong - shows knowledge of complex
issues or a broad range of issues and addresses the learning outcomes/assessment criteria well.
Where relevant, show evidence of wide and comprehensive reading and critical ability
Clearly written adhere to the principles of good academic practice
70-74
Me
rit
65-69 B Good Sound knowledge of a broad range of issues or detailed knowledge of a smaller number of issues; makes a good attempt to address the learning outcomes/assessment criteria, realising all to some extent and some well
Evidence of thorough research of the topic(s) but some answers may not be complete or arguments sufficiently explored. Some critical ability will be evident.
well-structured and logically written
demonstrate good academic practice
Pas
s
50-64 C Satisfactory Adequate knowledge of important issues – some level of response to all learning outcomes/assessment criteria but may not include important elements or information that is fully accurate.
Where relevant, development of ideas is limited but attempts will be made to analyse materials critically
Expression and structure may lack clarity
evidence of good academic practice will be limited
Fai
l (0
%-4
9%)
41-49 D Poor Unsatisfactory work - inadequate knowledge of the important issues and doesn’t succeed in grasping key issues, therefore learning outcomes/ assessment criteria will not be realised
No real development of ideas and critical analysis will be very limited.
Presentation is confused or incoherent
General ignorance of good academic practice may be evident
20-40 E Very poor Knowledge is lacking either through omission, the inclusion of large amounts of irrelevant information or evidence of significant misunderstanding - totally inadequate attempt to address the learning outcomes/ assessment criteria
No critical ability will be displayed
Confused, incoherent or unstructured presentation
Ignorance of good academic practice will be evident
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Section 5 Additional Information
MSc Course Office The Course Office is located on the 3rd Floor of Cass Business School, 106 Bunhill Row, London EC1Y 8TZ. Your Course Officer is accessible via email and telephone, should you be unable to visit the office in person. Please note the following opening hours Term Time Hours Monday: 1pm – 6.30pm Tuesday: 1pm – 8pm Wednesday: 1pm – 6:30pm Thursday: 1pm – 8pm Friday: 10.30am – 3.30pm Out of Term Time Hours Monday to Thursday 1pm – 5pm Friday 10.30am – 3.30pm
Contact Details The course officer for the real estate programmes is Zoe Owen. She can be contacted on 020 7040 8211 and [email protected]. She is based in the course office on the 3rd floor of Cass Academic staff The offices of all full time academic staff are on the 5th floor of Cass. Some staff set regular office hours during term when they are available to meet students, others do not specify set times. In both cases, it is best to make an appointment by e-mail in advance. When mailing to ask for a meeting outside a lecturers office hours, it helps if you suggest a choice of times convenient for you, and to give a telephone number.
Room Number Phone E-mail
Mark Andrew 5089 5270 [email protected]
George Herd 5096 8215 [email protected]
Tony Key 5087 8679 [email protected]
Stephen Lee 5090 5257 [email protected]
William (Bill) Rodney .. .. [email protected]
Lecturers from other departments and visiting lecturers can be contacted via the course office on 020 7040 8211.
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Virtual Learning Environment The Virtual Learning Environment for Cass and City University, Moodle, provides a variety of information and resources to students. This includes the following:
Lecturer contact details Course office contact details Module outlines and course material Teaching and exam timetables Course calendar, including events and module deadlines
It also provides students with the facility to:
Submit coursework Receive coursework grades Manage your profile and communicate with classmates
Students are responsible for regularly checking both their City email account and their Moodle account. This is how both course office staff and academics will communicate with you.
Personal Tutors Postgraduate taught students will be assigned a personal tutor. This personal tutor will be available to provide general academic, professional and pastoral support and will also ensure that a student is aware of the additional and more specialised support mechanisms available within the University. Students should have the opportunity to see their personal tutor on an individual basis at least once a term. Students will be assigned a personal tutor at the beginning of the year. Our course office team are also available to assist should you need help during the course of your studies.
The Royal Institution of Chartered Surveyors Both the MSc Real Estate and MSc Real Estate Investment are fully accredited by The Royal Institution of Chartered Surveyors (RICS), which is the professional body for the real estate industry. The RICS now has very active branches in many other countries, and RICS membership is recognised globally as a high quality professional qualification. The course accreditation means that students completing their Masters degree may apply to become full Members of the RICS. Full membership of the RICS is awarded on passing an Assessment of Professional Competence (APC). This can be taken after two years' practical experience and takes the form of a diary or work done during that period, a project submission and an assessment panel. The two year period starts shortly after the award of the Masters degree. Students intending to follow this route should make sure they are up to date with requirements for the APC, available from www.rics.org/apc or 020 222 7000. While you are studying for your Masters degree you are strongly advised to become a student member of the Institution. This has benefits including invitations to events through
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the year and access to the RICS library. An RICS representative will give more information on membership and application forms, during in the Induction period.
The Investment Property Forum The Investment Property Forum recognises the MSc Real Estate Investment as providing relevant skills necessary for those operating in the property investment market. Under this arrangement graduates of the course will be offered membership of the Forum, subject to the requirement that the graduate should have a minimum of two years relevant work experience in the property industry. Graduates who meet the above criteria will be invited to join the IPF. Applicants will be expected to fill in an IPF application form, and will need proof of their relevant work experience and their successful graduation from this programme.
Real Estate Careers You should be starting to think about your career objectives when you start the course. Many of the major employers of new graduates set deadlines for applications before the end of December and complete their recruitment by March. And an idea of the type of job you want to get will help to shape your choice of topics for the Business Research Project and Elective modules. The Cass Careers Service is there to help with information on employers, writing applications, and preparing for interviews. The strong reputation of Cass real estate graduates means that many of the major employers among surveying and financial firms will hold information sessions on recruitment at Cass or at their own offices, most of them in the first term. A careers fair for real estate employers will also be held during the induction period. Details of all these events specific to real estate will be e-mailed to you. There are also many potential employers of real estate graduates in other major sectors – such as banks and management consultants. The leading firms in these sectors will also be visiting Cass as for careers sessions organised for other programmes, so you should attend events for any employers you are targeting. Cass will provide you with a lot of support in looking for employment, but cannot get a job for you. There are many potential employers you will have to seek out yourself, especially smaller firms, who do not have regular graduate entry programmes nor visit Cass. The market remains very competitive, and there is a lot you can do to make the right choice and to increase your chances of a successful application. You should, for example, use the websites of firms to research what they do, keep up with the job advertisements in Estates Gazette, Property Week and Wednesday’s Financial Times, and take the opportunity to meet up with Cass alumni at events through the year.
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Real Estate and the Real Estate Faculty at Cass Business School Cass has been a pioneer in post-graduate real estate education; you are joining long-established courses, among the largest of their type in Europe. A Department of Property Valuation and Management at City University was originally set up on the initiative of the industry in the 1980s, to create a centre for real estate education which London lacked at that time. The first post-graduate courses were introduced in 1988, initially to raise level of financial skills among working real estate professionals. By the late 1990s, they had grown into full Masters degrees, a route into the profession for entrants with a wide range of previous degrees, which has become the level at which employers prefer to recruit staff. In the late 1990s, Cass was the first in the UK to integrate real estate education into a business school and it remains the highest ranked business school in the UK to offer specialist degrees in real estate. Over time, our courses have evolved to meet the requirements of a rapidly changing world. Indeed, in the last three years our Masters degrees have again been restructured to keep pace with the globalisation of the industry and the growth of financial markets based on real estate. The real estate academic staff at Cass reflect this history, an emphasis on the combination of real estate education with up-to-date methods of analysis. They are well-established teachers and researchers who are leading experts in their field. As researchers, they have produced a large volume of work both in academic journals and in reports commissioned by the industry. Recent projects, for example, have been undertaken for the British Property Federation, City of London Corporation, Credit Suisse First Boston, Grosvenor Estates, INREV, Institute of Actuaries, IPD, Investment Property Forum, Jones Lang LaSalle, Knight Frank, KTI, Land Securities, Office of the Deputy Prime Minister, RICS and Strutt & Parker. All the core real estate modules in your course will be taught by the staff listed below.
The Real Estate Faculty Dr. Mark Andrew - Senior Lecturer in Real Estate Finance Mark Andrew joined the real estate group at Cass in January 2007. He was previously a Lecturer in Economics at the University of Reading. Mark's research interests are in the fields of housing economics, micro-econometrics and panel data analysis. He has published in journals such as Real Estate Economics, Regional Science & Urban Economics and the Oxford Review of Economic Policy. He has worked on funded research projects for HM Treasury, Council of Mortgage Lenders, Department of Communities and Local Government, National Housing Planning and Advice Unit, and the ESRC. Mark teaches Quantitative Methods on the MSc Real Estate, and an elective module on Residential Markets. Mr. George Herd FRICS - Senior Lecturer in Property Valuation George Herd obtained his professional qualifications while working as a valuation surveyor with the London County Council. In 1969 he took a Postgraduate Course at the University of Reading and in 1972 joined Reading University's Department of Land Management and
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Development as a lecturer in Valuation. In January 1989 he was appointed as a Senior Lecturer in Property Valuation at City University. His research interests include Statutory Valuation and Property Valuation in Europe, Africa and the Far East. He has also been an examiner to various professional institutions, and is currently external examiner at the Amsterdam School of Real Estate. George is Course Director for the MSc Real Estate and teaches Property Valuation on that programme. Professor Tony Key - Professor of Real Estate Economics Tony Key joined the Cass Business School as Professor of Real Estate Economics in January 2003. From 1988 to 1992 he was Director of Research at Investment Property Databank, responsible for services including forecasts, market analysis and risk assessment, index and benchmarking services in Scandinavia and Canada. Previously Tony worked on urban and regional development projects in government and at the Centre for Environmental Studies, and was a Partner of Property Market Analysis. His profile within the industry is highlighted by frequent appearances at industry events, and consulting work for organisations such as the British Property Federation, Capital Economics, Conerstone Real Estate Advisors, Dorrington plc, INREV, Investment Property Forum, Investment Property Databank and Strutt & Parker. Tony is Course Director for the MSc Real Estate Investment, and teaches modules in Real Estate Economics, Investment Analysis and International Markets. Mr. Stephen Lee - Senior Lecturer in Real Estate Investment Stephen Lee is a Senior Lecturer in Real Estate Investment. He joined Cass in October 2006 from the Department of Real Estate & Planning, University of Reading. Stephen has published extensively in the field of property investment, particularly relating to the application of Modern Portfolio Theory to real estate, in journals including the Journal of Property Investment and Finance, Journal of Property Research and Journal of European Real Estate Research. His research has been supported by grants from the Real Estate Research Institute, The Corporation of London, The RICS and INREV. Stephen teaches courses in Real Estate Asset Management on the MSc RE, plus Portfolio Risk Management, Investment and Financial Analysis on the MSc REI Dr. Fotis Mouzakis - Lecturer in Real Estate Finance and Investment Fotis Mouzakis joined Cass in 2002 after working in the private sector (Prudential Property Investment and DTZ Research) and in the Department of Economics \t Surrey University. His research interests focus on the application of contemporary theoretical and empirical modelling methods in real estate research topics. Recent work includes the development of property forecasting models and modelling several aspects of the relationship of planning with property markets. His research has been supported by grants from the Office of the Deputy Prime Minister, the RICS and Knight Frank, and is published in journals such as Urban Studies, Journal of Property Research and Journal of European Property Research. Fotis will be taking sabbatical leave to focus on research, and will not be teaching in 2011-12.
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Mr. William (Bill) Rodney FRICS – Senior Lecturer (part-time) Bill Rodney has taught at City University / Cass since the early 1990s, including a period as Head of Real Estate, he currently holds a part-time post alongside a business in real estate executive training. He is widely recognised as a leader in the field of appraisal and finance and the use of practical analytical tools for project and portfolio analysis; his published work includes book chapters on advance modelling and risk management methods. Bill has worked on large-scale commercial development schemes and major urban regeneration projects. He has also acted as a consultant on funding and development strategies for commercial real estate projects. In recent years he has specialised in executive training courses which he have been delivered in many countries around the world. Bill teaches Real Estate Development and Planning, and Real Estate Finance on the MSc Real Estate.
Selected staff publications This list of published articles and reports authored by current members of REFIG gives an indication of their interests and activity. Byrne P, Lee, S (2011), 'Sector, Region or Function? A MAD reassessment of Real Estate Diversification in Great Britain', Journal of Property Investment & Finance, 29(2), p.167-189
Lee, S (2011 Forthcoming), 'The Benefits of Public and Private Real Estate', Journal of Property Investment and Finance
Andrew, M (2011) ‘Neoclassical Models of the Housing Market (2011)’, in The International Encyclopedia of Housing and Home' Prof Ken Gibb (ed.)
Lee S, Byrne P (2010), 'Spatial Concentration in Institutional Industrial Real Estate Investment in the England and Wales', Journal of Property Investment and Finance, 28(1), p.6-23
Andrew M (2010), 'The Changing Route to Owner Occupation: The Impact of Student Debt', Housing Studies, 25, p.39-62
Lee S, Byrne P (2009), 'Spatial Concentration in Institutional Investment in the UK: Some Comparisons between the Retail and Office Sectors ', Journal of Property Investment and Finance, 27(1), p.5-24
Lee S, Gabrielli L (2009), 'The Relative Importance of Sector and Regional Factors in Italy', Journal of Property Investment and Finance, 27(3), p.277-289
Lee S (2009), 'Is the UK Real Estate Market Converging with the Rest of Europe?', Journal of European Real Estate Research, 2(1), p.18-32
Lee S, Morri G (2009), 'The Performance of Italian Real Estate Mutual Funds', Journal of European Real Estate Research, 2(2), p.170-185
Lee S, Higgins D (2009), 'Evaluating the Sharpe Performance of the Australian Property Investment Markets', Pacific Rim Property Research Journal, 15(3), p.358-370
Key T (2009), 'The Future of Real Estate Education' in Newell G, Sieracki K (eds.), Global Trends in Real Estate Finance, Wiley-Blackwell
Anim-Odame W. K, Key T, Stevenson S (2009), 'Measures of Real Estate Values from Land Registration and Valuation Systems in Emerging Economies: the case of Ghana', Journal of Real Estate Literature, 17(1), p.63-84
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Parkinson M, Ball M, Blake N, Key T (2009), 'The Credit Crunch and Regeneration: Impact and Implications', Department of Communities and Local Government, UK
Andrew M, Bramley G, Leishman C, White M (2009), 'Sub-Regional Housing Market Models', NHPAU
Andrew M, Meen G (2008) Planning for Housing in the Post-Barker Era: Affordability, Household Formation and Tenure Choice, Oxford Review of Economic Policy, 24:1, 79-98.
Mouzakis F, Henneberry J (2008) Geographical Externalities of Local Real Estate Markets: An Empirical Examination of UK Data, Journal of European Real Estate Research, 1:1, 58-71
Mouzakis F, Henneberry, J (2008), 'Geographical externalities of local real estate markets: An empirical examination of UK data', Journal of European Real Estate Research, 1(1), p.58-71;
Andrew M, Meen G (2008) Planning for Housing in the Post-Barker Era: Affordability, Household Formation and Tenure Choice, Oxford Review of Economic Policy, 24:1, 79-98
Lee S, Kovac V (2008), 'The Specific Risk of the Real Estate Securities Market', Journal of Property Investment and Finance, 26(5), p.399-417
Lee S, Stevenson S (2007). The Substitutability of REITs and Value Stocks, Applied Financial Economics, 17:7, 541-557.
Key T, Lee S (2008), Real Estate Fund Styles, INREV
Mouzakis F, Richards D (2007) Rents in Key European Office Markets: Modern Panel Data Techniques versus Traditional Approaches, Journal of Property Research, 24:1, 31-53.
Marcato G, Key T (2007), 'Smoothing and Implications for Asset Allocation Choice: Model Selection or Calibration',Journal of Portfolio Management, 34(SPI), p.85-98
Key T, Callender M, Devaney S, Sheahan A. (2007), 'Risk Reduction and Diversification in UK Commercial Property Portfolios', Journal of Property Research, 24(4), p.355-375
Key T, Marcato G (2007), 'Index Smoothing and the Volatility of UK Commercial Property', Investment Property Forum
Andrew M, Haurin D & Munasib A (2006), Explaining the Route to Owner-Occupation: A Transatlantic Comparison, Journal of Housing Economics, 15:2, 189-216.
Henneberry J, McGough T & Mouzakis F (2005), The Impact of Planning on Local Business Rents, Urban Studies, 42:3, 471-502.
Key T, Law V (2005), 'The Size and Structure of the UK Property Market', Investment Property Forum
Key T & Marcato G (2005), Direct Investment in Real Estate: Momentum Profits and Their Robustness to Trading Costs, Journal of Portfolio Management, 31, Fall, 55-69
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Programme Disclaimer
The information in this Specialist Masters Programme Handbook is correct at the time of going to press in August 2011. The University reserves the right to make amendments to:
a) the contents of the Programme Handbook and in particular to the timetable, location and methods of delivery or the content, syllabus and assessment of any of its programmes as set out in the programme and module specifications in this Handbook and/or on the University's website; and
b) its statutes, ordinances, regulations, policies, procedures and fee structures,
provided that such amendments are (i) as a result of student demand (or lack thereof), (ii) as a result of unforeseen events or circumstances beyond the University's control or (iii) are deemed reasonably necessary by the University. In the event that amendments are made, the University shall take reasonable steps to notify you as soon as is reasonably possible.
