GY462      Half Unit
Real Estate Finance

This information is for the 2024/25 session.

Teacher responsible

Prof Olmo Silva CKK.4.30

Availability

This course is compulsory on the MSc in Real Estate Economics and Finance. This course is available on the MSc in Accounting and Finance and MSc in Urban Policy (LSE and Sciences Po). This course is available with permission as an outside option to students on other programmes where regulations permit.

The number of students that can be accommodated is limited. If the course is over-subscribed, places will be allocated at the Department’s discretion and a waiting list may be created. For further details, please contact your relevant Programme Coordinator.

Course content

This course aims to provide students with concepts and techniques for analysing financial decisions in real estate development and investment. Topics include: basic real estate investment analysis and financial leverage; real estate investment performance and portfolio considerations; private equity in real estate, structured investment deals and waterfall analysis; fixed and flexible rate mortgage loans and mortgage payment issues; real estate development and development finance; and current and international trends in real estate (e.g., sustainability issues in real estate investment).

Teaching

In the Department of Geography and Environment, teaching will be delivered through a combination of classes/seminars, pre-recorded lectures, live online lectures, in-person lectures and other supplementary interactive live activities.

 

This course is delivered through a combination of classes/seminars and lectures across the Winter Term (plus one revision session in Spring Term).

 

External interventions by real estate practitioners will be scheduled when feasible.

 

This course includes a reading week in Week 6 of Winter Term.

 

Some enrichment (non-compulsory) activities related to the course might be scheduled during this period (e.g. sessions on cash-flow modelling in excel).



Formative coursework

Students will be expected to complete in-class exercises and up to two take-home case-studies.

Indicative reading

Key texts are:

Brueggeman, W. B. and J. D. Fisher (2005) Real Estate Finance & Investments (13th edition or newer), New York City, NY: McGraw-Hill/Irwin;

Linneman, Peter (2004) Real Estate Finance & Investments: Risks and Opportunities, (2nd edition or newer). Philadelphia: Linneman Associates.

A more detailed reading list will be handed out at the beginning of the course.

Assessment

Exam (70%, duration: 2 hours, reading time: 10 minutes) in the spring exam period.
Presentation (30%) in the WT.

The presentation will involve both individual as well as group work.

 

Student performance results

(2020/21 - 2022/23 combined)

Classification % of students
Distinction 45.4
Merit 33.5
Pass 14.5
Fail 6.6

Key facts

Department: Geography and Environment

Total students 2023/24: 62

Average class size 2023/24: 16

Controlled access 2023/24: No

Value: Half Unit

Guidelines for interpreting course guide information

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

Personal development skills

  • Self-management
  • Team working
  • Problem solving
  • Application of information skills
  • Application of numeracy skills
  • Commercial awareness
  • Specialist skills