REMFPM-Real Estate Portfolio Management

Module Provider: Real Estate and Planning
Number of credits: 10 [5 ECTS credits]
Level:7
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Module version for: 2017/8

Module Convenor: Dr Stanimira Milcheva

Email: stani.milcheva@henley.reading.ac.uk

Summary module description:

This module builds on the theoretical principles of portfolio management and asset pricing covered in previous modules. Some portfolio optimisation models are presented and specific features of real estate assets are introduced to examine the impact on performance measurement and portfolio construction. Indirect investment in real estate is also explored as a possibility to gain exposure in this asset class.


Aims:

This module enables students to enhance their understanding of the concepts of investment strategy, portfolio selection and performance measurement applying them to the real estate asset class. It develops students’ analytic capacity. Students will have a detailed understanding of key theoretical concepts and be able to inform their empirical application in a real estate context. They will also be able to use statistical toolboxes for portfolio decision making, critically examine published work in the field, and apply this knowledge to the analysis of real estate investment decisions within a portfolio context.


Assessable learning outcomes:

Upon completion of the unit, a student should be able to:



• Identify, explain and apply key theoretical concepts of investment strategy, portfolio selection and performance measurement in real estate markets;



• discuss relevant literature in international markets, being able to interpret and critically examine published results of empirical research in the field;



• understand portfolio optimisation models and issues related to their application using real estate data



• apply theoretical investment strategy and portfolio management principles to practical real estate problems;



• analyse capital market data using quantitative techniques to identify theoretically optimal portfolio strategies and assess managers’ performances;



• identify a suitable strategy to build a real estate portfolio using both direct and indirect investment.


Additional outcomes:

In addition, students will:



• develop their business report writing skills through the coursework;



• develop their IT skills through the computer-based workshops;



• enhance their capacity to read complex published material in a critical fashion.


Outline content:

The unit will cover risk and return and investors’ investment preferences; models of portfolio selection and pricing (portfolio theory, efficient frontier, capital asset pricing model, portfolio optimisation models); the place of real estate in mixed asset class investment strategies; structuring the property portfolio through 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.


Brief description of teaching and learning methods:

The module will consist of a mix of formal lectures and seminars/workshops. Additionally, students will be expected, on an independent basis, to read prescribed articles and prepare for class interaction. 


Contact hours:
  Autumn Spring Summer
Lectures 10
Seminars 5
Guided independent study 85
       
Total hours by term 100.00
       
Total hours for module 100.00

Summative Assessment Methods:
Method Percentage
Written exam 100

Other information on summative assessment:

The module will be assessed through a two-hour formal examination.


Formative assessment methods:

Formative assessments (for example multiple-choice self tests) will be provided for self-monitoring and revision. Informal feedback will also be accessible via workshops/seminars where key theoretical and empirical concepts will be applied and tested. 


Penalties for late submission:

Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx



Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx

Length of examination:

Two Hours


Requirements for a pass:

50%


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.


Last updated: 15 December 2017

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