RE2FIN: Real Estate Finance and Investment

Module code: RE2FIN

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: 5

When you’ll be taught: Semester 2

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

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE RE1ISS (Compulsory)

Co-requisite module(s): IN THE SAME YEAR AS TAKING THIS MODULE YOU MUST TAKE RE2ECON (Compulsory)

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

Module(s) excluded:

Placement information: NA

Academic year: 2025/6

Available to visiting students: No

Talis reading list: Yes

Last updated: 9 September 2025

Overview

Module aims and purpose

With an emphasis on furthering the business acumen of students, this module adopts an interactive approach to the aims to the introduction of real estate finance concepts and how finance affects investment decisions, by providing insight into the operation of commercial real estate markets within a broader capital market setting, and building on relevant material from Parts 1 and 2. It also provides a solid basis for more specialised analytical work within the area of real estate finance and investment in Part 3. Upon completion of the module, students should understand key theoretical concepts in finance, be able to appraise critically published work in the field and apply this knowledge to the analysis of practical real estate problems. Students will also develop business acumen by engaging in interactive learning. 

The module leads at the University of Reading Malaysia are Dr Janice Lee at janice.lee@henley.edu.my and Dr Nurjihan Idris at nurjihan.idris@henley.edu.my.

Module learning outcomes

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

1. Explain the main theoretical concepts relating to the financial analysis of real estate markets;
2. Critically appraise relevant literature applying financial models to real estate markets; 
3. Apply theoretical finance principles to solve practical real estate problems; 
4. Analyse capital market and corporate financial data using quantitative techniques.

Module content

The module will develop understanding of investment and finance, emphasising theoretical and empirical analyses of real estate markets. Linkages between the property market and other capital markets and asset classes will be explored. 

Material covered will include corporate financial decision-making and capital budgeting; the cost of raising capital and capital structure; forms of financing available for real estate; the investment characteristics of real estate; the pricing of risk; other relevant financial issues. 

Structure

Teaching and learning methods

The module is comprised of both lectures and seminars/tutorials. Importantly, students are expected to independently read the assigned articles and prepare for both lectures and seminars/ tutorials on a weekly basis. The module is highly interactive and it requires students to consistently attend lectures and seminars to fully achieve the learning objectives. 

For students studying at our campus in Malaysia: This module may be taught in a different semester and the breakdown of study hours may differ to those set out in the Study Hours table (please refer to the Module Handbook for the correct breakdown). In addition, you will be required to complete an additional 40 hours of study, taking the total number of study hours to 240 for this module. This is to comply with the Malaysian Quality Agency (MQA). 

Study hours

At least 30 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 40% to pass this module.

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 a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): 10% of the total marks available for that piece of work will be deducted from the mark for each calendar day (or part thereof) following the deadline up to a total of three calendar days;
• where the piece of work is submitted up to three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in you Individual Learning Plan), 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 calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan), no penalty shall be imposed;
• where the piece of work is submitted more than three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three calendar days of the deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): no penalty will be applied;
• where the piece of work is submitted more than three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): a grade of Fail will be awarded.

Where a piece of work is submitted late after a deadline which has been revised owing to an extension granted through the Assessment Adjustments policy and process (self-certified or otherwise), it will be subject to the maximum penalty (i.e., considered to be more than three calendar days late). This will also apply when such an extension is used in conjunction with a DAS-agreed extension as a reasonable adjustment.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/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.

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. 

Both lectures and seminars provide extensive feedback to students who want to improve their knowledge and they should be regarded as an effective feedback system to test abilities and ask for clarifications.   

Reassessment

Additional costs