Masters in Real Estate Finance
This accredited Masters programme is designed to prepare you for a career in global real estate finance and investment management.
At a glance
- Gain an understanding of financial theory and its application in real estate assets
- Accredited by the Royal Institution of Chartered Surveyors (RICS)
- Offered jointly with our finance faculty at the ICMA Centre
- Programme recognised by the Investment Property Forum (IPF)
- Participate in the alumni association's RREF mentoring programme
- 97% students employed post graduation
- 89% of students would recommend their programme
- Our masters graduates secure positions at prestigious employers worldwide, earning competitive salaries. Explore our graduate outcomes.
- Locations
- Henley Whiteknights
- Subject area(s)
- Real Estate & Planning
- Start Date
- September 2025
- Duration
- 12 months
- Attendance
- Full-time
- Programme Director
-
Yuan Zhao
Overview
The MSc Real Estate Finance programme is designed to prepare graduates for careers in real estate finance and investment management. Real estate is the world’s largest asset class. The sophistication and complexity of real estate asset markets has changed radically over the past two decades. This has happened as a result of the expansion of the indirect market both in terms of publicly listed real estate specifically real estate investment trusts (REITS) and a range of investment vehicles in particular various forms of property fund. With this expansion has come the development of a comprehensive real estate investment management sector. The top 100 real estate investment managers now account for over 4 trillion pounds worth of real estate assets. Further relevant market drivers of change include the advent of investment strategies related to ESG and Sustainability, the increasing importance of Green Finance and applications of AI and Blockchain including tokenisation. As a result of all these changes real estate has become a mainstream asset class for a wider range of investors.
The MSc Real Estate Finance programme is designed and offered jointly by the Department of Real Estate & Planning and the ICMA Centre and thus combines the resources and expertise of two leading units of the Henley Business School. It is the only real estate finance programme designed and offered with direct input (e.g., core finance modules, trading rooms and databases) from a Finance Department within a Business School setting.
The combination of real estate and pure finance modules provide students with the skills to place real estate investment and finance within the context of the broader capital markets. Students learn the quantitative and conceptual skills needed to make the complex decisions in the real estate finance and investment sector.
Real Estate & Planning
Our School is the largest in the UK for teaching and research in real estate and planning. Established in 1968 at the University of Reading, we are the only major UK real estate and planning centre to be located within a business school. Being part of the Henley Business School reflects our close and longstanding collaborative relationship with industry.
We enjoy a worldwide reputation for excellence in both teaching and research and we are consistently highly ranked in all major league tables. We undertake internationally recognised, leading edge research into real estate, planning and land. Our programmes are held in high regard by leading employers. Many of whom come to us each year to recruit our graduates. We are proud of our outstanding employment record. More than 95% of our students enter graduate-level jobs within 6-months of leaving us.
The Henley pre-study course suite
Exclusively available to Henley Business School offer holders, the Pre-study course suite comprises of innovative short courses designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms.
Building blocks of finance (-)An innovative short course designed and developed by Henley faculty on the Futurelearn platform, one of the leading online learning platforms. Read moreThis pre-study interactive course is designed by ICMA Centre faculty to prepare you for your learning journey at Henley if you are undertaking postgraduate study in any finance-oriented subject. Through the course, you will appreciate the purpose of finance and investment, the main types of investment and financial markets, as well as the process of valuing investments and the role of risk and return in investment performance. These are all important fundamentals in understanding the workings of financial markets and being able to apply them to real and practical problems as part of your course. We encourage you to take the course even if you have studied finance before. The course is delivered online, requires around 15 hours of study and can be completed at your own pace. |
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Building blocks of maths and stats for finance (-)This pre-study interactive course is designed by ICMA Centre faculty to prepare you for your learning journey at Henley if you are undertaking postgraduate study in any finance-oriented subject. Read moreQuantitative techniques and statistics are among the main tools finance and investment professionals utilise in analysing data linked to financial markets and securities. This interactive pre-study course is designed to deliver these essential building blocks in maths and quants and prepare you for a Finance Master’s if you don’t have a finance, maths, or quants background. For those with a relevant background, it can serve as a refresher of this essential knowledge. |
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Study skills for success (-)This course will provide building blocks of knowledge to help you prepare for your learning journey in the area of your choice as well as equip you with key employability and study skills for successfully navigating your studies and professional career. Read moreThis pre-study interactive course is designed by Henley Business School faculty, the University of Reading Study Advice Team and the International Study and Language Institute. The course aims to prepare you for your learning journey at Henley and focuses on helping you build important study skills to succeed in your Masters and beyond. Skills such as curiosity and independent thinking, effective communication and collaboration, digital capabilities, storytelling, empathy and professional integrity are not only important in your course itself but are also sought after by employers in all areas of business. Therefore, they are instrumental in succeeding in your professional career. The learning journey of our Masters programmes is designed in a way that allows you to build such skills and this course intends to demonstrate exactly how, and therefore help you to make the most of your Masters. |
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Semester 1
In semester 1 the programme focuses on core skills. Core finance modules cover the mainstream capital markets and asset classes, whilst core real estate modules cover introduction to urban and real estate economics and real estate finance.
| Compulsory modules | Credits |
|---|---|
Investments (ICM401)The module aims to equip students with the main principles of Investment Theory. It begins with an overview of the interaction between users and suppliers of capital and the theory behind investor behaviour towards financial risk and reward. |
20 [10 ECTS credits] |
Quantitative Techniques (REMF37)The module covers quantitative techniques and methods and their applications in the context of real estate. It aims to provide students with knowledge in statistics and econometric modelling with a focus on real estate data. This module will also introduce statistical software. Read moreThe module aims to provide students with a comprehensive introduction to quantitative techniques and methods, and their use and application in the context of real estate investment. The module will cover a wide range of core econometric topics. Case studies from the academic literature are employed to demonstrate the potential uses of each approach in both a general finance and specific real estate context. Extensive use is also made of econometric software to demonstrate the application of the techniques in practice. Academic authors
Yiquan Gu
|
20 [10 ECTS credits] |
Real Estate and Urban Economics (REMF68)The module aims to provide students with insights into the application of economic principles and formal economic models to understand urban socio-economic dynamics and how housing and real estate markets work. The objective of the module is to develop- through a mix of formal economic modelling and conceptual as well as quantitative perspectives - a comprehensive understanding of economic forces shaping urban economic growth and local structural change, land use allocation within cities, equilibrium adjustment processes in demand and supply of real estate as well as broader dynamics of real estate markets. Academic authors
Carlo Corradini
|
20 [10 ECTS credits] |
Real Estate Finance (REMF70)The module presents in depth concepts of real estate finance, both theoretically and empirically. It can be seen as an advanced course in corporate finance (funding and valuation) applied to real estate topics. Read moreThe module aims to enable students to interpret the main principles of corporate finance (cost of funding and valuation) with an appropriate emphasis on real estate. It will allow students to recognise the strategic importance of real estate to corporate financial decision-making processes. Finally, analytical and financial modelling skills will be improved. Academic authors
Xiaolun Yu
|
20 [10 ECTS credits] |
Semester 2
Semester 2 provides students with the opportunity to choose three, 20 credit electives from three baskets of options. Students undertake a compulsory 40 credit dissertation in the Summer Research Period which enhances both their research skills and capacity for independent learning.
Students must choose 60 credits of optional modules, one module from each basket.
| Compulsory modules | Credits |
|---|---|
Real Estate and Planning Dissertation (REMDISS)The Real Estate and Planning Dissertation module provides a vehicle for an in-depth understanding of a chosen area of real estate economics, real estate finance and investment practice. Depending on the student's interest, this independent study requires students to select a relevant topic or issue in their programme area for further research and analysis. They will also be specifically required to display academic rigour in carrying out an agreed research programme, in presenting findings, and in producing a high quality, fully referenced dissertation that is supported by appropriate quantitative, qualitative and/or illustrative data. Academic authors
Yuan Zhao
|
40 [20 ECTS credits] |
Basket A
| Optional modules | Credits |
|---|---|
Real Estate Funding (REMF57)The module will present and analyse several sources of funding and their pricing. The process of raising equity for private real estate investment will be introduced and examined. As far as debt funding is concerned, alongside traditional methods (e.g. private lending and mortgages), the module will review structured products and hybrid forms of financing. Particular emphasis will be given to the implications of different funding structures on returns that are achieved or are achievable by equity investors. Academic authors
Yuan Zhao
|
20 [10 ECTS credits] |
Real Estate Development (REMF64)The module aims to provide students with an understanding of: the nature of the real estate development process including the activities, agencies, events, relationships, skills and tasks involved; the factors which influence the process and its outcomes; and the types, characteristics, utility and quality of buildings and schemes. The module also explores the methodologies involved in the appraisal and financing of development projects. Academic authors
Ziyou Wang
|
20 [10 ECTS credits] |
Real Estate Securities (REMFRES)This module aims to provide students with knowledge of market structures and the pricing of financial products available for indirect investments in real estate, in order to develop a critical understanding of the different features of real estate securities. It challenges the implications that specific characteristics of private real estate assets have on the pricing of such securities. Read moreThis module introduces students to primary securitised real estate markets. Equity vehicles examined will include listed companies, with a focus on Real Estate Investment Trusts. The module will also examine debt and debt-related products (e.g. residential mortgages and mortgage-backed securities) and other real estate derivative products and investment vehicles. The module will present how the different vehicles are structured and what their applications are in an investment context. Academic authors
Claire Xiaoying Deng
|
20 [10 ECTS credits] |
Basket B
| Optional modules | Credits |
|---|---|
Real Estate Asset Management (REMF44)The Real Estate Asset Management – REMF44 module explores the real estate management process; it is evaluated from the perspective of both investors and public/corporate occupiers. The students will be able to apply qualitative and quantitative techniques to analyse the real estate management process and thus make a better judgment on investment and tenure opportunities. Underpinning the module is the application of practical tools and conceptual understanding of the real estate management business. The module aims to provide students with an understanding of the role, responsibilities and skills required of the real estate manager. The management settings include both an investment and a corporate real estate portfolio. Students will therefore learn different qualitative and quantitative techniques to analyse investment but also tenure or occupancy opportunities. Furthermore, they will collate the techniques into various aspects of the real estate management process, critically evaluate them and understand their limitations. Students will also be able to distinguish between different concepts and underlying management processes in real estate and evaluate how the real estate trends in different parts of the world might impact future practices. Academic authors
Brano Glumac
|
20 [10 ECTS credits] |
Real Estate Portfolio Management (REMF52)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 to further 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. Academic authors
Pin-Te Lin
|
20 [10 ECTS credits] |
Housing Markets and Policy (REMF53)This module will provide students with an awareness of the economic principles that underpin residential property markets and relevant government policies. Housing has always been a fundamental basis for human life. Recently though, it has also grown to become the world’s largest asset class, powered by three decades of rapid global house price inflation. What happens in housing markets therefore affects almost everything; from financial market stability, to wealth inequalities; from national productivity, to rates of child birth. Read moreThis module aims to provide students with an understanding of why global, national and local housing markets operate as they do, and the implications this has for economies and societies more generally. It also aims to provide students with an understanding of how different types of policy – town planning, fiscal, monetary, etc. – can shape housing markets. Academic authors
Eamonn D'Arcy
|
20 [10 ECTS credits] |
Sustainability and Real Estate (REMF55)This module focuses on developing a conceptual understanding of sustainable development principles and their applications in real estate markets. The focus is on the adoption of sustainability and ESG in the UK property industry throughout real estate life cycles, including how this is relevant to and manifests itself at various life cycle stages, i.e. development, design, construction, operation, refurbishment, retrofitting and regeneration. The module also focuses on drivers and barriers for the adoption of sustainable development principles for a range of stakeholders in the property industry, including the business case for sustainability and building resilience. Specifically, students will develop a systematic understanding and critical awareness of sustainable development concepts, policy actions, building energy, environmental and social assessment methods, building construction methods and key property sustainability debates and their relevance to a range of stakeholders in the built environment. Academic authors
Jorn van de Wetering
|
20 [10 ECTS credits] |
Basket C
Students completing ICM306 can take the Fixed Income Certificate exam in order to obtain the ICMA FIC Certificate.
| Optional modules | Credits |
|---|---|
Real Estate Opportunities (REMF56)The aim of this ‘capstone’ module is to integrate and apply both core and specialised knowledge obtained in the MSc Real Estate or MSc Real Estate Finance Programmes and to demonstrate originality in the understanding and systematic application of this knowledge. Students work as part of team to complete three group assignments related to an International Field Trip, an Industry Challenge and a Real Estate Strategy Game. The module has a strong emphasis on ‘experiential’ learning. Academic authors
Eamonn D'Arcy
|
20 [10 ECTS credits] |
Financial Econometrics (ICM204)Building on the material introduced in Quantitative Methods for Finance, this module covers a number of more advanced techniques that are relevant for financial applications, and in particular for modelling and forecasting financial time series. These include an introduction to maximum likelihood estimation and two-stage least squares, models of volatility, simulation techniques, and multivariate models. Case studies from the academic finance literature are employed to demonstrate potential uses of each approach. Extensive use is also made of financial econometrics software to demonstrate how the techniques are applied in practice. Academic authors
Professor Michael Clements
|
20 [10 ECTS credits] |
Fixed Income Cash and Derivative Markets (ICM306)This module provides students with a comprehensive view of the fixed income cash and derivative markets. Students will study the course material for the internationally recognised ICMA Fixed Income Certificate and will, additionally, also have the chance to sit for this qualification. |
20 [10 ECTS credits] |
Private Equity and Venture Capital (ICM513)This module is intended for students who may be interested at some stage in their careers in raising private equity or venture capital finance for an entrepreneurial venture or management buyout, or who see themselves working in a professional investment capacity. |
20 [10 ECTS credits] |
Sustainable Investments (ICM516)This module explores how financial investors incorporate sustainability considerations and environmental, social and governance (ESG) criteria into their investment decisions. The module offers an introduction to the main sustainable investment strategies, the main players (governments, supranational institutions, corporations, investment funds, banks) in the sustainable investment space and the application of sustainable investment in different asset classes. A particular focus in this module is on green and climate change-related investments, but the module also explores the social and ethical dimensions of sustainable investment. Read moreThe aim of the module is to familiarise students with the main strategies employed in sustainable investments and the role that sustainable investment can play in addressing societal challenges such as climate change. Using real-world examples and ESG data, students will learn about the key challenges and opportunities that investors incorporating ESG criteria face. Students will also be introduced to the crucial role of financial regulation and voluntary standards/principles in the sustainable investment space. Academic authors
Dr Lisa Schopohl
|
20 [10 ECTS credits] |
Bond and Money Markets: Pricing, Trading and Portfolio Strategies (ICM519)The module explores the economic drivers and relationships between bond, money markets and central bank monetary policies, and the impact of key economic drivers on the pricing, trading strategies and portfolio management for bonds and money market instruments. Students will gain an understanding of how these connections affect interest rates, trading positions, portfolio management strategies, funding liquidity management, and the challenges faced by bond issuers, investors, and policy makers. The course covers the overall functions, pricing, structure and operation of bond and money markets. Read moreThe main aims of the module are to provide the tools for understanding the functioning and pricing of money markets, their connection with bond markets and central bank interventions, the fundamental determinants of interest rate markets, the commonly used trading strategies, and portfolio management strategies. The module aims to supplement quantitative skills with the knowledge of the economics of bond and money markets necessary to design trading strategies, construct and manage portfolios of bonds and money market instruments. Academic authors
Dr Ivan Sangiorgi
|
20 [10 ECTS credits] |
Modules or course content marked as optional are indicative and may be subject to change. Please note, constraints in timetable scheduling may mean you are unable to take some optional modules at the same time as others.
Our programmes are designed and delivered by internationally-renowned experts, with a wealth of academic and professional experience. All of our programmes are regularly updated to maintain their relevance in a rapidly changing industry.
Our teaching received an excellent score in the most recent independent Teaching Quality Assessment (TQA), highlighting our commitment to maintaining a world-class learning environment. You will enjoy access to our cutting-edge research, both academic and industry, ensuring that you remain at the forefront of the field.
We believe that our students should have access to good quality resources and, in addition to the facilities offered by the University, we fund a professionally staffed Resource Centre. MSc Real Estate Finance students have access to a variety of databases, from both Real Estate & Planning and ICMA, including Bloomberg; SNL Financial; Thomson Reuters; Datastream and Costar.
Most of the modules on the programme are specifically dedicated to the MSc Real Estate Finance. Students therefore obtain the benefit of both highly focused modules and small group teaching.
We aim to create a stimulating academic environment; you will be encouraged to develop individual interests and general skills as a basis for a career in the property industry, a related field or for further study.
UK/Home
| Year of Entry | Cost |
|---|---|
| 2025 | £20,700 |
International (incl. EU)
| Year of Entry | Cost |
|---|---|
| 2025 | £28,500 |
Scholarships
Scholarships are now available for 2025 entry Masters programmes. Henley is proud to have supported over 170 postgraduate students with scholarships for 2024 entry. For more information on our 2025 Scholarships programme visit our scholarships webpage.
| Entry requirement | Criteria |
|---|---|
| Undergraduate degree | Minimum 2:1 or the equivalent from an Internationally recognised university |
| Degree discipline | Business and Finance, Accounting, Economics, Mathematics, Statistics, Sciences or Engineering. |
The academic requirement for mature students may be relaxed in light of relevant professional experience.
English Language Requirements
Studying in a second language can be challenging. If your English language ability is below the minimum requirement, we may ask for evidence of proficiency. Alternatively, we may ask you to attend an English language course before you begin your studies with us.
| Requirement | Criteria |
|---|---|
| IELTS | 6.5 with no component below 5.5 |
Pre-sessional English Programme
The Pre-sessional English Programme is for international students who need to meet their degree programme English language requirements. Our courses equip you with the skills and language needed for academic success, including critical thinking, self-reflection, learner autonomy, research skills and integrating sources. The Pre-sessional English Programme is accredited by the global association of Lecturers in English for Academic Purposes, which guarantees you will receive a high-quality student experience.
Find out about our comprehensive range of Pre-Sessional English courses
Acceptance of LanguageCert Online and DuoLingo English qualifications
We accept the non-SELT version of LanguageCert (which includes the online version) and DuoLingo as suitable English language qualifications. These can be accepted for direct entry onto Undergraduate (except Speech and Language Therapy), Postgraduate Taught (except Speech and Language Therapy) and Postgraduate Research programmes.
For information on individual programme requirements and other English language qualifications, please visit our English requirement equivalent page.
If you require specific advice on your qualification please contact admissions directly by email or telephone on +44 118-378-5289.
UK visa requirements
You may need to obtain a UK visa. This visa will allow to live and study in the UK. See the UK Border Agency website.
Graduate Route
The UK's Graduate Route post-study work visa allows you to apply to stay in the UK for up to two years after you graduate, with the opportunity to undertake skilled work. Visit the University website for the latest information.
How can Henley Careers work with you?
We have an award-winning careers team that will support you through your postgraduate studies and four years after graduation.
Here is how Henley Careers can help you:
- Careers Consultant appointments: Our Careers Consultant are here to help and support you with any careers related concern that you might have. Whether it’s CV advice, practicing for an interview, providing feedback if applications aren't successful or support planning your career goals. We are here to help empower you to progress in your career.
- Events: Henley Careers organise numerous events aimed to help you build your confidence, develop the skills employers are looking for. Additionally, network with employers and expand your industry knowledge.
- Alumni support: You can continue to book one-to-one appointments with your Careers Consultant and use our online resources. For up to four years after graduating we’re here to help and support in your career.
- Career Smart: Get a head start in securing a graduate job by taking part in our online course, Career Smart. You can expect to learn about the graduate recruitment cycle in the UK. As well as where to look and how to start applying to jobs, and the different roles available to you.
For more information please see our Careers page.
Continuing your career
This programme is ideal if you're wishing to pursue a successful career in real estate finance, investment management and research. Since its launch, graduates from the MSc Real Estate Finance have secured employment at a variety of firms. This includes JP Morgan, Unibail-Rodamco, Schroders, CBRE Finance, LaSalle, LNR Partners, ICG Longbow, DTZ, Grosvenor and Knight Frank.
The School of Real Estate & Planning has a worldwide reputation and a long history of providing postgraduate education in real estate. All our postgraduate programmes open up many options for employment in the real estate industry around the world.
Our alumni association, The Reading Real Estate Foundation (RREF), organise career development and recruitment events for real estate students throughout the year. These include an evening lectures series with key industry speakers and an annual Careers Fair. To support your career development and interpersonal skills, you will also be assigned an industry mentor through the RREF mentoring scheme. Our innovative mentoring programme pairs your with professionals in the industry, both in the UK and overseas.
We have a professional Careers Development Advisor, Jane Batchelor, who helps our students with every aspect of the career development process, including identifying work placement, internships and permanent career opportunities. The MSc Real Estate Finance students also have access to the ICMA Career Development Service.
Graduates from this programme are highly sought after. You'll be well placed to take up positions across a wide range of positions in real estate investment, finance, portfolio & fund management and research. RICS accreditation also facilitates entry into the main property service and advisory firms. Since its launch graduates from the MSc Real Estate Finance have secured employment at firms such as JP Morgan, Unibail-Rodamco, Schroders, CBRE Finance, La Salle Investment Management, LNR Partners, Grosvenor, Price Waterhouse Coopers, Savills, Knight Frank and Gerald Eve.
Our alumni have secured employment at a wide range of firms including:
Investment and Commercial Banks:
Barclays Capital, BNP Paribas, Deutsche Bank, Erste Group, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley, UBS
Institutional Investors and Investment Funds:
Allianz Real Estate, Aviva, InfraRed Capital Partners, Invesco, Legal & General, M&G Real Estate, PATRIZIA Immobilien and Union Investment
REITs and Property Companies:
British Land, Grosvenor, Hammerson, Hines, Land Securities, SEGRO and Vastned
Consultancy and Research Firms:
Accenture, Ernst & Young, Fitch Ratings, IPD, PriceWaterhouseCoopers and Property Portfolio Research
Real Estate Service Firms:
CBRE, Cluttons, Cushman & Wakefield, Deloitte Real Estate, DTZ, Gerald Eve, Jones Lang LaSalle, Knight Frank and Savills
The MSc Real Estate Finance programme is also recognised by the Investment Property Forum (IPF), facilitating fast-track membership.
Apply for 2023 entry now
Apply online now through the University of Reading’s online application service.
The online application service allows you to complete your application information, attach electronic copies of your academic transcripts, certificates and other supporting information. It also provides a facility for an email request to be sent to your referees. This enables the referees to send your supporting references directly to us.
When to apply
We operate a rolling admissions system and it is recommended that you apply early to secure your place. There is no specific deadline and applications will be considered until the programme is full. However, to allow us time to process your application we recommend that you apply by the following dates:
| UK/Home applicants | International applicants |
|---|---|
| 1 August | 1 July |
After you apply
You will receive a confirmation email when we receive your application form. Your application is then reviewed by a member of staff. If successful, you will receive a formal offer letter outlining any necessary entry criteria you will need to meet. You'll then be asked to confirm your acceptance of this offer.
If you require a Certificate of Acceptance for Studies (CAS) for your visa, details will be sent by email once all conditions of the offer have been met.
Throughout the admissions process we will keep you updated with key information via email. We also provide opportunities to interact with faculty and staff online.
Find us on Facebook and keep up-to-date with news and events at Henley or ask us a question. In addition, you can speak to a current student, our students are always happy to share their Henley experience.
Our students and alumni are always keen to share their Henley experience. Whether you are a prospective applicant or already applied to a Masters programme at Henley Business School. You can ask questions to a current student by clicking the “Chat to our students” button below.
When contacting one of our students, please introduce yourself and the Masters programme you have applied for.
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Contact us
If you have any questions, please contact us by email at postgraduate@henley.ac.uk or by phone on +44 (0)118 378 7593.
“Studying at Henley Business School has been rewarding and impactful. The professors are highly regarded in academia and business, inspiring me greatly. The school regularly organizes professional events and forums to broaden students' horizons. The Careers Office provides valuable support…”
“The programme is in line with the trend of future property market development. You are able to benefit from top educational and industry resources which is a rare opportunity to understand the real estate financial market.”