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Department of Land Economy

Environment, Law & Economics

Course Themes

The course has a number of themes running through it that reflect some of the key trends shaping the industry and will be explored throughout the programme:

  • The interaction between the economy and real estate markets
  • Globalisation and its influence on the market
  • Risk management and mitigation
  • The impact of technological change on real estate
  • Sustainable buildings and cities

Course Modules

There are six assessed taught modules and one non-assessed module on business management over the course of the two years:

Modules Topics

Assessed taught modules



Real estate as an asset class [REM1]

  • Real estate in a mixed asset portfolio
  • Understanding the global real estate market – markets, sectors and investors and other stakeholders
  • Drivers of risk and return across sectors
  • Valuation principles
  • Financing - capital structure decisions


Research methods [REM2]

  • Interpreting data and their limitations in a real estate context
  • Understanding the research process
  • Critical reading of research literature
  • Statistical and econometric tools for analysis
  • Data issues in real estate
  • Essay/dissertation writing


Private real estate, funds and international investment [REM3]

  • Private real estate – strategy and objectives
  • Structures, fees, governance and alignment
  • Real estate debt, assessing loan terms and hedging strategies
  • Global real estate strategies and implementation issues
  • Valuations and investment performance measurement (pre and post-tax)
  • Risk measurement in portfolios and managers
  • Assessing and selecting private real estate managers/partners


Real Estate Appraisal and Decision-Making [REM4]

  • Discount rates, growth rates and yields
  • Integrating debt finance and stressing cash flows
  • Assessing rental income flows with different leasing structures
  • Indexed and constrained index leases
  • Scenario analysis


Real estate securities [REM5]

  • Fixed interest securities
  • Asset and mortgage backed securities
  • Real estate securities and REITs
  • REITs/real estate securities and the underlying market
  • Analysis of REIT performance


Real estate development [REM6]

  • Development intro - Why develop?  Who involved?
  • Urban planning – UK and international practice
  • The development process
  • Development appraisal
  • Development risk management

** Please be aware that the programme is continually evolving in order stay relevant to industry needs and reflect emerging trends. Therefore the course content and modules may vary from that published on this website.






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MSt in Real Estate Prospectus 2023


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Introduction by Course Director Nick Mansley

An Interview with MSt Graduate Elizabeth Smart