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The Mechanics of Real Estate Finance
11 June 2025
or 3 December 2025

Digital learning over 20 weeks

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Unit 5

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Unit 5
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Unit 5: Learning Aims and Objectives
  • Learn the tools from fund management theory that underpin real estate investment decisions
  • Become able to analyse and compare indirect real estate investment vehicles across a wide range of jurisdictions
  • Know and understand the global REITs market including its legal, regulatory, market and economic aspects
  • Integrate synthetic real estate tools into a global portfolio analysis
  • Develop, manage and compare hypothetical real estate portfolios, assessing their performance and liquidity
    Property in the Investment Portfolio
    • Concept of Modern Portfolio Theory (MPT)
    • Measuring variance (Beta and equivalents)
    • Constructing a portfolio
    • Property correlation with other assets (equities, bonds, commodities)
    • Best international practice on property in a portfolio
    • International trends in property correlation
    • Principles of portfolio diversification
    • Evidence from fund holding of real estate
    • Corporate real estate strategy
    • Sale and Leaseback strategies (OPCO/ PROPCO)
      Fund Ownership Vehicles
      • Advantages and disadvantages of indirect vs. direct property investment
      • Listed vs. unlisted property investment vehicles
      • Investment funds (closed and open), trusts and other legal structures
      • International property investment, diversification and portfolio management
        Real Estate Investment Trusts (REITS)
        • The history of property liquidity
        • Characteristics and structure of REITs
        • REITs legislation worldwide
        • REITs taxation and accounting
        • REIT performance
        • REIT investment strategies
          Synthetic Property
          • Investment in high-yield real estate debt
          • Symthetic leases
          • Advantages and disadvantages of synthetic property investment
          • The development of synthetic property
          • Currently available instruments
          • Securitisation of real estate (including Sukuks)
          • Prospects for real estate securitisation
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