RE3RPM: Real Estate Portfolio Management

Module code: RE3RPM

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: 6

When you'll be taught: Semester 1

Module convenor: Mr Pin-Te Lin, email: pin-te.lin@henley.reading.ac.uk

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE RE2FIN OR TAKE RE2PREP (Compulsory)

Co-requisite module(s):

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

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: No

Talis reading list: Yes

Last updated: 19 November 2024

Overview

Module aims and purpose

This module aims to enable students to develop 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 understand key theoretical concepts in investment strategy, be able to appraise published work in the field and apply this knowledge to the analysis of practical real estate problems.

Module learning outcomes

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

1. identify and explain the main theoretical concepts relating to investment strategy, portfolio selection and performance measurement;
2. discuss and appraise, relevant literature applying investment strategy, portfolio selection and performance measurement models to real estate markets;
3. apply theoretical investment strategy and portfolio management principles to practical real estate problems;
4. analyse capital market data using quantitative techniques, to identify theoretically optimal portfolio strategies and assess manager performance.

Module content

The module will cover risk and return and investors’ investment preferences; models of portfolio selection and pricing; the place of real estate in mixed asset class investment strategies; structuring the property portfolio through a sector and geographical mix and/or using 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.

Structure

Teaching and learning methods

The module is primarily lecture-based, complemented with tutorials. Additionally, students will be expected, on an independent basis, to read prescribed articles and prepare for the tutorials.

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 any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• 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 working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

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.

One mock examination will be provided in the same style and format as the summative examination which is to be attempted by the students at a time of their own choosing.

Reassessment

Additional costs