University

University of Cambridge

Master of Studies in Real Estate

Program overview

The Master of Studies in Real Estate program aims to enhance students' technical skills and cultivate a diverse range of abilities, empowering them to become agents of change not only within the real estate industry but also in broader contexts.

Last updated: May 27, 2024

Academic Information

Degree offered

Master of Studies in Real Estate

Length of program

2 years

Mode of learning

Online & On Campus

Unique real estate academic features

The Master of Studies in Real Estate program aims to cover the entire scope of the real estate industry, spanning from overarching factors influencing capital movements within real estate to transformations in urban landscapes, and down to the optimization of individual building performance. It emphasizes multidisciplinary research and education, exploring the intersections between economics, law, policy, and the natural and built environments. Additionally, the program focuses on refining research skills and other essential skills.

Courses and disciplines/concentrations offered

Real estate as an asset class:

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:

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:

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:

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:

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:

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

Real Estate Extracurricular Opportunities

Notable traditions & events

Guest Speakers
Lectures and Seminars

Real estate extracurricular activities available

Case Studies
Dialogue
Debate
Presentations
Site Visits

Networking opportunities

Cambridge University Land Society (CULS)
The Cambridge University Real Estate Finance and Investment Society (CUREFIS)

Recruiting

Greystar
Grosvenor
Homes England
Knight Frank
LaSalle
L&G
Macfarlanes
Northwood Capital
Places for People
RBC Real Estate Capital Partners
Real Estate Balance
REVCAP
Rockbourne
Savills
Strutt & Parker
tdm recruitment
TfL Commercial Development
Wates
Wells Fargo
WIRE (Women in Real Estate)

Common employers

AECOM
APAM
ARUP
Bank of America
Barton Willmore, now Stantec
BPIC Network
Bidwells
Built-ID
British Land
Brockton Everlast
Cambridge Land Economy Advisory Board
Cambridge University Careers Service
Carter Jonas
Colliers
Cushman & Wakefield
Currie & Brown
Deloitte
Eastdil Secured
Fabrix
Fourth Street
Gerald Eve
Goldman Sachs

Faculty and Research

Faculty & Staff for the Program

See full list of faculty here

Distinguished real estate faculty members or research areas

Nick Mansley

Executive Director, Real Estate Research Centre & Course Director, MSt Real Estate

Thies Lindenthal

Grosvenor Professor of Real Estate Finance

Dr Carolin Hoeltken

Senior Teaching Associate in Real Estate, Economics and Finance

Mention any recent real estate research achievements or ongoing projects

Maximilian Exler: Real Estate Investment Trusts in Bear Markets: To What Extent Drivers of Returns and Volatility Change in Times of High Uncertainty
Thuqan AlHindawi: Can BD/ML techniques enhance RE markets’ transparency by providing a more efficient/robust way to examine the risk/return profile of real estate as an asset class?
Kahshin Leow: Spatial dependencies and their effects on real estate funds
Haotong Li: Overconfidence and real estate investment
He Tang: Political Uncertainty in The Real Estate Industry
Jiabin Wei: Dynamic Prediction of the Real Estate Price Spatial Distribution in the Autonomous Vehicle Era with Hedonic Regression and Reinforcement Learning-aided Microsimulation Integrated Model — A Case Study of Shanghai

Alumni Support

Successful real estate alumni

Himanshu Wani

Director - CBRE Investment Management

Hannah Kitcherside

Director at Turner & Townsend

Disht Advani

Senior Project Manager-BASF

Real estate alumni networks and associations

Cambridge University Land Society (CULS)

Accreditations and Rankings

Royal Institution of Chartered Surveyors Accreditation

The Investment Property Forum (IPF) Accreditation

Awards or recognition

Douglas Blusten Prize for best performance in the dissertation for the Real Estate Finance MPhil
Alistair Ross-Goobey Prize for best overall performance on the Real Estate Finance MPhil.