Celebrating 10 Years of REIF: catching up with Freda Rutere

Freda Rutere: MSc REIF 2016-18.
Currently working as an Investment Manager at IHS,
a Green Affordable Housing Fund based in Kenya.

MSc Real Estate Investment Finance (REIF)

A Decade Later - From Student to Impact Investment Professional

Ten years ago, I was featured in this blog as one of the first students pursuing the MSc Real Estate Investment Finance at Oxford Brookes University. At the time, I was working in commercial Real Estate Development Management in Kenya. I spoke about the disconnect I observed between investor decision-drivers and engineering fundamentals, hoping the REIF course would equip me with tools to better steer commercial real estate development decisions at a strategic level.

A decade later, as I reflect on my journey since graduation, I’m amazed at how prescient those words were – and how the MSc REIF became the bridge that transformed my career in ways I couldn’t have imagined - Specifically, I found myself increasingly drawn to projects that addressed housing affordability challenges – a critical issue across many African markets.

Today, I work as an Investment Manager at an affordable housing impact fund, where I focus on investments that generate both financial returns and measurable social impact. My role involves evaluating investment opportunities, conducting due diligence, managing a growing property portfolio, and measuring impact outcomes – all while ensuring strong financial fundamentals are preserved for investors.

The foundation laid by the MSc REIF program, combined with my engineering background, created a unique skill set that proved invaluable to better serving investors in African markets.

Looking back, the MSc REIF program delivered on everything I had hoped for and more: The analytical frameworks I learned during the MSc REIF program proved essential as I began evaluating projects not just on traditional financial metrics, but also on their potential for social impact. The course’s emphasis on understanding real estate as an asset class across various jurisdictions globally (as I had hoped) became particularly relevant as I worked on cross-border affordable housing initiatives.

For those currently in the program or considering it, my advice is to embrace the interdisciplinary nature of real estate investment finance. Don’t see it just as a property or finance course – view it as a foundation for understanding how built environments can be leveraged to create positive change and make meaningful contributions.

To the current faculty and students of the MSc REIF program: thank you for continuing to push the boundaries of how we think about real estate investment globally. 

The decade since graduation has been an incredible journey of growth and impact. I’m proud to be part of the Oxford Brookes REIF alumni community and excited to see how the next generation of graduates will shape the future of real estate investment.

Thanks Freda. Find out more about the course here.

Celebrating 10 Years! MSc REIF: Stephen Hipkins

Ye Xu (REIF Programme Leader) and Stephen Hipkins at graduation in May 2025

The Real Estate Investment Finance (REIF) programme (MSc, PG Diploma and OBU Certificate) at Oxford Brookes is celebrating 10 years this year!  The programme started in 2015 and now attracts students from across the world. This is great news as students (and staff) from many different backgrounds and locations can come together online to share experiences and work practices. The programme has been designed for real estate professionals across all sectors, as well as fund managers and investment bankers who would like to gain a better understanding of real estate as a financial asset in an investment portfolio. The programme is delivered online and offers our students (many of whom are also working full-time) a flexible and innovative way to study. We have developed our use of digital media to bring together students from many different backgrounds and locations using our virtual learning platform as well as social media and webinars. 

I caught up with one of our most recent graduates, Stephen Hipkins who completed the MSc REIF in May 2025 to find out what he thought about the REIF programme:

What is your background?

I am a qualified architect with over 25 years of experience across architecture, construction and project delivery. My career has spanned both the UK and international markets, including significant work in the Middle East. I have delivered complex capital investment projects across a broad range of sectors; residential, commercial, education, healthcare and cultural institutions, both as an architect and in senior client-side project and design management roles. My leadership has consistently centred on coordinating multidisciplinary teams to deliver high-value, technically sophisticated developments. I have worked with globally renowned practices and led award-winning masterplans such as the Qasr Al Hosn in Abu Dhabi. In recent years, I have taken a strategic leadership role in future-focused developments, including mass modular housing and sustainable EV-integrated urban planning.

Why did you decide to do a course in Real Estate Investment Finance?

Having spent much of my career focused on the design and delivery aspects of the built environment, I recognised a growing need to strengthen my commercial and financial understanding of real estate. My experience taught me that long-term project success hinges not just on design excellence or construction efficiency, but also on financial viability, market alignment and strategic investment.  

The MSc in Real Estate Investment and Finance provided the perfect opportunity to formally broaden my perspective, to view projects not only as physical assets but as vehicles of economic and social value. I wanted to be better equipped to engage with investors, developers and financial institutions and to lead with a more integrated understanding of project lifecycle economics, risk and return.

Why did you choose the MSc/PGD REIF at Oxford Brookes?

Oxford Brookes stood out for its strong reputation in real estate education and its practitioner-focused, flexible learning model. The course is tailored for experienced professionals who want to deepen their expertise while continuing to work and it focuses on real-world application. What particularly appealed to me was the course’s emphasis on combining theory with critical, practice-based analysis. The modules, ranging from valuation and investment appraisal to legal frameworks aligned closely with the challenges I encountered in my leadership roles. The university’s commitment to academic excellence, coupled with its support for distance learners, made it an ideal choice.

What did you gain from the course and how has it helped you in your career?

The MSc has significantly enhanced my ability to appraise projects from a financial and strategic standpoint. I have gained a much deeper understanding of market dynamics, investment structures, development finance and valuation techniques. I’m now far more confident in navigating complex financial models, engaging with investors and aligning project design with long-term investment goals.

Importantly, the course sharpened my decision-making in areas like portfolio planning, risk assessment and regulatory compliance. This has expanded my leadership capacity, enabling me to move seamlessly between architectural, managerial and financial domains. It’s already influencing the way I lead projects, structure deals and advocate for sustainable, commercially resilient developments. I have now set up a property business that leverages the BRRR (Buy, Refurbish, Rent, Refinance, Repeat) strategy to acquire and improve residential properties to a high standard. If you would like to know more or become involved, email us at: architectmoveorimprove@gmail.com

What did you choose for your dissertation topic and why?

For my dissertation, I explored the topic: “Decline in Town Centres: Adapting to Changing Consumer Habits.” This subject resonated strongly with me, both professionally and personally, as I’ve witnessed first-hand the shifting dynamics in urban centres across the UK, exacerbated by changes in retail behaviour, technological disruption and more recently, the aftermath of the COVID-19 pandemic. My aim was to critically examine the structural decline of traditional high streets and town centres, investigating the economic, social and spatial drivers behind reduced footfall, rising vacancies and evolving consumer expectations. I was particularly interested in how real estate stakeholders, investors, developers, local authorities and designers can reposition and repurpose underperforming assets to create vibrant, resilient urban environments.

This research allowed me to bridge my architectural and project delivery background with the commercial and strategic themes covered in the MSc. I evaluated innovative redevelopment strategies, such as mixed-use repurposing, experiential retail and community-focused place-making, alongside policy and investment models that can support long-term regeneration. Ultimately, the dissertation reinforced my belief that town centres can be revitalised through integrated, multi-disciplinary approaches, where design quality, financial viability and social value go hand-in-hand.

Thanks Stephen. If you want to find out more, then book onto one of our online information sessions via the website.

REIF Online Information Sessions

MSc Real Estate Investment Finance: Alexander Karioth

 

Alexander Karioth: MSc REIF 2024

The Real Estate Investment Finance (REIF) programme at Oxford Brookes has been designed for real estate professionals across all sectors, as well as fund managers and investment bankers who would like to gain a better understanding of real estate as a financial asset in an investment portfolio. The programme is delivered online and offers our students (many of whom are also working full-time) a flexible and innovative way to study. We have developed our use of digital media to bring together students from many different backgrounds and locations using our virtual learning platform as well as social media and webinars. The programme started in 2015 and now attracts students from across the world. This is great news for the REIF programme as students (and staff) from many different backgrounds and locations can come together online to share experiences and work practices.

I caught up with one of our alumni, Alexander Karioth who completed the MSc REIF in March 2024 to find out what he thought about the REIF programme:

What is your background?

Both my academic background and work experience were exclusively in hospitality. I began my journey with a three-year management trainee programme in hotel operations with “Kempinski”, a renowned luxury hotel brand. Recognising the need to complement my operational expertise with advanced managerial and leadership skills, I pursued a Bachelor of Business Administration in Hotel Management. As my interest shifted towards the real estate side of the hospitality industry, I transitioned into hotel consulting, joining PKF hospitality group in Vienna. This marked the beginning of my career in hotel advisory, which continued through subsequent positions at CBRE in London, Ernst & Young in Munich, and JLL.

Why did you decide to do a course in REIF?

Given that my background was exclusively related to hotels, primarily focusing on valuation and advisory work, I sought to broaden my exposure to general real estate, encompassing all asset classes. Specifically, I wanted to deepen my understanding of the investment side of the industry. 

Why did you choose the MSc REIF at Oxford Brookes?

I chose to pursue the MSc in Real Estate Investment Finance at Oxford Brookes University (OBU) for several compelling reasons. The programme's flexible structure, allowing for part-time and remote study, perfectly suited my professional commitments. The 16-month timeframe was the ideal balance between a comprehensive learning experience and timely completion of the course. Colleagues at CBRE London had highly recommended OBU as one of the most acclaimed institutions for real estate education in the UK, reinforcing my decision. Lastly, the programme's accreditation by the Royal Institution of Chartered Surveyors (RICS) enabled a clear pathway to become a RICS-registered professional.

What did you gain from the course and how has it helped you in your career?

Although fully remote, I expanded my network within the industry. Consequently, both the hard and soft skills I acquired proved beneficial. Upon successfully passing my dissertation in June 2024 and officially graduating from Oxford Brookes University in September 2024, I transitioned into a new role within the Hotel Capital Markets/Investment Sales Team at JLL. This move marked a significant shift in my career, facilitating my transition from valuation and advisory services to investment brokerage. The knowledge and network I gained through my MSc programme proved instrumental in supporting this career progression.

What did you choose for your dissertation topic and why?

The key lesson from my Bachelor's thesis was to choose a topic that is both interesting and familiar. Following this advice, I focused on hotels, the asset class I know best, selecting a relevant and intriguing subject: "An investigation into environmental sustainability factors impacting hotel real estate investment in Europe". My research addressed a significant gap in the industry – the limited adoption of environmental sustainability in hotel real estate and the lack of standardised assessment criteria for existing investments and new acquisitions. Ultimately, the study identified the most relevant environmental sustainability factors relating to the regulatory and built environment, as well as hotel operations and developed a framework of standard criteria for assessment, including recommendations on how to evaluate these criteria in current investments and new acquisitions.

Thanks Alexander. To find out more about the MSc/PGD REIF take a look at our webpage:

MSc/PGD REIF at Oxford Brookes

REIF Graduation May 2024 and a Student Profile...

Scott Rayner (left) and Shaun Nichols at Graduation on 30 May 2024

As REIF is an online course it's always really nice to actually meet some of our students and their families when they attend graduation. This was last Thursday (30 May).

Scott Rayner (on the left) also joined us for the REIF Online Info Session in May 2024, where he talked about his experience of the MSc REIF. Here's what he said...

I was working in the City of London in real estate investment as a consultant for funds, investment banks and development finance. As I didn't have a first degree in real estate and wanted to advance my career, I went looking for a flexible MSc course that was accredited by the RICS. After talking to industry professionals, I decided upon the MSc REIF at Oxford Brookes as it offered an online, flexible course with a great support structure. I wasn't disappointed. 

The international aspect of the course was incredibly beneficial and now I can look at different markets around the world and think 'I could work there...or there'. The legal aspect of the course looked at different jurisdictions and the rest of the course (and the students) had an international focus. With a group of students from across the globe, there are lots of opportunities for discussions and shared experiences. 

For the live lectures, webinars and Q&A sessions - these are always recorded and shared on the virtual learning platform meaning that you can watch them anytime. This was really helpful when I was working in The City. I could study in my own time and at my own pace. 

The course is really flexible - I took the opportunity to take some time out and delay modules during periods of intense work and the staff were always very supportive making the experience seamless. When I was doing my Dissertation I had a motorbike accident and the staff were so accommodating and encouraging and helped me to complete. 

And here is the video extract from the Online Info Session - thanks for your comments Scott!

For more information about the MSc/PGD Real Estate Investment Finance, take a look at our website here. 

MSc/PGD Real Estate Investment Finance: interview with Gadzani Tema

The Real Estate Investment Finance (REIF) programme at Oxford Brookes has been designed for real estate professionals across all sectors, as well as fund managers and investment bankers who would like to gain a better understanding of real estate as a financial asset in an investment portfolio. The programme is delivered online and offers our students (many of whom are also working full-time) a flexible and innovative way to study. We have developed our use of digital media to bring together students from many different backgrounds and locations using our virtual learning platform as well as social media and webinars. The programme started in 2015 and now attracts students from across the world. This is great news for the REIF programme as students (and staff) from many different backgrounds and locations can come together online to share experiences and work practices.

One of our recent graduates, Gadzani Tema created a video profile to give her views on the MSc REIF...

Interested? You can find out more about the MSc/PGD REIF and book a place on one of our REIF Online Information Sessions by following the links below:

MSc/PGD Real Estate Investment Finance - course details

REIF Online Information Session - click to book a place

MSc/PGD Real Estate Investment Finance - student profiles

MSc/PGD Real Estate Investment Finance: interview with Tobias Kanthak

 The Real Estate Investment Finance (REIF) programme at Oxford Brookes has been designed for real estate professionals across all sectors, as well as fund managers and investment bankers who would like to gain a better understanding of real estate as a financial asset in an investment portfolio. The programme is delivered online and offers our students (many of whom are also working full-time) a flexible and innovative way to study. We have developed our use of digital media to bring together students from many different backgrounds and locations using our virtual learning platform as well as social media and webinars. The programme started in 2015 and now attracts students from across the world. This is great news for the REIF programme as students (and staff) from many different backgrounds and locations can come together online to share experiences and work practices.

I caught up with Tobias Kanthak, one of our alumni to find out what he thought about the REIF programme. This time on film...

Interested? You can find out more about the MSc/PGD REIF and book a place on one of our REIF Online Information Sessions by following the links below:

MSc/PGD Real Estate Investment Finance - course details

REIF Online Information Session - click to book a place

MSc/PGD Real Estate Investment Finance - student profiles

MSc Real Estate Investment Finance: Michael Stephenson

The Real Estate Investment Finance (REIF) programme at Oxford Brookes has been designed for real estate professionals across all sectors, as well as fund managers and investment bankers who would like to gain a better understanding of real estate as a financial asset in an investment portfolio. The programme is delivered online and offers our students (many of whom are also working full-time) a flexible and innovative way to study. We have developed our use of digital media to bring together students from many different backgrounds and locations using our virtual learning platform as well as social media and webinars. The programme started in 2015 and now attracts students from across the world. This is great news for the REIF programme as students (and staff) from many different backgrounds and locations can come together online to share experiences and work practices.

I caught up with one of our alumni, Michael Stephenson who completed the MSc REIF in August 2021 to find out what he thought the REIF programme:

What is your background?

I am an investment surveyor working in the Central London Capital Markets team at Farebrother. I
have been working in the property industry for 3 years now, during which time I undertook the MSc
REIF at Oxford Brookes in a part time capacity, after which I undertook the APC and qualified as a
Chartered Surveyor, and a Registered Valuer in June 2022.

Why did you decide to do a course in Real Estate Investment Finance?
Prior to my property career, I had a brief career in finance following my undergraduate degree,
working for several brokerages and banks. When I decided to pursue a career change into property
investment, I decided to undertake further academia to build a foundation of knowledge to kickstart
my new career. The course gave me an excellent understanding of real estate, specifically with a
focus on investment and finance, but also of real estate as an asset class, which I did not previous
have from my career in finance.

Why did you choose the MSc REIF at Oxford Brookes?
Oxford Brookes has a fantastic reputation for real estate as a whole and following some research
into the REIF course and the specific modules I would be studying, I found that they fit with my
desired learning outcomes perfectly, as all of the key topics that I wanted to understand in order to
pursue a career in property investment were covered. The programme is also offered on a part time
basis, which suited my situation at the time of working full time whilst also studying for the MSc
remotely. This enabled me to start my new career straight away, instead of waiting to complete my
studies, which was hugely beneficial.

What did you gain from the course and how has it helped you in your career?
Undertaking MSc REIF gave me a fantastic foundation of knowledge, that has been indispensable to
my role as an investment surveyor. The content of my studies was at many times aligned with what
was required in my day-to-day role, and therefore proved a valuable resource, which has allowed
me to progress in my career faster than if I had not undertaken further academia. Specifically, the
modules covering valuation and the property investment market were incredibly valuable, as
someone with very limited knowledge and experience at the time. These modules gave me a
foundational understanding that later allowed me to become an RICS Registered Valuer, and also
provide sound advice on the central London investment market as an investment surveyor in my
current role.

As an RICS accredited course, the MSc has also been hugely beneficial in allowing me to undertake
the APC and qualify as a Chartered Surveyor. Although this MSc focuses on the investment and
finance elements of real estate, the course gave me an excellent understanding of real estate as an
asset class, which was integral to my subsequent studies to become a general practice Chartered
Surveyor, and some of the competencies that I pursued.

What did you choose for your dissertation topic and why?
My dissertation topic was ‘The Pursuit of Alpha: why have real estate funds underperformed?’. In
order to research this topic, I interviewed several UK based fund managers, to discuss why real
estate funds, according to the literature, have not delivered alpha (which is a performance metric
often used in traditional fund management) in recent years. I chose this topic as it appeared to
represent somewhat of a gap in the literature. Although the study of alpha in real estate funds was
present (albeit relatively limited), it has thus far been a mostly academic exercise, focused on
empirical mathematical data, and the various metrics and methods used in the calculations. I found
that there had been very little discussion, specifically with industry professionals, about why it might
be the case that real estate funds may not be able to deliver alpha, in other words out-perform.
It was a very rewarding dissertation that not only helped with my understanding of the real estate
fund management industry and some of the academic metrics used, but through my conversations
with industry professionals helped me develop an understanding of the practical implications and
challenges found in the real estate fund management industry, that may not always be accounted
for in academic research. I also feel that completing this project, as well as many other written
submissions undertaken during this course, have provided me with skills that are crucial to my
career as an investment surveyor, specifically when conducting research, meeting deadlines, and
writing well-reasoned and professional reports.

Thanks Michael. To find out more about the MSc/PGD REIF take a look at our webpage:

MSc/PGD REIF at Oxford Brookes

MSc Real Estate Investment Finance: the interviews

The Real Estate Investment Finance (REIF) programme at Oxford Brookes has been designed for real estate professionals across all sectors, as well as fund managers and investment bankers who would like to gain a better understanding of real estate as a financial asset in an investment portfolio. The programme is delivered online and offers our students (many of whom are also working full-time) a flexible and innovative way to study. We have developed our use of digital media to bring together students from many different backgrounds and locations using our virtual learning platform as well as social media and webinars. The programme started in 2015 and now attracts students from across the world. This is great news for the REIF programme as students (and staff) from many different backgrounds and locations can come together online to share experiences and work practices.

I caught up with two of our alumni and a current student to find out what they think about the REIF programme. This time on film...

Interested? You can find out more about the MSc/PGD REIF and book a place on one of our REIF Online Information Sessions by following the links below:

MSc/PGD Real Estate Investment Finance - course details

REIF Online Information Session - click to book a place

MSc/PGD Real Estate Investment Finance - student profiles

MSc Real Estate Investment Finance: Alice Masterman

The Real Estate Investment Finance (REIF) programme at Oxford Brookes attracts students from across the world - bringing students together online. I caught up with Alice Masterman who has recently completed the MSc Real Estate Investment Finance alongside her preparations for the Paris 2024 Olympics...

What is your background?
I am a member of the British Sailing Team and sail the 49er FX. I am campaigning towards Paris 2024 and have been sailing the FX now for 4 years since finishing my undergraduate at the University of Southampton in Politics and Economics.

Why did you decide to do a course in REIF and why Oxford Brookes?
I decided to read the Real Estate Investment and Finance at Brookes as it was the course, I wanted to do for my masters but always envisioned completing after my sailing career. This was when I did not realise you could study it part-time and online. I chose the course at Brookes due to the outstanding reputation and the flexibility of the course.

What did you gain from the course and how has it helped you in your career?
I enjoyed the course thoroughly and found the knowledge learnt was applicable to my post-sailing career in Real Estate. I want to become a Chartered Surveyor so needed the RICS accredited degree to support my future career. I found the lecturers informative and helpful, and they were quick to respond. The feedback post-assignments were useful.

What did you choose for your dissertation topic and why?
I chose to study the effects of London 2012 on East London Real Estate Prices as I have an interest in the effects of sporting events on the host cities due to my sporting background.

Thanks Alice and all the best for Paris 2024! You can find out more about the MSc/PGD REIF and book a place on one of our REIF Online Information Sessions by following the links below:

MSc/PGD Real Estate Investment Finance - course details

REIF Online Information Session - click to book a place

MSc/PGD Real Estate Investment Finance - student profiles

MSc Real Estate Investment Finance: Student Profile - Obone George

The Real Estate Investment Finance (REIF) programme at Oxford Brookes attracts students from across the world - bringing students together online. I caught up with Obone George who has recently completed the MSc Real Estate Investment Finance and he agreed to answer my questions...

What is your background? 

I studied for a BSc (Hons) in Estate Management at Heriot Watt University in Edinburgh and completed a Masters in Business Administration (MBA) with Edinburgh Business School.  I have worked in both the private sector and parastatals in Botswana specifically in the property asset management and facilities management functions.  I am currently in the banking sector where I am responsible for real estate valuations and property development projects spanning from residential to commercial developments.

Why did you decide to do a course in REIF?

Having a keen interest on the numbers side of real estate I wanted a programme that would elevate me to better understand the intricacies behind financing various real estate ventures, the concepts and forms of various finance, aspects of real estate valuation which is currently within the scope of my job role.  I also found the course interesting since it offered an in-depth study of indirect real estate investment vehicles such as real estate investment trusts (REITs), a concept which is not so common in Africa (South Africa is the only country with an established REIT market and attempts are underway in Kenya to structure and enhance REITs) albeit having existed in mature markets for a while such as the US and the UK.

Why did you choose the MSc REIF at Oxford Brookes?

First and foremost the programme at Oxford Brookes is offered in a very flexible mode of study being the international distance learning (IDL) mode which allowed me to still focus on my career and still spend time with my family without the need to relocate.  Furthermore the MSc REIF at Oxford Brookes has a comprehensive list of accreditations being the Royal Institute of Chartered Surveyors (RICS),Investment Property Forum (IPF), Asia Association for Investors in Non-Listed Real Estate Vehicles (ANREV), and Asia Pacific Real Estate Association (APREA).

What did you gain from the course and how has it helped you in your career?  

The course has equipped me with invaluable skills in terms of real estate finance, real estate valuations and international best practice. Subsequent to completing the MSc REIF I enrolled with the RICS and submitted my preliminary assessment and happy to announce that I am currently awaiting my final interview! I have also gained some financial analysis skills which is crucial in my career especially when heading a division. My job role also involves analysing and scrutinising real estate deals and testing for viability and feasibility prior to the bank funding the transaction, the MSc REIF has significantly added a lot of insight and knowledge in this category through the real estate  investment finance and real estate investment markets modules. 

What did you choose for your dissertation topic and why? 

My dissertation topic was “Investigation of residential valuation accuracy in Botswana.” I chose the topic because predominantly the research on valuation accuracy has always focused on commercial properties and in mature economies (US, UK etc) so my research was aimed at contributing to the neglected emerging economies and on the residential side of the market.  Having been also exposed to the structure of the UK real estate profession I was interested in comparing and contrasting the real estate profession in Botswana, its regulatory bodies and how they all contribute and tie in to the real estate valuation profession and ultimately accuracy of the real estate valuations.

Thanks Obone. And you can find out more about the MSc/PGD REIF and book a place on one of our REIF Online Information Sessions by following the links below:

MSc/PGD Real Estate Investment Finance - course details

REIF Online Information Session - click to book a place

MSc/PGD Real Estate Investment Finance - student profiles

MSc Real Estate Investment Finance: Student Profile - Oliver Leeming

The Real Estate Investment Finance (REIF) programme at Oxford Brookes attracts students from across the world - bringing students together online. I caught up with Oliver Leeming who has recently completed the MSc Real Estate Investment Finance and he agreed to answer my questions...

What is your background?  
After an undergraduate degree, I joined the British Army. In 2011 I deployed on my first operational tour of Afghanistan. Two years later, as a captain, I returned to Helmand as the second in command of the Warthog Group, a 260+ strong, 33 vehicle combat group, tasked with conducting strike operations to protect the NATO withdrawal in 2014. My final role in the army, before leaving in 2016, was as Adjutant, a bit like a Chief of Staff, of a 400+ strong specialist unit back in the UK. Naturally, when you reach a certain point in your military career you must decide to stick or twist, and as I had always been interested in business, I started to explore other opportunities outside the army. I think real estate lends itself to veterans because as a soldier you need to have an appreciation for the environment around you, build relationships quickly, and manage projects efficiently – all important skills in real estate. I started my career in the industry working for a pioneering Build to Rent (multifamily) provider and that was when I decided to return to formal education. 

Why did you decide to do a course in Real Estate Investment Finance?  
Since leaving the army I have been constantly seeking to equip myself with the knowledge I need to succeed in business. The MSc in Real Estate Investment Finance has been a major part of that continuous professional development. It augments the management and leadership skills fostered in the military with a deeper understanding of real estate as a financial asset within the investment market. 

Why did you choose the MSc REIF at Oxford Brookes? 

I heard the School of the Built Environment at Oxford Brookes was one of the best in the country and I was keen to study with a globally recognized institution. Distance learning is clearly very different from a residential course, but it provided the flexibility to study around work. I knew it was a long commitment (2 years) which would require sacrifice, and this made me determined to get everything I could out of the experience. An immense motivator was that everything I learnt was directly applicable to my workday and career path. 

What did you gain from the course and how has it helped you in your career?  

The module I most enjoyed was the Real Estate Finance and Investment module because it covered financial reporting, a subject I am relatively familiar with, and introduced property business elements incrementally. I particularly enjoyed studying investment appraisals. In one of the projects, we were asked to analyse the profitability, leverage, gearing, and operational efficiency of a fictitious department store operator and provide an investment recommendation. I ended up analysing three real-life comparable operators to use as a benchmark which was fascinating given the pressure department stores have been under in the last few years. As the Business Development Director within the Valuation & Advisory Service line at CBRE it was immensely useful to be able to learn valuation concepts, standards, and techniques alongside working in the largest real estate investment and advisory firm in the world.   

What did you choose for your dissertation topic and why? 

I have followed the emergence of coworking in the office sector with interest over the last few years. Following WeWork’s IPO attempt in 2019 and a recent paper published by MIT on the financial impacts of coworking on the commercial office market in the US I wanted to apply a similar methodology to explore the impact of coworking on yields, rental prices, and market dynamics in Central London. It was fascinating. 

Thanks Oliver - to find out more about the MSc/PGD REIF and book a place on one of our REIF Online Information Sessions follow the links below:

MSc/PGD Real Estate Investment Finance - course details

REIF Online Information Session - click to book a place

MSc/PGD Real Estate Investment Finance - student profiles

MSc Real Estate Investment Finance: Student Profile - Lena Clarke

The Real Estate Investment Finance (REIF) programme at Oxford Brookes attracts students from across the world - bringing students together online. I caught up with Lena Clarke who has just completed the MSc Real Estate Investment Finance and was awarded the IPF Dissertation prize for her Dissertation (see below for more details). She agreed to answer my questions...

   

What is your background? 

I am a qualified Chartered Surveyor with over 20 years’ experience in private practice, specialising in the area of Valuations and Investment Sales and Acquisitions in the commercial property market in Ireland. I have also lectured valuations in TU Dublin and The Society of Chartered Surveyors in Ireland (SCSI). 

Why did you decide to do a course in Real Estate Investment Finance? 

I have a particular interest in the area of finance and investment markets and wanted to upskill and improve my knowledge and understanding in these core subjects. I recently took a career break and am interested in pursuing alternatives to private practice surveying. The course widens my options including; finance; investment fund management; and higher education and research. 

Why did you choose the MSc REIF at Oxford Brookes? 

In the world of real estate and the built environment, Oxford Brookes is a highly regarded and internationally recognised university. The course blended my particular interest in finance and investment, together with my knowledge and expertise in real estate. Given my background the course seemed like a perfect fit. The online delivery was particularly appealing as it allowed me to achieve my Master’s degree during my free time and offered real flexibility as I balanced a busy work and family life. The REIF team are extremely helpful and I highly recommend the course. 

What did you gain from the course and how has it helped you in your career? 

The course has given me a valuable insight and understanding of finance and capital markets. I particularly enjoyed the Legal and Regulatory module, which was very new to me but a very important aspect of investment and fund management. I have recently been invited to join the Sustainability Working Group with the SCSI, and write articles to assist the society to promote the important role of valuers in driving a successful sustainable built environment. 

What did you choose for your dissertation topic and why? 

The Real Estate Valuations Module covered more than just the traditional valuation approaches and introduced new developments and trends in valuations, this included a learning package on Sustainability. As a valuer with over 20 years’ experience in Dublin I was intrigued how Dublin valuers are reflecting new developments in building standards, and whether these new standards are impacting on valuations, hence my dissertation title was “How Valuers’ in the Dublin Office Market are Reporting and Reflecting Sustainability in Valuations.”

Thanks Lena - to find out more about the MSc/PGD REIF and book a place on one of our REIF Online Information Sessions follow the links below:

MSc/PGD Real Estate Investment Finance - course details

REIF Online Information Session - click to book a place

MSc/PGD Real Estate Investment Finance - student profiles

MSc Real Estate Investment Finance: Student Profile

The Real Estate Investment Finance (REIF) programme at Oxford Brookes attracts students from across the world - bringing students together online. I caught up with Ned Croston, our first student who is based in Australia. Ned works for AXA Investment Managers and is currently a student on the MSc REIF. He agreed to answer my questions...

What is your background? 
Coming out of high school, I undertook a Bachelor of Property Economics degree at the University of Technology, Sydney, which has an excellent reputation within the industry for churning out work-ready graduates. I was lucky enough to secure a position as a Consultant with EY’s Real Estate Advisory Services team at the end of my first year on the course. This role enabled me to gain invaluable industry experience while continuing with my studies. At EY, I worked on a wide variety of challenging projects, including market research studies, property valuations, financial modelling assignments, analyses of property portfolios, and the preparation of business cases for major development projects. Investment management was the area that interested me the most and the direction in which I wanted to take my career. Consequently, I began to look around for the best way of achieving this goal.

Why did you decide to do a course in Real Estate Investment Finance?
While my undergraduate degree addressed some investment management subjects, I was looking for a postgraduate degree that would greatly expand my understanding of property investment management and help with my career aspirations. Specifically, I was looking for a course that would help me delve into the political, economic, social and technological factors that drive real estate investment decisions.

Why did you choose the MSc REIF at Oxford Brookes?
I did consider undertaking a course in Sydney but had found the demands of attending university for my undergraduate degree and meeting my day-to-day work commitments at EY challenging. The idea of a course that would give me the flexibility to study on my terms very appealing. The fact the university was located in the United Kingdom only added to the appeal because it would give me an international perspective on the real estate investment market. Lastly, I was attracted to the idea of studying with a cohort of students from different real estate markets around the world.
 
What have you gained from the course and how has it helped you in your career?
So far, the MSc REIF course has delivered all that it promised. The course’s four main modules have greatly expanded my understanding of real estate investment finance. Furthermore, the additional reading the course requires has introduced me to concepts I would have otherwise been unaware. Perhaps most pleasingly, I believe the course played a significant role in helping me to secure a new Fund Analyst role with AXA Investment Managers, a global top 10 real estate fund manager with €87billion of funds under management.

What subject area will you choose for your dissertation topic and why?
I’m currently looking at three potential topics for my dissertation. First, how Australian unlisted real estate funds are preparing for the next downturn in the property cycle. Second, the impact of institutions increasing their allocation to real estate on the Australian property market. And third, an in-depth statistical examination of the Australian real estate office market’s key performance drivers. I believe each of these topics is relevant to my day-to-day work and will help me develop a deeper understanding of how the real estate investment market functions.

Thanks Ned - to find out more about the MSc/PGD REIF follow the links below:

MSc/PGD Real Estate Investment Finance - course details
MSc/PGD Real Estate Investment Finance - student profiles

MSc Real Estate Investment Finance: Student Profiles

Guillermo Probst and Charles Kanugi

The Real Estate Investment Finance (REIF) programme at Oxford Brookes attracts students from across the world - bringing students together online. I caught up with two of our students: Guillermo Probst, an Architect who is based in Uruguay and Charles Kanugi, Head of Property Investment at Britam in Nairobi (Kenya). Both students have just completed the MSc REIF and agreed to answer my questions...

What is your background? 
Guillermo Probst (GP): I am an Architect, and have been working independently for 15 years. Most of my work is related to residential developing in Montevideo, Uruguay. I have also taken specific courses on Finance.

Charles Kanugi (CK): I pursued a BA in Land Economics in my undergrad. My main areas of practice post university were in property valuation and feasibility studies.

Why did you decide to do a course in Real Estate Investment Finance?
GP: I take part in the Investment Analysis  of the projects I am involved as an Architect. I  decided to do the MSc REIF because I wanted to increase my knowledge on the matter to have more tools for analysis and provide better insights. Besides I wish  to broaden my professional practice to a more international one, and thought the MSc was an important step in that direction.

CK: I transitioned into property asset management and I needed more grounding in this field. I needed a course that blended real estate, financing and fund management aspects of it. I found that in REIF.

Why did you choose the MSc REIF at Oxford Brookes?
GP: Since having a family  in Montevideo I had to choose an online program. Between  the ones I found, the MSc REIF at Oxford Brookes was the one that integrated all the aspects I was looking for: distance learning, program length and focus on International Real Estate. Other programs were more focused on their own national realities.

CK: The course outline was a perfect match for my expectations including RICS accreditation. The flexibility was equally attractive not to mention the institutions strong heritage and competitive ranking.

What did you gain from the course and how has it helped you in your career?
GP: I gained a more detailed knowledge  about the Real Estate worldwide, specifically finance, regulations, and their interactions.

CK: The course was very practical and applicable every way through my job. It opened my mind to global perspectives as well. All of these came in handy in my day to day property fund management role.

What did you choose/will you choose for your dissertation topic and why?
GP: I chose to study the impact of Prop Tech Platforms in Low Transparency Markets in my home country of Uruguay. I focused on hospitality platforms such as Airbnb. I see Real Estate is changing at a strong pace, as most other areas of the economy and I wanted to focus on how these technological changes will impact developing countries with low transparency real estate markets. The case of Airbnb selection is because during my current practice as an Architect I see the impact it is beginning to have in investment decisions.

CK: I delved into a comparative analysis between Kenyan REIT market and 6 other jurisdictions spread across Europe, Americas, AME and Asia Pacific. My focus was on the socioeconomic and regulatory factors and how they contribute to the growth of the REIT market wherein I was testing the case for a corporate REIT form in addition to the trust form. This was in realization that though a global perspective, the local dynamics contribute heavily into market perception and acceptance of the REIT concept. These local nuances led me into testing the corporate form.

Thanks for your time Guillermo and Charles. For more student profiles, take a look here:

REIF student profiles

REIF Graduation and Student Profiles

Graduation on 31 August 2018

As the MSc/PGD Real Estate Investment Finance is an online course, our students are based all over the world - so they normally graduate 'in absentia'. This year however, we were delighted to welcome the first two graduates of the MSc Real Estate Investment Finance to actually attend graduation at Oxford Brookes. And we even managed to get them to provide profiles. The students were Crystal Palar (CP) and Lucas Shannon (LS), both are based in Singapore. Scroll down for the profiles...

Crystal (top) and Lucas shaking hands on the stage.

Processing out - led by the University Mace

After the ceremony with Ye Xu, REIF Programme Leader (left), Crystal (centre) and Lucas (right)

And the answers to my questions:

What is your background? 

CP: 14 years of real estate experience with Jones Lang LaSalle (JLL), 4 years in Shanghai and 10 years in Singapore – started out in research, residential leasing and office leasing, culminating with my present role in JLL’s regional investment sales team, where my responsibilities involve advising clients on the sale and purchase of commercial properties across the AP region.

LS: Property Development and Investment throughout Asia for the past 24 years living in Australia, China, Hong Kong and Singapore.

Why did you decide to do a course in Real Estate Investment Finance?

CP: I had just moved from the commercial leasing team across to our investment sales team in 2008. When APREA’s CREIF course was introduced in 2007/08, I decided it would be a good course to kick start a deeper understanding of the world of real estate investment and finance. In 2016, after more than 8 years transactional experience, I learnt about OBU’s MSc REIF programme and was instantly attracted to the idea of: transferable 'prior learning' credit with a transfer exam for 4 of the 6 program modules; flexible virtual learning environment for the remaining 2 modules and a cost friendly top-up fee, while refreshing and enhancing my knowledge base and potentially expanding my network through meeting other students and the course practitioners.

LS: I worked for JLL and LaSalle Investment Management and was gravitating from development into the finance and investment side of property, so the course was a natural fit for my career.

Why did you choose the MSc REIF at Oxford Brookes? 

CP: Oxford Brookes is the alma mater of some of my colleagues and is well regarded in the real estate investment industry. It also offers one of the more recognised distant learning courses for an MSc in Real Estate.   

LS: The course was available online through the Singapore base. Oxford Brookes is also highly rated and recognised by companies in the real estate investment industry. 

What did you gain from the course and how has it helped you in your career?

CP: The transfer exams were a fantastic refresher of the basic foundations of real estate investment and finance. The dissertation which required interviews with peers and clients, was a great way to gain invaluable insights and build stronger professional relationships with all parties involved. The completion and subsequent gradation gave me a sense of achievement and satisfaction. The opportunity to visit Oxford and OBU and participate in the graduation ceremony, also provided me with a sense of pride at becoming a part of an intellectual and accomplished group of academic and business professionals.

LS: The course brought me up to speed with current activities and exposed me to international case studies outside Asia. It also refreshed my knowledge of specific standards and regulatory guidelines that are always changing in the industry.  It was definitely a personal achievement to finish the course.

What did you choose for your dissertation topic and why? 

CP: 'Real Estate Direct Investing by Institutional Investors after the Global Financial Crisis and its Implications for Unlisted Funds.' During the course of my work, I had noticed that interactions with investors were shifting from previously discussing sales opportunities primarily with GPs to expanding our marketing roadshows to include more LPs. In general, it became apparent that many LPs were more directly active in the underwriting and negotiations for investment opportunities. This made me want to get a better understanding, for the benefit of my day-to-day work, of the reasons that brought about this change and if it might be a permanent or temporary phenomenon.

LS: 'The Impact of E-commerce on the Retail and Industrial Real Estate Sectors.'  I had close connections with leading investors and developers in this sector and it was definitely a current issue changing the real estate sector.

For more information about the MSc/PGD Real Investment Finance take a look at our website:

MSc/PGD REIF

MSc Real Estate Investment Finance: our students

The MSc/PGD Real Estate Investment Finance (REIF) has now been running for 3 years and our first students will graduate from the MSc and PGD REIF in June 2018. I caught up with three of our MSc REIF students who are currently taking the MSc Dissertation to find out more about them and why they decided to take the MSc at Oxford Brookes. The students (see below) are: Ivana Gazivoda Vucinic who works for Chestertons and is based in Dubai, Freda Rutere who works in Commercial Real Estate and is based in Kenya and Mark Allen who works for Homes England and is based in the UK.

Ivana Gazivoda Vucinic (IGV)

Freda Rutere (FR)

...and Mark Allen (MA)

And now, here's how they answered my questions:

What is your background? 

IGV: I graduated with a degree in Economics in 2008 and was planning to pursue a career in the accounting/audit field. In 2009 there was an opening in the Finance Department at Colliers, and I was recommended by my University for the role. By joining Colliers I developed a passion for the real estate industry and after a while moved to a property management division to take care of leasing and marketing of the asset we had under PM agreement. After several years at Colliers, I moved to Belgrade for a year where I worked in a similar capacity before moving to Dubai in 2013. Dubai, being one of the most dynamic real estate markets, triggered me to consider a slightly different career path - so after a period of working on a developer side,  I moved to the advisory side of the business in 2016. Since January 2017 I've been working with Chestertons in the Advisory & Research Department.

FR: My background is in Real Estate Development Management and prior to that Structural Engineering.

MA: My path in academia was the reverse to most students. I went straight into work from school and then found myself in commercial property finance. I enjoyed the work so much I started to look at ways to add to my skills so spent 5 years taking banking exams ending with a degree in Banking Practice and Management and Chartered Associateship.

Why did you decide to do a course in Real Estate Investment Finance?

IGV: My degree in Economics together with my work experience provides a solid foundation to assess the clients' requirements and add value to the projects. However, I believe that getting a RE-related degree gives an additional edge when it comes to dealing with the complexity of the assignment and clients' requirements, hence I decided to enroll.

FR: It has been my experience that there is often a disconnect between the decision drivers of investors (in real estate) and the engineering fundamentals that technical teams are driven by. Combining a solid background learning in engineering with REIF equips me with the right tools to better steer commercial real estate development decision making at strategic level.

MA: Having always focused on finance, I wanted to gain insight to the investment side of property whilst complementing my existing skillset and experience.

Why did you choose the MSc REIF at Oxford Brookes?

IGV: I was evaluating several options and MSc REIF at Oxford Brooks provided a good blend of the following criteria: online learning delivery (with a dynamic working schedule it means a lot to have a certain flexibility, unlike with part-time or full-time programs); the length of the program (18 months compared to some other options taking up to 30 months); the fee-to-ranking ratio (I thought it was a reasonable fee for the course with a reasonable ranking).

FR: The course is RICS accredited and offered in a flexible format; the institution and is an elite ranked and has a history dating back to Victorian England.

MA: First of all I needed a distance learning course to work round my existing work commitments which the Oxford Brookes course offered. Secondly, I came across some of the tutors work in a book on property sustainability that was forward thinking and thought provoking. Thirdly, the way the course was structured covered the topics I wanted more insight into.

What do you hope to gain from the course and how will it help you in your career?

IGV: I hope to get a deeper understanding of concepts that are applied in day-to-day work. Furthermore, the course allows me to come up with certain out-of-box solutions in certain situations and to generate additional value for my clients.

FR: I hope to gain exposure to the Real Estate asset class across various jurisdictions globally.

MA: The course offers a balanced and detailed insight into real estate investment finance and will be a real advantage for me in my role as a Senior Relationship Manager having exposure to a wide range of clients and property portfolios.

What have you chosen/did you choose for your dissertation topic and why?

IGV: I've decided to analyze the performance of US REIT compared to S&P 500 index. There are two reasons why I choose this topic - the first one is that the REIT concept in Dubai is very new so I opted to gain some deeper understanding/knowledge at this stage to be able to be ahead of the curve once the concept starts gaining interest and more expert knowledge in certain aspects will be needed. Other reasons are private interest and curiosity - knowing where and when to invest and how to leverage the risk of a personal investment portfolio.

FR: In my dissertation, I seek to compare and contrast the REIT market perspectives of mature investment markets of Asia to the emerging African markets. I believe there are learning opportunities for the latter.

MA: My dissertation topic was: The impact of commercial property investment acquisitions on the financial health and sustainability of English local authorities. And congratulations to Mark for winning the IPF Dissertation Prize for his dissertation. 

For more information on the MSc/PGD Real Estate Investment Finance, take a look at our website:

MSc/PGD REIF

MSc Real Estate Investment Finance: Q&A with one of our students...

Now that the MSc/PGD Real Estate Investment Finance (REIF) has completed its first year, I caught up with one of our MSc REIF students to find out more about him and why he decided to enrol on the programme. Tom Carlton works at HSBC as a Global Property Market Analyst, and started the MSc REIF in January 2016.

Tom Carlton, a student on the MSc REIF

Here's how Tom answered my questions...

1. What is your background? 
I took an undergraduate degree in Economics at the University of Exeter (UK) in 2005. Since then I have been working in real estate, first at a consultancy (Property Market Analysis) and then I moved to the investment side at Legal and General Investment Management and am currently working for HSBC Global Asset Management.

2. Why did you decide to do a course in Real Estate Investment Finance? 
I have never taken a formal Real Estate qualification and would like to improve my knowledge around the subject.

3. Why did you choose the MSc REIF at Oxford Brookes?
It is very flexible, from a well regarded university and has modules and a timetable that fits well
with my current schedule.

4. What do you hope to gain from the course and how will it help you in your career?
I hope to gain further insight into real estate fundamentals and learn how to apply the theory in real life situations which should help when appraising investment opportunities as part of my job.


You can find more information about the REIF programme on our webpage or here on the blog. The next available entry dates are: 11 July or 3 October 2016 (note that there will be a one week induction before these start dates for new students).

And finally...

The Real Estate Investment Finance programme started its second year in April 2016 with the Applied Real Estate Valuation module, headed up by Peter Dent and Ye Xu.

Peter Dent (left) and Ye Xu leading the introductory webinar for the AREV module in April 2016