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Introduction to Real Estate Fund Management

A course introducing the fund management process, specifically applicable to real estate funds.
The course revises the real market and the opportunities available before comparing the risks and reward of investment in the underlying asset with investment in shares of a real estate fund (aka indirect real estate investment). When setting up a fund, the various different structures available and the broader legal framework for real estate investment activity in the UK is reviewed. Finally financial analysis of the fund revising portfolio modeling theory and benchmarking performance are demonstrated using spreadsheet models.


The course provides an overview of fund origination, real estate investment and strategy allowing delegates to gain an appreciation of investment management at the fund level. It is useful to delegates considering fund management as a career path and for real estate professionals working with and supporting fund managers.


  • The economics, size and structure of the UK real estate market
  • Comparison of direct and indirect real estate investment
  • Fund structures to suit strategy and performance objectives
  • The regulatory framework at the global, local and structure level
  • Real Estate portfolio mathematics and analytics
  • Overview of benchmarks and performance measurement

Day One

Direct and Indirect Investment in the UK Real Estate Market

The Economics, size and structure of the UK real estate market

  • Introduction to real estate economics
  • Investment opportunities
  • Value by geography, sector and structure
  • The manager, the investors and the investors objectives

Comparison of direct and indirect real estate investment

  • Definitions
  • UK Performance v. Global
  • Indirect UK v. Global
  • Case studies: Discussion Direct v. Fund

Fund Structures to Suit Strategy and Performance Objectives

The main elements of a fund structure

  • Open-ended and close-ended funds
  • Common Structures
  • Commercial and legal checklist

The regulatory framework at the global, local and structure level

  • The regulatory environment: BoE, PRA, FCA
  • Principles of compliance
  • Compliance procedures and manuals
  • Compliance in the future

Day Two

Real Estate Portfolio Mathematics and Analytics

Portfolio cash flow modelling and analysis

  • Cash flow model and methods of calculating¬†return
  • Cash flow returns vs. benchmark returns
  • Framework for understanding real estate risk
  • Measuring single asset risk
  • Sensitivity analysis vs. Scenario analysis

Real estate portfolio risk metrics

  • Diversification benefits from portfolio investing
  • Calculating the risk of a real estate portfolio

Overview of Benchmarks and Performance Measurement

Performance measurement and attribution

  • Introduction to financial performance¬†measurement
  • UK and international available benchmarks
  • Attribution Analysis and fund management


  • Managing real estate risk at the portfolio level