Real Estate Finance & investment

For more than two decades we have been at the forefront of research and analysis in real estate, acting as a critical link between academia and industry practitioners. We provide sector-leading insight across all aspects of real estate and real estate finance.

Wide-ranging expertise

As an academic group, we have extensive knowledge and experience in:

Valuations, Development Appraisals, Cash Flow Analysis
Real Estate Economics
Real Estate Finance, Debt and Accounting
Capital Markets – Listed & Unlisted sectors, Equity, Debt
Bank Lending to Real Estate
Real Estate Forecasting
Residential markets and investment
Environmental, social and governance considerations
Portfolio allocations and multi-asset strategy.

Insight that shapes the sector

Our research and events activities are carried out via the Bayes Real Estate Research Centre. We translate rigorous academic research into highly influential insight reports, market monitors and academic papers.

Bayes CRE Lending Survey

The UK Commercial Real Estate (CRE) Lending Survey is a unique and comprehensive record of CRE lending. Collecting data directly from 80 banks, insurance lenders and debt funds, it is the industry-standard source of information.

Full reports, published in April (giving results for the prior year-end) and October (mid-year), give a detailed analysis of CRE lending, showing a larger total of the sector’s debt than recorded by the Bank of England. With analysis not available in any other source, the reports are a key reference for all involved in real estate - as borrowers, lenders, lawyers, consultants or researchers.

For lenders who contribute data and subscribe to the survey, we can provide further analysis in standard or bespoke formats. For non-participants, the reports are available to purchase.

Quarterly Market Monitor

Quarterly Market Monitor: Equity and Debt Markets

The Quarterly Market Monitor provides fresh insight into how both debt and capital markets are valuing financial instruments with real estate backing. Our methodology uses Bayes internal expert market experience and prior academic literature, to provide unmatched insight. It draws on our database of over 350 listed European real estate companies, and 180 real estate bond issues, with pricing data sourced from Bloomberg and Reuters.

Quarterly Bond Market Monitor

The Quarterly Bond Market Monitor provides GBP & EUR bond pricing by asset type, maturity bucket, year of issuance for REITS and REOCs.

Academic papers

The Centre also publishes its academic findings in prestigious journals. Recent papers include:

Lee, S. (2021). Time-Varying Integration of REITs with Stocks: A Kalman Filter Approach. Journal of Real Estate Portfolio Management, 26(2), pp. 150-160. doi: 10.1080/10835547.2020.1858009
Lux, N. & Tsolacos, S. (2021). Loan Characteristics as Predictors of Default in Commercial Mortgage Portfolios. International Journal of Economics and Financial Research (71), doi: 10.32861/ijefr.71.1.4
Moss, A. (2020). Is Financial regulation Good or Bad for Real Estate Companies? An Event Study. Journal of Real Estate Finance and Economics, 61 (3), doi: https://doi.org/10.1007/s11146-017-9634-z

Unique Masters courses in an unrivalled location

Established more than 20 years ago and accredited by the Royal Institution of Chartered Surveyors (RCIS), Bayes Real Estate courses develop graduates who enjoy stellar careers in leading real estate firms around the world.

We are the only business school to offer real estate investment programmes in London, and our highly specialised courses blend professional, financial and practical skills which are in great demand by the industry. Our location in a global real estate hub, close to the capital’s financial centre and Silicon Roundabout, creates unparalleled networking opportunities and a dynamic learning environment.

World-class teaching from leading industry practitioners

Our highly qualified real estate academic staff all have at least 10 years’ experience teaching in senior roles in the industry and are active in research. We also draw on London’s diverse pool of industry professionals to act as visiting lecturers and guest speakers.

Alex Moss, Director of the Real Estate Research Centre. Alex has produced award winning research on REITs and Investment Strategies, and teaches on the Investment Vehicles modules for the MSc Real Estate and MSc Real Estate Investment courses. He also delivers a Global Real Estate elective available to non-Real Estate MSc students, and a Global Real Estate course for both the MSc Global Finance online course, and the Global MBA online course. In addition, he delivers a 6 week online Executive Education course on REITs twice a year.

Bill Rodney and Chris Bourn, with a long standing presence in the delivery of international professional courses, teach Principles of Appraisals, Financial Modelling and Appraisal & Financial Modelling modules.

Stephen Lee, who has published extensively on real estate portfolios and teaches the Investment and Portfolio Management modules.

Dr Mark Andrew, who has carried out intensive quantitative research in the real estate market and the residential sector. This directly feeds into his teaching on the Applied Data Analysis and Residential Investment modules.

Professor Sotiris Tsolacos , with significant academic and private sector experience in real estate forecasting, teaches modules in Applied Statistics, Applied Financial Analysis and Debt Finance and Investments.

Headline making research and insight

Our reports and research outputs regularly feature in leading sector publications and the mainstream media. This includes the Financial Times, Estates Gazette, Property Week, Capital Economics, Bloomberg and Reuters.

We also publicise research findings and provide topical commentary on our website and social media channels. Recent stories include:

Listed real estate sector hit hard by Ukrainian conflict and energy crisis

Real Estate Research Centre launches monthly Monitor to track debt and capital markets

Sanctions on UK and EU-based Russian asset holders will add to downward pricing pressures, says Real Estate expert