Real Estate Investment and Valuation

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Real Estate Investment and Valuation

 

Assessment Weighting (%)	50%
Mode of Assessment	Report
Word Count	2000 words

 

 

 

Description of Assignment

Assignment details

You are a portfolio manager looking to build a small investment portfolio from a range of 20 properties with a budget of £100m. You will be given a range of investment opportunities from which to choose properties which will form your portfolio (remembering you only have £100m to spend). In doing so you must use valuation and asset and portfolio management techniques to analyse the information and to justify your choice of properties for inclusion in the portfolio. You will manage the properties, the portfolio strategy and a longer strategy over 5 years.

You will submit a reflective report which will review your choices of properties and the performance of the portfolio over the period of management and for a 5 year period. You will need to review and justify the decisions that you made from the initial selection of properties through the management strategy for 5 years. This report will need to include a discussion on the valuation and portfolio management techniques used and justifications for the decisions taken.

Assessment requirements:

The portfolio will have the following requirements:

1. Properties must be chosen from those investment opportunities provided. The properties must be valued and the budget of £100million adhered to.
2. A decision on the risk profile of the portfolio must be taken. Will you as an investor tolerate high risk, average risk or low risk?- your reasoning must be justified. Your investment objectives and the strategy for the portfolio must be decided in conjunction with this requirement.
3. The portfolio should then be analysed using investment analysis tools such as statistical measures, beta, CAPM, market risk, expected return etc to model the risk and return of the portfolio. You will need to explain and discuss the results of your analysis.

Learning Outcomes

The assignment is linked to the following learning outcomes:

1. Develop and apply, using critical analysis, an understanding of the principles of financial and investment management evaluating the significance of diversification, risk and return in international investment portfolio management
2. Apply and analyse the capital asset pricing module (CAPM) and modern portfolio theory for the development of a reasoned international real estate investment strategy.

These module learning outcomes are assessed through a combination of the examination and the coursework submission but this assignment mainly addresses the second module. Your examination tested your knowledge of the methods used to value real estate interests and the factors that influence capital and rental values (although this will be important in the coursework as well).

Assessment Criteria
This assignment is worth 50% of the module mark. Please see the detailed marking grid at the end of

this brief. In summary, the marks will be broken down as follows:

• ·  Presentation (including correct APA referencing) and Structure (10%)
• ·  Depth of research and understanding of the subject matter (10%)
• ·  Analysis of the investment options including discussion of the concepts of diversification, risk

and return (40%)

• ·  Coherence and clarity of the recommendations and justifications (40%)

Presentation of your Assignment

• ·  All typed work should be Arial (11pts) or Calibri (12pts)
• ·  You should use the APA referencing system
• ·  Please state the number of words used
• ·  Work up to the word limit will be marked. Any work in excess of the word limit will not be

marked.

• ·  Any appendices will not be counted in the word limit and will therefore not be marked

Cheating and Plagiarism

• ·  The University Regulations on academic conduct apply to all assessments. You are reminded that to represent as your own work the work of another person without acknowledgement is defined as plagiarism and is a breach of these regulations.
• ·  By submitting your work, you certify that it is your own work, and that the work of other people is duly referenced and acknowledged in accordance with the University’s Academic Misconduct Policy.
  For more information refer to https://students.shu.ac.uk/regulations/index.html

Submission of your Assignment

Online Submission

· You need to submit your assignment electronically via the module site by the date and time specified on Blackboard.

• ·  Your last submitted attempt will be the attempt that is marked.
• ·  Your coursework is to be uploaded as a single Microsoft Word document to the Assessment

folder on the module blackboard site.

• ·  Filenames should use only letters, numbers, hyphens and underscores, and should be less than

72 characters in length.

• ·  Your submission document must be saved and submitted with the document name SURNAME,

first name, student number, for example Jane Brown 87654321 would submit an assignment as

BROWN Jane 87654321

• ·  Do not password protect your file(s).
• ·  Please make sure you have referred to the Best practice for managing (and reducing the size of)

large or media files document below before you submit your work to ensure large files (250MB or more) are successfully submitted. http://academic.shu.ac.uk/assessmentessentials/wp-content/uploads/2015/09/Best-practice- for-managing-large-files.pdf

• ·  It is your responsibility to ensure that your work is successfully submitted. Always check your email receipt and the submission point again following each submission.
• ·  More guidance on online submission can be found in the module site
• ·  If you have a learning contract which recommends the use of stickers for your work please make

sure that you type the wording of the sticker at the top of your assignment – preferably in red so

that it is as visible as possible for markers.

• ·  Back-up and keep a copy of your work. Return of your marked Assignment

Your work will be returned to you via the Grade Centre on Blackboard within the University’s 3 week deadline. Should it become impossible to meet this deadline due to unforeseen circumstances you will be notified through the module site. Within the Grade Centre you will be able to see your mark and feedback for the assignment.

In-Module Retrieval of an Assessment Task

Where in-module retrieval is available for an assessment task, if you have made an initial valid attempt but achieved below the pass mark, you may choose to rework the assessment task once only.

To be a valid attempt, the initial coursework submission must be capable of being marked against the marking criteria set. There must be some genuine attempt to answer the brief in the format required.

If you take the in-module retrieval and you pass the reworked assessment task, the mark for this assessment task will be capped at the pass mark.

If you rework the assessment task and your mark is lower than your original mark, then the original mark stands.

Refer to the module site for in-module retrieval submission dates. This date will be set by your module leader.

Having taken or declined your in-module retrieval opportunities, if you do not pass the module on second attempt you will be referred and will have to undertake a further piece of referral assessment to pass the module.

For more information on in-module retrieval refer to:

https://students.shu.ac.uk/regulations/assessment_awards/In-module%20retrieval.pdf

Feedback

Feedback (formative &/or summative, as appropriate) for the assessment will be in the following format:

• ·  Guidance and advice in class
• ·  Individual electronic feedback in the form of feedback rubric and comments
• ·  An opportunity to meet with a module tutor following receipt of electronic feedback

Appendices

Appendices are excluded from the word count. Hence, you may incorporate appendices into your submission, providing that these are relevant to the main narrative. It is good practice to cross- reference any appendices to the main body of your work. Appendices should not be used where they are not integrated to the assignment and where they are not directly relevant to the opinions or evidence provided (do not use them as a ‘data dump’!).

Resources

You will have to find books, journals, standards etc. relevant to your subject. Key resources include those specified on Blackboard, plus may include other journals, periodicals, ‘media’ obtained through library searches and databases.

Extensions and extenuating circumstances (now Request to Repeat and Assessment Attempt)

You are advised to read the full procedures for the Submission of EERs and the Submission of Extenuating Circumstances within the SHU Regulations and Codes. (http://students.shu.ac.uk/rightsrules/regs.html)

Extensions

Please note there is a University system for exceptional extension requests for coursework. All learners should read the guidelines on the student intranet. The gateway or portal to most of the information you will need as a student is found at my.shu.ac.uk/

Extenuating Circumstances

Extenuating Circumstances policy addresses longer term problems. To claim for EC (most likely request to repeat an assessment) your should read the guidelines on the student intranet. The gateway or portal to most of the information you will need as a student is found at my.shu.ac.uk/

Assessment Criteria

Section	Depth of research and understanding (40%)	Analysis of investment (40%)	Coherence and clarity of recommendations and justification (40%)	Presentation and Structure (10%)
Coverage	Reflection on a range of appropriate valuation and portfolio management techniques used. Judgement and reasoning used in relation to the outcomes of these techniques. Appropriate research and use of relevant sources.	Analysis of the different property investments using appropriate valuation and portfolio management techniques to choose the portfolio. Choice of properties included within the portfolio in line with criteria given.	Justification of portfolio choices and a clearly stated, well-reasoned 5 year strategy for the portfolio.	Presentation of all aspects of the report, including but not limited to: readability of the material, layout, clarity of diagrams, formatting of text, correct referencing etc.
Clear fail (<30%)	Clearly inadequate. Little relevant inclusion of appropriate research and literature.	Clearly inadequate. Little or no review of the performance of the portfolio. Any theory included is descriptive, not applied.	Clearly inadequate. Little or no commentary with respect to the 5 year strategy. Critical errors (e.g. theory misunderstood or incorrectly applied)	Clearly inadequate. Critical errors (e.g. not referencing to an acceptable standard)
Borderline fail 30-39%	Some of coverage met but with critical errors / omissions.	Some of coverage met but with critical errors / omissions.	Some of coverage met but with critical errors / omissions.	Some of coverage met but with critical errors / omissions.
Weak pass 40-49%	Some of coverage met, with no critical errors / omissions.	Some of coverage met, with no critical errors / omissions.	Some of coverage met, with no critical errors / omissions.	Some of coverage met, with no critical errors / omissions.
OK 50-59%	Most of coverage met, with no critical errors / omissions.	Most of coverage met, with no critical errors / omissions.	Most of coverage met, with no critical errors / omissions.	Most of coverage met, with no critical errors / omissions.
Good 60-69%	All of coverage met, with only minor errors / omissions. Additional relevant research demonstrated.	All of coverage met, with only minor errors / omissions. Additional relevant research demonstrated.	All of coverage met, with only minor errors / omissions. Additional relevant research demonstrated.	All of coverage met, with only minor errors / omissions. Additional relevant research demonstrated.
Very good or excellent 70% +	All of coverage met, with no significant errors / omissions, some aspects exceeded.	All of coverage met, with no significant errors / omissions, some aspects exceeded.	All of coverage met, with no significant errors / omissions, some aspects exceeded.	All of coverage met, with no significant errors / omissions, some aspects exceeded.

 

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