Senior Associate, Fund Analysis (Real Estate)

We offer an outstanding benefits package, including company healthcare, competitive annual leave, flexible/hybrid working, generous pension contributions, income protection, health and wellness benefits, volunteering days, enhanced parental leave and life insurance.

Are you passionate about real estate investing and driven to understand what creates value across a portfolio?

We’re looking for a Senior Associate, Fund Analyst to join our London or Munich-based Real Estate Investment team. This is a unique opportunity to play a central role in the management of IREEF, our flagship pan-European diversified real estate fund.

Working across transactions, asset management, financing, portfolio strategy and investor reporting, you’ll gain exposure to the full investment lifecycle and help shape key investment decisions. This is far more than a modelling role—we’re looking for someone who is intellectually curious, commercially minded and confident forming investment views, with the ability to turn complex analysis into meaningful insights.

If you enjoy asking questions, challenging assumptions and influencing decisions, we’d love to hear from you.

Key Responsibilities

Fund & Portfolio Analysis

• Own and enhance the fund-level model, including performance forecasting, scenario analysis and portfolio construction.

• Maintain a forward-looking view of fund performance, identifying key risks and opportunities across sectors and geographies.

• Support hold/sell recommendations, capital allocation and portfolio strategy initiatives.

• Deliver analysis and reporting on rental and occupancy trends, valuation drivers, performance attribution and portfolio KPIs.

Transactions & Underwriting

• Support acquisition and disposal underwriting from a fund-level perspective.

• Partner with European transaction teams to assess opportunities against fund objectives and strategy.

• Challenge assumptions in complex financial models and develop downside, upside and sensitivity scenarios.

• Provide clear, commercially focused recommendations to support investment decisions.

Asset Management & Business Planning

• Review and challenge asset-level business plans across the portfolio.

• Analyse operational drivers, budgets versus actuals, trends and variances.

• Identify value creation opportunities and potential risks at asset and portfolio level.

Fund Strategy & Decision Support

• Contribute to investment committee papers, portfolio reviews and strategic presentations.

• Translate complex analysis into clear, decision-ready insights.

• Bring independent thinking, commercial judgement and constructive challenge to discussions.

Financing & Investor Reporting

• Work with finance and structured finance teams to ensure models reflect debt structures, tax and fund-level mechanics.

• Assess the impact of financing decisions on performance, risk and liquidity.

• Support quarterly investor reporting, performance analysis and investor communications, clearly articulating key performance drivers and trends.

What You’ll Need

• Several years of relevant experience; exceptional candidates may be considered outside this range.

• Experience in real estate investment, fund management, valuation, advisory or a related field.

• Strong financial modelling and underwriting skills with excellent Excel capabilities.

• Solid understanding of real estate investment fundamentals and valuation drivers.

• European real estate experience is advantageous.

• Argus or Forbury experience is helpful but not essential.

• Degree in Real Estate, Finance, Economics, Engineering or a related discipline, with a strong academic record.

• CFA, RICS or CAIA qualification, or progress towards one, is a plus.

You’ll Thrive in This Role If You Are

• Curious and naturally driven to understand what drives performance and value.

• Commercially minded, analytical and comfortable challenging assumptions.

• Confident forming and communicating investment views.

• Able to turn complex data into clear, actionable recommendations.

• Collaborative and comfortable working across teams and European markets.

• Motivated by influencing decisions and contributing to investment strategy.