Graduate; Year 1 Analyst, Real Estate Investments

Position: Graduate (Year 1) Analyst, Real Estate Investments
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Graduate (Year
1) Analyst, Real Estate Investments, London

Country:
United Kingdom

About Deva - Santander Alternative Investments (Deva-SAI)
Deva-SAI is the  Real Estate and Corporate Capital Solutions investment arm within Santander Alternative Investments (SAI) . The platform manages  €1.6bn  across Real Estate Equity, Real Estate Debt, and Corporate Capital Solutions, with  €1.3bn deployed (c.€1bn since 2023)  across more than ten countries. The team comprises 50+ professionals across London, Madrid, and New York with deep experience structuring, underwriting, and managing complex investments across Europe.
Deva is part of  Santander Alternative Investments , the Group's  €10bn alternatives platform  supported by  over €4.4bn in co-investment from Santander Group . This includes private credit, real assets, infrastructure, private equity, and GP stakes.
SAI forms part of  Santander Asset Management (SAM) , a  €255bn global asset manager  operating across 10 countries and with more than 50 years of experience. SAM combines the best of complementary worlds, technology and expertise, to provide optimal solutions for clients. We deliver a simple, innovative and transparent service with a sole objective: offer our clients a comprehensive range of products with the right balance between risk and return.
Our behaviours underpin everything we do; we think clients, embrace change, act now, move together and speak up.
About the role
We have a really exciting opportunity for a graduate to join our Deva-SAI Investment team as a Year 1 Analyst, working with our Real Estate teams in Equity, debt and Corporate Capital Solutions in London.
In this role, you will be responsible for helping to build financial models, researching property markets, supporting the team with investment deals, tracking and reporting on investment performance and contribute to wider projects. The role will support the origination, underwriting, execution, and monitoring of real estate equity, real estate debt, and corporate capital solutions transactions across Europe.
This is a front-office investment role with significant responsibility, exposure to senior leadership, and involvement in high-conviction opportunities from day one.
You will be combining this practical experience with demanding training on both technical and interpersonal skills, helping your all-round development during the program.
As part of the Investment
20/20 programme, you will also have opportunities to meet and network with around 300 trainees across the industry and participate in socials, networking and insight events.
Work location
Based in London, you will become part of an international business working with teams across different geographies.
What You Will Do
1. Underwriting & Modelling
Build and update cash-flow models for equity, debt, and hybrid transactions

Conduct loan sizing, sensitivity analysis, business plan underwriting, and capital-stack analysis

2. Market & Asset Analysis
Perform sector research and market mapping across major European markets

Analyse supply/demand dynamics, comparable, sponsor capabilities, and asset-level fundamentals

3. Deal Execution
Support due diligence work streams (commercial, technical, legal, financial)

Coordinate external advisers and review third-party reports

Prepare materials for Investment Committee and senior executives

4. Portfolio Management
Track asset-level KPIs, sponsor reporting, covenant compliance, and performance drivers

Maintain portfolio dashboards and analytical tools

5. Strategic & Platform Support
Contribute to thematic research, product development, and sector-specific insights

Assist with materials for senior management, partners, and external stakeholders

What We Are Looking For
This role would be suitable for recent graduates or those with up to two years' experience with a strong academic background and interest in Finance, Economics, Real Estate, Engineering, Mathematics, or related fields, in addition to:
Previous experience or…