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 Investment20/20 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 workstreams (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 internships in real estate, private equity or areas such as investment banking and private credit.

• Deep interest in real estate and private markets

• Familiarity with financial modelling— whether through coursework, internships, or practical experience.

• Being energised by opportunities to learn new skills

• An enthusiastic team player

• The ability to work on your own (of course we’ll provide you with all the support you need), and drive your work independently

• The ability to communicate effectively in a face-to-face collaborative environment

• Clear and effective written communication skills

• Ability to plan your time and manage competing priorities within a fast-paced environment

• Analytical approach with good attention to detail

Candidates who progress through the interview process can expect to be assessed on Excel and Modelling skills and may be asked to prepare an investment recommendation for presenting to interviewers.

In addition to the above, the successful candidate will have passed their 18th birthday and be eligible to work in the UK.

Why Join Us

• Direct involvement in live transactions across Europe

• Exposure to equity, debt, and corporate hybrid structures

• Small-team culture with senior-level access

• You will receive specific technical training during the first month.

How we will reward you

• Competitive starting salary

• Eligible to participate in our annual bonus plan for a discretionary performance-related bonus

• We put 15% of salary into your pension, even if you don’t contribute yourself 

• Hybrid ways of working

• 30 days’ holiday plus bank holidays 

• Company funded private medical and dental insurance  

• Other insurance benefits and voluntary healthcare benefits at discounted rates 

• Shopping discounts at hundreds of high street and online brands 

• Cycle 2 Work scheme 

How to apply

If this sounds like a role you’re interested in, then we’d love to hear from you by the 26th January 2026.

To help us assess your suitability, please answer the following three questions:

Why are you applying for this opportunity with Deva-SAI? Tell us about a recent real estate news story that you found interesting and why?

Application instructions:

• Please answer all three questions in between 250 and 300 words each.

• Save them together with your CV and cover letter as a single, named PDF. 

Start Date: March - September 2026

Santander is an inclusive employer. Please let us know if you may require some adaptations to the application process.

Unfortunately, we are unable to respond to all applications; should you not hear back from us by the 26th February 2026, please assume that your application has been unsuccessful.

* Please note that we recruit on a rolling basis so you are advised to apply early. The role may close before the stated date.

**Please note that, whilst we know AI is an increasingly useful tool, the purpose of these questions is to give you an opportunity to tell us more about you and how you think. It’s important your answers help us get to know you, so please do not submit wholly AI generated answers.