Jonathan Brasse

Rainer Komenda, head of real estate funds at Bavaria’s Bayerische Versorgungskammer, tells Jonathan Brasse about how Germany’s biggest state pension provider is thinking about its real estate business as it views a downturn.

Chief executive François Trausch says the ambitious plan will partly be driven by lending.

In a presentation at PERE Asia, the head of real estate at BPE Asia questioned the use of leverage by his competitors, suggesting similarities with pre-crisis behaviors.

Europe’s biggest private real estate institutional investor plans to raise third-party capital from the second half of next year for a credit-focused vehicle.

A sector-wide dump of property is scheduled between now and 2020. The period will be a litmus test for the asset class.

A handful of organisations found they were unencumbered by their pre-crisis dealings, able to recognise bottoming conditions and could access the capital to get investing again. They became the post-crisis winners.

The real estate sector’s condemnation of ‘the most un-PC event of the year’ has been swift. Now all eyes are on how it will act. The first test is MIPIM.

Patrizia’s supersonic year of growth finishes with the €7.8 billion capture of the London-based pan-Europe-focused private equity real estate firm.