Friday Letter

Link’s new CEO appointment is not as surprising as one may think

A European property veteran is not the most obvious choice to run Asia’s biggest listed REIT, but the pick makes sense for multiple reasons.

The path to scale rarely runs smoothly

When a private real estate manager is absorbed into a larger platform, continued performance and fundraising success is far from guaranteed.

Two is no crowd when it comes to succession planning

While the classic succession model in private real estate involves a single heir apparent, multiple founder-led businesses are prioritizing optionality instead.

In a risk-on market, anchor investors are opting not to go it alone

For some groups, partnering with other capital providers can make it easier to take a chance on a less established fund strategy.

Investors are writing real estate checks, just not necessarily to funds

Capital allocators’ demand for bespoke vehicles means attracting capital to traditional commingled funds remains tough.

In fundraising, smaller managers will have a harder time bouncing back

This year’s PERE 100 and 200 rankings show an uplift benefiting the biggest managers, with smaller firms yet to play catch up.

Platforms take the spotlight in real estate’s push for operational alpha

Big-ticket deals and a record fundraise underscore institutional appetite for exposure to seasoned operators in specialized sectors.

Could BXDC be the exit data center managers have been waiting for?

The launch of Blackstone’s public REIT targeting hyperscale assets aims to address a looming issue in the red-hot sector.

The public REITs posing a threat to fund managers are limited in number

Listed firms like Digital Realty and Realty Income Trust have found traction with institutions thanks mainly to their unique positions in the market.