Friday Letter

Investors face a Catch-22 with fund extensions

An increasingly common decision for limited partners has potentially painful consequences for both themselves and the overall market.

Investors want their real estate chiefs to have debt expertise too

A trend of institutional investors elevating credit-focused executives is a natural and predictable mirror of what is happening with managers.

Mounting distress will invigorate the real estate transaction market

The impact of rising rates on borrowers has yet to catalyze a wave of distressed sales. But there are signs they are coming.

Investors decide it is time to discuss trophies again

Amid a stalled private real estate marketplace, institutional investors at the PERE Network Europe Forum contemplated how now could be a good time to buy large office and retail properties.

Blue Owl has made an unusual debut in the real estate debt space

While most managers opt either to hire star talent to build a new business or acquire an existing platform, the New York-based firm chose to do both.

Multifamily can no longer be seen as a safe bet

Masked by the sector darling’s significant growth over the past four years, many miscalculations are now coming to a head.

The opportunity is distress – without the big discounts

Active private real estate investors are buying up assets from owners under pressure. But they are less fixated on bargains.

Starwood pursues another path to growth in APAC

The firm is adding its ESR stake acquisition to previous efforts to attain a presence in the region.

Logistics was always the prize for ESR, complexity the price

ESR’s sale of ARA Private Funds demonstrates the lengths the logistics powerhouse went to secure market share in the sector in Asia.

Institutional interest in European real estate is evidently growing

Attractive pricing and green shoots of liquidity in Europe present an increasingly compelling proposition for global capital markets to get behind.