Friday Letter

Asia’s distinction from the West has become a double-edged sword

The region’s property owners are better protected from credit market dislocation than those in the US and Europe, but that is not all positive.

Tomorrow’s cash reserves cannot solve today’s problems

Banks’ commercial real estate loan loss provisions and managers’ cash reserves are under the microscope. But calls for prudence are too little, too late.

Investment period extensions carry no stigma now, but nor are they risk free

In a highly illiquid private real estate market, investors will need to get comfortable with longer deployment periods – and managers will need to contain any adverse impact.

Geopolitical risk should not be easily dismissed

Those who believe conflicts elsewhere in the globe do not have an impact on their investments should think again.

Evergrande’s liquidation could be more than ‘yesterday’s news’

Though industry participants see the wind-up order as a long time coming, the mid- to long-term implications for China’s real estate market remain uncertain.

Makarora’s first fund is a litmus test on flexibility

The debut vehicle of ex-Blackstone real estate boss Chad Pike should reveal investor appetite for an unconventionally wide brief.

Why all the new real estate heads?

Private real estate’s biggest firms – Blackstone, UBS and Partners Group among them – have clear reasons for needing more people at the top.

Apollo’s Asia real estate wind-down has been a long time coming

The alternatives giant never reached the heights it hoped with its regional property platform and faced challenges from the get-go.

Real estate can take tentative steps forward in 2024

The road ahead for private real estate looks bumpy. But long-awaited positive rate signals from central banks are the tonic the market needs to get moving again.

PERE’s punchiest takes on 2023

Four of our most memorable commentaries this year tracked the trajectory of the private real estate industry from its rocky start to a more stable finish.