Friday Letter

When big ambition is challenged by a lack of exits

The Middle East has become an investment hotspot for several of the world’s largest real estate managers, but exit avenues remain a sticking point for investors.

Real estate broker-owned managers face further growth headwinds

The steep stock market selloff last week compounds an already daunting challenge for property services firms to scale their investment managers.

Even small investor shifts can make big waves in fundraising

Azora’s record-breaking fund is a notable beneficiary of more capital moving away from the US and toward Europe.

Investors have compelling reasons to embrace new manager relationships

Underperformance by incumbents and a spotlight on specialized strategies are prompting more institutions to add to their rosters.

CPP Investments is breaking away from its old real estate playbook

As its latest two property deals demonstrate, the Canadian pension is now full speed ahead with implementing its revamped strategy.

A real estate recovery is becoming less prone to disruption

Fund managers have real reason to expect a rebound in 2026 if investors prove undaunted by the next black swan event.

GIC’s latest deal adds a twist to its public REIT streak

With its Realty Income partnership, the $900bn sovereign wealth fund has teamed up with a listed firm looking to bridge both sides of the market.

Will these be great vintage years for Japan real estate? 

Deployment in the market has hit record levels. But strong returns on those investments are far from a sure bet.

The most-read PERE stories from a tumultuous 2025

Among the hundreds of headlines we published this year, here are the articles that commanded the most attention from our readers.

NBIM’s desire for flexibility will be a boon for real estate fundraising

A strategy shift by Norway’s $2trn wealth fund portends a broader appetite for indirect property investing among top allocators.