Friday Letter

NPS’s UK housing push signals a turning point for the market

By forming a £1bn multifamily joint venture with M&G, the Korean pension giant has stamped the institutional seal of approval on the UK housing sector.

Boom or bust, AI has cleaved the real estate industry in two

The gulf between data center proponents and dissenters is only growing wider as Nvidia’s star continues to rise.

We need to talk about total portfolio

The increasing shift to a new investment model among investors could be the capital markets reset that real estate needs.

Blackstone’s real estate co-head departure raises myriad questions 

The firm’s decision to have only a sole global head leaves a leadership vacuum – and contradicts its earlier position on oversight of the business.

The pendulum of investor sentiment on the US swings again

Amid ongoing volatility, overseas capital has gone from redlining the world’s largest property market to returning to it half a year later.

Today’s capital markets are further cause for manager retrenchments

This week’s news that Gaw Capital Partners is winding down its western institutional businesses to emphasize its focus on Asia is not just about deglobalization.

BGO’s hybrid fundraise demonstrates cautious ambition in data centers

By raising co-investment capital for digital assets alongside a logistics fund, the manager is mitigating some risk and keeping its options open.

Real estate secondaries is becoming a crossover play

As StepStone and Greykite’s €1.5bn recapitalization shows, some of the most compelling deal opportunities are coming from non-real estate sponsors.

Not all global investors are souring on the US

As Canadian and European institutions convey skepticism, APAC firms see a moment to swoop in.