Friday Letter

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.

Move over, debt funds; secondaries are driving appetite, too

Two historic fundraises in the space of a week tell us much about where real estate investors see opportunities for returns in a fractured market.

Keppel should capitalize in a regional property market about to turn  

The Singaporean conglomerate’s two-stage acquisition of Léon Bressler’s Aermont is a timely bit of opportunistic business in a region primed for… opportunistic business.

Brown-to-green funds offer a much-needed narrative for adding value

The concept of a ‘brown discount’ is gaining traction among institutional investors at a time when adding value to real estate is harder than ever.

Private real estate looks bleak today, but opportunities are around the corner

Delegates at this week’s PERE America conference in New York heard plenty of negative comments about the sector, but predicted a great buying vintage was not far off for those with liquidity.

Western investors are undeterred from rebalancing portfolios away from offices in Asia

Despite the more positive outlook for the sector at a pan-Asia level, organizations from the US and Europe are still taking opportunities to reduce their exposure to the region.