Newsletter

Blueprint: Office woes drag investor returns and Asia funding shortfalls, CPPIB returns to marquee fund commitments with Blackstone, ex-CalPERS boss takes lead role at Prologis

Office headwinds keep heavyweight investors CDPQ and NBIM’s real estate performance down; CPPIB performs a strategic U-turn and returns to cutting big checks to mega-funds, with a commitment to Blackstone’s latest European opportunity fund; ex-CalPERS real estate boss Ted Eliopoulos bolsters the capital markets capabilities of the world’s biggest logistics landlord; and more in today’s briefing, exclusively for our valued subscribers.

Blueprint: NPS commits to fewer funds, Blackstone’s $1bn multifamily sale, Hines’ latest leadership change

NPS reduces the number of its fund investments in real estate, the only alternative asset class where the South Korean pension fund undertook a downsizing; Blackstone sells an 11-apartment portfolio for nearly $1 billion, sparking a re-examination of pricing by some industry watchers; Hines elevates another Hines family member to the office of the CEO as part of an ongoing succession plan, following a senior leadership reshuffle in late July; and more in today’s briefing, exclusively for our valued subscribers.

Blueprint: Ares and KKR declare real estate market bottom, a French real estate giant emerges, fundraising periods take longer

Ares, KKR leaders add their voices declaring a market bottom and intent to go on the acquisition offensive; the sale of the asset management business of French insurer AXA to the country’s bank BNP Paribas means another private real estate giant gets even bigger; PERE data demonstrates how funds are taking notably longer to get closed; and more in today’s briefing, exclusively for our valued subscribers.

Blueprint: ADIA’S $400m commitment, GIC’s climate calculus and calling US election watchers

Abu Dhabi Investment Authority is doubling down on European debt with a big commitment to Arrow Global; GIC outlines how it is protecting its portfolio from climate risk; the co-founder of Asia logistics specialist LOGOS Property Group is striking out on his own; PERE is seeking your opinion on the upcoming US election; and more in today’s briefing, exclusively for our valued subscribers.

Blueprint: Moghadam’s Trump tariff fears, Blackstone’s AI push, France’s election investment woes

Prologis chief Hamid Moghadam is considering how a Trump presidency would impact business; Blackstone is limbering up to be the largest financial investor in AI infrastructure across the globe; population tracking sees Pretium close its sixth flagship fund successfully; and more in today’s briefing, exclusively for our valued subscribers.

Blueprint: GPIF’s upsized real estate allocation, Starwood’s equity haul for Fund XIII, PGIM’s entry into Australia real estate debt

Japan’s Government Pension Investment Fund has upped its allocation to private real estate, despite being the only alternative asset class in the investor’s portfolio to record a dip in return during its 2023 fiscal year; Starwood nears halfway mark in its capital raise for Fund XIII, showing little impact from SREIT’s woes; HIG Capital wraps up its third European value-add fundraise, marking the largest fund targeting the region to close this year; and more in today’s briefing, exclusively for our valued subscribers.

Blueprint: Real estate’s hopes for a Labour-led UK, Lone Star Fund’s close, Blackstone’s note downgrade

A new government in the UK has private real estate hoping for smoother sailing after years of political upheaval; Lone Star Funds closes its 12th opportunity fund in a series targeting emerging opportunities in distressed parts of the market; ongoing challenges for Blackstone’s Sponda platform in Finland in the form a note downgrade; and more in today’s briefing, exclusively for our valued subscribers.

Blueprint: Goldman’s record fundraise, the Maple 8’s uncertain future, KKR’s multifamily assault

It is a new era for Canada’s Maple 8 investors as they face tumult and a decline in overseas investments; Goldman Sachs has reached a record for a fund dedicated to real estate secondaries; KKR has snapped up a massive multifamily portfolio, marking the largest real estate purchase by a private equity manager so far this year; and more in today’s briefing, exclusively for our valued subscribers.

Blueprint: Private REIT redemptions surge, GIC’s China play, Gaw’s Australian residential venture

Redemption requests spike following Starwood’s decision to limit withdrawals from its own private REIT, though firms are satisfying the cash-outs for now; GIC is ramping up on Chinese residential with a housing joint venture; Gaw Capital is also ratcheting up its residential holdings, but in the fragmented Australian market; and Meadow Partners and Faropoint look to fly under the institutional radar while on the hunt for deals; in today’s briefing, exclusively for our valued subscribers.

Blueprint: Ares eyeing GCP, Carlyle’s looming fund close, L&G’s re-org

Los Angeles-based Ares Management is said to be on the cusp of buying a stake in GLP Capital Partners’ ex-China fund business, which has $66 billion of AUM in Japan, Southeast Asia, Europe, the US and Brazil; BlackRock is diving deeper into the data center world by acquiring a stake in Germany’s Mainova WebHouse GmbH; Carlyle is on track for what could be the biggest fundraise of 2024; Amsterdam-based Redevco has added another senior executive to its ranks; and more in today’s briefing, exclusively for our valued subscribers.