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Private real estate is split on rate cut approachAmid delayed cuts, some firms continue to model lower borrowing costs, while others have not factored them in at all.
Blueprint: Brookfield's $8bn close for BSREP V, Starwood’s takeover bid for ESR, PGIM’s $2bn data center fundBrookfield Asset Management reaches over $8 billion in commitments for Brookfield Strategic Real Estate Partners V, bringing the vehicle over halfway to its final target; Starwood forms a consortium of investors, including TPG-spinout credit platform Sixth Street Partners and New York investment firm SSW Partners, to propose a buyout of the Asian industrial giant ESR Group; PGIM Real Estate is targeting $2 billion for a global data center fund; and more in today's briefing, exclusively for our valued subscribers.
MSREI sells four warehouses as near-shoring trend picks upThe four industrial properties located on the Texas-Mexico border were sold to two institutional buyers.
Blueprint: PERE's Deep Dive on multifamily distress, Blackstone's double exit in the US and South Korea, PAG consortium's $8.3bn acquisition of China mall operatorMultifamily distress is creating both challenges and opportunities for private real estate managers, as PERE's April 2024 cover story examines; Blackstone has made two high-profile exits from investments in the US and South Korea, returning capital to investors in a wide range of vehicles; PAG-led consortium buys the world's largest mall operator in $8.3 billion deal; and more in today's briefing, exclusively for our valued subscribers.
Deep Dive: Private real estate’s surprise problem childDefault risk in the multifamily sector is growing, catching out some managers and their investors – while creating opportunities for others.
The opportunity is distress - without the big discountsActive private real estate investors are buying up assets from owners under pressure. But they are less fixated on bargains.
Selling the legacy of Hollywood’s Golden AgeHenderson Park has purchased the Arizona Biltmore Hotel, former haunt of Marilyn Monroe and Frank Sinatra, from Blackstone for $705m.
Flexing fund terms will have knock-on effects, say lawyersInvestors may be amenable to investment period extensions in today’s climate, but lengthening the fund term could have more serious implications.
Investment period extensions carry no stigma now, but nor are they risk freeIn 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.
Blueprint: GIC’s real estate leadership changes, MSREI’s fund extension for G10, Brookfield’s first close for BSREP VGIC’s real estate chief investment officer Lee Kok Sun retires after 27 years at the Singaporean sovereign wealth fund; Morgan Stanley Real Estate Investing receives a one-year extension on the investment period for its tenth global real estate fund; Brookfield raises $8 billion in the initial close for BSREP V; and more in today's briefing, exclusively for our valued subscribers.