The PERE Podcast

A recurring theme in real estate private equity this year has been the proliferation of capital into so-called “niche” or alternative property types beyond the traditionally institutionalized sectors such as office, retail, industrial, multifamily residential or hotels.

But while much attention has been paid to the emergence of segments including data centers, student accommodations or outdoor storage, another area of rising conviction among both institutional investors and their asset managers is affordable housing – particularly in the US, where mounting supply shortages have evolved into what most observers describe as a crisis.

Increasingly, private market investors want to be a part of the solution, and a growing cohort of asset managers are devising ways to address the problem while also creating strong opportunities for risk-adjusted returns.

On this episode, co-host Greg Dool is joined by PERE Credit editor Samantha Rowan and PERE Deals editor Guelda Voien for a look at why affordable housing is increasingly viewed as a strong match for institutional investment portfolios and the managers hoping to capture those allocations. We also hear from Alicia Glen, founder of New York-based private equity firm MSquared, which is currently raising its second impact-focused essential housing fund, in conversation with PERE Podcast co-host McKenna Leavens.

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In this episode, host McKenna Leavens sits down with Jonathan Brasse, PERE editor-in-chief, and Evelyn Lee, PERE editor, to unpack the optimism circulating at PERE Network’s 20th annual America Forum, held earlier this week in New York City. The flagship event brought together a record-breaking number of industry leaders and investors across the private real estate landscape.

“Palpable optimism” is the way Brasse described the feeling in the air. Listen as he relays the growing confidence among participants that the worst of the capital markets dislocation is over. The podcast reflects on key themes contributing to a positive mood, including the expectation of a rebound in transaction activity and the growing prevalence of core risk-return strategies. Development is also becoming a talking point.

Listeners will also hear from Jesse Hom, chief investment officer of real assets and head of real estate credit at Blue Owl, who joined a panel discussing signs of a strong recovery in the market.

But there were also notable degrees of skepticism, as Lee explains. Despite improving supply-demand dynamics, there are still uncertainties around long-term interest rates, rising inflation and government deficits, leading some to feel the industry is not yet out of the woods.

Read also: PSP, La Caisse explore recalibration of property portfolios  

In this episode, host Greg Dool sits down with Jonathan Brasse, PERE's real estate editor-in-chief, for a deep dive into one of the biggest forces transforming the private markets landscape: manager consolidation.

The discussion explores why private market managers across asset classes are acquiring or partnering with other businesses in a bid to scale up, and what that means for investors and the markets they serve. The conversation hinges on the release of PEI Group's Private Markets 2030, a series that takes a look at the major forces shaping the alternative assets industry.

Listen as Dool and Brasse unpack the shifts fuelling consolidation. Among increasing demands for diversification and transparency, they focus on a major change in the sources of capital that support managers. For three decades, private markets have been fuelled by institutional investors. But as these institutions reach target allocations, two other sources of capital – private wealth and insurance capital – have emerged, with both the appetite for private market exposure and the means to access it.

In this special episode, the team explores how synthetic risk transfers, a financial tool used by banks to help them free up capacity for more lending, are growing in real estate.

Join Real Estate Capital Europe editor Daniel Cunningham and deputy editor Lucy Scott as they discuss why an increasing number of real estate lenders – and real estate managers – are engaging in SRT trades, a topic also explored in REC Europe's deep dive here.

This episode comes as Aareal Bank confirms its first SRT trade, linked to a €2 billion portfolio of performing European commercial real estate loans.

Also read:

A multi-year slowdown in private real estate has prompted institutional investors to cut their average target allocation to the asset class for the first time in more than a decade. Is it merely a short-term setback for property fund managers, or a sign of a broader shift within institutional portfolios?

The historic reversal reported by Hodes Weill & Associates this week comes after the capital advisory firm had found a steady increase in average target allocations since 2013, when it began tracking them with an annual survey in partnership with Cornell University’s Baker Program in Real Estate. But those gains plateaued starting in 2022, and this year’s 10-basis-point dip suggests that the market effects of high interest rates, geopolitical concerns and the rise of other attractive alternative asset classes are far from over.

In this episode, PERE senior reporter Harrison Connery joins host Greg Dool to break down this year’s Allocations Monitor survey results, and contextualize the main takeaways. Hodes Weill co-founder Douglas Weill also shares his perspective on the results and what they might mean for private real estate fundraising moving forward.

This episode is sponsored by Bravo Capital

The lending landscape is shifting, and private credit is taking center stage. In this episode, Bravo Capital founder and CEO Aaron Krawitz discusses how his firm is navigating a market defined by bank pullbacks, rising regulation and persistent demand for rental housing.

Krawitz outlines where opportunities are emerging: ground-up multifamily construction, healthcare and skilled nursing facilities, and HUD-backed permanent financing. As traditional lenders retrench, these areas are seeing renewed activity from private lenders that can move quickly and tailor structures to complex projects.

He also reflects on how Bravo has adapted since launching at the height of the pandemic, emphasizing the importance of a disciplined approach and alignment with investors through shifting market conditions. That ethos, he says, has supported a focus on quality borrowers, measured construction exposure and long-term partnerships over loan volume metrics.

Across development financing, bridge loans and HUD takeouts, Bravo sees a broader trend in real estate credit: private lenders are leading the way with financings, even amid market uncertainty.

Blackstone emerged last month as the winner of a year-long takeover battle for UK industrial landlord Warehouse REIT after knocking out rival suitor Tritax Big Box with a £489 million ($656 million; €562 million) bid. But as it turns out, that was not the end of the Blackstone-Tritax saga.

In a surprise twist this week, the rivals became partners when Blackstone announced an agreement to sell a £1 billion UK logistics portfolio to Tritax, just weeks after Tritax bowed out of its pursuit of Warehouse REIT. For an added level of intrigue, the deal reportedly involves both cash and Tritax stock, meaning Blackstone will hold an 8.6 percent stake in Tritax Big Box after the deal.

What should the industry make of this sequence of events, and what does it suggest about US private real estate managers’ ongoing push into the UK-listed property market?

This episode breaks it all down. Listen as host Greg Dool gets the latest from PERE Deals reporter Sarah Marx, who has covered the saga’s every turn, and PEI real estate editor-in-chief Jonathan Brasse, who offers his perspective on the affair and how it compares to a similar dalliance between Brookfield Asset Management and UK REIT Segro last year.

Later in the episode, Marx sits down with Matthew Norris, head of real estate securities at London-based manager and REIT investor Gravis Capital, for his take on the story and the growing number of takeover battles between private equity and publicly listed REITs.

PERE and its affiliate Real Estate Capital Europe were on the ground at Expo Real in Munich this week, hosting panel discussions and holding more than a hundred meetings with senior executives from across the private real estate market. So this week, The PERE Podcast brings you an informed dispatch on one of the biggest talking points of the week: Europe’s rising prospects, based on an anticipated rise in defense and infrastructure investment.

When NATO members pledged in June to spend as much as 5 percent of GDP annually on defense and critical infrastructure by 2035, private real estate market participants quickly began assessing the ways such spending could spur demand for real estate. These early insights were captured on prior episodes of The PERE Podcast this summer, which you can listen to here and here.

This week, the topic is gaining momentum again, with managers and investors at Expo Real eager to share their perspectives on European real estate’s potential NATO uplift and the markets and sectors that stand to benefit most. But it remains early days, and these policy drivers could be subject to change. How likely is it that defense-related real estate will form an asset class in its own right? Is the opportunity being overstated? And what types of challenges could come with investing in such a sector?

Listen as PEI real estate editor-in-chief Jonathan Brasse, PERE EMEA editor Charlotte D’Souza and Real Estate Capital Europe editor Daniel Cunningham talk to host Lucy Scott about what they heard in the halls of Expo Real this week. Then later in the episode, hear from Kevin Mofid, head of EMEA Industrial and Logistics Research at real estate services firm Savills, who takes listeners through the firm’s own calculations and why it predicts “substantial growth” on the horizon for industrial and logistics strategies.

The release of PERE’s annual Global Investor 100 ranking of private real estate’s top allocators comes with a somber headline for asset managers: For the first time in the ranking’s history, the world’s top 100 property investors saw their total allocation to the asset class decline from the year before.

But that is far from the only intriguing takeaway from this year’s list. On this episode, we take a deep dive into the GI 100 as host Greg Dool sits with PERE’s EMEA editor Charlotte D’Souza to discuss shifts in the ranking among Asia-Pacific, European and North American investors, as well as different investor types, and what they suggest about the ongoing movement of capital in the asset class. We also hear from PERE editor Evelyn Lee about the market context behind these shifts and what participants can expect moving forward.

Later in the episode, PEI Group real estate editor-in-chief Jonathan Brasse sits with Dimme Lucassen, managing director and head of the European real estate team at capital advisory firm Evercore, for his view on the findings, the outlook for real estate and the broader relationship between transaction markets and valuations.

This episode is sponsored by Cain International and Arrow Global

After several years defined by rising rates and pricing uncertainty, Europe’s property market may be at an inflection point. Jay Patel, managing director at Arrow Global, and Arvi Luoma, who heads Cain International’s European investment committee, share perspectives on how capital is rebalancing toward the continent in this special episode.

Patel notes that allocators from the US, Middle East and beyond are looking to Europe in ways they weren’t just a year ago, opening the door for both credit and equity strategies. Luoma, meanwhile, emphasizes that valuations appear to have bottomed and that green shoots are starting to show as financing conditions stabilize.

The two also highlight where opportunities are clearest: Germany’s distressed construction projects, Southern Europe’s structural tourism boom, student housing, and continued undersupply in residential and hospitality. Data centers and logistics remain attractive, while ESG regulation – once seen as a hurdle – is increasingly embedded in business plans, shaping how new assets are built and old ones are repositioned.

Taken together, their outlook is one of cautious optimism. Core capital is beginning to return, early movers are testing distressed opportunities, and Europe’s mix of stability, rule of law and long-term demand drivers are drawing greater global interest.