PODCAST: What investors think of manager changes

Executives from Allianz Real Estate and The Townsend Group share the pros and cons related to the ongoing evolution of the private real estate industry.

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The private real estate industry is undergoing a period of significant change, in no small part due to the consolidation of managers or reshuffling of teams in the space.

This has enabled a number of asset managers to expand into the property sector, including four new entrants in the past year alone. But these manager changes can create mixed feelings for the investors that back these platforms in transition.

In this latest installment of Spotlight, we talk to Jerome Berenz, head of indirect investments for Europe at Allianz Real Estate, the real estate investment management arm of Munich-based insurer Allianz Group; as well as Prashant Tewari, partner at The Townsend Group, an Ohio-based real estate investment management firm and consultant. They discuss the pros and cons of manager changes, what actions they take when managers go through an ownership or leadership change and how well managers respond to their concerns.