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The Nordic manager is buying an existing real estate credit business with a Munich-based team as part of wider plans to expand its core capabilities in the property sector.
The vehicle’s limited partners, including Azora and BNP Paribas Real Estate, are betting on technology to help them become better property investors.
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The joint venture’s first acquisition, made through a newly-created Dutch residential investment strategy, was completed during covid-19’s lockdown period.
The US real estate manager aims to invest the vehicle’s capital in distressed opportunities over the next three years.
The sector giant invested £264m in the London-based REIT after its shares fell in a deal which extended a strategy of taking positions in discounted listed property businesses.
The capital would help to fuel the growth of the pan-European business from €500m to €2bn in assets over the next two to three years.
The industry would be better served if performance was unbundled from the effects of leverage, argues Joseph L. Pagliari, Jr., clinical professor of real estate at the University of Chicago Booth School of Business.
Amid shelter-in-place orders and widespread economic uncertainty, private real estate has yet to see its worst-feared outcomes of the covid-19 pandemic. So far, most rents have been collected on time, tenant defaults have been fewer than expected, investment capital has remained accessible and the earliest hit markets in Asia have already shown signs of recovery. […]
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