‘Twas the Friday before Christmas, a good time to pause and reflect
On the big industry news of 2017, much of which we did not expect.
And as we noticed, in looking back on our coverage over the past year,
In private equity real estate some key trends did appear.

M&A deals were many, and firms like Townsend and Mesa West
Sold for a pretty penny, not because they were distressed.
Owners sold whole or partial stakes under a succession plan
Or into new markets or products, they wanted to expand.

Debt funds were all the rage, with equity firms now active
In types of real estate lending that banks once held captive,
And higher yielding, lower risk investments have been in demand
From investors that believe a down cycle may soon be at hand.

But overall, fundraising and deal volumes were on the decline,
Partly because it was hard to invest funds at the present time.
Also, foreign investors that used to write big checks
Have pulled back because politics at home is complex.

In this late stage of the cycle, the focus was on downside protection.
For core real estate, many investors have shown a predilection,
While secondary markets or niche strategies, others have pursued instead
Thinking that there will be greater upside in the months or years ahead.

As with every year, we tracked major industry shifts underway,
The longer-term impacts of which are currently hard to say.
Be it Brexit or US tax reform or rising interest rates,
Or WeWork or real estate technologies, it’s all still up for debate.

In 2017, we hope you have enjoyed reading PERE
And that our breaking news and features have kept you merry,
Whether you preferred the mag or the relaunched website.
Happy Holidays to all, and to all a good night!