trends in real estate private equity
TRANSCRIPT
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7/27/2019 Trends in Real Estate Private Equity
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7/27/2019 Trends in Real Estate Private Equity
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7/27/2019 Trends in Real Estate Private Equity
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Global market outlook: Trs i r stt privt uity 1
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7/27/2019 Trends in Real Estate Private Equity
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What strategy (ies) in 2013 will be the most lucrative for
deploying capital in 2013 (choose all that apply)?
0 10 0 30 40 50 60
vt38.5
B ts44.6
vt ts6.
ts1.3
C4.6
N-44.6
J]fYf[af_kYf\t suttsts 56.
Source: Ernst & Young LLP
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partners (LPs) to get into a first close (choose all that apply)?
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Source: Ernst & Young LLP
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Global market outlook: Trs i r stt privt uity 5
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7/27/2019 Trends in Real Estate Private Equity
8/24
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7/27/2019 Trends in Real Estate Private Equity
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If you outsource or are looking to outsource your back- andmiddle-office functions, what are the key areas you are
focusing on (choose all that apply?)
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Source: Ernst & Young LLP
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Risks for real estate funds
Fin
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ratio
ns
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betives
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struture
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Source: Ernst & Young LLP
-
7/27/2019 Trends in Real Estate Private Equity
13/24
Global market outlook: Trs i r stt privt uity 11
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Global market outlook: Trs i r stt privt uity 13
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y tx vt t vsts tst t
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s txt us stt s. vy
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Z]_mfgmlkgmj[af_l`]ajafl]jfYdlYp\]hYjle]flklgkh][aYdakljek
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tx stv t st s- us.
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[gfka\]jYZdqafl`]jmf%mhlgl`]fYf[aYd[jakak$afn]kle]flklj]Yek
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tx rvu. tu ts rts y rur r ts txhdYffaf_$afn]klgjkYj][ge^gjlYZd]oal l`]j]dYlan]klYZadalqg l`]
hjgh]jlqeYjc]lkafF]oQgjc$Dgf\gfYf\HYjak$ gj]pYehd]$Yf\
^]]d[gf\]flYZgml gol`]qmf\]jojal]l`]aj]palkljYl]_a]kl`]j]&
u rs v ursu r tx r s
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kladd[`Yjlaf_gjj]faf_l`]ajgn]jYddeYjc]l%]fljqkljYl]_a]k&
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7/27/2019 Trends in Real Estate Private Equity
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14
y tx csirtis r rstt us
b >mf\kg^l]f`Yn][gehd]p[jgkk%hjgegl]Yf\[dYoZY[c
stutus tt ust sy yz t su tt t
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t -tzt.
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t tt u y su ts.
u ssus v t tt
ut us u y u ts. y
u sss x ts vss t su ty
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utu uts y vsts. J]Yd]klYl]^mf\k`Yn]Z]]fYf\oaddaf[j]Ykaf_dqZ]kmZb][llg
tx uts s tx utts t tx vus.
UT U ss t tu st t ut tx v
t t -vu st ty tsts. T
sutt ss t vss t ts s uty
g[[mjjaf_$ZmlafZja]^$l`]j]Yj]l`j]]hjghgk]\[`Yf_]klgl`]lYpus tt y t v t stt us vst
afj]ka\]flaYdhjgb][lk&
)& 9KlYeh
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7/27/2019 Trends in Real Estate Private Equity
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15
US MK^mf\kYj]af[j]Ykaf_dqmkaf_J=ALkafl`]ajkljm[lmj]k
lgY[[geeg\Yl][]jlYafafn]klgjk$af[dm\af_a!fgf%MK
h]fkagfk$KO>kYf\`a_`f]logjl`af\ana\mYdklgeafaear]
MK>gj]a_fAfn]kle]flafJ]YdHjgh]jlqlYp]k!Yf\aa!MK
^gmf\YlagfkYf\gl`]jMK]p]ehlgj_YfarYlagfkl`Yl\gfgl
imYda^q^gjlYp%]p]ehllj]Yle]flgf\]Zl%fYf[]\af[ge]&
Afl`]MK$l`]j]akY`m_]hmk`gfl`]hYjlg^hmZda[
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[mjj]fldq]fbgqaf_&
Source: Ernst & Young LLP
What were the areas of focus for the tax audit?
T tstutu uty/t
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Bt54.8
Sust s
s16.1
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sy6.5
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7/27/2019 Trends in Real Estate Private Equity
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16
Eri rtsi cusJ]Yd]klYl]Y[lanalqafl`]]e]j_af_eYjc]lkg :jYrad$
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s ts ts y ttut t t
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t vsts s y t t
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g^l]f]f\mhoal l`][geh]lalan]]\_]gff]o\]Ydk
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oal gl`]joak]jakcqYkkmehlagfkgfY[[gmflg Y
tt ust t ts.
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ghhgjlmfala]koal`j]lmjfkZ]lo]]f*(Yf\+(]al`]j
v -st s ts ts v
t t ts.
Afkhal]g l ak[geegfl`]e]$l`]:JA;fYlagfk Yn]
vy vuz t ys vs. y
stt ts ssus ts ts
\ak[mkk]\afl`] gddgoaf_k][lagfk&
What region(s) are you most focused on for exposure
to emerging markets (choose all that apply)?
0 10 0 30 40 50 60 70 80
s-P33.
st4.8
Sut 11.3
Nt us ts 61.3
3.
Source: Ernst & Young LLP
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7/27/2019 Trends in Real Estate Private Equity
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Global market outlook: Trs i r stt privt uity 17
Brzi
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Q]lafYlagfYf\mf]ehdgqe]flYj]Zgl`^Yddaf_&
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LjYfkY[lagfY[lanalq`Ykha[c]\mhaf:jYradkk][gf\YjqeYjc]lk$o`]j]\]n]dghe]flake]]laf_
l`]f]]\kg^Y_jgoaf_[gfkme]j[dYkkafhj]nagmkdqmf\]jk]jn]\eYjc]lk&Source: Real Capital Analytics, Prudential Real Estate Investor
:jYrad[gflafm]klgYlljY[lkmZklYflaYdafl]j]kl jgej]Yd]klYl]
hjanYl]]imalq mf\kZYk]\oal afYf\gmlka\]l`][gmfljq&
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\gofZ][Ymk]g l`][jakakaf=mjgh]Yf\alkaehY[lgfl`]_dgZYd
][gfgeqYkYo`gd]&Kaf[]egklg l`]k] mf\k Yn]Y Yajdqdgf_
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]klYl]\]janYlan]keYjc]l$]al`]jgfl`]j][]anYZd]k]f\$
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t s vsts.
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7/27/2019 Trends in Real Estate Private Equity
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18
Russi
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lgY\\j]kkhjgZd]ekafl`]ajgof\ge]kla[eYjc]lk&JmkkaYf
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t t st s . zz t us v t
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u stt tsts.
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k]][gfka\]jYZd]eYjc]l_jgol`Z]qgf\Egk[go&L`]?gn]jfe]fl
akca[caf_g^^YfmeZ]jg^ka_fa[Yfl\]n]dghe]flafalaYlan]kafl`]
j]_agfk$hYjla[mdYjdqYjgmf\l`]:dY[cK]YafY\nYf[]g^l`]*(),
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Yj]afl`]]YjdqklY_]k$l`]_gYdg^YlljY[laf_afn]klgjklgl`]k]Yj]Yke]Yfkl`YlZgl`kqkl]eYf\eYjc]lljYfkhYj]f[qoadddac]dq
v.
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7/27/2019 Trends in Real Estate Private Equity
21/24
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7/27/2019 Trends in Real Estate Private Equity
22/24
20
Ci
=[gfgea[_jgol \][]d]jYl]\af; afYgn]jl`]hYklk]n]jYdegfl`k&=n]fkg$YfYdqklk gj][YklY_jgol jYl]
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utty suss.
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Af[j]Yk]\mjZYfarYlagfYf\ a_`]j gmk]`gd\af[ge]k Yn]d]\lgYjYha\dq_jgoaf_[gfkme]j[dYkk&L aklj]f\
s xt t tu su st vus vstt- s ts.Source: Real Capital Analytics, DTZ
v stt uts C v
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t y st vs v t utty
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7/27/2019 Trends in Real Estate Private Equity
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7/27/2019 Trends in Real Estate Private Equity
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Erst & u
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