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The follow up to KKR’s 2017 fund will continue to focus on junior tranches of commercial mortgages.
Fundraising decline
While our data show global real estate debt fundraising peaked in 2017, sentiment among institutional investors suggests the asset class is not out of steam.
Sister title PERE’s research shows a slowdown in real estate debt fundraising since a post-global financial crisis peak in 2017.
Retail icons are being toppled, spelling major trouble for US shopping malls as a cascade of defaults looms.
Capital providers and their managers are seeking fresh pockets of value as fundraising in the sector dips.
digital real estate
With commercial properties shuttered and daily life shifted online, data-centric real estate has thus found itself higher on investor wish-lists.
Borrowers with financially engineered performances face covenant breaches amid a market correction, warns AXA IM – Real Assets’ head of research and strategy.
The German insurer will remain active in the asset class but will be reevaluating its underwriting and the types of investments it pursues.
‘In the current situation, it’s really tough to underwrite something,’ Rainer Komenda, the €80bn Bavarian pension investor’s head of real estate funds, tells sister title PERE.
The European asset manager’s real assets, structured finance and hedge fund businesses will combine to form the new entity.
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