News
PRIVATE EQUITY POW-WOW
April 26, 2010
| The macro economy shows recovery signals. Yet domestic real estate continues to cyclically lag. Sounds like the perfect time to ask experts in private equity capital markets to discuss investment strategies. |
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| It's hard to see if rents have bottomed out or not, says Aviva Investors' Ed Casal, lower right, with other gurus summoned last week by ULI New York's Young Leaders at Kirkland & Ellis' 601 Lex offices. Some people are saying three or four months, while others say there's another shoe to drop, and there are questions about the middle class and how it will drive the economy during this period of deleveraging. The panel: (Clockwise, from top left) Aviva Investors'Zack Streit, Colony Capital's Todd Sammann, Lazard Freres Real Estate Investors' Doug Wells, Kennedy Wilson International's Donald Herrema, ULI member Alexander Sandy Albert, Ed, LoneCore Capital's Mark Finerman, and Kirkland's Nat Marrs. |
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| Todd says that if you're a buyer, you have to be more selective, and he wants to find sellers that are motivated; he notes that the government has a significant backlog of product it has to sell. Mark adds that as in investor, he's looking at core assets in gateway markets, where you can expect more zombie assets to come online—without tenant improvements, they will waste away and have to come to the market. Patience is needed if you want more assets. The speakers also touched upon the subjects of raising capital, successful strategies going forward, and market and job recovery. |
