The latest edition of our Alternative Investor looks at property as an alternative investment. This is a sector under pressure from rates and liquidity concerns, yet this is the largest private capital market in the world, and by delving a little deeper, there are exciting opportunities. This month, we hear from AREF, South Street Capital, Marcus Langlands Pearse, Savills, Sharow Capital and Tritax.
Over the last month, we have seen hedge fund performances disappoint, continued inflows to the big brands, new distressed offerings, a few disappointing fund-raisings, developments in the UAE in terms of fund launches and co-investing, worries from some of the big names in our space, a sizeable IPO pulled, acquisitions, significant dry powder, AI and PE, and Ark turning to Europe.
- The Association of Real Estate Funds’ (AREF) Paul Richards looks at UK property funds and suggests a way forward, and the value of real assets in a portfolio.
- South Street Capital’s Antony Thesiger writes about the Multi-Let Industrial sector, which has performed well over the past decade and continues showing “resilience” in these markets.
- Marcus Langlands Pearse looks at the attractions of repurposing well-located office buildings, offering double-digit yields.
- Savills’ Frances McDonald switches to the London market, where established prime markets, synonymous with equity-rich buyers, continue to hold up well.
- Sharow Capital’s Angus Wade moves away from the UK to Poland, which presents one of the best buying opportunities since the fall of communism.
- We round off with Tritax Management’s Phil Redding, who focuses on the strength of the European logistics market, where sentiment appears to be improving.
Prosek’s Mark Kollar has outdone himself this month by looking at the growth of US entertainment-focused funds and interest in this space, which he describes as a “race for media rights, which can be monetised across economic cycles.” Now a ‘Swiftie’, Mark appreciates the big fan bases and revenues, which are dream tickets for investors.
And finally, there is plenty going on in the regulatory space. In the UK, the FCA has issued new guidance on market soundings, the Cayman Islands moves off the ‘grey list’, fines… In the US, the SEC announces 2024 priorities, CFTC’s proposed amendments to regulation 4.7, the SEC broadening short position reporting requirements…