In one line: Real estate private equity (REPE) buys, improves, finances and sells income-producing property, or builds it. Returns are driven by four levers: income (NOI), NOI growth, leverage, and cap-rate movement. The last one is mostly outside the manager's control, and it has created and destroyed more wealth in the asset class than any other.
What the study covers
- 1Overview
- 2How it works
- 3Economics and key numbers
- 4Key players and landmark deals
- 5Risks and pitfalls
- 6How an expert thinks about it
- 7Glossary
- 8Related sections
Technical exhibits
Worked examples, checklists and case studies included with this study.
Risk Spectrum and Cap Rate Math
Core → opportunistic spectrum, and a worked core and value-add deal showing cap-rate, leverage and IRR math, including negative leverage
Case Study Breit Redemptions 2022 2024
Blackstone REIT redemption limits, the UC Investments deal, and lessons for semi-liquid vehicles