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The Canadian investor sees preferred equity as a route to expand and diversify its $12bn residential portfolio amid a financing gap for developers.
James Jacobs, head of real estate for Lazard’s private capital advisory group, says the easing of restrictions on both sides of the Atlantic is changing institutions’ appetite for risk.
While the New York-based investment manager has been able to deploy its funds rapidly, other groups have not found the opportunity set they expected.
Large pools of capital have been raised for distressed strategies, but thanks to government support schemes, finding a home for it is proving a challenge.
The oversubscribed vehicle attracted commitments from institutional investors and high-net-worth individuals alike betting on a hospitality comeback.
With recovery underway in the US hotel sector, securitisation activity is gradually picking up in select sub-sectors – albeit with more conservative underwriting.
The New York-based private equity firm’s KREST could democratize access to institutional real estate through a number of ‘investor-friendly’ features.