Term Sheet: MIPIM’s repeat mood; RMWC’s hybrid launch; Zenith’s IOS expansion
PERE Credit
PERE Credit is the source for insight and analysis on alternative real estate credit strategies.
Stateside volatility is a global concern for real estate debt and equity managers as heard this week at MIPIM; RMWC is setting up its flagship real estate debt strategy with the launch of a hybrid evergreen fund; Zenith IOS refinances a 30-asset industrial outdoor storage portfolio to maintain national exposure; and more in this week's Term Sheet.
Tips & feedback to Samantha Rowan or email samantha.r@pei.group
They said it
“It will kill the real estate markets”
Stephen Ross, founder and chairman at New York-based developer Related Companies, responding to a question about the impact of tariff wars and tax reforms going wrong at PEI Group’s NEXUS 2025 conference in Orlando this week.
What’s new
Stormy conditions
Attendees at MIPIM, the global real estate conference underway this week in Cannes, were literally and figuratively in the eye of the storm as heavy rains blotted out the sun and the economic policies of President Donald Trump’s administration wreaked havoc on the global financial markets. Continue reading...
Hybrid theory
Debt fund launches are more than theoretical away from MIPIM. New York-based private credit and real estate bridge lender RMWC this week expanded its lending fund series with a hybrid evergreen strategy. Steven Fischler , co-owner and chief investment officer at RMWC, exclusively told PERE Credit the firm designed its latest offering.
Trending
Agency of change
Partnerships, mergers and acquisitions have been all the rage this year. New York-based real estate investment trust Franklin BSP Realty Trust tapped into the action this week with the acquisition of Plano, Texas-based manager NewPoint Holdings JV.
Data snapshot
Family matters
More layers of institutional capital allocators are looking to bulk their real estate investment portfolios. Some 44 percent of family offices plan to increase their exposure to real estate in the next 18 months, far more than the 10 percent which expected to reduce it, according to a survey of 150 family offices by London-based manager Knight Frank.
People
King of the Hill
Richard Hill is on the move this week and joining Des Moines, Iowa-based Principal Asset Management as its global head of real estate research and strategy. Hill will work across the manager’s portfolio teams on capital allocation strategies using a relative value framework. Principal appointed him to lead the real estate global research team while delivering house economic and real estate views to clients. Dive into the detail...
Loan in focus
Southeast by Southwest
Industrial outdoor storage refinancing is on deck this week for Brooklyn-based manager Zenith IOS. Washington Capital Management, a Seattle-based investment adviser and manager, this week provided $120 million for a portfolio refinancing including 30 assets across the southeast, southwest and western US.
Get the details of this week's Term Sheet here.