Date: Tuesday 8 December 2020
Time: 4pm – 5pm GMT/ 11am – 12pm EST
Topic: US Outlook 2021
After a year of unexpected events, the US commercial real estate market is looking ahead to a brighter 2021.
Already, investment managers are reporting that transaction activity is resuming as more deals get done and institutional and non-institutional investors are increasingly turning to real estate as a source of yield in a historically low interest rate environment and as a possible hedge against inflation.
The industrial sector continues to shine, with fund managers bullish on the short- and longer-term prospects for the sector. But there are concerns around sourcing land for new developments and how changes around last-mile delivery and the increased use of robotics will have an impact on the sector. Pricing and valuation are also a concern, particularly with the amount of dry powder that is targeting the sector.
The coming year is likely to be the time when all of the distress that’s been predicted as a result of the Covid-19 pandemic will actually be felt, with fund managers gearing up to launch distressed or opportunistic strategies. One question that many of our readers are asking is how will opportunities differ than what was seen in the period following the Global Financial Crisis. The early word is that there may be more opportunities – but that these opportunities may revolve around more rescue capital rather than buying assets at rock-bottom prices.
Join REFI US to discuss these issues and more at our coming 2021 Outlook Webinar.
Tyler Blue, Vice President, Advisory & Consulting, Green Street
Tyler is a Vice President in Green Street’s Advisory Group, which provides strategic advisory and valuation analysis for a variety of commercial real estate companies across the globe. Since joining the firm in 2015, he has played an instrumental role in many types of projects, including portfolio valuation, REIT M&A, pre-IPO, and investor messaging. Tyler is a member of the Pension Real Estate Association (PREA). Previously, he worked as an analyst for a private developer in Southern California, where he focused on development and acquisition underwriting for office, hospitality, and mixed-use real estate. Tyler earned an MBA from Arizona State University’s W.P. Carey School of Business with a concentration in financial markets, and a B.S. in Business Administration from California Polytechnic State University, San Luis Obispo.
Russell Appel, Founding Principal, The Praedium Group
Russell Appel is the Founding Principal of The Praedium Group, a privately-held real estate investment firm that has invested $12 billion of capital on behalf of its clients over the past 29 years. Mr. Appel has been building the Company since 1991 and has overseen all aspects of The Praedium Group’s activities, including its strategy and its investment policy.
In addition to his responsibilities with The Praedium Group, Mr. Appel ran Credit Suisse/First Boston’s (“CS”) Commercial Mortgage Finance business from 1991 to 1994, where he became a Managing Director. At CS, Mr. Appel supervised the execution of commercial and multifamily asset securitization and sale advisory assignments totaling in excess of $13 billion. Prior to joining CS in 1991 and his association with The Praedium Group, Mr. Appel was a Vice President in the Real Estate Department of Goldman Sachs & Co. for five years. At Goldman Sachs, he was involved in real estate-related sales, financings, mergers and acquisitions and capital markets transactions totaling in excess of $3 billion.
Mr. Appel holds a B.S. in Economics (magna cum laude) and an M.B.A. (with distinction) from the Wharton School of the University of Pennsylvania. Mr. Appel served as Chairman of the Board of Directors of the Pension Real Estate Association between 2008 and 2010, and he had previously held the positions of Vice Chairman, Treasurer and Board Member.
Nancy Lashine, Founder & Managing Partner, Park Madison Partners
Nancy Lashine is the Founder and Managing Partner of Park Madison Partners, a boutique real asset private equity placement firm. Since its formation in 2006, Park Madison has raised over $17 billion in equity from institutional investors for investment strategies in the US, Europe, Asia, and Latin America. The firm is a leading advisor to investment management firms on their business strategy. Park Madison is headquartered in New York City and is a FINRA regulated broker dealer.
Ms. Lashine has over 35 years of real estate and investment marketing experience. Prior to forming Park Madison Partners, Ms. Lashine was a strategic consultant advising leading institutional real estate investment managers on product development and the implementation of institutional marketing initiatives. Clients included Lehman Brothers, Angelo Gordon, ING Clarion, Sentinel Real Estate and JER Partners. Ms. Lashine was an early member of The O’Connor Group (1985-1995) and began her finance career at LF Rothschild, Unterberg and Towbin (1981-1985).
Ms. Lashine earned her MBA at Columbia University Graduate School of Business, and a BFA, cum laude, from Case Western Reserve in Dance Theatre. She serves on several Boards including the Columbia MBA Real Estate Advisory Board, the Gibney Dance Center Board, and is a past board member of the Pension Real Estate Association. She is a member of ULI and WX (Executive Women in Real Estate). She holds the Series 7, 63, 24, 79 securities licenses.
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