Serious investment thinking that doesn’t take itself too seriously.
When I started in real estate more than 25 years ago, nobody was really interested in listed property. At that time, I was a real estate equity analyst at ABN AMRO (later with JP Morgan), but few investors were keen to talk to me… Why would anyone buy listed real estate for a 10% return per year,...
“With great power comes great responsibility.” — Spider-Man“No God. The only man in the sky is me.” — Homelander I often remark on how much the modern world resembles the...
“You’d think you can’t just keep printing money, monetizing debt, and buying bonds, without the dollar imploding. But, maybe you can?” Bond markets reflect facts. Equities are...
It's not good enough to do "multifamily" or "office" any longer. Real estate sponsors must have a niche. As the real estate industry enters its third year of elevated interest...
It is a truism that policy is always downstream from voter opinion. But not all voters are equal. For Labour to go from its worst general election result since 1935 to becoming...
In the last Property Chronicle, we considered a simple conceptual framework for assessing market mispricing. This involved comparing the market cap rate (K) with a cap rate...
Spare a thought for poor Mr Pennycook, Labour’s new housing minister. Before we do that, however, we should congratulate him on being the longest serving housing minister in the...
The decision by the Bank of England’s rate-setting committee to reduce Bank Rate from 5.25% to 5% on 31 July was clearly a nail-biting affair, succeeding by the narrowest of...
I have to say, my optimism in the future of Uk commercial offices has become rather soggy to say the least. The news that Brookfield has placed its trophy asset at...
Rising populism threatens to end institutional SFR as we know it. What happens next and who are the likely winners and losers? Single-family rentals have been one of the...