real-estate (asset-level) IBD experience?
i've read most of the threads on WSO on this but couldn't find very comprehensive information, from what i understand, real-estate IBD is a controversial title and can refer to two separate types of banking 1) advisory for REITs, developers and the likes on a company level; 2) selling individual buildings, which is asset-level advisory
can anyone speak to the experience gained in the latter type (asset-level advisory)? in terms of day-to-day responsibilities, skills learned, exit opportunities?
and what about asset-level advisory vs company level advisory? which is considered better in terms of learning/developing yourself and in terms of exit?
thanks for your help!
I think you will get a much better response if you post this in the Real Estate Finance forum. Lot of smart folks over there.
In response to your question, with the asset level advisory, you really learn about the fundamentals of real estate, underwriting, and various financing structures. Exit ops include REPE, working for commercial lenders (banks or finance companies), big brokerage houses, and others.
Company level advisory is a more traditional IB role with 3 statement modeling, M&A, fundraising, etc. This requires much less understanding of real estate and is more corp finance focused. Exit ops here could be REITS our something outside real estate.
If you like real estate and plan to stay for the long term, stay close to deals and asset level stuff. If you prefer the IBD role and helping real estate companies, go towards the entity level advisory.
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