Blackstone – Real Estate Asset Management Summer Analyst 2021 Interview
Hi chimps,
Penultimate that just scored a first round interview at Blackstone. Non-target but I'm from a top Scandinavian school with good academic results (got the interview through referral).
No experience with PERE, any advice on how to nail this interview? I'm interviewing with a couple of analysts in ~ 1 week. Anyone previous summer analysts in the forum with advice on the process?
Hi @kingante congrats on the interview!
I had a similar experience a couple of weeks ago. Some tips from my experience:
- Make sure you know "your story" well e.g. tell me about yourself, why Real Estate etc and have examples for the typical competency questions (e.g. tell me about a project you completed, tell me about a recent news story etc.)
- Understand the WACC formula (Cost of capital > cost of debt), what debt does the discount rate, how one can increase their IRR to there target rate...
- You may be asked a quick case study on a modelling example, so know how to calculate the sale price of an asset using the exit yield [k = NOI/Price, therefore sales price = NOI/exit yield (k)] etc.
- Make sure you have at least 3 questions for each interviewer about the role, the team and Blackstone as a company etc.
- keep up to date with the real estate news (property week is quite a good website)
Hope this helps, feel free to DM if you have more Q's
I also have an AM interview coming up with them...would you suggest knowing things like how to add value to a building or other questions very specific to asset management (and if so, what are examples)? Thanks!
Honestly I am not too sure as I was not asked about anything related to that. But that doesn't mean you won't get asked a question on CAPEX and adding valuing etc. It is good to know just in case I guess. Better safe than sorry.
Hope it goes well!
Thanks a lot for the awesome tips 4-4-2. Do you think the modelling example would involve using Excel or would it just be a quick sanity check? Also, do you think one would need to provide investment recommendations (e.g "Which category/area should we invest in?")
For the 1st round the modelling example will not be on excel but you need a pen and paper to do them (plus a calculator). For the further rounds an excel test would probably be given.
As for investment recommendation, I would highly recommend you having multiply (at least one) asset classes within the real estate sector that you see some investment opportunity (e.g. industrial warehousing, scientific research space). Be sure to give a good justification as to your investment recommendations.
Savills Research has some good reports regarding some investment growth areas in the real estate sector.
Does anyone know how many rounds there are in total in the process?
Have they given any offers yet? (for London)
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