Brokerage to REPE in London?
After doing some research it seems that the most common pathways into REPE (in the US) are from RE IB or brokerage. Is this also the case in the UK? I can't find much information on CRE in the UK, but I like the idea of doing CRE brokerage coming out of university but I'm not sure if that will allow me to break into REPE along the line.
From the very few threads about London in this forum, I get the impression REPE roles are really only recruited from IBD or real estate investment banking, which I don't particularly want to do.
Aside from this, any advice on CRE in the UK would be greatly appreciated, especially about how to break in after university. I have an internship this summer at a small (non-RE) fund that specialises in small cap, and my degree (Economics and Finance) is not explicitly related to real-estate. All the jobs I see online as a real estate analyst require 1-3 years in real-estate with relevant modelling skills. How would one obtain these 1-3 years of experience and in what role? Also, I can't find any CRE brokerage jobs in London. Any opportunities for a graduate? Or would RE experience be required?
Thanks.
Are you located in the UK ? I am not as familiar with the UK brokerage market recruiting, but I do know that Eastdil has a London office, as well as Knight Frank (previously Newmark Knight Frank before the recent rebranding of Newmark), and a basic LinkedIn search shows that JLL also has UK offices and roles available ( I currently see one for a Analyst EMEA Capital Markets, that was posted last week)
Hi. Yes I am in the UK, are you? Thanks for the help! I'll definitely have a closer look at the companies you've mentioned. Based on your experience is it normal to go from CRE brokerage to REPE in London? Any specific brokerage firms to look for in London? I see a lot of rhetoric that looks down upon brokers. Is there any reason for this? Thanks again.
No I am in the US. In the US it is a logical progression if you are on a well regarded brokerage team to jump to REPE after a few years, this varies with what you want to define as REPE. But if you land on a solid team with a good reputation and a high volume of deal flow, there is a good chance you can lateral to REPE, I have seen it happen. As other will tell you, real estate is more forgiving with where you start out, however if you are deadset at working at Blackstone, etc. then you are going to have to follow the more traditional path of IB > REPE.
Just had a look at the role you mentioned. Just as a general question, I had a look at the role description; would this be considered an asset management role? In all honestly I'm finding it difficult trying to match my (minimal) knowledge of REPE in regards to either asset management or acquisitions to the roles I'm seeing online. Thanks for the help.
No, this is a role at a brokerage. If you are working at a brokerage you will not be doing any acquisitions or asset management, and this is because brokerage shops do not own any assets or acquire them. Brokerage shops are client services, and if you would like to eventually get a job at a REPE and you are set on joining a brokerage you are going to want to get a job in the capital markets division of brokerage shops as the clients that you will be working with are likely going to be the future companies you would like to work for. Within the capital markets umbrella there are Investment Sales ( the selling of commercial real estate) and Debt/ Structured finance, I recommend that you search through the countless threads on here about Debt/Equity vs. Investment Sales to find out which side of capital markets you would like to be on. You cant really go wrong with either, you will learn a core skillset of analyzing and understanding commercial real estate, which will provide a great stepping stone and networking that you can leverage for your next role.
Plenty of people go from brokerage to "repe". Just brush up on your modelling skills in your own time and be prepared to get knocked back a few times, in favour of those already on the buy side, but it's possible and certainly not "rare'
That seemed to be the consensus in the US but on the few threads about London CRE it didn't seem to be as 'common', so thank you for dispelling that information! Where would one start to learn modelling for CRE having no experience whatsoever? Are the WSO or BIWS guides good for absolute beginners, or do they assume some knowledge? Or is do brokerages assume minimal/no modelling experience and instead train analysts on the job similar to it would be done in a IB/AM grad scheme? Thanks!
That's because this is a US centric board so there will be fewer guys from Europe.
BWS / REFM are great for fundamentals but you will pick up a lot through the day job if you join a good team. You are unlikely to get any experience on the tax side of modelling, which is important in the UK, but there are some teams out there who model to this level (savills and cbre come to mind). In any case, you should work on this in your spare time anyway.
I know a PE principal in London who took this route. JLL -> Blackstone -> his own fund.
My classmate from uni also went from investment sales at JLL to a PE fund in London.
Logical progression
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