Corporate Dev at REIT or other role?
Hello all. Could use some help from the community in regards to choosing a next next role for myself. Been in the CRE industry for 4-6 years now and have spent time on both the debt and equity side as an investment or acquisitions associate. Bottom line for my current firm is that the business is seriously struggling and the comp is not good enough to allow for the level of toxicity that it has.
Overall, I have the long term goal of working into a CIO/Head of Investments type of role. With that in mind, ive just received an offer for a corporate development role at a global, multi-billion dollar reit. My first thought with this was that it’d be great to work across a multi-continent portfolio on a public market scale with responsibilities including regular press releases, earnings presentation, M&A work, determining/helping on strategy regarding leverage/asset types, etc. However, a few friends of mine have suggested that the job as well as the overall investment strategy (core/stabilized) doesn’t help me with my long term goal at all and that I’d be better served to feel out an asset management role that I’m in the middle of a process for. What does everyone think? Would this still help me with working towards my endgame? Have people EVER gone from corp dev RE to acquisitions/investments at more “pure” investment firms, regardless of whether they’ve been at one before? Would asset management in one asset type be better suited and worth waiting for?
Not familiar with Corp Dev at REIT, but just know that the real estate industry is in a world of pain for some years; especially on the acquisitions side (aka very few jobs out there now, and as the market continues to turn, acquisitions guys are the first to get cut.)
With that said, there are more Asset Management roles available right now and they provide more stability when the market cycles like this.
And regarding the Corp Dev position, it may allow you to pivot outside of real estate should you realize in the future that the investment side may not “come back” for some time.
I can’t say which is better for your career goals, but as an acquisitions guy I would heavily recommend that you pursue one of these non-acquisitions roles.
Depends. You haven't shared enough about the AM role you're interested in. What are the pros and cons of that?
Fair inquiry. Would be an asset management associate role within the hospitality/resort platform/portco of one of the megafunds. Portfolio spans the country with some one-off assets in Brazil, etc. Would ultimately be given a region to manage.
Pros - more “pure play” real estate role with both stabilized and transitional assets. Maybeeee some notoriety by parent/holding co but not as key of a benefit. Strong team too.
Cons - not acquisition/investment role which I still roles here and there for. One asset type (hotels/resorts) as opposed to office/retail/industrial global reit opportunity.
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