Currently networking my transition into CRE from Big 4 Audit. I ultimately want to be in REPE Acquisitions and have identified the best path is spending a couple of years in Investment Sales given the deal flow experience.
I have seen this topic somewhat mentioned in others threads but didn't really find an answer. What is the difference between Debt & Equity placement and Investment Sales?
I have heard "debt/equity placement", as well as "capital markets", used interchangeably with Investment Sales. Additionally, I have had Investment Sales groups refer to themselves as one or the other, but then reading through one set of Investment Sale interview questions, they ask the interviewee whether he was interested in Investment Sales or Debt & Equity Placement.
Just trying to get clarification as I am meeting with several people in Investment Sales/Capital Market groups and want to confirm my understanding.
Thanks in advance!
In reallyyyy simple terms, "Investment Sales" teams sell the property, using their relationships with funds/owners/operators/other potential buyers to get the deal done. "Debt/Equity Placement" teams use their relationships with the capital markets to arrange financing either for said purchase or after the fact. They're both acting in a broker capacity. Many times they'll do both, with the notion of, "Hey our team just sold you this building, we know everything about it and everything about you, so let us go out to the market (banks, debt funds, CMBS, fannie/freddie) and bring you a bunch of financing options, too." Double dip.
Thanks for the response! At larger shops (Eastdil, HFF, C&W, etc.) would these be separate groups or would an analyst likely have the opportunity to work on both aspects of the deal?
Also, with respect to trying to eventually transition into REPE Acquisitions, would Investment Sales be the better experience?
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