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Calculating Total Enterprise Value by subtracting a Cost EV from Freehold EV?
Hi WSO, I am reviewing a model where the client has calculated the EV of their Freehold Portfolio, by subtracting a central cost EV. So they have taken the freehold and leasehold portfolio EBITDA * EV/EBITDA Multiple (of 12.5x) and then subtracted Central Costs * EV/Central Cost multiple (of 9x).. I...
Is Low tier BB IBD > Top tier REPE > Corporate PE possible?
I am an IBD associate at a low-tier BB. While I failed to land an offer of corporate PE, I may have an opportunity to join a REPE with a good brand name and solid deal flows. This REPE not only does asset-level investments but also is very proactive in corporate-level deals. These deals, though...
Real Estate Development - early foundations suggestions?
I am almost 1 year out of college and work full time at a smaller real estate development company that develops luxury apartments (mixed use) in the greater NY area. I've been working here for ~9 months now, and have been tasked in all kinds of areas of development - diligence, financial/pro forma...
Summer Analyst after Senior Year?
This will be my first post so forgive me if I sound naive, but I've done some reading on the forums here and I couldn't find a recent answer to this question or a person with a profile quite the same as mine. I'm currently a junior and will be doing debt valuation for REIT's as a SA this year. This...
Dissertation survey to determine structural change to demand in office space
Dear fellow primates I am currently conducting research to determine the long term structural change in office demand due to COVID-19. For this I would like to analyse how work from home was handled before the pandemic and how office workers' opinion and situation has changed. If you would work in...
Real Estate Investment
Buying a home needs proper planning and financial assessment. There are multiple home-loan options available. Do proper research to get the best home loan as per your situation and needs.Be practical in setting a goal for home buying.Create a homebuying strategy in advance and go as per the plan....
Upcoming Tishman Speyer Interview
Hey everyone, Wondering if anyone has any interview experience with Tishman Speyer? Have an upcoming excel modelling test/interview and would be great to hear some thoughts. Best (1st year analyst - out of school)
Development Management
Does anyone on the forum do development management? Would love to hear more about your day - I know this is pretty broad - I am looking at a job that is going to include Development Management as a large part of the day. So I am curious as to what you do most of the day, what your career growth may...
Capital Markets - Is it basically mortgage brokerage?
So I'm planning on joining a CRE brokerage firm this summer for an internship. I'm going to be working with the capital markets guys. So far all I know is that they connect the clients with financing. I listened in on one of them doing calls and basically he was cold calling people asking if they...
RE M&A vs REIB
Hi all, I'm looking for some advice. I've landed an internship at a top RE Brokerage in London (CBRE, ES, Hines, JLL) and in the current environment I feel incredibly lucky. However, I can't help but think my exit ops may be better in an RE M&A function at a Bulge Bracket? Could someone possibly...
How do I become a Real Estate Analyst with no experience??
So I have had a passion for real estate since graduating from my master's program (Urban Planning) 5 years ago. Since graduation I've been working for my family's asphalt paving business, so completely unrelated. I recently decided to follow my own path and dive into the real estate development...
Residential Real Estate to Development path?
Hello, I'm new to this forum and career. Passed the real estate broker exam. No college degree + not many connections, so I don't have much to offer commercial brokerages, but most residential brokerages offer training and will employ about anyone with a license because it costs them little to...
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PJT Park Hill
Interested in getting more information on PJT Park Hill. What's the culture like? Exits? How competitive is it to get in (compared to MM REPE, MF REPE, BofA/Citi/GS REIB). Interview difficulty as compared to other boutiques? What profiles/backgrounds are they looking for? When do apps open (assuming...
PIMCO Real Estate London
Any thoughts on PIMCO private equity real estate group in London? Seems that they are raising their fourth global BRAVO (>$4 bn) fund and have a couple of other vehicles they invest for (including a hedge fund-like business). Any hint on comp/culture and overall strenght of brand/team in PERE...
Benefit Street Partners - CRE Originations Analyst
Does anyone have any information on the comp for an analyst in the CRE Originations group for Benefit Street Partners Realty Trust (REIT subsidiary of BSP)? I am trying to pivot from a consulting position to CRE, so am curious to know if anyone has details on this firm in terms of compensation,...
Raising Capital for a RE Multi-family strategy: Feedback wanted
Hello all, I've been introduced to an owner of multifamily properties in Arizona, Nevada, and Florida. Over the course of 35 years in business, the owner has bootstrapped herself having developed a portfolio of 1200 doors in 9 multifamily properties, all of which she not just owns but also manages....
REAL ESTATE AGENCY
Hello! Looking for a better and trustworthy agency for some real estate business here is the opportunity for you to contact us today REAL ESTATE AGENCY
Seeking Advice: Econ/Accounting background at big bank looking to get into Real Estate Asset Management
Hey all - I currently work in an economic forecasting role in big bank and I am a CPA. Looking to get into real estate asset management but unsure how to make the transition into that. 2nd year analyst. Any advice would be appreciated
JPM Real Estate Banking- Commercial Bank
I was wondering if anyone could shine some light on this group within the Commercial Banking arm and the different divisions under the REB group. I'd imagine the role differs vastly from REIB and the AM arm but would love to hear some insights as to what their core functions are (obviously lending...
Invesco Real Estate
For anyone who has insight into this, would love to hear your general thoughts on Invesco Real Estate - reputation, deal flow, culture, comp, etc.
Off-Market Deals: Pipeline Origination
Hey all, I'm curious if anyone at buyside platforms can comment on how deals are originated in their shop. If your firms does have a proprietary origination process, in that you seek our off-market deals, how that is done? Do your team's deal makers proactively reach out to owners with an indicative...
RE internships with best perks?
Have you heard of RE internships that have cool perks (housing, food, pay?)
Main valuation methods for RE (DCF, Direct Cap...)?
I have an upcoming interview for a Real Estate Investment Summer Analyst Position, but I have zero experience in Real Estate, I always was more focused on M&A and normal PE, so I am quite lost on technicals for RE. I would like to know what are the main valuation techniques used in Real Estate: -...
How to prepare an interview for a Capital Markets Analyst role at a commerial Real Estate firm?
Hi guys, I have an upcoming interview for an analyst position in the Capital Markets team of a top Commercial Real Estate company (think of JLL, CBRE, Cushman & Wakefield). I have a background in finance (M&A), and I know very little about Real Estate. What sort of technical knowledge should I...
Best materials to prepare interview for Real Estate positions.
I am looking for opportunities in the Real Estate landscape as I always have been very interested in this field. I am open to different positions: - Real Estate Private Equity - Capital Markets for Real Estate - Real Estate Development - Real Estate acquisition Debt & Finance However, I don't know...
Should I disclose that my Family Company is a competitor to my potential employer?
Hey everyone, I'm a long time member of this forum and have used it on a number of occasions to learn concepts, get advice and just to see other people's perspective on things. I've found it really helpful over the past few years so I thought to ask for your perspective on a topic that has been...
Georgetown Masters in Real Estate Online
Not sure if this this the right forum, but anyone do this program? 1) Was it worth it? Did you get a lot out of it? 2) Level of difficulty of classes/how many hours a week did you spend on coursework? 3) How many classes did you take at one time/are classes 8 weeks or full semester 16 weeks long? I...
Job Interview "Homework"
I have an interview for an asset management position at a company that owns a bunch of shopping centers. Basically, I was told to research Target and this mid-sized restaurant chain from the perspective of assessing their viability as a tenant (ie credit risk, general financials, etc). The only...
Is there any bid for large, Class-A malls in the US?
If guys wanted to sell large, high-end class-A US malls assets (say in the next 12-24mo), are there actually guys who would be willing & able to absorb that? I don't think we have any post-Covid data points on mall sales. Think I've seen appraised valuations marked down 10-15% yoy vs pre-covid, but...
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Rental Cash Flow
How much stable rental cash flow would you need to feel comfortable leaving your 9-5? Assuming that when you leave you focus full time on RE investments and not move to the Bahamas and raise cattle. Factors For consideration: current cost of living future cost of living (spouse, kid(s), house) rainy...
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Preparation / Study Materials for Incoming Associate Broker
Hey guys/girls, I just need some advice on how to fill this downtime I currently have. I graduated last month and have a position lined up at a middle market brokerage in SoCal. If all goes as planned, I’ll be on an industrial team that will expose me to everything from small lease deals to $30M+...
2021 Top 10 Cashflow Markets in the US
I get tired of seeing reports about the 'best markets in real estate' only to find they're recommending markets like Portland, Nashville, Austin, etc. The reports focus on appreciation and recommend markets with median property prices of seven figures rather than CASHFLOW. Let's be honest, if any...
Experienced CRE professional (MSRE) seeking Active REPE firms in Southern California.
Hi all, I am a San Diego based CRE professional looking to transition into REPE with an active firm in Southern California (preferably MF, Retail or Mixed-Use). With SD being a relatively small market in terms of REPE, I am hoping to get insight into active SoCal REPE offices. Background: MSRE, with...
New budget 2021 brings good rebate value for home buyers buying homes up to 45 Lakh.
With the latest forecasts on the real estate sector. The finance minister Nirmala Sitaraman brings positive news for the affordable home-buying segment. Buying a home till 45 Lakhs fall under the affordable home segment. Rebate is given by the government on an affordable residential home buying...
First Year At Swarthmore, Questions about what I should be doing
First post - please excuse my confusion in how this works. I am a freshman at a Liberal Arts College. I am wondering what each industry (Investment Banking, Real Estate, Private Equity, Venture Capital, etc) looks like. I don't really know what these industries really look like from day to day. What...
Best books on the commercial real estate industry?
Recent college graduate, I am very interested in a career in commercial real estate. Would appreciate book recs to to learn more about the industry and areas of CRE. Thank you.
Multifamily Development Budget - Architecture & Engineerings Costs
What is typical architectural cost and engineering cost for a ground-up multifamily development of 25-50 units? For architecture fees I have heard and read figures ranging from 3% of hard construction cost to 8% of total project cost...if the total project cost was $10-15 million with square footage...
LifeCo Positions on the Equity Side
Hey Monkeys, Wondering if anyone who's been in an equity position at a lifeco can talk about culture/comp/where they exited to. I'm currently working at a sponsor as an internal capital markets guy, where I finance deals once committee has approved the deal. This is about 70% debt or...
Which BB has the strongest RE presence in Europe/UK?
Which BB (BAML/JPM/GS/BNPP/UBS/CS, etc) has the strongest RE presence in Europe/UK in terms of REIB/REIM/Real Estate Finance?
Does Anyone Have Insights On BNP Paribas Real Estate?
Sorry for the specific / single firm post here but I'd really appreciate any insight folks have on BNP Paribas Real Estate? Appreciate any insights on deal team structure/culture/recent deals/recruitment process, etc. Thanks in advance!
Dartmouth Partners Phone Interview - Tristan Capital Partners
Dear members, I have a phone interview with Dartmouth Partners in London for the Analyst programme of Tristan Capital Partners (Real Estate fund) and I wanted to know if somebody did it and what topics/questions did they give? Thanks so much.
Interview with Dartmouth Partners - Tristan Capital Partners
Dear members, I have a phone interview with Dartmouth Partners in London for the Analyst programme of Tristan Capital Partners (Real Estate fund) and I wanted to know if somebody did it and what topics/questions did they give? Thanks so much.
Real Estate Investment Analyst OR Sales and Trading Analyst
Hi all, Hope your keeping well! I recently got an offer for a Real Estate Investment role for the summer (Blackrock, PSP, Aviva etc.) and a Sales and Trading Summer Analyst Role at a BB. I don't really have a long term goal as of yet but I would like to keep my options open. I have an interest in...
GP vs LP - Which is better
As the title says, I'm currently trying to grasp which is generally the better route. I understand everyone has their own opinion on which is best, but I'm hoping to learn from you all to make that choice myself. These are the main things I understand about the two sides: GP (invests a smaller...
London - RE Internships to learn Modelling
Hello fellow chimps, I am in my final year of university and having no luck with internships or analyst roles in London RE. I want to learn underwriting so am looking for roles that will give me significant exposure to this. I gained experience this summer at a RE investment manager, so have a...
Transitioning from Residential RE to Commercial RE - Advice needed, please.
So I've been scouring the internet by doing simple Google searches where I've coming across some helpful YouTube interviews/audio-programs to eventually finding some insightful posts on Reddit to then coming across a post on Reddit that recommended WSO as the go-to place to find information on IB,...
Residential Funding Modelling Test - Determining a Purchase Price HELP
Hi Guys, Long time fan of the forum and I am coming to you today with an urgent request to help understand how to get to a purchase price for a modelling test practice. I have the following information: GIA - 50,000 Units: 54 70% OMV and 30% Social Housing @ 35% of OMV Demolition Costs: 5/sft...
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