您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[CBRE]:2023亚太地区投资策略四象限:商业地产多元化分配(英) - 发现报告
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2023亚太地区投资策略四象限:商业地产多元化分配(英)

房地产2023-10-15-CBRE灰***
2023亚太地区投资策略四象限:商业地产多元化分配(英)

REPORT CBRE 2023AsiaPacificFourQuadrants InvestmentStrategiestoDiversify YourComnmcrcialRealEstatc Allocation IntelligentInvestment CBRERESEARCH OCTCBCR2023 I:li..lI.I'r 21saIarifk:-,xligr=:Imrtai:1Yal1rmm-1lF:-llaia Investc'shavelongscaightatterrealestatetorpriceapprecist'on.inflationp'ctectionanddiversificatio2. TroFourQuaciarlsaporoachnvcvusfourplimaryirves.imonl ccndu'tschroughwhichinstitutionalinvesterscancotainexposuratoccTmerciarealest=te.Theseare. whiletnereareavarietyofwaysfcrinvestcrstcaressrealestate. Incl.clin:heprivaterout:lirec:inuestmentnbriek-and-mortar ploperlios;debl,invesmontoackocbyicaoslalc:publclyLiadod RealEststeInvgstrnentTruss(RElTs)ancsecuritigs.andsecuritisedfixedin=omeinstrumentssuch=sResidertial Mortgage-Bac.kedSecurities(RwBs)andcommercialMortgage- DackcdSxcurities(CMCs>.srgualslytheoptimalao)>rcachIstoccnsiroLhcsuappicachos'cormplerrienlarybcrcfilsbyfollowvingwhatCBREterrnsasthe'FourQuedrants'aopcac7. Executive Summary Privateequ'ity - - Timeto'e-examinethe‘Four Quacrantsfommercalreal es.ateirvestment. - Privatedebt Puhloquity Publdcbt - ByaralysingthcdrvirgimeasurablesIxhindcacrquadrant.and LhuirroldLicnzhipsLclwuuriualcsllcdsselcl=ssus,inwu:lursca" capit=liseongra=teropportunitistordiversiticatior.Withthe=our Tcommcrclarealststcscctoriscurrentlyfacingsrsngof challcngjosincudingongoingpricccliscuvury:highor[orlongel interastrates;ancheadwindsfcrrewtundraising.Duetethis. CEREreconmendsIcokingturtherintothecurquadrantsof ccmnerriarealeatsteinvestinent(puali:sndprivateec:uity.pul>licar<loriuatedcbt) Quadrantshavingdevelopedsigniticantlvinrecentvears,andreal 1.*::;1 YIHI: estateallacaticnsevolvingslcngwitnchargingmarketccaditions Private Private Debt :TAS.C Four Quadrants Public Equity Public Debt investorsarenowexaininingthefeasibiizyofbrogdenngblendedstrstegiesfesturingsllonatianacrcasm.Jltiplequsdrants. I:3.,11 GlobalHsadofInvsstcl'Irught Lesdershi HsadofKeearch.AsiaI'acific GregHyland HeadoCapitelMarkets Asis"ezific E :2323心DR=,YC. WhataretheFour Quadrants? 01 Ili,I.:i.I"r." 2iIzs.aIarifk:-.mnxligrs:ismrrIagirsT1mYalrmmMi-1KrlFsr:-llarial WhataretheFourQuadrants? Privateequitylowliquiditywithrelativelylowvolatility Privatedebt:incomebackedbyphysicalrealestateassets/other non-recoursloans Aprivategquityallorcationcansistkcfdrtinvesementinrealestate<brink-and- mortarinvestent)anc:privstelyhelc:veliclesthiatprmsrilynwnrealestate. Theprimarybenefitsof>rivateccuityinvostmentarestabilty,control,ankl Private Equity Private Debt lellivlyluvvolalilily.Triscaleciuryiniclucoscliroclyownecroaluslalu cistressed/NpLo=ns.The=imctthe syndications.pr'vatecomingledunds.andsrivateREITs.Ititisecuityandisnot caportunities::hatgeneratemcreyildth:nvoulclnormallyheaxpec.tedforth. tradedcthepublic.markezs,itfallsunderthiscatagery. levelofrskunc.rtaken. Four Quadrants Publicequity:highliquiditywithhighvolatility Publicdebt:stableincomeandliquidity Thisisthemostliquidformctrealestateinvesting.targetingcomTonequitiesa* PulicdebtexpcsureincludesinvestTientinunseculredpublicrealestate pualielytrac.edssuersbackedbyrealestare.suchasREITs,vhichprovic.es ce'poratebonds,convertibleceber'turesanc.mcrtgageRETs.whilst diversifiedexpxos.Jretrrealestateaasetsanc:returnstha:primarilyderivefrnm Public: Public Debl stillnsscentinmostAsiaPscifiTarketscomoaradta:heU.s.anclEurape.srine rcalestatemsrkctxerformarce.Howcver:-hocxpcsuretobroaderoguity Equity cntressuchssmanlgndehinaasveasizalePudetmarket maikclsmeansLhalpublicicales.aleslocksficcucrlyoxpericoohigher volatiizythano.herrealostoteirvosmontvehicl, Unc:erstandingtheFct.rqusdrantsofealestateinvestngcanerahleinvestarstocptimiseandpersonalsetheirpartfoliosacccdingtotheirneec:afarhighreturns.incore,stsbility,andliquidity. UtllslgthcFourQuaclrsntsapproachMoansthatininstanccswherconcofthosefourtyposofcxixsdrcshowsIimltaticns,snozhercanstep>intooffsotit.Thccxposurcathcliffercntquadraits1thlsmadel comonstralesLhe-lade-ofrbolwcenliquidilyancstabilily(privalcvs.publicmarkels)aswicllasvalvegrowlhpolenlialardincome<cquilyvs.dcbuo. *:2323心D=,YC. PrivateEquity 02 21saI/arifk:-,nxligr=:I:mkrtanir:1:Yal1rmmMi-1KrslFsra:-llaial I:lig.li."." PrivateEquity Someofthemostcommonformsofprivateequityreal e6tatainincludec Despitetissubstanti=ldecine.AsiaPacificreaestateprivatequityfundspossessrecordlevelsofdrypowder.AsofAugust2023,thetctal vclumectdrypowderheldbyAsiaPac'ficrealestateprivateeguity'undsstood=tJsses.billion,largelyunchangedtronthebegirnirgof theyearardreilantinghesirves.ars'prclongedunwilingnesstodeployrapital. Itheorivatexjutyspeo,thasse.sundermanaqmetcAuMofloso-ondxlundsinAsiPacificsrownbyl%cveheoast1Q Yuars.Howovur,nH12023,Asia2acificprivaluuyui.yfurdraisirngfoiCREamuunlcdluUs$10.9bilion.afaluf21%fioriI'noUs$13.9b:illiur r=isadinH12022 • *Privateequityfund/corningledfuncd ventures .•Joint *•Suparalcaccuunls ••5ynclicates oppcrtunisticsndccrefurdscontinuletohefsvoll'edhynvestors.Ina

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