Main Players in Real Estate

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Main Players in Real Estate

• Educational Presentation #1 – Real Estate

• 24.11.24

• Property of the ESCP Alternative Investment Society (AIS)

• Sources: company websites, LinkedIn, PERE, FT, Bloomberg

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Section I: Private Equity

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I: Private Equity

Blackstone

Stephen Schwarzmann (CEO)

• BA from Yale, MBA from HBS

• Founded: 1985

• Founded Blackstone in 1985

• HQ: New York, US

• Headcount: 4 700

Jon Gray (President, COO)

• AUM: $1.1tn

• BA from UPenn in English and Economics

• Last fund raised: Apr. 23 ($30.4bn)

• At Blackstone since 1992

• Sector focus: All – focus on logistics, housing and alternatives.

Kathleen McCarthy (Co-Head of Real Estate)

• BA from Yale

• At Blackstone since 2010

• Blackstone acquired AirTrunk for A$24bn, expanding its digital infrastructure (data center) with its biggest ever deal in Asia Pacific

• Blackstone bought 80% of Burstone’s €1B European logistics portfolio, boosting its ecommerce-focused assets

• Acquired an 80% stake for $700m in a data center development joint venture for assets in US and Europe with Digital Realty

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I: Private Equity

KKR

Joseph Bae (Co-CEO)

• BA from Harvard

• Founded: 1976

• At KKR since 1996

• HQ: New York, US

• Headcount: 4 500

Scott Nuttall (Co-CEO)

• AUM: $570bn

• BA from Wharton

• Last fund raised: Sep. 24 ($4.6bn)

• At KKR since 1996

• Sector focus: All

Ralph Rosenberg (Global Head of Real Estate)

• BA from Brown, and MBA from Stanford

• At KKR since 2011

• Acquired five prime-asset logistics assets in the UK, in a JV with Mirastar Real Estate Investment Management

• KKR purchased a prime last-mile logistics asset in Greater Copenhagen, marking its second transaction in Denmark in 2024

• KKR completed its largest ever multifamily purchase, a portfolio of 18 multifamily assets consisting of 5,200 apartment units across the US

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I: Private Equity

Apollo Global Management

Mark Rowan (CEO)

• BS in Economics and MBA from Wharton

• Founded: 1990

• Co-founded Apollo in 1990

• HQ: New York, US

• Headcount: 2 900

Robert Seminara (Head of Europe)

• AUM: $512bn

• BS in Economics from Wharton

• Last fund raised: Oct. 24 ($4.8bn)

• At Apollo since 2003

• Sector focus: All

Scott Weiner (Head of Real Estate Credit)

• BA in International Studies from John Hopkins

• At Apollo since 2009

• Acquired a minority stake in a 21,000-unit housing portfolio in Southwest Germany for €1bn from Vonovia

• Apollo invested an additional €1b in a Vonovia-controlled entity that holds a portfolio of 31,000 housing units in Northern Germany

• Apollo provided $97M for a refinance of a Queens Luxury Multifamily asset

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I: Private Equity

Brookfield Asset Management

Bruce Flatt (CEO)

• B.Comm from the University of Manitoba

• Founded: 1899

• At Brookfield since 1990 (CEO in 2002)

• HQ: Toronto, Canada

• Headcount: 200 000

Brian Kingston (CEO, Real Estate)

• AUM: $850bn

• B.Comm from Queen’s university

• Last fund raised: Dec. 23 ($30bn)

• At Brookfield since 2001 (CEO, RE in 2015)

• Sector focus: All – focus on infrastructure, logistics, housing and life sciences.

Lowell Baron (CIO, Real Estate)

• BSc Finance from Yeshiva University

• At Brookfield since 2005

• Launched Brookfield Strategic Real Estate Fund V with a $15b target

• Sold office campuses in Mumbai and Gurugram via its Indian REIT with GIC in a deal valued at $1.4b

• Co-invested £400m with QIA into a JV focused on transforming Canary Wharf assets into a life sciences hub

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I: Private Equity

Ares Management

Michael Arougheti (CEO)

• BA Ethics, Politics and Economics from Yale

• Founded: 1997

• At Ares Management since 2004

• HQ: Los Angeles, United States

• Headcount: 2 600

Jarrod Phillips (CFO)

• AUM: $378bn

• BSc Accounting from Virginia Tech

• Last fund raised: Dec. 23 ($3.3bn)

• At Ares Management since 2016 (CFO in 2021)

• Sector focus: Industrial, logistics, residential, office, hospitality and retail

Bill Benjamin (Co-Head of Real Estate)

• BA from Harvard, MBA from Wharton

• At Ares Management since 2013

• European real estate debt platform raised about $750m in commitments

• Deals have included a £300m senior loan to refinance a mixed-use portfolio of two prime assets located in Central London, and a €440m whole loan to support Queensgate Investments in the recapitalization of the Generator platform, a portfolio of hostels located across major European cities

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I: Private Equity

Ardian

Dominique Senequier (CEO)

• BS Banking & Economics from Paris Sorbonne

• Founded: 1996

• At Ardian since 1996

• HQ: Paris, France

• Headcount: 1 050

Stéphanie Bensimon (Head of Real Estate)

• AUM: $160bn

• MA Finance from Université Paris Dauphine

• Last fund raised: Jan. 22 ($1.2bn)

• At Ardian since 2016

• Sector focus: All

Mark Brenke (Head of Private Credit)

• Legal structure: Private

• MA Finance from London Business School

• At Ardian since 2014

• Launched Ardian Real Estate Europe Fund III, value-add fund targeting €1.2b to acquire and upgrade office and mixed-use assets following a carbon reduction strategy

• Added six members to grow its ESG team to 14

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I: Private Equity

Starwood

Barry S. Sternlicht (Chairman and CEO)

• Liberal Arts at Brown and MBA from HBS

• Founded: 1991

• At Starwood since foundation (1991)

• HQ: Miami Beach, US

• Headcount: 5 000

Jeffrey G. Dishner (COO)

• AUM: $115bn

• BSc Economics from Wharton and Dartmouth MBA

• Last fund raised: Nov. 23 ($10bn)

• At Starwood since 1994

• Sector focus: Hotels, residential and PropTech

Sarah Broughton (COO and CFO, Starwood Europe)

• BSc Economics from Brunel University

• At Starwood since 2007

• European lending team closed on $950m across five geographies and four asset classes - deals include:

• £535m financing of a BTR multifamily development in London

• €180m financing of a diversified portfolio of boutique luxury hotels across Europe

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I: Private Equity

Harrison Street

Christopher Merrill (Chairman and CEO)

• BA Economics from Roanoke and MBA from Cass

• Founded: 2005

• At Harrison Street since foundation (2005)

• HQ: Chicago, US

• Headcount: 280

Mike Gordon (CIO)

• AUM: $56bn

• BBA from Emory University

• Last fund raised: Aug. 23 (€800m)

• At Harrison Street since foundation (2005)

• Sector focus: Senior housing, student housing, healthcare delivery, life sciences and storage

Paul Bashir (CEO, Europe)

• Legal structure: Private

• BSc Accounting from Newcastle University

• At Harrison Street since June 2020

• Launched its largest European fund yet with €1.5b target

• Completed €617m of transactions in Europe across eight assets, including JV with DEA Capital for BTR units in Spain, JV with Apache Capital to develop Great Charles Street BTR unit in Birmingham, partnership with Elkstone to develop PBS assets across Ireland, acquisition of PBS asset in Madrid

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I: Private Equity

Tristan Capital Partners

Ian Laming (CEO)

• LLB from Oxford University

• Founded: 2009

• At Tristan since foundation (2009)

• HQ: London, UK

• Headcount: 190

Ric Lewis (Chairman and Co-CIO)

• AUM: $16bn

• BA Economics from Dartmouth

• Last fund raised: Jan. 23 (€2bn)

• At Tristan since foundation (2009)

• Sector focus: All – focus on hotel, residential and industrial

Cameron Spry (Co-CIO)

• Legal structure: Private

• BA Law and Economics from University of Otago

• At Tristan since foundation (2009)

• Reached final close for value-add/opportunistic fund EPISO 6 with €2b

• Launched German logistics platform targeting €300m and acquired German residential portfolio valued at €240m via JV with Lübke Kelber

• Expanded Point A Hotel platform in the UK in Queensway JV and acquired two port development sites in the UK for logistics

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I: Private Equity

Pimco

Emmanuel Roman (CEO)

• MBA from University of Chicago

• Founded: 1971

• At Pimco since 2016

• HQ: Newport Beach, United States

• Headcount: 3 100

Daniel Ivascyn (CIO)

• AUM: $1.86tn

• BA Economics from Occidental College

• Last fund raised: Mar. 2022 ($743.5m)

• At Pimco since 1998

• Sector focus: All

Gregory Hall (Head of U.S. Global Wealth Management)

• Legal structure: Private

• BA Public and International Affairs from Princeton

• At Pimco since 2017

• Originated/Purchased $3.7b in US loans in the year

• Raised $3bn for its Commercial Real Estate Debt Fund II, twice the size of its predecessor

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I: Private Equity

Nuveen

Jose Minaya (CEO)

• BSc Finance from Manhattan College

• Founded: 1898

• At Nuveen since 2017 (CEO in 2020)

• HQ: Chicago, United States

• Headcount: 3 000

Seun Salami (CFO)

• AUM: $1.1tn

• MA Financial Economics from Ohio University

• Last fund raised: Aug. 23 ($525m)

• At Nuveen since 2020

• Sector focus: All

Saira Malik (CIO)

• Legal structure: Private

• BSc Economics from Cal Poly

• At Nuveen since 2014 (CIO in 2022)

• Acquired Omni Holding's 12,000-unit and additional development land US affordable housing portfolio in a deal which doubled the value of its housing AUM to $6.4bn

• Launched US Impact Housing Fund with a $250m commitment from parent TIA's General Account

• Secured $190m investment into its US Cities Workplace strategy from four Australian institution superannuation funds

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Section II: Developers

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II: Developers

Hines

Jeffrey C. Hines (Chairman and Co-CEO)

• BA Economics from Williams and MBA from HBS

• Founded: 1957

• At Hines since 1981

• HQ: Houston, US

• Headcount: 4 860

Laura Hines-Pierce (Co-CEO)

• AUM: $94.6bn

• BA Economics from Duke and MBA from HBS

• Last fund raised: Nov. 23 (€1.6bn)

• At Hines since 2012

• Sector focus: All – focus on logistics, industrial, residential and office

Alex Knapp (CIO, Europe)

• Legal structure: Private

• BA Architecture from Rice and MSRED from MIT

• At Hines since 2008

• Acquired Film House in London's West End from WeWork's liquidating investment fund for £135m

• Acquired two vacant offices in Cologne from Generali for sustainable refurbishment

• Closed Hines European Real Estate Partners III on €1.6b for which brown-to-green office conversions is a focus area

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II: Developers

Greystar

Bob Faith (Chairman and CEO)

• MBA from HBS

• Founded: 1993

• At Greystar since inception (1993)

• HQ: Charleston, US

• Headcount: 23 800

Wes Fuller (CIO)

• AUM: $75bn

• BSc Biology from Furman and MBA from Chapel Hill

• Last fund raised: Jul. 23 (€1.6bn)

• At Greystar since 2003

• Sector focus: Residential (all verticals), logistics and life science

Andrew Livingstone (COO)

• Legal structure: Private

• BSc Accounting from University of South Florida

• At Greystar since 1999

• Expanded into Canada with first developments

• Executed €1.6bn of transactions in Europe in 2023, including a JV with Via Célere to acquire a portfolio of rental housing units in Spain, two PBSA developments in France including the largest PBSA deal ever in France, one PBSA development in Spain and multiple BTR developments in the UK - increased its AUM in Europe by 22%

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II: Developers

Vonovia

Rolf Buch (CEO)

• BBA from RWTH Aachen University

• Founded: 2001

• At Vonovia since 2013

• HQ: Bochum, Germany

• Headcount: 10 000

Philip Grosse (CFO)

• AUM: $88.7bn

• BSc Finance from Swansea University

• Last fund raised: Sep. 23 ($23.9bn)

• At Vonovia since 2022

• Sector focus: Residential

Daniel Riedl (Chief Development Officer)

• Master in Commercial Sciences from WU

• At Vonovia since 2018

• Sold five real estate portfolios to CBRE Investment Management for $560m

• Issued first sterling bond totalling £400m on UK financial market

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II: Developers

CBRE

Robert Sulentic (CEO)

• MBA from HBS

• Founded: 1906

• At CBRE since 2006 (CEO since 2012)

• HQ: Dallas, United States

• Headcount: 115 000

Emma Giamartino (CFO)

• AUM: $144.2bn

• MBA from Columbia Business School

• Last fund raised: Oct. 21 ($1.74bn)

• At CBRE since 2018 (CFO since 2021)

• Sector focus: All

Croft Young (CIO)

• MBA from UNC Kenan-Flagler Business School

• At CBRE since 2023

• Appointed to manage £840m Greater Manchester Property Venture Fund

• Anticipated Europe’s Debt Funding Gap to be $176bn between 2024-2027

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Section III: Brokers

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III: Brokers

JLL (Jones Lang LaSalle)

Christian Ulbrich (CEO)

• MBA from University Hamburg

• Founded: 1783

• At JLL since 2005

• HQ: Chicago, US

• Headcount: 103 000

Richard Bloxam (CEO, Capital Markets)

• AUM: $79.1bn

• MSc Estate Management from LSBU

• Last fund raised: Nov. 23 ($1bn)

• At JLL since 1994

• Sector focus: Office, hospitality, multifamily and logistics

Andy Poppink (CEO, Markets Advisory)

• BA Economics from Stanford

• At JLL since 2008

• JJL launched several new real estate funds including the JLL Income & Growth (JIG) funds targeting $1bn for European investments and the JLL Core Partners Europe (JCPE) fund closing at €1.2bn

• Recently advised on the disposition of the Mandarin Oriental Paris for $229m to SLH Hotels

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III: Brokers

Colliers

Jay S. Hennick (Global Chairman and CEO)

• BA Economics from York University

• Founded: 1976

• At Colliers since 1989

• HQ: Toronto, Canada

• Headcount: 19 000

Chris McLernon (CEO Real Estate Services)

• AUM: $98bn

• BA Economics from Queen's University

• Last fund raised: Dec. 21 ($6bn)

• At Colliers since 1987

• Sector focus: Office and residential

Davoud Amel-Azizpour (CEO EMEA)

• BSc Mathematics from Bristol University

• At Colliers since 2013

• Colliers to release Q4 and FY23 financial results on the 8th of February

• Acquired 65% of Rockwood Capital, a leading real estate investment firm with focus on multifamily assets in May, 2022

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III: Brokers

Cushman and Wakefield

Michelle M. MacKay (CEO)

• MBA from the University of Hartford

• Founded: 1917

• At Cushman and Wakefield since 2018

• HQ: Chicago, US

• Headcount: 52 000

Nathaniel Robinson (CIO and CSO)

• AUM: $85bn

• MBA from Dartmouth

• Last fund raised: Oct. 23 ($1.2bn)

• At Cushman and Wakefield since 2016

• Sector focus: Office, logistics, residential, industrial, and retail

Colin Wilson (CEO EMEA)

• BSc Estate Management from Bristol Polytechnic

• At Cushman and Wakefield since 2012

• Acquired 3,468 multifamily units across 17 properties in the US Sun Belt region for $1.9bn in May, 2023

• Cushman and Wakefield plans dispositions of 39 prime logistic assets worth $5.4bn in seven European countries

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III: Brokers

Savills

Mark Ridley (CEO, Group)

• BSc Land Management from Reading University

• Founded: 1855

• At Savills since 1996

• HQ: London, UK

• Headcount: 40 000

James Sparrow (CEO, UK and EMEA)

• AUM: $26bn

• BSc Building Surveying from Reading University

• Last fund raised: Not disclosed

• At Savills since 2013

• Sector focus: All

Alex Jeffrey (CEO, Investment Management)

• LLB from Cambridge and MBA from INSEAD

• At Savills since 2019

• Savills acquired Strutt & Parker in January 2024, thereby solidifying their position in the rural land market

• Continues advising on the sale of a €1bn portfolio of logistics assets in Germany