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| Chris McGibbon managing director, head of Americas, Global Real Estate |
詹姆斯G. Martha. managing director, Global Real Estate |
Michael O. Schwaab senior director, Global Real Estate |
亚博赞助欧冠recently interviewed three TIAA Global Asset Management executives about opportunities in the multifamily, student housing and retail sectors. Here are their responses.
Should institutional investors continue to invest in real estate given the maturity of the cycle?
McGibbon：Commercial real estate has a healthy spread versus U.S. Treasuries and offers inflation protection as well, since the rental income stream is tied to the economy. In the U.S. we are well into the recovery phase. However, market timing is not a major factor for clients with long-term, 20-30 year investment horizons.
Are there strong correlations across global real estate markets?
McGibbon：While the major developed economies tend to move together, there are variations in their real estate markets. For example, office buildings in Germany and Sweden did lose value during the 2008-09 downturn, unlike those in New York and London. For investors with a total return perspective, we often recommend meaningful diversification overseas. We have 18 offices around the world, helping us identify markets that still offer relative value, such as Spain, Portugal, Poland and South America.
Multifamily
What is the size and strength of the U.S. multifamily market?Martha：今天，大约36％的美国家庭包括租房者，而多南部的细分市场则享有各种消费者的需求。增长的基本驱动因素仍然很强劲，因为数百万千禧年正在每年进入租赁市场。他们延误了主要的生活决定，如购买房屋，并且比父母从工作从工作转移到工作方面的一代更加手机。在供应方面，多救护场建造正在增加，但仍然远低于需求水平。
你主动我多久了n this market?
玛莎：该行业已经成为一个越来越重点for our firm. We currently manage more than $11.4 billion in multifamily assets, including $9.2 billion in direct equity comprising 117 properties.
你在哪里看到目前的机会？
玛莎：出租房屋是如此大的市场，即在其中有许多战略多样化的机会。我们相信拥有符合中产阶级需求的房屋，是多家族部门最持久的组成部分。我们的一系列资金专注于劳动力住房，重点是增值 - 增加重新定位和特种低成本融资策略。
请描述您的多梦战略。
玛莎：Our strategy is based on acquisitions and repositioning, rather than new development. We look for properties that are well-positioned geographically, but are undercapitalized or need better management. We then upgrade those apartments to provide high-quality housing at a value price in the workforce housing market, generating strong returns for our investors.
What about senior housing?
玛莎：我们认为，在人口统计谱的另一千年方面提供了良好的机会。目前，我们正在评估高级住房的投资机会和潜在的伙伴关系，并计划迎合潮流生成中不断增长的需求。
Student Housing
Why did TIAA start investing in the sector?
Schwaab:我们参加了大约二十年的部门，并继续像人口统计学，那些对学生住房的需求推动。随着年幼的千年代和Z进入大学的老年人，预计未来五到十年的进入额外300万学生将增加300万学生。学生住房的另一个优势是它的反周期性。当经济转下时，入学往往会增加，有助于稳定商业房地产投资组合。
你在哪里投资？
Schwaab:We focus on serving students at top-tier public universities that have Division I athletic programs and enrollments above 15,000. Public institutions are more transparent with regard to their housing policies, and they are more affordable than private institutions, so this strategy also caters to the middle-class market.
What is your student housing strategy?
Schwaab:我们收购了现有的校外私人拥有住房，现金流量稳定，并为选择投资，增值潜力。2015年，我们在2016年收购了约1.15亿美元的交易，计划于2016年获得300美元至5亿美元。我们也是该空间的贷方。
学生住房有什么挑战？
Schwaab:Student housing has a leasing cycle that ends once the academic year begins. Our rental management partners begin preleasing early in the school year, aiming to fill up all the beds in these units before the start of the next fall semester. Because the leasing risk is higher than other types of rentals, these properties tend to generate a yield that is typically 50 to 100 basis points higher than conventional rental.
Regional Malls
What are your thoughts on the retail sector, including regional malls?
McGibbon：In my view, supply constraints are the most important drivers of returns in retail, as well as other real estate sectors. Therefore, we look carefully at the regional malls that own the retail trade area in an already developed market, where there are significant constraints on new projects.
Why do you look at the market leaders?
McGibbon：The malls that are number one or two in their trade areas, based on sales production and rent levels, have ongoing market momentum. New tenants want to rent space in the mall, and the outparcels offer potential development opportunities.
What about repositioning older malls?
McGibbon：You can expand a 600,000-square-foot regional mall to 800,000 square feet, add new restaurants or other lifestyle segments on the periphery for an incremental investment of capital. We believe that’s a much more effective strategy than trying to renovate and reposition an older mall with questionable anchors. It is very hard to turn around a regional mall that’s number three or four in its market.
在美国外面有零售机会吗？
McGibbon：We are looking at outlet mall opportunities in Europe, and partnering with a Spanish operator to create a development pipeline in markets outside the major European metro areas. Having a local partner is crucial, because you need to have those boots on the ground.
About TIAA Global Asset Management:
TIAA全球资产管理通过教师保险和年金协会（TIAA）提供投资咨询和投资组合管理，并超过十几个附属注册投资顾问。截至12/31/15，截至12/31/15，通过跨越传统和替代资产课程的专业知识，共同管理85.4亿美元的资产，通过跨越传统和替代资产课程，为客户提供新的投资机会，通过包括资金，定制策略的广泛车辆为客户提供新的投资机会和解决方案。TIAA has been an active investor in direct real estate for more than 60 years, and with our global real estate platform which includes London-based affiliate TH Real Estate, is the largest real estate manager of U.S. tax-exempt assets and the third largest manager of worldwide real estate assets with nearly $92bn AUM*截至12/31/15。
*养款与投资，2015年10月19日。根据TIAA全球实际资产的排名截至2015年6月30日的管理层根据管理层的制度免税资产。TGRA拥有近1亿美元的AUM，包括涵盖木材，农业，能源，基础设施，房地产和相关融资投资的任务。亚慱体育app怎么下载
联系信息
Jennifer M. Fedigo，CFA
Managing Director, Head of Asset Management Institutional Business Development, Americas
TIAA Global Asset Management，200 N N. Lasalle Street，St. 1600，芝加哥，IL 60601
jennifer.pedigo@tiaa.org
Andrew Kleinig
Director, Asset Management Business Development - Asia/Pacific
TIAA Global Asset Management, Level 46, Gateway, 1 Macquarie Pl, Sydney, AUS 2000
Andrew.kleinig@tiaa.org.
Laura Barstow.
欧洲/中东/非洲董事，业务发展总监
Th房地产，201张波什公捷，伦敦，英国，EC2M 3BN
laura.barstow@threalestate.com
随着市场条件不同，表达的意见随时都会随时变更。此材料不应被视为购买或销售此信息可能相关的产品或服务的推荐或要约。C30984