Although liquidity in some alternative sectors remains challenged, we believe the dislocation between asset pricing and underlying fundamentals has created a compelling window for long-term investors with conviction and execution capability.

Student accommodation, senior housing and self storage — the “three S’s” — are defined by needs-based demand and structurally embedded supply constraints, all of which are insulated from the broader real estate cycle. Within our global portfolio, these sectors have demonstrated the strongest performance over the medium term, and we anticipate these dynamics will continue to play out in the years ahead.