Real Assets
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White papersBuilding value in a ‘brave new world’
Financial markets are adjusting to a new era defined by macroeconomic volatility and elevated uncertainty. We call it the ‘brave new world’. In this new regime, investors can no longer solely rely on high levels of real growth or low interest rates to drive returns. For private markets, this shift emphasizes the importance of value creation through asset transformation and identifying investment themes supported by long-term secular trends. In this paper, we examine the factors influencing our perspective on the evolving macroeconomic landscape and individual asset classes, which inform our relative value investment strategy in this ‘brave new world’.
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White papers2025 Real Estate Outlook: Tipping Point
The post-COVID years have been characterized by dramatic shifts in economic conditions, capital markets and the geopolitical landscape. No two years have been quite the same, and uncertainty in the outlook for the economy in general, and commercial real estate in particular, has been historically elevated.
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White papersREITs 101: Unlocking the Value of Public Real Estate
In our last research article, titled “The Current Opportunity in REITs” we posited that REITs may have reached an inflection point after several years of underperformance. Building on that view, this article delves deeper into the fundamental reasons for investing in REITs, emphasizing the advantages of this unique asset class such as income generation, diversification, and inflation protection.
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White papersThe Current Opportunity in REITs
Discover why global REITs, despite recent underperformance, present a promising investment opportunity as macroeconomic conditions shift and valuations hit historical lows, positioning them for potential gains.
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White papers2024 Global Public Real Estate Outlook Report
We believe REIT share prices are ready to take off in 2024 after patiently awaiting their turn on the runway for the better part of two years.
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White papersEasier financial conditions lift expectations of a recovery in commercial real estate
The outlook for the commercial real estate market has improved in 2024. Economic growth ticked up in early 2024 and although projections have been adjusted downwards during the second half of the year, the faster than expected reduction in inflation has had a positive effect on investor interest. Global central banks began to unwind their monetary policy tightening, beginning with the ECB in June, the Bank of England in August, and the US Federal Reserve in September.
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White papersCOP29 and related announcements set the stage for the expansion of high-integrity carbon markets
Decisions made at and around the UN Climate Conference (COP29) in Baku reinforce the key role that carbon markets fueled by private capital will play in facilitating global ambitions to counter climate change.
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White papersPitfalls & Mitigants of Climate Assessment Software
Physical climate risk incorporates two broad hazard categorizations: acute and chronic. Climate risk software and analysis tools typically forecast each hazard individually and across multiple timeframes and scenarios.
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White papersTimberland investing with Manulife Investment Management
How have approaches and strategies within sustainable forestry investment changed over the years? What new opportunities and co-benefits are available in addition to the stability and resilience these assets provide?
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White papersTurning the Corner? Commercial Real Estate Themes for 2025
As major central banks lower interest rates, is the prolonged and painful downturn in commercial real estate (CRE) finally coming to an end? Yes, at least in some sectors, according to senior investors from PIMCO’s commercial real estate platform. In a recent roundtable discussion, they emphasized that recovery will likely be slow and uneven, requiring a strategic focus on specific geographies and sectors, along with a considered choice between debt and equity investments.
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White papersWhy Australia: A Growth Inflection Point
This is the second edition of Charter Hall’s Why Australia report, a leading thought leadership paper published annually.
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White papers2025 Global Real Estate Outlook: Is property at a turning point?
As we look towards what 2025 holds and the opportunities it will afford in real estate, it is worth first reflecting on the past 12 months. We have seen elections in major economies around the world and changes in human behaviour in response to evolving structural thematics, all of which have and will continue to impact in a plethora of ways. We saw inflation spiral, and the heightened cost of debt held back investment activity as ‘bid:ask’ spreads widened and real estate prices fell.
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White papersEuropean Real Estate: Prime’s Time?
A cooling economic backdrop in Europe and prospects for further monetary policy easing favor core property—given its bond-like investment attributes—over secondary assets.
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White papersU.S. Real Estate: A Modest Start to the Recovery
The first major real estate downturn since the GFC is almost over. Demand is rebounding modestly across most of the U.S. real estate market while supply continues to pull back. This backdrop is presenting select opportunities in the asset class—but near-term risks remain.
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White papersGlobal Real Estate Outlook 2025: A new chapter begins
Appetite for real estate investments is continuing to rise, given most global markets have reached a turning point, with capital values largely stabilised and some having begun their recovery phase. As we enter a new cycle, we believe lower entry prices, coupled with strengthening rental growth, make for attractive return potential.
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White papersInfrastructure 2025 Outlook
In 2025, the macro backdrop for private infrastructure is undoubtedly positive. Economic growth is resilient, inflation remains above average, and interest rates are declining. Valuations have also fallen in recent years, offering relative value compared to public markets. All stars appear aligned for the asset class, but here is a simple truth – there is no easy money left in infrastructure.
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White papersGlobal Retail Attractiveness Index: New high in European retail markets
The positive trend in European retail markets is becoming more entrenched. In the third quarter of 2024, the Global Retail Attractiveness Index (GRAI) for Europe stood at 114 points, 1 point higher than in the previous year (Q3 2023: 113 points). In eight of the European markets covered by the Union Investment and GfK retail index, the index showed moderate to strong gains.
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White papersExploring emerging trends in the logistics and light industrial sector
“Progress is impossible without change, and those who cannot change their minds cannot change anything.” As George Shaw rightly pointed out, continuous rethinking and development of strategies is essential for growth. In recent seasons, we have explored key megatrends like Industry 4.0, urban logistics, the rise of e-commerce, and de-globalisation. While the first three remain important components of the sector and continue to develop and shape the market, some megatrends are changing, thus offering opportunities and challenges alike.
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White papersPraemia REIM gears up for new cycle
Praemia REIM, formerly known as Primonial REIM, is sharpening its focus as it enters a new phase in the real estate market. As a European leader in healthcare real estate—the cornerstone of its strategy—the firm is doubling down on social infrastructure while seeking new opportunities. As the market shifts, Praemia REIM is exploring growth areas beyond its traditional strongholds, including potential expansion into the UK and Central Europe, and diversifying into emerging asset classes such as real estate debt focused on green infrastructure.
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White papersIs real estate in recovery mode?
Following two years of cumulative losses, global real estate returns turned positive in the second quarter, suggesting a budding recovery in the asset class. In the era of low interest rates, real estate values were flying high. Globally, quarterly total returns reached 5.0% in Q4 of 2021 and 17.8% year-over-year in the subsequent quarter, according to the MSCI Global Quarterly Property Index – figures that were well above long-term averages. The tightening cycle that followed more than unwound those gains, with values now back to 2018 levels.
