Paul Saran

TPG and PAG took over Cushman & Wakefield in May 2015 when DTZ, the UK-based real estate services firm the venture acquired in 2014, merged with C&W in a $2B deal. The Ontario Teachers' Pension Plan was also invested in the joint venture, but the pension fund is holding on to its shares in C&W. The merger created a combined company with 250 offices in 50 countries. It went public three years later in August 2018, raising $765M at a valuation of around $3.1B. Cushman & Wakefield has a $2.6B market capitalization, based on Friday’s closing price of $11.72. The stock is down around 38% from when it first went public, but it is up 7.6% year to date and has seen a 20% rally in the last month. Shares were down around 2% early Monday.

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The attached chart shows alignment among Chatham, Pensford, econforecasting.com, and CME Group's SOFRWatch on the future direction of one month term SOFR over the next 24 months. This is the predominent index for bridge and construction debt. These projections from preeminent and authoritative sources support our view that value-add and construction lending are poised for a swift resurgence in 2025 and 2026. #SOFR #Finance #Economics

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Appraisers in the U.S. need better tools that allow them to use more judgement in valuing assets. My colleague Willem Vlaming has been developing work showing that in parts of the world with low market liquidity and few comparable sales, that appraisal teams have been better able to capture the decline in asset values. http://ms.spr.ly/6040Yw5ts MSCI Real Assets #CRE

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First American’s Multifamily Potential Cap Rate (PCR) Model indicates that transaction volume is one of the main drivers of multifamily cap rates. Transaction volume is a measure of demand to purchase apartment properties, and a cap rate is a measure of yield that reflects what buyers are willing to pay to acquire an income stream generated by a commercial property. In an environment of limited demand, cap rates need to rise to attract more buyers back into the market. Based on second quarter multifamily transaction volume, the multifamily PCR model predicts that multifamily cap rates should decline slightly in the third quarter to 5.7 percent from 5.8 percent today. While not a huge drop, it would be the first such decline since the first quarter of 2022. Our Q2 Multifamily Potential Cap Rate (PCR) has the details: https://lnkd.in/gHuV-ZyC #firstam #firstamtitle #crexfactor #commercialrealestate

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These four recent #retail #CRE transactions show where the industry is heading: Luxury retail properties are in style, supermarket-anchored centers are highly favored, institutional investors are buying and selling more, and residential developers are looking for obsolete retail. Read my latest  https://lnkd.in/dhDwCm2p #marketplaces #retailrealestate #ICSC

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