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Bridgepoint Group sees growth opportunities in overlooked parts of the real estate market as rising interest rates drive many investors away from real estate, company executives said.
London-based Bridgepoint has $125 billion in assets and has expanded from its core private equity and private credit businesses into infrastructure, secondary distribution and real estate. This summer, the company announced the acquisition of Cain Anderson Real Estate, a real estate investment firm with more than $22 billion in assets.
In an interview with Inside Alts, Bridgepoint CEO Raoul Hughes said the acquisition will allow the company to offer “category-killing” real estate products and give it a greater foothold in the United States.
“All of our products are go-to products in their niches,” Hughes said. “They’re very entrepreneurial, very alpha-oriented, and we value true value-add investments. What we didn’t have before partnering with Cain Anderson was in real estate.”
Rising interest rates are a new headwind for many real estate funds. Funds that poured money into commercial and residential real estate in 2021, when interest rates were near zero, are now facing higher borrowing costs, compressed valuations, lower volumes and higher defaults.
Al Rabil, CEO and co-founder of Cain Anderson Real Estate, said rising interest rates will lead to shake-outs in the industry. He said disciplined investors with strong sector expertise will find new opportunities in the aftermath.
「人々は『ああ、金利が上がって、不動産が悪くなった』と言います」とラビル氏は語った。 “In reality, it’s not that simple. Yes, interest rates are rising, cap rates are rising, asset valuations are falling. But this is a long-term investment business, so it’s not daily or quarterly. When you get into an environment like the one we’re in, it actually creates a very large investment opportunity because we’re in very rarefied air.”
Rabil identified three real estate sectors that are attractive to Bridgepoint and Cain Anderson.人口の高齢化が進むにつれ、医療オフィススペースは今後も好調を維持し続けるだろう。 He said the asset class’s occupancy rate has not fallen below 90% in more than 20 years, and demand far exceeds supply.
Al Rabil, CEO and co-founder of Cain Anderson Real Estate, and Raoul Hughes, CEO of Bridgepoint.
He said Cain Anderson is particularly focused on high-margin subsectors such as oncology, neurology, cardiology and diagnostics.
“People over 65 need seven times as many doctor visits as people under 45,” Rabil said. “In other words, the people have a great need for improved health care, and that must be met through medical institutions.”
Another attractive area is the so-called “small bay industry,” or commercial space used by small and medium-sized businesses and e-commerce retailers.
“Small businesses account for 47% of GDP,” Rabil said.
Rabil said when it comes to housing, rising interest rates could lead to liquidations. Investors poured billions of dollars into multifamily real estate in 2021 and 2022, and many of those loans were financed with 10-year Treasury notes at about 1%.
“A lot of that debt comes due today,” he said. “From a capital structure perspective, there are huge opportunities in very high-quality assets that are structurally distressed.”
Hughes said rising interest rates are unlikely to impact Bridgepoint’s broader private credit and private equity portfolio companies.同氏は、同社は金利変動に対する耐性が高い、高成長で利益率の高い事業に重点を置いていると述べた。
ヒューズ氏は「金利は上昇するよりも、現状で安定することを望むだろう」と述べた。 “And I think interest rates are probably stabilizing. But from an investment perspective, I don’t think it will significantly damage our ability to generate returns from our equity portfolio.”
