REPE Books
Hey all, I'm a current senior in college and current incoming IB analyst in the real estate group. I'm still debating between going into REPE vs Corp. PE, and wanted to ask about what books you would recommend for learning more about REPE.
Appreciate it!
Sam Zell’s book is a great one.
I’d say The Power Broker although it has little to do with REPE.
OP, I don’t think there have been many books written about the RE side of private equity. ‘80s LBO era stole the thunder.
The Liar's Ball is a great one about the GM building in NYC. Don't see it recommended here often but in my opinion its great. Reads quite similarly to the Michael Lewis books.
The Real Estate Game - William Poorvu - Tells stories of deal closings, walks you through deals with live examples but is a straight forward non technical read. highly recommend
Textbooks
Real Estate Finance & Investments: Risks & Opportunity (Linneman) - Not super technical
Commercial Real Estate Analysis & Investments (Geltner) - Very technical
“Negotiating Commerical Real Estate Leases” (Zankel)
Time to learn how the money is extracted out of the box.
Long term, learn how to craft favorable deals. Learning about negotiating leases is a good area to practice.
Why specifically is learning to negotiate leases good practice? To learn the technical aspects of lease agreements, or to gain experience being on the opposite side of the table from someone, or to show others that you have "reps"? Genuinely curious about the value you seem to impute on experience negotiating leases!
Other People's Money by Charles Bagli about the Tishman/Blackrock deal for Stuytown in 2006.
Added this to my list... looks awesome
Just me or do other people just not get the REPE distinction? REPE aka real estate private equity, isn't that how a majority if not all deals are funded on the equity side and even if it's a public institution the equity is still coming from private individuals. Idk never got the REPE distinction vs a private smaller operator vs xyz, all of their capital are coming from the same place to be considered REPE no?
Feel free to correct me but I never got it and it seems people use it for institutional shops like an RXR, etc to sound more sophisticated but even then their capital is coming from various funds (that are raised from mostly private individuals equity if not all). Which at the end of the day is the same people a small operator is raising capital from (HNW/UHNW individuals).
I agree, but i know Nothing so is this POV actually correct?
May look dumb, but I've been in the industry a few years and never got it. People are like oh it's REPE, like what does that mean that's literally most if not all deals. Is that just on the institutional side to stand out? It seems kind of like Eastdil being IB (IB is also a middle man tho), it's bs and making it sound different but at the end of the day it's brokerage - maybe working on more complex and larger deals / smarter, can offer better advice and have legit experience but at the end of the day still the same function.
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