Thanks. I think the obvious disadvantage of that role is that the compensation will be lower since it’s more of a corporate finance function, even though they do some capital markets transactions. Also, you may lose some flexibility in moving around to other roles since it’s “not investment banking.”

That said, it is still real estate, and it’s not that difficult to jump around within RE to other roles. So you could probably use this job to move to one of the other options here (REPE, RE lending, RE debt funds, etc.) in the future.

I guess the main question is, what benefits do you get out of taking this job? As it seems like you’d have the same chance of moving into REPE directly (or any of the others) right now. If you’re going for better work/life balance, maybe it makes sense, but I’m not sure it’s worth it if you plan to stay there for a year and then move to REPE (for example).

Currently at a regional ib cap markets team in Europe and looking at a financing role for a RE firm with some eur 7bn in property value across europe and low headcount. Appears to be similar to a treasury function but less ”daily” cash management etc and more focus on capital structure, long term financing and managing capital market transactions.

Possible to get any insights on 1. The cons of going for such a role? 2. Possibility of switching roles externally and 3. Flexibility in joining e g REPE firm in another european country?

Thanks for running a great site!

Yes, probably join a brokerage / appraisal group or look for an asset management firm that invests in REITs. But AM firms specializing in REITs are not that common, so if your goal is REPE, I think you’ll probably have to consider options like brokerage, appraisal, or maybe CRE lending.

Thanks for this article.

I work in London for a large, traditional Asset Management firm (fixed income, LDI mostly). I’m on a graduate scheme.

I know I want to work in property long term. My company doesn’t do any property/alternatives investment. What would be a viable route into REPE for me? Join a notable real estate firm to gain experience perhaps?

Any thoughts much appreciated.

Thanks.

Coming from an AM role, you could potentially do almost anything on this list. REIB might be a bit more difficult than the rest, but REPE and lending would both be good. Even something like a REIT might work if you have done acquisition work as well.

If your firm has a JV with a large PE fund, it should be easier than normal to move into REPE acquisitions.

Thanks. I think it would be quite difficult to move directly from your country to an REPE, acquisition, or development role in the US or UK if you do not have any degree or work experience in those places. So if you want to do this, a Master’s degree in one of those countries is probably the best option.

If you don’t want to do that or can’t do it, the other main option is to ask for an internal transfer, but, as you said, it might hurt your current team relationships. You might want to work there another year and ask about a transfer then, as they’re sometimes more open to it once you’ve been there longer.

However, getting a work visa even via a large PE firm can be tricky because they traditionally do not like to sponsor international candidates to work in the US (it is probably easier in the UK).