Global Public Real Estate Diversification – Institutional Real Estate Letter (Spring 2005)

Fri,April 1, 2005
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Global Public Real Estate Diversification Institutional Real Estate Letter (Spring 2005)

Tell us about your role at Presima?

I started at Presima in 2018 as a performance and marketing analyst – a role that helped me develop a range of valuable skills, understand fundamental market dynamics, and build strong relationships with my peers and colleagues.

In 2021, I moved over to Presima’s investment team, where I now work as an analyst specializing in the Asia-Pacific region, with a focus on Hong Kong, Singapore, and Japan. In this role, I primarily conduct research and analysis on regional public real estate companies and real estate market trends. My transition to the investment team has enabled me to conduct in-depth financial analysis and participate in critical discussions that inform our investment and portfolio management decisions, which is incredibly rewarding.

What led you to pursue a career in investment management?

I was born in China and moved to Canada to pursue my MBA in Investment Management at Concordia University. I then completed an internship at a boutique hedge fund, where I worked on a project focused on the Chinese housing market, leading me to develop an interest in real estate. Having witnessed the transformative effects of urbanization in China over the last 23 years, I am fascinated by how real estate investments impact people’s lives, boost regional economies, and transform city landscapes. Therefore, I was elated to combine my passions for real estate and investment management by joining Presima, whose core expertise lies in public real estate investment.

Can you walk us through a typical day on the job, and what it is like having the whole investment team working together in one office?

Given the time differences in the Asia-Pacific region, an early start to the day is essential to catch up on overnight news. I’m typically up by 6 AM, and after reading the news, I walk over to the office to begin my day. As an analyst, my daily tasks include conducting preliminary analysis to identify investment opportunities, preparing investment summaries and recommendations for portfolio managers, engaging in primary due diligence by interviewing C-Suite management teams, and other tasks integral to our investment process.

A key element of Presima’s investment approach is having the whole investment team in one office. From enjoying our morning coffees together to exchanging ideas in meetings, working in an open office enhances collaboration and communication, and lets us react to market developments in real-time. Being a part of a tight-knit team also allows analysts to work closely alongside industry veterans from our senior leadership team. Presima’s culture is designed to simultaneously support and challenge you, which allows for tremendous professional growth.

You focus specifically on the Asia-Pacific market. What are some macro trends you’re watching that are shaping the real estate market and REIT performance in the region?

Hong Kong has introduced measures to slow down a decline in home prices resulting from the softening of the Chinese economy and the rapid increase in interest rates – these measures involve cutting stamp duties and reducing downpayment ratios. While these steps might alleviate the decline in home prices, it remains uncertain if they will be sufficient to reverse the downward trend. We are monitoring how Hong Kong home prices will be further influenced by interest rates and economic conditions in Mainland China over the next year.

In Japan, the Bank of Japan’s flexible approach to yield curve control operations has increased borrowing cost, but it’s less likely to see a sudden spike in interest rates unless there’s sustainable wage growth. This keeps a favorable gap between borrowing costs and transaction cap rates, enabling accretive acquisitions, a trend possibly unique to Japan within the APAC region.

Over in Singapore, property sector operations have demonstrated resilience, but face concerns due to higher leverage and floating debt compared to other Asia-Pacific countries. In the face of elevated rates, there is a pattern of higher borrowing costs offsetting top-line growth, raising concerns on the possibility of dividend cuts for some Singapore REIT’s.

What do you do outside of work to stay relaxed and re-energize?

I enjoy exploring all the great eateries that Montreal has to offer with my husband. It is a great way to feel closer to my community while creating new memories. I also like to stay active while exploring the city by going on walks or cycling in the summer. My favorite scenic route is along the Lachine Canal and the Atwater Market, where I pick up fresh produce for the week ahead. Connecting with my surroundings and culture in Montreal helps me find a sense of balance, which allows me to approach my days with renewed energy and focus.ding versions of Lorem Ipsum.

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