Real estate acquisition vs LBO characteristics
Hey incoming REPE undergrad here. Had a few Q’s on how REPE acquisitions at a megafund looks like:
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Compared to corporate LBO’s - can someone elaborate the main differences between asset v corporate modelling? What do we look at differently? EV in corporates vs assets? WACC calculations? 3 statement modelling?
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What is the practical use of JV waterfalls? Ie if your BX, surely the main types of deals are LP capital calls and you take out prudent leverage from a debt fund / bank and commit to the acquisition docs. are such waterfalls useful for co-investors? Should a REPE analyst know them in depth, and if so, why? (Assuming for RE arms of large PE MF’s)
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what type of RE best mimics corporate industries. Leaning towards operating RE / developers here, or simply Hotel groups with casinos etc
Bumping for knowledge
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