"Global perspective, local expertise."

At PREI, we believe both are critical to investing successfully in any real estate market in the world. PREI’s global platform provides the infrastructure needed to execute a broad array of real estate investment strategies worldwide, using a consistent, client-focused investment philosophy and the highest fiduciary standards. PREI’s global research capabilities and resources help our clients achieve their investment objectives locally, regionally and globally through our ability to develop global portfolios. Our investment approach, summarized below, utilizes the collective knowledge and expertise of PREI professionals in the US, Asia, Europe and Latin America:

Investment Philosophy • Focus on client-specific objectives    • Understand client risk/return parameters    • Develop strategies to achieve client objectives • Integrate research into investment process    • Real estate cycle analysis for strategic vision    • Portfolio construction and performance attribution    • Market research at local level to support transaction decisions • Add value through asset allocation    • Pursue investment concepts vs. transactions    • Partner with local firms to execute strategies Sourcing Transactions • Common transaction team for all portfolios    • Professionals with regional specializations    • Capital markets group focused on entity-level transactions    • Common underwriting process to ensure best practices    • Wide range of comparative transactions • Buying tactics    • Partner relationship building and program investing    • Forward commitments and other structured exposure to development to assure appropriate alignment of risk and reward    • Bias against portfolios dominated by trophy and large scale properties    • Investments typically structured to address the tax and regulatory requirements of clients • Analysis    • On-line analytical tools    • Integration of real estate research and market analysis    • Investment packages with complete property data    • Individual Investment Committees established regionally to review and approve each investment and manage allocation process Portfolio/Fund Management • "Actively managed" investment style    • Acquire properties with clear exit strategies in place    • Manage investments to well-defined objectives    • Sale timed to maximize returns • Property and portfolio-level business plans    • Focus on cash flow and total return    • Minimize exposure to high capital expenditure properties • Focus on value-added activities    • Strategic alliances with third-party property managers    • Consistent accounting and management systems • Management team compensation tied to portfolio performance Dispositions • Annual hold/sell analysis for all properties    • Selling at auctions by dedicated transaction team    • Exit strategies shaped by capital markets Investment Research • Assist fund managers in developing strategies through market monitoring, portfolio reviews and performance attribution analysis • Support investment decisions through economic and market analysis • Participate in portfolio management process and investment underwriting • Provide global research support: global position papers, regional and country market outlooks Finance • Fund accounting, administration and reporting • Tax and financial structuring • Third-party debt structuring and management • Fund performance measurement and auditing Client Services • Quarterly and annual reports prepared by portfolio managers • Investor Advisory Councils for major commingled funds • Active communications with clients and consultants • Direct and continuous access to portfolio management teams • Dedicated client representative