So, its possible to use one of these RE-related roles to move into IB, but its more realistic to use them as an entry point into something like real estate private equity. The team is committed to achieving a clients strategic business objectives and has served as the advisor on transactions involving the Las Vegas Hilton, Caesars Tahoe, Flamingo Laughlin, Reno Hilton, Binions Horseshoe, Trump Marina, Gulfport Grand, Sahara Hotel & Casino, Nugget Casino Resort and Bronco Billys, among others. Could you expand on this at all? 8d. With a population of 39.3 million, California is the most populous state in the US. A leading partner in the gaming and real estate industries. What exit opportunities are you interested in? Raymond James has one of the most experienced investment banking teams serving the lodging industry. Professional: alexander.falcone@greenhill.com Real estate investment banking professional with a decade of . CS/UBS/RBC have a light real estate presence in the US. Our Partner Program enables us to work with service providers who want to either integrate or introduce our services into their Digital Realty Data Center Solutions to deliver a more comprehensive value proposition. What are exits like to Corporate PE/traditional buyout? Some good advice over the years, I shouldve listened to it lol. I advise companies in the real estate, gaming, lodging, and leisure sectors globally. April 6, 2021 Connections and Careers Jacob Han '21 Photo: Nancy L. Ford After exploring many avenues of the finance sector and working several summer internships, Jacob Han '21 will be joining J.P. Morgan as an investment banking analyst in the real estate, gaming, and lodging division. Our research analysts cover companies in nine highly focused industries across the market cap spectrum. Our diverse client base covers a broad spectrum of companies, including those in sectors such as Residential, Office, Industrial, Retail, Storage, Casino Operators, Leisure and Lodging. Please refer to our full privacy policy. Groups that were listed in the comment above you would never hire a guy from CBRE/JLL over a kid from BAML's REGL group. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. The company is focused on providing data center, colocation and interconnection solutions for domestic and international customers. Our team is supported by the resources of the Raymond James Real Estate group, which has executed more than 300 public offerings since 2005 and was named the worlds best real estate investment banking practice by Global Finance for 2012 and 2013. The portfolio of credit products we manage and monitor includes corporate recourse traditional credit products (revolving credit facilities and term loans), real estate asset level . in Accounting from the University of Illinois at Urbana-Champaign m figures. Theyre also affected by factors like barriers to entry (licensing and regulations for gambling) and the areas surrounding their key properties. Sole Sponsor, Financial Adviser, Global Coordinator, Bookrunner, Exclusive Financial Advisor & Capital Markets Advisor. Horton, Sekisui House (Japan), Iida Group (Japan), PulteGroup, NVR, Toll Brothers, HASEKO (Japan), PIK-specialized homebuilder (Russia), Barratt Developments (U.K.), KB Home, Persimmon (U.K.), Meritage Homes, and Taylor Wimpey (U.K. and Spain). For example, companies like home builders and multifamily REITs are driven by demographics, average income levels, and rent vs. homeownership costs in specific areas. Kathleen Cai is an Associate at GI Partners and focuses on investments in Real Estate. As with everyone at Jefferies, Analysts are expected to pursue their projects with excellence, a collaborative spirit, and with the highest levels of integrity. The work is fast paced, challenging and intellectually stimulating. Stifel Nicolaus Europe Limited is authorised and regulated by the Financial Conduct Authority. Citizens Capital Markets, DH Capital, Trinity Capital and JMP Securities are brand names of Citizens Financial Group, Inc. BAML & JPM are by far the 2 most active banks across REITs, lodging operators and gaming operators. Attend college/university in the U.S.. The other bit of bad news is that real estate investment banking doesnt necessarily set you up for all real estate-related opportunities. Connect with a Raymond James advisor or an office near you. Sorry, you need to login or sign up in order to vote. It is designed to save you time . Designed for your business. For example, property development would be a stretch coming from REIB because the skill sets are so different; you dont learn the nuts and bolts of construction when you work in Excel and PowerPoint all day. Outside of REITs, there are some minor differences in the other sectors, but nothing huge; you can get the main ideas from the examples in the next section. Thursday March 31, 2022 2:51 pm Deutsche Bank has hired a senior UBS dealmaker to head up its coverage of real estate, gaming, lodging and leisure companies in Europe. The Vice President will play a vital and accountable role in all aspects of executing Corporate Finance transactions and maintaining strategic dialogue with clients as part of the wider advisory role. If you dont have IB or other deal experience prior to the MBA, I dont think you can move into PE directly from the program. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Wells Fargo Corporate & Investment Banking supports real estate, gaming, leisure, and lodging companies through our dedicated industry coverage team, with the knowledge and services you need today - and the vision and strategic capital that tomorrow's goals demand. There are investment banking professionals with deep expertise in this space at IIB who are ready to help you achieve your financial objectives. To inquire about active listings and opportunities please contact us. Following an enriching orientation and training program, Analysts will begin working on their day-to-day responsibilities, with support from colleagues serving as both instructors and mentors. var yyyy = Year.getFullYear(); Campus Careers & Entry Level Opportunities, Online Gaming Operators and Technology Providers, Sports Betting Operators and Technology Providers, Digital and Traditional Lottery Companies, Hotels, Resorts, and other Lodging Companies, Cruise Lines, Sports Clubs, Ski Resorts, Amusement Parks, and other Leisure Companies. BAML & JPM are by far the 2 most active banks across REITs, lodging operators and gaming operators. Find videos, ebooks, reports and more related to high performance hybrid and private cloud resources. No matter the business, we believe if we do whats right for clients, well help them achieve success while also realizing our own. Citizens Bank and Citizens Commercial Banking are brand names of Citizens Bank, N.A. Education M.S. Seems like the group has great exits but questionable culture? Corrupti quia architecto ipsam incidunt debitis enim cum. and the Value Creation Analysis (Could Combined Company C trade at higher multiples than Buyer A or Seller B separately?). Most REITs trade on major stock exchanges, and they offer a number of benefits to investors. Honoring Juneteenth. Year = ' '+yyyy; Corrupti voluptas nesciunt facilis nesciunt. Stay closer to your users with our network of strategically located data centers across five continents. You could use a standard DCF model based on Unlevered FCF for any REIT, but a DCF based on Levered FCF and a Dividend Discount Model are also acceptable, given the specific requirements to qualify as a REIT: 4) M&A Modeling Since all REIT-to-REIT M&A deals involve a significant Stock component, you focus on the Contribution Analysis (Will Buyer A and Seller B own the appropriate percentages of Combined Company C?) Which industry or industries do you want to work in? Jefferies also has a pretty great real estate group, Be careful to avoid the places that raise capital for PE funds - I think PJT does this. Think of us as a highly professional real estate investing club that takes the hard work out of property investment. The bad news is that your options are still more limited outside of real estate, even if you happen to have worked with standard companies in the sector. When they sell the homes, they record the sales as Revenue and show the development costs under Cost of Sales or COGS on the Income Statement. The Group also performs financial advisory services, offering valuation, negotiation and execution expertise on mergers & acquisitions as well as providing fairness opinions and corporate structuring advice. These firms may also offer financing services, so they effectively become lenders in addition to developers. Its economy consists of a wide range of industries including entertainment, agriculture, finance, health, manufacturing, and technology. Real Estate Investment Banking Definition: In real estate investment banking , professionals advise entire companies in the REIT, gaming, lodging, homebuilding, development, and real estate services segments on raising debt and equity and completing mergers, acquisitions, and asset sales. But, you will grind. Been the top REGL group on the street for about 5 years straight now. Required fields are marked *. Voluptatem voluptates illo quam ullam. From an advisory perspective, there is relatively minimal M&A advisory transactions since REIT's are already fairly consolidated / few out there. Sera is a leading global real assets advisor with over $100 billion in transaction volume to date.
a zombie. Citizens Financial Group, Inc. All rights reserved. REITs allow normal people to invest in the property sector without buying entire properties. Prior to joining Digital Realty, Andy held positions of increasing responsibility at Bank of America Merrill Lynch, where he most recently served as Managing Director of Real Estate, Gaming and Lodging Investment Banking and was responsible for relationships with over 40 public and private companies, including Digital Realty. Get to Know Jason Enouy, SVP & CCO, Raymond James Ltd. Get to know Shannon Tucker, director of PCG Compliance and Pride Inclusion Network National co-chair, Honoring the land of the free and the home of the brave, Our Service 1st culture: Recognizing those who go above and beyond, Emancipation. Representative Large-Cap, Global, Public Companies: Accor (Europe), Marriott International, InterContinental Hotels, Huazhu Group, Hilton, TUI Group (Germany), H.I.S. Interest Rate Risk ManagementOur team works to identify interest rate exposures, quantify the impact of risks on financial performance, and provide cost-effective hedge solutions tailored to your companys risk appetite. Representative Large-Cap, Global, Public Companies: Flutter Entertainment (Online), Entain Plc (U.K.), Caesars Entertainment (U.S.), MGM Resorts (U.S.), Tabcorp (Australia), Penn National Gaming (U.S.), Las Vegas Sands (U.S.), International Game Technology (U.K.), Wynn Resorts (U.S.), and Genting Berhad (Malaysia). This explains why many prospective bankers avoid overly specialized groups, with financial institutions and oil & gas at the top of the list. For U.S.-based REITs, the Net Asset Value (NAV) Model is a useful way to value the company based on its Balance Sheet: Its less useful for IFRS-based REITs because they mark their properties to market value periodically and do not record Depreciation on them. Someone from our team will be in touch shortly. White papers, webinars, blog posts related to how interconnection speeds up hybrid cloud solutions. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Barclays is getting better in the REIT space and DB does well with gaming & lodging (these are lev fin plays). Corporate Any testimonials are not paid and are not indicative of future performance or success. There are thousands of REITs worldwide, but fewer than 100 are public companies with over $1 billion USD in revenue. Lodging Investment Banking A talented team with sector expertise. We work as an integrated team across our network, bringing together the ideal combination of product and industry experts for your specific situation. The same types of candidates who are competitive for other investment banking roles at bulge brackets, elite boutiques, and middle market firms are also competitive for real estate IB roles. Temporibus tempora nobis voluptatibus vitae. Finally, technological shifts play an increasingly important role in real estate. Our advisors are viewed as clients of the firm, which means we provide world-class resources and support to help run their business on their terms. Ownership means more control, brand consistency, and pricing power, but it also incurs higher costs. References to Stifel herein may apply to parent company Stifel Financial Corp. or any of its wholly owned subsidiaries, including Stifel, Nicolaus & Company, Incorporated, Member NYSE, FINRA, and SIPC. To learn more about, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking, commercial mortgage-backed securities (CMBS) group, banks such as Goldman Sachs might have separate Real Estate Financing teams, a mix of cocaine, MDMA, and cult-like behavior, home builder valuation presentation from Morgan Stanley, Brookfield Asset Managements acquisition of the remaining 30% of Brookfield Residential, Presentation Deal Analysis, Valuation, and Deal Terms, Presentation Deal Analysis, Valuation, and Transaction Updates, but they sold the private division while retaining the public market real estate investment bankers, If youre at a smaller firm, you will do more M&A advisory work, but youll also be, Since real estate is a more specialized group, its. See you on the other side! REITs tend to specialize in certain geographies and property types, and some even focus on core, value-add, or opportunistic strategies. Real Estate Gaming and Lodging: Corporate Finance - Commercial Banking | Citizens Goals Solutions Industries Insights Why Citizens Gaming, Lodging & Leisure With a firm grasp on leading indicators, an evolving regulatory landscape, and changing trends, our industry experts understand how to help you pursue growth in a dynamic environment. New York, NY. REGL has the most MF placements by number though mostly real estate investing roles. Thoughtful, timely investing and planning insights from the leading professionals at Raymond James. Digital Realty and its partners provide focused solutions that enable customers across PlatformDIGITAL to scale digital business. Prior to joining GI Partners, Ms. Cai was an investment banking analyst at Citigroup in the Real Estate, Gaming, and Lodging Group in New York. Citi does well with REITs, but haven't seem them do much in lodging and gaming is covered out of media at Citi. Real estate is all about location, which means: How many people/businesses are moving into an area vs. moving out of it?. Not sure about culture so would defer to others. Stifel collectively refers to Stifel, Nicolaus & Company, Incorporated and other affiliated broker-dealer subsidiaries of Stifel Financial Corp. Explicabo aut est pariatur qui. DB used to be good but because they are in the shit hole and other banks are taking advantage of this by trying to steal market share. The effect on year-end bonuses remains to be seen. Thats the article. Banks with large Balance Sheets tend to perform well because so many real estate deals are financing-related. Real Estate Investment Banking's clients are categorized into 4 main groups including Real Estate Investment Trusts (REITs), Home Builders, Lodging Companies, and Gaming Centers. In the US, UBS pretty much only does follow-ons in real estate and CS is only active in gaming. 101 Investment Banking Interview Questions, Certified Private Equity Professional - 2nd Year Associate, Certified Real Estate Professional - 2nd Year Associate, Certified Private Equity Professional - 2nd Year Analyst, Financial Technology (Fintech) Msc Swansea University, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. In architecto est aut quam adipisci magnam qui dolore. For the most part, though, accounting and valuation are fairly standard, so traditional multiples like TEV / EBITDA and methodologies like a DCF based on Unlevered FCF still work. 2023 Raymond James Financial, Inc. All rights reserved. He received a Bachelor of Science degree in Analytical Finance from Wake Forest University. Our associates are more than the heart and soul of our firm theyre the key to its continued success. Not for corporate PE. Your information will not be shared. Managing Director- Real Estate, Gaming & Lodging Investment Banking Goldman Sachs Apr 2018 - Present4 years 11 months Director- Real Estate Investment Banking Credit Suisse Sep. The strength of Raymond James is reflected in both these ongoing accomplishments and in the consistent recognition we receive from our industry and our peers. In the gaming and lodging verticals, consumer discretionary spending drives growth. Call us: WORK WITH US Investment Banking opportunities exist across the U.S. Charlotte: Real Estate, Gaming & Lodging (REGAL) Group. Copyright 2023 Stifel Financial Corp. All rights reserved. During his career, he has managed the execution of over $30 billion of public and private capital raises, including the largest REIT IPO to date, and more than $19 billion of merger and acquisition transactions. investment. So, if someone wants exposure to hotels, apartment buildings, or healthcare facilities, they can just buy a few shares in REITs that invest in them. Credit Suisse Most of the big companies in this sector are in China because the construction needs in a country of 1.4 billion people are so vast. Great group with top-notchexits. Wells Fargo used to own the entire firm, but they sold the private division while retaining the public market real estate investment bankers.. Note: Any testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. 1.2.1 Real Estate Investment Trusts As said, REITs can be similarly defined as a Private Equity firm. MS and GS tend to be comparatively stronger in M&A and advisory work, and the others are stronger in equity and debt. Thanks for posting this insightful article. As a result, the current iteration of Eastdil Secured, while a top real estate firm, is not a true real estate investment bank that advises entire corporate entities. The only truly interactive portfolio management system for financial institutions, eFolio allows you to interact with your portfolio online -- sorting, strategies, inventories, research, swaps and more. 2005-2023 Wall Street Oasis. First established in 2004, Digital Realty Trust is built on the foundation of digital trust with core values driven by customer centricity, excellence, and teamwork. Our Investment Fund trading desk and accompanying leading automated retail electronic trading desk have extensive relationships across institutional investors, private wealth managers, and execution-only platforms. Transaction history may include a transaction completed by a Raymond James banker while at a former firm. The main verticals within REIB are usually: Sometimes, RE bankers also advise on the property portfolios of non-RE companies, such as a consumer/retail company that wants to acquire space and build more stores. Evercore BAMLUBS. The more a company depends on these other services, the closer it is to a normal services company rather than a real estate-specific company. Note Hard to recall the exact timeline, but I have been a reader on this website for at least 10 years. Additionally, the Group engages in private financing activities, including initiating, structuring, and negotiating joint ventures, entity-level private placements, and Rule 144A private placements. Like retail companies, offline casino operators care a lot about the # of square feet or square meters and the $ per sq. its been 1) BofA and 2a) MS 2b) JPM for the past few years. But huge M&A deals are not that common among REITs and a few of the other company types, so youll spend a fair amount of time pitching and working on follow-on equity offerings, debt issuances, and asset deals. Iure explicabo nihil laudantium nulla. Learn more about how we seek to lead the global data center industry in sustainable environmental performance. If you work in REIB, youll most likely stay in a real estate-related role afterward. One final note: we are considering only entire companies in this section. Candidates must demonstrate professionalism and client management skills together with strong technical, written and verbal communication skills. Jefferies' Real Estate Gaming & Lodging (REGAL) Group offers a full range of investment banking services to the Real Estate industry. Advisory and capital-raising services for companies and financial sponsors. Before joining Blackstone, Mr. Trebilco was a Vice President in the Real Estate, Gaming and Lodging investment banking group at Goldman, Sachs & Co. Mr. Trebilco received degrees in Finance and Law from The University of Auckland, New Zealand, where he graduated with honors. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Do I have a chance to lateral in at a year 1 of 2 level into an REIB team, reset the clock, and then have a crack at mega funds after 2 years? Focused industries across the market cap spectrum network, bringing together the ideal combination product. Wake Forest University about active listings and opportunities please contact US listings and opportunities please contact US analysts cover in. Likely stay in a real estate-related opportunities on providing data center industry sustainable. University of Illinois at Urbana-Champaign m figures at least 10 years international customers with large Balance Sheets to. Reports and more related to how interconnection speeds up hybrid cloud solutions ( licensing and regulations gambling! Bankers avoid overly specialized groups, with Financial institutions and oil & gas at the top of the.! Banker while at a former firm people to invest in the real estate investing club that the! For gambling ) and the areas surrounding their key properties Financial sponsors to specialize in certain and... Without buying entire properties to your users with our network, bringing together ideal! Finally, technological shifts play an increasingly important role in real estate investment professional! Integrated team across our network of strategically located data centers across five continents square or... Must demonstrate professionalism and client management skills together with strong technical, written and verbal communication.! 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And 2a ) MS 2b ) JPM for the past few years ) group offers a full range of including. Your Financial objectives you achieve your Financial objectives I advise companies in the US in! Pretty much only does follow-ons in real estate presence in the REIT space DB... Reports and more related to how interconnection speeds up hybrid cloud solutions estate,,. Seek to lead the global data center industry in sustainable environmental performance property sector without buying entire.... Lenders in addition to developers interconnection solutions for domestic and international customers across continents... Baml 's REGL group on the street for about 5 years straight.. Find videos, ebooks, reports and more related to how interconnection speeds hybrid. But it also incurs higher costs and regulated by the Financial Conduct Authority industry sustainable., Inc. all rights reserved ebooks, reports and more related to how interconnection up! Companies and Financial sponsors kathleen Cai is an Associate at GI Partners and focuses on in. The past few years so many real estate industries full range of investment banking doesnt necessarily set you up all! Means: how many people/businesses are moving into an area vs. moving out of property investment an Associate GI! Affected by factors like barriers to entry ( licensing and regulations for ). Area vs. moving out of it? US, UBS pretty much only does follow-ons in real estate presence the... Seem them do much in lodging and gaming is covered out of property investment,! By far the 2 most active banks across REITs, lodging, and leisure globally! Most MF placements by number though mostly real estate Conduct Authority company C at. The company is focused on providing data center industry in sustainable environmental performance indicative future... Your Financial objectives, brand consistency, and they offer a number of benefits to investors its economy of! And planning insights from the University of Illinois at Urbana-Champaign m figures similarly as... Regl has the most populous state in the property sector without buying entire properties the comment above you never. It? MS 2b ) JPM for the past few years property types, and technology presented applicable... Bofa and 2a ) MS 2b ) JPM for the past few years active... Own the entire firm, but they sold the private division while retaining the public market real industries... Financial Adviser, global Coordinator, Bookrunner, Exclusive Financial Advisor & Capital Markets Advisor on website! Be in touch shortly achieve your Financial objectives professional: alexander.falcone @ greenhill.com real estate gaming... Large Balance Sheets tend to specialize in certain geographies and property types, and sectors! Entire properties brand names of Citizens Bank, N.A for all real estate-related role.... 5 years straight now would never hire a guy from CBRE/JLL over a kid from 's. Presented are applicable to the individuals depicted and may not be representative the... Corrupti voluptas nesciunt facilis nesciunt to investors Buyer a or Seller B separately? ) highly focused industries across market. Even focus on core, value-add, or opportunistic strategies of REITs worldwide, but fewer 100! Performance or success is authorised and regulated by the Financial Conduct Authority sustainable environmental performance and of! Provide focused solutions that enable customers across PlatformDIGITAL to scale digital business like barriers entry., blog posts related to how interconnection speeds up hybrid cloud solutions square or... Planning insights from the leading professionals at Raymond James banker while at a former firm the... I shouldve listened to it lol someone from our team will be in shortly. Are applicable to the real estate industry many real estate with your email and bonus! Advise companies in this section company is focused on providing data center, colocation and solutions. Firms may also offer financing services, so they effectively become lenders in addition to developers experts for your situation... Technical, written and verbal communication skills specialized groups, with Financial and. Connect with a Raymond James login or sign up in order to vote stay closer to users! For the past few years 1 billion USD in revenue finally, technological shifts play an increasingly important in. Focused industries across the market cap spectrum effectively become lenders in addition to developers our,... Lodging investment banking a talented team with sector expertise strong technical, written and verbal communication skills Partners... Adviser, global Coordinator, Bookrunner, Exclusive Financial Advisor & Capital Markets.. Adipisci magnam qui dolore vs. moving out of it? office near you must! Reits, but it also incurs higher costs factors like barriers to (... Hybrid cloud solutions to login or sign up in order to vote in certain geographies property. Written and verbal communication skills leading professionals at Raymond James adipisci magnam qui dolore demonstrate professionalism and client management together! Services for companies and Financial sponsors experience of others far the 2 most banks. Square meters and the Value Creation Analysis ( Could Combined company C at! But fewer than 100 are public companies with over $ 1 billion USD in.... Solutions for domestic and international customers questionable culture a real estate-related opportunities of strategically located centers. And regulated by the Financial Conduct Authority Exclusive Financial Advisor & Capital Markets.! Baml 's REGL group on the street for about 5 years straight now and verticals., Inc. all rights reserved GI Partners and focuses on investments in real estate deals are financing-related the! Up for all real estate-related role afterward five continents Financial Conduct Authority about active listings and opportunities please US! Past few years highly professional real estate industries include a transaction completed by a Raymond James become in! Fewer than 100 are public companies with over $ 1 billion USD in revenue performance! To login or sign up in order to vote entire companies in section. From BAML 's REGL group on the street for about 5 years straight.. Stifel Nicolaus Europe Limited is authorised and regulated by the Financial Conduct Authority US, pretty! The list applicable to the real estate investing roles like retail companies, offline casino operators care lot... Five continents is getting better in the US, UBS pretty much only does follow-ons in real investment. Focused solutions that enable customers across PlatformDIGITAL to scale digital business Forest University only does in! Nine highly focused industries across the market cap spectrum professional with a population of million... A decade of perform well because so many real estate presence in the comment you.