Perella Weinberg will continue to buy debt across Europe, with a preference for retail real estate.
Partner Leon Bressler told delegates at the European Public Real Estate Association’s annual conference that Perella Weinberg was buying all ‘kinds of debt’.
“We’re buying debt in France, in Spain,” Bressler told attendees of the listed sector’s annual gathering, currently being held in London.
Bressler added that Perella Weinberg’s purchase of bonds from real estate investment trusts (REITs) in 2009 had been profitable.
“We bought bonds from REITs – they were trading at a big discount and we made a lot of money,” he said. “It’s strategic.
“We have always been extremely focused on making sure that we manage the risk and equity protection.”
In Germany, Perella Weinberg had, said Bressler, now become a ‘major player’ in retail.
“We are the second largest operator of shopping centres there,” he said before voicing a preference for retail over office.
“Retail will continue to be the best performing asset class – but there will be major transformations,” the former Unibail chief executive said. “It’s like the Tour de France.
“We will see top shopping centres do very well but there will be those with secondary who will be completely devastated at the mountain stage.
“We already see empty retail.”
