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We believe that property fundamentals are largely driven by local property factors and have team members located in Asia Pacific, Europe and the United States.
“What COVID-19 has brought about is a newer theme: decentralization. The zoom effect, or remote working, as well as people choosing where they’ll live in the future will have major implications for property.” From residential dwellings to offices and data centres, our Head of Global Property Securities, Stephen Hayes, shares his view on the trajectory for property in a post-COVID world.
Our global property securities team has long invested with the future in mind, based on analysis of the trends redefining the way we live and work. COVID-19 has accelerated trends already in motion and has brought the demise and rise of certain property sectors forward – in fact – we are witnessing what time may prove to be the biggest shift in the evolution of property.
The way that people work, play and live is changing – and some real estate assets will be material beneficiaries of these trends. From data centres to office buildings, Global Head of Property Securities, Stephen Hayes, analyses the changing opportunity set.
Measuring emissions differently has led to some discoveries into new risks and opportunities in the global listed property sector – First Sentier Investors Global Head of Property Securities Stephen Hayes.
The ongoing global outbreak of the Coronavirus (COVID-19) pandemic has seen an extensive sell off permeate financial markets as investors grapple with concerns around how the drastic government and central bank responses to the outbreak will augur for global economic growth. The dramatic sell off in equities across the board has included property securities markets.
The outlook for the global economy and financial markets looks more uncertain today than it has for a long time. Both interest rates and inflation have risen sharply. There is a growing consensus that much of the world will shortly be experiencing slowing economic growth.
Consider listing property as part of real asset portfolios for long-term returns, liquidity, and inflationary hedge. This article explores these factors and emphasizes the investment potential of listed property as a complement to real asset portfolios.
The implications of COVID-19 on the real estate sector are divided, with some sectors benefiting from lifestyle changes, while others are paying the price of disruption. Our Head of Global Property Securities, Stephen Hayes, tells us why he is positioning his portfolios around trends such as decentralisation, the falling home ownership rate and the adoption of e-commerce.
Approximately a third of all global carbon emissions come from the real estate sector. Our Head of Global Property Securities, Stephen Hayes, compares new developments with redevelopments and highlights the opportunity set for investors in the coming decade.
The impacts of interest rate changes on asset values are well understood by financial markets. Typically, for capital intensive assets such as real estate, the access and cost of capital are important contributors to future operating fundamentals.
COVID-19 has sent shockwaves through capital markets, and property securities have been no exception. The crisis has plunged the global economy into recession and has given rise to the remote work and learning thematic, while seemingly fasttracking the rise of e-commerce. These well documented trends have rightly called into question the long-term outlook of office buildings and shopping malls, among other types of real estate, which has seen some investment industry pundits subsequently question whether property securities is still a prudent place to gain liquid exposure to real assets. The answer is a profound ‘yes’. In this piece, we explore how the global property securities universe is much more than just office buildings and shopping malls, offering active investors a plethora of compelling investment opportunities in the current environment.
The Novel Coronavirus (COVID-19) pandemic has seen most financial assets sell-off across the board, including securities in the traditionally defensive listed property sector, as investors grapple with how the drastic government and central bank responses to the crisis will augur for property landlords in the shorter term.
The transition to net zero will have huge implications for global property, but don’t expect the rate of change to be the same across all real estate types and geographies.
While the decarbonisation efforts of Real Estate Investment Trusts (REITs) have advanced reasonably well in the last five years, it’s what happens next that could be most meaningful for investors.
Share market sell offs following the major shift in monetary policy last year created opportunities for bargain-hunters in global listed real estate. Select global real estate investment trusts (GREITs) are as cheap as they have been in some time compared to their private market valuations, as measured by the listed segment’s discount to net asset values.
COVID-19 has created a challenging environment for income reliant investors, with interest rates near all-time lows and expected to remain there for the foreseeable future, while in equity markets, even the most reliable dividend payers are facing mounting pressure on their dividend policies over the short to medium term.
As the renter market in the United States continues to grow, so does the opportunity for investors in a certain type of Real Estate Investment Trust.
Credit portfolios with genuine Environmental Social and Governance (ESG) integration could be a canary in the coal mine for potentially difficult-to-quantify risks and opportunities, including those likely to stem from climate change and the energy transition. While governments globally move at different speeds to put in place net zero policies, ESG-focused credit investors are taking decisive, early action to reflect these factors in their portfolio allocations.
Property and infrastructure companies are the essential components that underpin our societies. They are the utilities that power our electric grids, they are the offices and homes we live and work in, the logistics centres we utilise, and the tollroads, railroads and airports we move around with.
Tap into a relatively stable investments in real assets, infrastructure, property and essential services we all rely upon.
Office real estate is undergoing a fundamental shift, while COVID-19 has accelerated a number of global real estate investment trends, including the continued growth and adoption of e-commerce and falling home ownership.
Now that more than 18 months have passed since COVID-19 started sweeping the world, we have a good understanding of how the pandemic has affected real estate investments. In some ways, it has changed the game. In other ways, it has simply underlined a number of trends that were already shaping the sector. These ‘megatrends’ will likely cross decades and decades, and have big implications for real estate – boosting some sectors and disrupting others. Below is a snapshot of the trends that have shaped 2020/21, and how we see them for the coming decade.
Digital transformation, cost cutting through operational efficiency, scalability and Covid safety. These four themes have been key drivers in almost every industry, which has been reflected in the gravity of changes we have seen as industries have evolved. The hospitality industry is facing disruption from a new consumer trend driving an insurgency of ‘ghost kitchens’ – and this has implications for property investors.
Investing in property securities provides investors with an opportunity to exploit trends in various property sectors through the listed property trust market, without the significant transaction costs that typically apply when investing in direct property.
As more carbon emission regulation comes in globally – as we expect it will – Real Estate Investment Trusts (REITs) with emission reduction plans are likely to be better-placed than their peers as the cost of carbon increases.
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Investors with an ESG focus can take a lot from leading and technologically resourceful real estate companies in the world’s largest office market as they move quickly on their renewable energy targets. Moves by two of Japan’s larger landlord-developers to accelerate green and energy efficient operation and development shows the direction forward-thinking companies in the property sector are taking. Mitsubishi Estate and Mitsui Fudosan, both listed companies actively engaged in development and as landlords, are examples of companies globally finding new pathways to carbon emissions reduction.
What could be better than tapping into the boom in tertiary education while also reducing exposure to economic risk? Student accommodation has been a fast growing property sector as it satisfies investor demands for more growth and less risk. This piece looks at a recent transaction in this sector in the UK and highlights why student accommodation has investor appeal.
We consider ESG risks to be factors that may place business value at risk. Companies at risk are identified using both external providers and our own internally driven research, which is based on a systematic and extensive company meeting program.
Head of Global Property Securities Stephen Hayes: Global city populations continue to grow, driven by urbanisation. The provision of housing for growing populations is a major challenge for many countries and cities. Adequate housing is a factor that influences a city’s mobility of labour, social wellbeing and commerce levels. Government housing policies are typically viewed holistically with policies covering social, private and rental housing. New supply is not always efficient and can be problematic particularly in densely populated cities.
East Cermak has over 1.1 million square foot of gross lettable area and draws on over 100 megawatts of power from three separate grids. To put its power output in perspective, it’s the equivalent of the amount of power used by 100,000 households.
People are are at the heart of our success as a leading global asset manager
2024 was a year marked by global inflation and economic growth concerns against a backdrop of worldwide elections. As we head into 2025, volatility will remain an enduring constant.
Demand has remained strong across airports and toll roads globally. This strong demand seems somewhat counter-intuitive to the uncertain economic outlook and significant cost of living pressures throughout the world.
Marked changes occurring within global housing markets with a defined long-term trend from home ownership to rental accommodation, as housing affordability has become a major issue for younger generations and as the aspiration to own a home has waned with priorities shifting towards lifestyle and experiences.
First Sentier Investors recently presented at the Responsible Investment Association Australasia (RIAA) annual conference and hosted a design lab on how responsible investors can shape the future of Electric Vehicles (EV). This paper outlines the key challenges for EV acceptance, analyses the rollout of EV charging infrastructure around the world, and considers practical ideas for investors to super-charge the uptake of EV.
Australia has fewer homes per adult than most of the developed world. First Sentier Investors Head of Global Property Securities Stephen Hayes is joined by Stockland Development CEO Andrew Whitson to unpack the challenges in meeting Australia’s growing housing demand – and where growth may emerge next.
First Sentier Investors, a leading global investment manager, has launched its first integrated Climate and Nature Report for 2024, bringing together nature-related considerations into existing climate reporting, and aligning its mandatory and voluntary climate reporting with its reporting obligations as adopters of the Taskforce on Nature Related Disclosures (TNFD) recommendations.
The world is on the cusp of a revolution in low-carbon technologies, and they are set to reshape many of our supply chains. The not-so-humble battery sits at the heart of this shift: the growth of electric vehicles (EVs), and renewable power generation/storage, will increase demand for a range of raw materials. It’s estimated that the global EV stock will reach 245 million vehicles by 2030 – more than 30 times above today’s level . Installed wind capacity is expected to rise almost fourfold in the same period, from around 700 gigawatts today, to around 2000 gigawatts in 2030 . However, a rapid ramp-up of such technologies will require a concurrent increase in the materials used in them. Significant investments in mining and technology will be required to meet the needs of the burgeoning battery market. This article outlines the key materials required for battery production, and their related investment opportunities.
Transformation of the energy grid as well as increased investment in renewables will result in an opportunity for investors spanning multiple decades as companies start executing on their net zero promises.
The ASX100 is a ripe hunting ground for investors looking to gain access to Australia’s largest and most influential companies across a diverse range of sectors.
Climate change and global warming pose systemic risks to society and the global economy. It impacts the availability of resources, the price and structure of the energy market, the vulnerability of infrastructure and the valuation of companies.
2024 was a good year for global listed infrastructure. Strong earnings for energy midstream and a step-change in the earnings growth outlook for utilities helped the asset class to shrug off rising bond yields and political uncertainty.
Pricing power is now a major consideration with inflation is on the rise. Equal consideration needs to be given to the social license of companies to raise prices in line with community expectations.
First Sentier Investors has today announced it will apply to list its first Exchange Traded Fund (ETF) on the ASX, the First Sentier Geared Australian Share Fund Complex ETF (The Fund, ASX: LEVR), which is expected to commence trading mid-May 2025.
In September 2023, I met more than 30 global listed infrastructure companies and stakeholders from the UK, Europe and China. The following travel diary summarises my impressions and findings from these meetings.
Global listed infrastructure companies outperformed both global equities and bonds in 2022. We believe the financial and economic factors contributing to this outperformance may remain in play in 2023.
Australia currently has a unique opportunity to set up a framework that can support investment aligned with the nation’s sustainability goals, by means of the Australian Sustainable Finance Strategy (“the Strategy”).
In parts of the world where COVID-19 is more under control, activity is returning to normal, particularly in toll roads and freight rail. Work-from-home is happening but with limited impact on road traffic. Airport passenger numbers are climbing especially as vaccines are delivered.
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