What is exactly is Real Estate Investment Banking?
I’ve seen many descriptions on what exactly RE IB and it seems to differ from firm to firm…. What does Eastdil Secured do? Would their employees be doing anything different than an IB analyst at say CBRE? Or Goldman?
[{"id": "hnonn4p", "text": "Not different than JLL/CBRE.", "replies": [], "depth": 1}, {"id": "hnoo5em", "text": "https://www.wallstreetoasis.com/forums/real-estate-investment-banking-1", "replies": [], "depth": 1}, {"id": "hnorgel", "text": "At CBRE it\u2019s generally the same as eastdil - advising buyers and sellers on asset level (and portfolio) sales and financing. \n\nAt Goldman it\u2019s drastically different - generally advising public companies on debt (unsecured) / equity float, strategic m&amp;a, sale of company, recapitalization, CLO / CMBS book running, taking a company public (or private) a whole host of things that a public company needs as a going concern or for a sale. Eastdil doesn\u2019t do that stuff, when they get pulled into a public deal they\u2019ll tag along with a co-advisor like a GS or JPM who actually know how public companies work and can really unwind complicated corporate financials. Eastdil will say they can do that but they can\u2019t, that\u2019s not their wheelhouse. Alternatively deals can flow the other way (and in my experience it seems like it typically does) where a GS has the relationship with the public company then brings in eastdil to subadvise on stuff like asset or debt valuation for a public company.", "replies": [{"id": "hnp77fk", "text": "I can confirm this.\n\nPure RE Investment Banking will mainly deal with listed entities / REITs in the  activities listed above. \n\nEastdil are very good at the complex, large scale, asset/portfolio (and sometimes companies but rarely) private deals. But they're not structured like a GS/MS/JPM who have ECM/DCM desks to syndicate bond offerings or IPOs...and supported by an army of research.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hnovtrx", "text": "Eastdill are just massive debt brokers I believe, the word real estate investment banking is just a cover for brokerage IMO. If it\u2019s a fund whether debt equity or owner operator they will advertise it.", "replies": [{"id": "hobvzz1", "text": "If you don't know don't answer", "replies": [{"id": "hobwwjk", "text": "Everyone is so mad \ud83d\ude02\ud83d\ude02\ud83d\ude02\ud83d\ude02", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ho3bas9", "text": "RE IB is simply real estate at the corporate level; I.e m&amp;a, capital raises for funds, etc. The Cushmans, CBREs, and JLLs of the world are arranging investment sales and debt &amp; equity at the asset level.", "replies": [], "depth": 1}]