Global Real Estate Dealmakers

The war in Ukraine has dominated the headlines for many months. Since February 2022, nearly 9 million Ukrainians have fled their country, and tens of thousands of civilians and soldiers have died. My guest today, Denis Buyanov, has lived through the sirens, explosions, and tragedies that come with war. During this episode, he openly shares his experience of leaving Kyiv, returning to Kyiv, and being separated from his family. He thinks of himself as one of the lucky ones in comparison to so many of his fellow citizens; however, his story is an incredible display of the strength and resilience of human beings. Although we delve quite deep into his personal story, since this is a real estate podcast, we of course also get into his take on real estate in times of war, including the approach he took as a landlord. Key Points From This Episode: [01:28] - Episode OverviewKyle returns to the podcast world with an episode about what is globally one of the most noteworthy topics right now: the war in Ukraine. Kyle and his returning guest, Denis Buyanov discuss this topic from both a personal and a real estate perspective. SURVIVING THE WAR: THE PERSONAL SEGMENT[08:55] - Misunderstanding RussiaDenis shares why he, along with many others, didn't believe a war between Russia and Ukraine would ever happen. [14:30] - The Day Everything ChangedOn the 24th of February 2022, Denis knew he had been wrong about the war. Suddenly, the sounds of sirens and explosions were inescapable and his world was turned upside down. [18:56] - Leaving HomeDenis and his wife, along with their child, their dog, and her three puppies, attempted to leave Ukraine the day after the invasion began. They packed their cars with their most important possessions and found one of the few routes that were not blocked.  [22:45] - Returning to KyivAfter 5 hours of driving, Denis realized they weren't going to be able to make it safely to another city, so they decided to return to Kyiv and move in with their friends.[25:11] - Difficult DecisionsAfter 2 days of acquiring information about the war, Denis and his wife decided they needed to leave Kyiv. They went to stay with other friends in Ukraine. They were lucky in comparison to many others but it was a challenging time and after a week they moved back to Kyiv.  [30:52] - Underestimating UkraineThe Russians thought that overthrowing the Ukrainian government would be an easy task, but they underestimated the power of the Ukrainian people. The conflict in Kyiv escalated and people were being killed on the streets. [37:18] - SeparationNew laws prevented Denis from leaving Ukraine, but with the help of his fellow citizens, he was able to get his family out. He has spent the past few months separated from his family, but their return to Kyiv is imminent.SURVIVING THE WAR: THE REAL ESTATE SEGMENT[43:18] - Real Estate In Times of WarFrom February to June, most commercial and residential landlords did not expect their tenants to pay rent. Now, most rental prices are reduced by up to 50%. As a landlord himself, Denis explains the approaches that he has used with his tenants.[51:15] - Can the Government Be Trusted? Denis shares why he is not convinced that people who have lost their houses or their businesses due to the war will receive compensation from the government. [53:21] - How Different Parts of Ukraine Have Been Affected By the WarNot every city or town in Ukraine has been impacted by the war in the same way. Denis tells us which areas have become overpopulated, why, and how this is affected rental and sales prices. [01:00:50] - Issues Facing the Construction IndustryAlthough there is lots of work to be done, finding workers is a major ch

This Kyle's Take features commentary on the recent performance of Mexican real estate across the residential and commercial spectrum, insights from the interview with Jaime Fasja, poll results, and a preview of the next guest.00:15 – IntroductionKyle sets the stage for the episode by describing the context of his surroundings at the Ritz Carlton in Mexico City.1:28 – BREAKING NEWS1:32 – Residential Metrics and DriversKyle highlights recent price increases in major Mexican cities that were not only attributed to the pandemic, but also the growth in the middle class and, in some instances, foreign buyers.3:47 – Economic Decline and Subsequent ReboundAfter the Mexican economy plummeted in 2020 to levels not seen since the 1930s, the ratings agencies downgraded the country's credit. 2021 has offered a brighter picture, however, with GDP up 20% through Q2.04:27 – Foreign Buyers and LegislationCitizens of the US, Brazil, and Spain constitute the majority of foreign buyers in Mexico City. In coastal areas, foreign nationals have been able to own real estate via bank trust since a 1993 amendment of investment law.05:35 – Mexican Lending & Market StatisticsWhile mortgage rates remain elevated in Mexico, the Mexican Central Bank has made two consecutive hikes in its benchmark rate to address inflation concerns. Industrial activity and the services sector have both flourished this year despite moves by the government that upset investor confidence. 07:23 – Office PerformanceHigh vacancy, a robust new supply pipeline, and tepid leasing activity are projected to weigh on the office market in the coming years, resulting in a tenant-favorable market.08:48 – Industrial PerformanceAn improved vaccination campaign, the reactivation of the US economy, stable international trade, and strong e-commerce demand have acted as tailwinds to the Mexican industrial market.10:17 – Retail PerformanceThe retail market has shown signs of improvement in 2021, though this progress is occurring at a slower pace compared to other countries.10:54 – GUEST INSIGHTS11:03 – Jaime Fasja Commentary|In Episode 24, Jaime made the following points among others: 1) Thor Urbana capitalized at a very early stage on the reduction in Mexican tariffs on Chinese goods; 2) a new real estate venture can propel itself from obscurity to a $500mm pension fund commitment within a matter of months; 3) Mexican coastal markets feature lodging that is 2x the price compared to inland cities; 4) Thor Urban's creative structure led to the consummation of the Ritz Carlton deal; 5) the outdoor nature of Thor Urbana's lifestyle centers helped retain foot traffic during the pandemic. 13: 18 – POLL RESULTSKyle reveals the results from his last poll, which was:When will the major tech companies (Facebook, Amazon, Apple, Netflix, Google) return to office?January 2022 or earlier – 14%February 2022 – 26%March 2022 – 30%April 2022 or later – 30%The next poll to be featured at kylenaye.com will be:How long will it take Western European tourist visits to the United States to reach pre-COVID levels?Less than 6 months6-12 months1-2 years2-3 yearsMore than 3 years14:50 – NEXT GUESTKyle provides some closing comments relating to the next guest for Episode 26.Additional InformationFideicomiso: https://www.expatsinmexico.com/what-is-the-fideicomiso/

While this episode's guest, Jaime Fasja, has a family background in real estate dating back 50 years, he crafted his own way to the highest echelons of retail, hospitality, and industrial real estate investment & development across Mexico and the Caribbean. The 180-person firm that he started from scratch in 2012 and now leads as co-CEO, Thor Urbana, owns assets in 20+ locations, primarily consisting of lifestyle retail centers and luxury hotels. Last week, Jaime and his team opened their latest project, the Ritz-Carlton Mexico City, adding to their roster of hotels featuring such flags as Thompson, Montage, and Four Seasons. As you will hear, Jaime has experienced both pleasant surprises and acute challenges since the start of COVID as he navigated temporary mall closures, pandemic safety protocols, leisure travelers from the USA, and new acquisitions. These aspects notwithstanding, Thor Urbana has emerged stronger than ever from the past 20 months and is ready to continue a steep growth path in the years ahead. 0:42 – Episode Overview05:50 – CAREER FOUNDATIONS: The Ascent of a Dealmaker06:04 – Family Real Estate Background and Education07: 48 – Reasons for Business School08:57 – Mexico's Historical Lack of Institutional Capital10:35 – Relationship with Co-Founder Jimmy Arakanji  12:36 – Steps of Creating Thor Urbana15:22 – Focus on Retail vs. Hospitality17:52 – Selection of Partners19:53 – Leveraging Thor Equities Resources23:12 – Culture at Thor Urbana vs. Thor Equities25:46 – Co-CEO Responsibilities27:44 – Expansion into Other Countries30:23 – Greatest Challenge at the Moment32:00 – MAKING THE MARKET: A Research Perspective32:09 – Real Estate Comparison of Inland Cities vs. Coastal Markets39:25 – Riviera Nayarit News41:32 – Mexico City Luxury Hotels46:39 – Mexico City Rate Increase47:48 – Domestic and International Guests49:33 – COVID's Effect on Mexican Lifestyle52:44 – Lender Discussions During COVID57:15 – Pandemic's Effect on Lease Structure58:43 – Recent Acquisitions Activity1:02:54 – Deal Competition1:04:28 – POLITICIANS AND ATTORNEYS: Bureaucracy and Red Tape1:04:40 – Pending Legislation Affecting Real Estate1:06:34 – Entitlement and Permitting1:08:57 – Legal Action for Title Claims1:10:53 – Property Taxes1:12:21 – Frequency of Litigation1:14:50 – FINANCE AND FORMULAS: The Economics Behind the Deal1:15:28 – Discovery of Opportunity1:18:34 – Construction Timeline1:20:21 – Equity vs. Debt1:21:31 – Choice of Ritz Carlton as Flag1:23:39 – Fee Structure Negotiation1:25:40 – Ritz-Carlton Compared to Comp Set1:27:54 – Unique Amenities & Technology1:30:47 – Planned Hold Period1:32:30 – TOURIST IN YOUR OWN TOWN: How to Spend Three Perfect Days1:32:36 – To-Do List1:35:26 – First Time Visitor TipGo to KyleNaye.com for full show notes and more info. 

This episode of Kyle's Take features coverage of French real estate performance across product types throughout COVID, noteworthy investment projects, insights from the interview with Alon Kasha, poll results, and a preview of the next guest.00:42 – Paris COVID Protocols02:02 - BREAKING NEWS02:11 – High-level residential performance02:41 – Effect of Stimulus Payments03:08 – Domination by French Buyers03:30 – Market Drivers04:10 – Grand Paris Project05:45 – Investment Sales Market07:33 – Industrial Growth from E-Commerce07:51 – Rebound Expected in Late 202108:58 – Investor Sentiment09:25 – Sources of Capital10:17 – Outlook for Remainder of 202110:56 – GUEST INSIGHTS11:00 – A “Grey” Market11:50 – Tremendous Apartment Demand During COVID12: 32 – POLL RESULTS14:30 – NEXT GUESTVisit KyleNaye.com for full show notes and more info. 

Little did Alon Kasha know at the time, but the move that he and his wife Betsy made to France nearly 20 years ago led to what is today a thriving real estate development and interior design firm called Kasha Paris. In this episode, Alon sits down with Kyle in the kitchen of one of his recently renovated apartments to describe the creation of this business, as well as how it has evolved over the years. As you will hear, this couple's background in finance and public relations has served them well throughout 100 real estate projects in the tony Saint-Germain-des-Prés neighborhood of Paris. After such prolonged exposure to the local residential market, Alon and his wife have an uncanny ability to gauge the complexity, profitability, and marketability of any prospective apartment purchase. Further, they routinely employ innovative architectural and engineering techniques to produce gems that command millions of Euros from French, American, and other international buyers.Alon is a dual US/French citizen who graduated from the University of Michigan with degrees in Economics and French. Betsy graduated from Wellesley College with a dual degree in History and Art History.0:42 – Episode Overview3:24 – CAREER FOUNDATIONS: The Ascent of a Dealmaker4:24 – Finance and Luxury PR Lead to Paris9:39 – Opportunities with Classic Design10:53 – French vs. American Home Entertaining11:30 – Business Model Gains Momentum13:10 – Investor Relationship13:45 - Move from London to Paris15:38 – Early Days in Paris Real Estate17:57 – Appeal of Apartment Features19:10 – Creation of a Good Reputation19:38 – Growth in Operations22:08 – Concierge Services26:39 – Buyer Pool27:53 – Typical Sales Timeline29:39 – MAKING THE MARKET: A Research Perspective30:00 – COVID Real Estate Experiences34:54 – Desirable Apartment Layouts36:35 – Distressed Deals37:01 – French Real Estate Financing39:53 – POLITICIANS AND ATTORNEYS: Bureaucracy and Red Tape40:09 – Permits and Approvals45:29 – Homeowners Associations (“Conseil Syndical”)50:08 – French Property Taxes55:30 – Unique Ways to Offset Taxes56:40 – FINANCE AND FORMULAS - The Economics Behind the Deal56:55 – Challenging Part of Renovation58:20 – A “Home Run” Deal59:24 – Investor Communication1:00:11 – INVESTMENT COMMITTEE Q&A - Vente en Viager1:03:56 – TOURIST IN YOUR OWN TOWN – How to Spend Three Perfect Days1:04:08 – Cafes and Restaurants1:05:21 – Visitor TipAdditional LinksKasha Paris - https://kasha.paris/Instagram - https://www.instagram.com/abkasha/?hl=enFacebook - https://www.facebook.com/abkasha/videos/

To wrap up summer, Kyle shares some newsworthy real estate headlines and COVID observations from Italy, key takeaways from his conversation with Alberto and Enza Barba, information about his next online poll, and future guest commentary.00:15- Episode IntroductionKyle expresses the special nature of his podcast, as it was recorded on-location in Positano, Italy after his conversation with Alberto and Enza Barba (Episode 20). 00:53 – BREAKING NEWS: Italy00:57 – Brighter Economic Prospects AheadItaly experienced negative GDP growth of 8.9% in 2020, but has rebounded to the point where the European Commission forecasts average annual growth of 4.4% between 2021 and 2022.1:16 – National and Local COVID InformationItaly has managed to vaccinate 40% of its population, though the pandemic has resulted in 4.2mm COVID infections and 128k deaths in the country. Positano has fared much better, with a meager 130 infections and no deaths. 1:48 – Improving Tourism PictureVenice hotels have recently reported 70% occupancy and anticipated bookings for Summer 2021. In Positano, hotel owners have indicated current occupancy in the 50-80% range, with more guests arriving on the weekends. Meanwhile, the Uffizi Gallery in Florence reported a 40% increase in visits from the first to the fourth week of May. Italy expected 39 million tourists to visit in June through August, which would be a 12% YoY increase.2:42 – US to Italy: Airport ExperienceAt Newark Liberty Airport, the check-in process caused confusion among passengers, as limited airline personnel were present to address COVID testing & vaccination concerns. On the other hand, the arrival experience at Rome's Fiumicino Airport was surprisingly easy, as the authorities eliminated a mandatory antigen test for incoming passengers the day prior to Kyle's arrival.3:44 – Mask Wearing ProtocolsMasks have been required both inside and outside since October 2020, but this regulation was largely ignored in all but a few places in Positano.4:07 – Tourist CompositionMost of the non-Italian visitors in Positano during Kyle's stay were French and German, with a handful of Americans also observed. In contrast to a normal year when 80% of business comes from Americans, restaurants are mostly catering to Italian guests from elsewhere in the country.5:07 - Removal of Mask MandateOn June 28th, the outdoor mask mandate was removed across Italy, but the Campania government indicated it would remain in place for another two weeks because of India Variant concerns.5:28 – GUEST INSIGHTS: Enza and Albero Barba5:50 – Challenging Approvals for RedevelopmentThe process of moving forward with any sort of property redevelopment is never straightforward, as the local government / zoning rules are ambiguous. A certain rule may or may not exist on paper, but collaboration with authorities is still needed. 6:14 – Change & Cancellation FeesLocal property owners are suffering economically because they cannot assess the usual changes for booking changes and cancellations due to COVID.6:49 – Booking.com DominanceBooking.com is the predominant way that hotels and B&Bs advertise on the Amalfi Coast.7:24 – Competitive Hospitality EnvironmentDespite its relatively small size, the hospitality business in Positano is a very competitive one. Competitors are constantly watching each other to see whether regulations and procedures are obeyed. 8:00 – MONTHLY SURVEY8:15 - Which of the following European countries wi&

Entrepreneurs Enza and Alberto Barba host Kyle at their spectacular, newly opened hotel called Petrea Lifestyle Suites in the hills of Positano, Italy. With a background in tourism and languages, this dynamic couple has created a 3-room oasis that lends new meaning to the terms “hospitality” and “room with a view.” Overcoming multiple COVID-related challenges to open the property in May 2021, they explain the property's unique positioning within the community, as well as some positive effects that the pandemic had on their daily routine.A graduate of the tourism program at the Amalfi-based L'Istituto Tecnico per il Turismo, Enza has many years of hospitality related experience in Italy and elsewhere. She is fluent in English and Spanish in addition to her native Italian.Alberto hails from Positano, completed his studies in Sorrento, and has a long-standing track record in the tourism and food & beverage industries.Petrea Lifestyle Suites plans to accommodate guests throughout the year, including the winter.00:43- Episode Introduction03:30 – CAREER FOUNDATIONS: The Ascent of a Dealmaker04:32 – Enza's Background and Connection to the Amalfi Coast06:09 – Impetus Behind Start of Petrea Lifestyle Suites08:10 – Choice of Property Location10:14 – Management Responsibilities & Hospitality Experience12:28 - PROPERTY PARTICULARS: Comments in a Hotel Guest Book 12:29 – Connection to Mythology15:48 – Guest Suite Naming18:38 – Attraction of Neighborhood20:38 – To Open or Not to Open?21:58 – Transportation to/from Montepertuso23:53 - MAKING THE MARKET: Tourism and Real Estate23:54 – Local Economic Drivers24:40 – Pre vs. Post-COVID Tourism Trends28:45 – Hotel Pricing and Guest Experience31:52 – Desired Services34:31 – Local Real Estate Ownership & Financing38:48 – New Parking Garage40:34 - LESSONS FROM COVID: An Unforgettable Time in History40:35 – Takeaways from Famiglia Barba42:40 – Mask Wearing for Children43:30 – Benefits of COVID44:40 – Movement within Positano during COVID46:52 – Tenant / Landlord Relationship49:06 - ASSET DEEP DIVE: How It All Comes Together49:08 – Influences During Construction52:02 – Project Marketing54:10 – Guest Room Rates57:30 – Year-Round Positano Lodging1:00:12 – TOURIST IN YOUR OWN TOWN: How to Spend Three Perfect Days1:00:24 – How to Spend 3 Days As a Tourist1:02:45 – Advice for First Time VisitorAdditional LinksEmail: info@petreapositano.comLinkedIn: https://www.linkedin.com/in/firuzsoyuer/Petrea Lifestyle Suites Website: http://www.petreapositano.com/en/Gallery of Images from PLS: http://www.petreapositano.com/en/gallery/

Kyle takes Global Real Estate Dealmakers on the road, reporting from Phoenix, Arizona on breaking Turkish real estate news, key insights from his past guest (Firuz Soyuer), poll results and the upcoming poll, and commentary on the next guest.Dealmaker Highlights01:25 - BREAKING NEWS01:47 – Residential Price AppreciationTurkey posted the greatest growth in global residential prices from Q4 2019 to Q4 2020, increasing over 30%. By comparison, global residential prices rose an average of 5.6% based on data from 56 countries. 02:38 – Erdogan’s Kanal Istanbul PlanPresident Erdoğan announced plan to proceed with the Kanal Istanbul plan, creating a second waterway to connect the Black and Marmara Seas. 03:09 – Reduction in Benchmark Interest RateAnother one of Erdoğan’s goals is to slash the benchmark interest rate (one-week repo) to single digits from 19%, though early signs are that he may encounter resistance from other high-ranking officials. 03:39 - 2021 Summer Tourism in Turkey As Turkey expects to receive 100 million vaccine doses before the end of May, the country is likely to represent a very low risk of infection for summer tourists. Tourism revenue is expected to reach 25 million visitors in 2021, 55% of the 2019 volume. This is welcome news given that quarterly tourism revenue fell 50% from October 2020 through December 2020 as a result of pandemic related lockdowns/restrictions. 04:54 - GUEST INSIGHTS 05:02 – Lack of Bank Financing for Real EstateFiruz Soyuer, co-founder of Pamir & Soyuer, stated that little to no bank financing exists for real estate projects in Turkey because of the exorbitant interest rates. With this said, developers achieve quasi-financing from investors in condo units (especially on residential side) who place deposits at early stage of project construction. In this sense, developers often have little of their own equity invested.05:48 – Non-Binding EntitlementsCity government has the ability to grant a project full entitlements, but then revoke them at a later stage. As this power potentially represents a major setback to any given real estate development, it is advisable to engage a local partner if investing from outside of Turkey.06:13 – Private vs. Institutional InvestorsMost of the Turkish market is comprised of private buyers and not institutional ones. As private buyer tend to focus on factors such as location and architecture and less so on cap rate, IRR, cash-on-cash return, etc., it is important to identify the buyer profile when analyzing sales transaction data.07:08 - POLL RESULTS07:16 – Last Poll ResultsIn response to the latest poll about the frequency of in-office vs. remote work post-COVID, the majority of participants indicated real estate professionals would be in the office: 1) similar to pre-COVID with slightly more flexibility or 2) on a hybrid basis with 2/3 days in the office and the remainder at home. 08:15 – Next PollHow long will it take global hotel revenue to return to 2019 levels? (Total room revenue for 2019 was $550 billion)End of 2021End of 2022End of 2023End of 20242025 or later 09:18 - Next GuestKyle looks forward to welcoming another guest in the next episode from a country with a lower global profile, but one that has plenty of compelling dynamics.

Few people are as well versed in Turkish real estate as Firuz Soyuer. Having spent nearly three decades growing his Istanbul-based commercial and residential real estate advisory firm, he joins Global Real Estate Dealmakers to elaborate on the extent to which institutional and private real estate investors have proliferated in the country. Firuz also provides insightful commentary on the economy’s reaction to COVID-19 and the domestic challenges that lie ahead. Not only did Firuz earn his bachelor’s degree in engineering from Istanbul Technical University, but he also completed his MBA in finance at Southern Illinois University. He is a Capital Markets Board Certified Appraiser, MRICS and MAI certified professional, and member of the Urban Land Institute Board of Advisors.Pamir & Soyuer was established in 1993 by Ali Pamir and Firuz Soyuer to provide real estate advisory services to corporate clients and high net worth individuals. Expertise includes investment advisory and sales, development advisory, project marketing, tenant representation, agency representation, marketing/feasibility studies, and valuation.00:45- Firuz Soyuer Introduction04:18 – CAREER FOUNDATIONS: The Ascent of a Dealmaker07:45 – Engineering to Banking to Real Estate09:28 – Entry into Real Estate Advisory Services12:40 – Turkish Commercial Real Estate in the 1990s14:50 – Institutionalization of Commercial Market16:29 – MAKING THE MARKET: A Research Perspective17:55 – Real Estate Market in Turkey and Istanbul20:00 – Shopping Centers vs. Office & Industrial21:42 – Real Estate Finance in Turkey24:32 – Spec Development26:36 – Real Estate Landscape in Early 202029:34 – COVID Restrictions in Istanbul30:19 – Switch to Remote Work31:17 – Government Support During Pandemic32:52 – Landlord vs. Tenant Dynamic34:00 – Current Transactional Volume35:10 – Active Market Participants35:57 – Existence of Multifamily Product37:37 – POLITICIANS AND ATTORNEYS – Red Tape and Bureaucracy38:00 – Transparency of Legal Structure39:40 – Importance of Local Investment Partner40:44 – Title Insurance41:42 – Underwriting Standards42:41 – Turkish Property Taxes43:55 – Entitlement & Permitting Process47:33 – FINANCE AND FORMULAS: The Economics Behind the Deal48:47 – Institutional vs. Private Investors51:45 – Determination of Offer Price55:42 – Importance of Knowing the Buyer Profile57:05 –INVESTMENT COMMITTEE Q&A: Real Estate Entrepreneurship57:46 – Young Turkish Entrepreneurs1:01:07 – Funding for New Real Estate Ventures1:02:38 – 15-Minute City1:05:15 – TOURIST IN YOUR OWN TOWN1:05:30 – How to Spend 3 Days As a Tourist1:07:59 – European vs. Asian Side of Istanbul1:10:48 – Advice for First Time VisitorAdditional LinksEmail: fs@pamirsoyuer.com.trLinkedin: https://www.linkedin.com/in/firuzsoyuer/Pamir & Soyuer Website: https://pamirsoyuer.com.tr/en/

In the second Kyle’s Take of 2021, Kyle shares some real estate headlines from Japan, key takeaways from his recent conversation with Taito Ohe at U Share, past and future poll information, and future guest commentary.Dealmaker Highlights00:52 - BREAKING NEWS01:07 - Pandemic’s Effects on Tokyo Housing01:51 - Mori Building Partnership with Aman Resorts03:09 - First Janu Hotel in Japan03:36 - GUEST INSIGHTS03:57 - Pandemic’s Silver Lining04:47 - Changing Perception of Foreigners05:22 - POLL RESULTS05:25 - Last Poll: Transaction Volume from 2020 to 202106:21 - Next Poll: In-Office vs. Remote Work07:24 - NEXT GUESTFor more information head on over to: kylenaye.com

The Tokyo-based Taito Ohe joins the show to explain how his architectural background, top-notch education, and interest in entrepreneurship have led him to co-found U-Share as one of its three partners. Balancing his responsibilities as Chief Strategy Officer with a separate role at the acclaimed architectural firm, Plantec, Taito describes the reasons for creating this new residential asset class and the challenges & rewards associated with opening the first two locations during a pandemic.Having completed his Bachelor of Engineering in Architecture at the University of Tokyo and MBA at Harvard Business School, Taito has worked on condominium, office, and retail projects in the United States, Japan, Thailand, and Vietnam. Dealmaker Highlights00:42 - Episode Intro05:34 - CAREER FOUNDATIONS: The Ascent of a Dealmaker10:01 - Decision to Attend HBS11:53 - Exceeding Expectations at B-School13:16 - Various Experiences Lead to U-Share15:27 - Reasons for U-Share Business Model17:46 - Co-Founder Responsibilities19:34 - MAKING THE MARKET: A Research Perspective20:00 - Importance of Tourism22:56 - U-Share Works Well in Japan26:50 - Site Selection Criteria28:42 - Unique Design Elements30:09 - Attempts at Similar Model in Other Countries31:33 - Positive and Negative Effects of COVID-1934:20 - Major Events During COVID-1938:34 - Effects of Restricted Border Controls41:22 - COVID’s Effect on Future U-Share Projects42:56 - Government Stimulus 46:05 - Message to U-Share Investors47:19 - POLITICS AND ATTORNEYS: Red Tape and Bureaucracy48:10 - Interaction with Japanese Government51:35 - Governmental Nepotism52:25 - Impacts to Permitting Process 53:38 - Unknown Policy Outcomes55:01 - FINANCE AND FORMULAS: The Economics Behind the Deal55:46 - Salient Issues for U-Share56:26 - Discovery of Development Sites58:00 - Rewarding Parts of Development1:00:14 - Reasons for Creating Expat Housing1:02:38 - Costs of U-Share Living1:06:27 - Long-Term Business Plans1:09:29 - INVESTMENT COMMITTEE Q&A: Japanese Business Practices1:10:18 - Communications Styles between Japan and US1:12:17 - Difficulties for Foreign Workers1:14:55 - Recommendations for Foreign Workers1:16:28 - Tourist in Your Own Town: How to Spend a Perfect Three Days1:16:54 - Finer Aspects of Tokyo LifeAdditional Information:KUROFUNE Design Holdings: https://www.kurofune-dh.com/U-Share: https://en.u-share.com/top/Plantec: https://plantec.co.jp/en/about/Contact Information:LinkedIn: www.linkedin.com/in/taito-oheFor more information head on over to: kylenaye.com

Kyle kicks off 2021 with a solo episode to provide some commentary on 2020 themes and share his views on the most salient topics that will arise in global commercial real estate over the next year.01:17 - 2020 Highlights02:06 - Featured Guests Review05:08 - NOTEWORTHY THEMES OF 202005:55 - Sudden Movement06:08 - Landlord Focus06:30 - Behavioral Changes06:53 - On The Office Side07:24 - Desirability of Coworking07:45 - On The Retail Side 08:17 - Perseverance In The Face Of Adversity08:34 - E-commerce Activity09:00 - Hospitality Industry09:37 - Other Hotel Space Issues10:11 - The Residential Sector11:03 - Compared to the Great Financial Crisis14:00 - ANTICIPATED THEMES OF 202114:08 - Digital Transformation14:59 - Tenant Spaces15:28 - Eviction Moratoriums17:06 - Tenant Preferences18:20 - Industrial Side18:57 - Uncertainty Exists19:45 - Continual Erosion20:29 - Mixed-use Projects21:00 - Conclusions 22:20 - Next GuestAdditional Links:- Global Real Estate Perspective from JLL- 2021 Commercial Real Estate Outlook - Deloitte

Gloria Gil joins the show to discuss her background and 39-year career in commercial real estate, including her 14 years as Senior Managing Director at the Regents of the University of California, the governing board of the University of California. At UC Regents, Gloria built an entirely new asset class and grew the AUM of the real estate portfolio to $5.5 billion across separate accounts and commingled funds. Gloria also discusses the state of the real estate market in the US and the Philippines before and during the Covid-19 pandemic.Click this link below for detailed podcast notes: https://kylenaye.com/ep-14-gloria-gil-manila-philippinesAdditional Links:Linkedin: https://www.linkedin.com/in/gloria-gil-347680b

Andrés Berral joins the show to discuss his 10 years as an attorney with Clifford Chance, an international real estate law firm with offices on five continents. Living in Madrid, Andrés discusses his firm, responsibilities, as well as the comparative performance of the real estate market in Spain both before and during the Covid-19 global health crisis. After completing his undergraduate education at Complutense University of Madrid in business management, Andrés received his law degree and joined the real estate group at Clifford Chance as an associate. Clifford is one of the world’s pre-eminent law firms, with locations across the Americas, Europe, Africa, Asia-Pacific, and the Middle East. With revenue of nearly $2.4 billion over the past year, Clifford is one of five multinational law firms that comprise the “Magic Circle,” an unofficial list of the highest revenue firms headquartered in London. Additional LinksEmail: Andrés.berral@cliffordchance.comLinkedin: https://www.linkedin.com/in/andr%C3%A9s-berral-zurita-8ab85926/Clifford Chance Website: https://www.cliffordchance.com/home.html

Tom Livelli, a Managing Director at Greystar's office in Santiago de Chile, joins the show to speak about his background, residential real estate experience across the Americas, and strategy for investing in South America in the coming years. Of particular note, Tom discusses the formation of Greystar's recently announced joint venture with the Canadian Pension Plan Investment Board and Cyrela to deploy $R 1 billion (~$USD $185mm) of equity into multifamily development projects in Sao Paulo, Brazil.After receiving his undergraduate degree from Harvard University, Tom briefly worked in management consulting before moving to Chile for several years. Upon returning to the US in 2004 for his MBA at Stanford University, he started to incubate ideas in response to the poor housing options that he observed in South America. Little did he know at the time that his career path would eventually lead him back to Chile to spearhead Greystar's growth plans in the region. Maintaining offices in more than 50 cities, Greystar is a US-based international real estate developer and manager based with ~$32 billion of assets under management and 693,000 units across its portfolio.Additional Links:Greystar: http://www.greystar.comCanadian Pension Plan Investment Board: https://www.cppinvestments.comCyrela: https://www.cyrela.com.br Contact info:tom.livelli@greystar.com For the full version of the show notes, please visit:https://kylenaye.com/ep-12-tom-livelli-santiago-chile

From the shores of the Red Sea in Jeddah, Saudi Arabia, Mowaffaq Al Hashimi sits down to discuss the growth of his career in real estate, including the reasons for founding Saqifat Al Safa in 1996 and focusing on certain business disciplines. Gaining exposure to both the US and Saudi markets throughout his academic and professional lives, he maintains a deep knowledge of international real estate investment, finance, and development, as well as how to properly assess the risk vs. return of a given opportunity. Saqifat Al Safa itself provides comprehensive real estate services in Saudi Arabia, the Gulf, and Levant ranging from development to marketing & sales and property management. It is an active participant in existing and development projects across residential, commercial, hospitality, industrial, and mixed-use product types. Most recently, Mowaffaq and his company have become involved with a program launched by Saudi Arabia's Ministry of Housing to provide affordable homes on a large scale. Dealmaker HighlightsSaqifat Al Safa's business model as a real estate service provider encompasses numerous disciplines that add value to Jeddah's market.COVID-19 slightly disrupted the timeline for residential development projects backed by the Ministry of Housing. However, these projects, which target low to middle-income Saudi earners, are moving forward again.Reacting to the pandemic, the Saudi government implemented a program to pay citizens a portion of salaries while remaining at home, which helped to reduce anxiety and minimize layoffs.Now that the lockdown is over, the volume of real estate transactions has nearly reached the same level as this month last year. With this said, a recent increase in the VAT from 5% to 15% may force prices downward in the near term.Levels of market distress are relatively low, as the government negotiated a deal with Saudi banks to grant forbearance to homeowners. On the retail side, many landlords agreed to tenant rent relief requests while customers start to re-emerge.With regard to the permitting and entitlement process for a development project, it does not take long to obtain the required permissions as long as existing zoning is not violated. If a project is located in an outlying area of the city, a land rezoning process is significantly easier than would be the case at an infill site.The development timeline for housing projects is set at 18 months by the Ministry of Housing. Once the contract is finalized, developers shoulder the responsibility to complete the project within this time frame. The bank that a home buyer uses for a loan will also provide developer financing for the relevant project. Borrowers in Saudi Arabia have the choice of conventional or sharia-compliant financing. Certain banks are more geared to one versus the other.Mowaffaq makes recommendations for lodging, cultural sites, recreation centers, and restaurants across the gastronomic spectrum. Contact InformationEmail: mah@saqifatalsafa.comLinkedIn: https://www.linkedin.com/in/mowaffaq-al-hashimi-aa343533Website: https://www.saqifatalsafa.com/en

Kofi Asomaning, a Wharton-educated architect, consultant, and developer, provides in-depth commentary about how his firm, Keystone Real Estate, is taking advantage of advisory and development opportunities within the Ghana market. While COVID-19 has slowed down the timeline of his projects, the country has not been as significantly affected by the pandemic as others and is likely to continue to offer attractive deals across product types. With this said, it is crucial for foreign investors to align with someone local to understand the nuances of land entitlement and permitting, as well as any re-zoning efforts. As a Ghanaian citizen who had stints at major consulting and banking firms prior to starting his own business, Kofi has a comprehensive grasp of the strengths and challenges of the Accra market and other parts of the country.Dealmaker HighlightsGhana to Wharton to Ghana: A top-tier MBA serves Kofi well in starting and growing Keystone Real Estate.The pre and post COVID market: While the pandemic has delayed projects across the board, areas of opportunity exist in certain sectors including residential and retail.Land related challenges: Navigating the purchase and subsequent entitlement/permitting of land is a major challenge to overcome in Ghana.Keystone’s current pipeline: A 19-unit townhome deal is keeping Kofi engaged and optimistic as COVID continues.Real estate entrepreneurship: Guidance for individuals who are new to the real estate sector in Ghana or trying to innovate within the field.Tourist in Accra: Although there are many sights to see in this relatively small country, the incredible food is more of a draw than anything!Additional Links:Kempinski Hotel Accra: https://www.kempinski.com/en/accra/hotel-gold-coast-city/Movenpick Hotel Accra: https://www.movenpick.com/en/africa/ghana/accra/moevenpick-ambassador-hotel-accra/overview/Buka Restaurant: https://bukarestaurant.com/805 Restaurant: https://www.805restaurants.com/our-restaurants/accura Cape Coast: https://en.wikipedia.org/wiki/Cape_CoastKakum National Park: https://en.wikipedia.org/wiki/Kakum_National_ParkContact InformationEmail: kasomaning@gmail.comPhone: +233 20 811 54 81Website: http://keystonegh.com/Instagram: @keystone.real.estateLinkedIn: https://www.linkedin.com/in/koasomaning/

President of Pink's Hot Dogs, Inc., Richard Pink joins the podcast to speak about his life as an entrepreneur, senior real estate executive, and mentor to undergraduate students. Started by his parents in 1939, Pink's has become a staple of the Los Angeles dining scene over 80 years of operation, attracting locals, tourists, and celebrities who love its unique ambiance and menu. Through licensing agreements, the business also has 18 other locations around the U.S. and four in the Philippines. As Richard shares in the episode, COVID-19's effect on the restaurant industry has presented a whole new set of challenges for him to overcome. Outside of the hot dog business, Richard has dedicated much of his career to commercial real estate acquisitions, asset management, development, marketing, and law. After more than 45 years at JMB Realty, TCW Realty Advisors, CBRE Investors, and Clarion Partners, among others, he has developed a profound knowledge of the factors influencing US and European real estate investments. Richard has a Bachelor of Science degree from the University of California Los Angeles (UCLA) and a Masters of Business Administration degree from the University of Southern California (USC), which was earned concurrently with a Juris Doctorate degree from Loyola University School of Law.Dealmaker HighlightsRichard describes how Pink’s was started and how the business grew with the help of a loan from Bank of America into the Hollywood icon it is today.Branding and marketing have been key areas of focus for Richard, enabling him to attract a loyal following across Pink’s retail locations and private catering engagements.The licensing model allowed Pink’s to grow its footprint domestically and intentionally without investing additional capital. Keys to success and survival in the restaurant industry are outlined.Pink’s flagship shut down amidst COVID-19 for the first time in 80 years. The stand will offer a different experience to customers upon reopening due to new health guidelines and safety measures.The path toward a successful acquisitions career led Richard through different roles and disciplines, highlighting the value of a broad real estate education. Additionally, he learned several valuable lessons about interfacing with European investors and clients. Giving back to the next generation of real estate leaders, Richard outlines his contributions as a mentor to students at USC, as well as the advice that he commonly provides. Richard shows his enthusiasm for Los Angeles by elaborating on its finest attributes and explaining how to best enjoy a visit to the citAdditional LinksPink’s Hot Dogs: http://www.pinkshollywood.com/CBRE Global Investors: https://www.cbreglobalinvestors.com/Clarion Partners: https://www.clarionpartners.com/Pages/default.aspxUSC School of Real Estate: https://lusk.usc.edu/Republique - https://republiquela.com/

Kyle Hutchin, an associate director at the boutique tenant advisory firm Franklin Shanks, joins to discuss Sydney's occupier market and the facets that make the city an attractive global real estate investment target. Since joining the firm five years ago, Kyle has helped Australian and international technology tenants align their property needs with high growth business development strategies. As he shares, the country maintains unique characteristics that are likely to uphold the heath of real estate leasing and investment fundamentals in the aftermath of COVID-19.Episode LinksFavorite BuildingsHotel: Ovalo - https://ovolohotels.com/ovolo/woolloomooloo/Office: 60 Martin Place - https://www.investa.com.au/sixty-martin-placeOffice - AMT Key Quarter Tower - https://3xn.com/project/quay-quarter-tower-2Retail - Queen Victoria Building - https://www.qvb.com.au/Retail - Barangaroo Retail Prescinct - https://www.barangaroo.com/the-project/Gaming/Hospitality - Crown Casino Barangaroo - https://www.crownsydney.com.au/Favorite RecreationThe Domain - https://en.wikipedia.org/wiki/The_Domain,_SydneyBotanical Gardens - https://www.rbgsyd.nsw.gov.au/Coastal Walks - https://sydneyuncovered.com/coastal-walks-sydney/Mona Vale Beach - https://www.northernbeaches.nsw.gov.au/things-to-do/recreation-area/mona-vale-beachAvalon Beach - https://en.wikipedia.org/wiki/Avalon_Beach,_New_South_WalesFavorite Coffee ShopsSkittle Lane - https://skittlelane.com/Bonnie Coffee - https://bonnie.coffee/Infusion on Clarence - https://www.infusiononclarence.com.au/Coffee Roaster - https://coffee.com.au/Portal - https://www.facebook.com/portal.sydney/Contact Information:Franklin Shanks - https://www.franklinshanks.com/Kyle Hutchin - kyleh@franklinshanks.com

A research analyst at Nairobi-based Cytonn Investments, Wacu Mbugua joins to discuss her experience during quarantine and and the pandemic's effects on the firm's real estate development projects. Given her experience with site feasibility analyses and acquisitions due diligence across the firm's portfolio, Wacu has a keen perspective on the drivers of real estate investment in Kenya and the ways in which her firm is capitalizing on these trends. Founded in 2015, Cytonn Investments is a developer of large-scale residential and mixed-use projects that cater to a cross-section of the population from high-income to lower middle income earners. The firm's total development costs for completed projects, projects under construction, and projects in the pipeline are estimated at 82 billion Kenyan Schilling (KSh), or ~$800mm USD.Additional Information:Favorite BuildingsHotel: Sarova Stanley - https://www.sarovahotels.com/stanley-nairobi/Office: Prism Towers - http://prism.kingsdevelopers.com/Retail: Two Rivers Mall - https://tworivers.co.ke/Residential: Amara Ridge - https://cytonn.com/real-estate/amara-ridgeFavorite Recreational AreasKarura Forest - https://en.wikipedia.org/wiki/Karura_ForestUhuru Park - https://en.wikipedia.org/wiki/Uhuru_ParkNairobi Safari Walk - http://www.kws.go.ke/content/nairobi-safari-walkGiraffe Center - https://www.giraffecentre.org/Favorite RestaurantsJava House - https://www.javahouseafrica.com/Habesha Ethiopian - https://www.facebook.com/pages/Habesha-Ethiopian-Restaurant-Nairobi/155890434474877The Talisman - https://www.thetalismanrestaurant.com/Favorite NeighborhoodsKaren - https://en.wikipedia.org/wiki/Karen,_KenyaWestlands - https://en.wikipedia.org/wiki/Westlands,_Nairobi

Colombian-born Sebastian Luque, who is an investment director at London based Round-Hill Capital, takes time during self-quarantine at his Madrid apartment to provide his thoughts on multifamily investment and development in Bogota, as well as explain how Round Hill is reacting to the coronavirus pandemic across its portfolio. With a split engineering/banking background and an MBA from London Business School, Sebastian is Round Hill's "go to" professional for investments in Spain, Portugal, Colombia, Mexico, Peru, and Chile.Episode LinksOffice BuildingsEdificio Los Venados: https://powersearch.jll.com/co-es/property/26047/edificio-los-venados-oficinas-en-arriendo-en-bogot%C3%A1Recreation / Outdoor ActivitiesCiclovia: https://en.wikipedia.org/wiki/Ciclov%C3%ADaParque El Virrey: https://es.wikipedia.org/wiki/Parque_urbano_El_VirreyNeighborhoodsLa Cabrera: https://arrivedo.com/article/things-to-do-in-la-cabrera-neighborhoodLa Candelaria: https://en.wikipedia.org/wiki/La_CandelariaRestaurantsAndres Carne de Res: http://www.andrescarnederes.com/

As a country manager for IWG plc (formerly Regus), Irina Baeva joins to speak about her experiences growing the co-working business in Moscow and other Russian cities over the past nine years, including during the financial crisis of 2014-2015. Her skill set, determination, and resourcefulness have contributed to the leading position that IWG holds within Moscow's co-working scene, as well as the increasing popularity of flexible office space. Based on the high demand for Regus’ existing locations, Irina has an acute sense of the health of Moscow’s office market, the business areas that are driving economic growth, and the reasons for investing into the office sector.Episode LinksGeneralRegus Russia: https://www.regus.com/offices/russiaMoscow-City: https://en.wikipedia.org/wiki/Moscow_International_Business_CenterReal Estate Projects / DevelopersEmbankment Tower: https://en.wikipedia.org/wiki/Naberezhnaya_TowerVesper Group: https://www.vespermoscow.com/Bolshevik: http://bolshevikfactory.ru/Outdoor / Pedestrian Areas Chistye Prudy: https://en.wikipedia.org/wiki/Clean_PondsUlitsa Bolshaya Lubyanka: https://en.wikipedia.org/wiki/Bolshaya_Lubyanka_StreetGorky Park: https://en.wikipedia.org/wiki/Gorky_Park_(Moscow)Moscow Botanical Garden of Academy of Sciences: https://en.wikipedia.org/wiki/Moscow_Botanical_Garden_of_Academy_of_SciencesRestaurantsDr. Zhivago: https://www.drzhivago.ru/en/White Rabbit: http://whiterabbitmoscow.ru/en/Rappoport Restaurant Group: https://rappoport.restaurant/en/restaurantNovikov Restaurant Group: https://en.novikovgroup.ru/restaurants/CultureBolshoi Theater: https://www.bolshoi.ru/en/Tretyakov Gallery: https://www.tretyakovgallery.ru/en/Moscow Museum of Modern Art: http://www.mmoma.ru/en/#Garage Museum of Contemporary Art: https://garagemca.org/enContact Informationhttps://www.linkedin.com/in/irina-baeva-42ab05182/

Kyle introduces the influences and motivations behind his creation of Global Real Estate Dealmakers, followed by an explanation of the benefits listeners will gain from tuning in to future episodes.

Israeli developer and entrepreneur, Doron Haleva, joins from Tel-Aviv to discuss the evolution of his business named Welcome. Starting with a single apartment renovation in the student and tech hub of Be'er Sheva, he now controls over 400 multifamily units across 15 different buildings. Over the course of the episode, Doron describes the lessons learned as the platform has grown and helped to redefine the standard of living for young Israelis. He plans to further scale the business in the coming years, including forays into co-working and hospitality.Episode LinksCity of Be'er Sheva: https://en.wikipedia.org/wiki/BeershebaToha Office Tower: https://www.dezeen.com/2019/10/29/toha-tel-aviv-office-tower-ron-arad/Florentin neighborhood: https://en.wikipedia.org/wiki/Florentin,_Tel_AvivDoron Contact Information:Welcome website: http://www.welcomeliving.co.il/Email: doron@welcome-nadlan.co.il

Ukrainian real estate investor and consultant, Denis Buyanov, joins the show to speak about the services of his firm, Atelier M2, as well as his views on the attractive and unattractive characteristics of the Kiev property market. As Denis specializes in advising clients on turnkey residential / small office real estate solutions, he has insightful guidance on how to prudently invest in the Ukraine and make the risk/return picture work in your favor.Episode LinksBrokerage firms in the Ukraine:Colliers: https://www2.colliers.com/en-uaCBRE: https://cbre-expandia.com/en/main/Cushman & Wakefield: https://cushmanwakefield.com.ua/en/homeCrystal Park Tower: https://www.facebook.com/crystalparktower/?rf=1275806572470208; https://parklane.ua/eng/residential-complex/285212745Hilton Hotel: https://www3.hilton.com/en/hotels/ukraine/hilton-kyiv-KBPHIHI/index.htmlHydropark: http://www.gidropark.org.ua/; https://en.wikipedia.org/wiki/Hydropark_in_KievRestaurants:Rojo Ojo : https://www.facebook.com/BeHotLikeMexico/Nam Vietnamese: http://nam.in.ua/Denis Buyanov Contact Info:Email: Db@atelierm2.com.uaTel: +380 97 268 8796Website: https://atelierm2.com.ua/en

Real estate entrepreneur and best-selling author, Erez Cohen, shares how his upbringing and early exposure to real estate & finance shaped his career path, the lessons gleaned from his relationships with real estate icons, and the positioning of his firm's real estate strategy in the larger Mexico City investment landscape. Having worked on real estate projects across the US, Mexico, and Brazil, Erez provides valuable insight into the reasons for increasing capital flows into Mexico, especially for large residential projects.Episode LinksAmazon.com link to purchase Erez's book, Real Estate Titans.Mexico real estate investment trust, or FIBRA.Erez's development firm, Irbium Property Group. Dale Carnegie’s book, How to Win Friends & Influence People.Article outlining interest in Mexican multifamily real estate. https://www.theinvestor.jll/news/mexico/residential-multifamily/international-investors-clamoring-multifamily-real-estate-mexico/Contact Information:LinkedIn: linkedin.com/in/erezcohenh