Our real estate equity investments focus on US Single Family Rentals ('SFR'), which the Man GPM Aalto team believes offers attractive risk/reward characteristics.
We currently manage over 3,600 single family properties across 16 metropolitan areas with a focus on high quality tenants and properties. We aim to keep vacancy rates and capital expenditures low. We target Metropolitan Statistical Areas (MSAs) with strong employment, micro locations within these MSAs with above-average household income, and long term growth prospects. The team focuses on newer properties, with the average age of properties in the portfolio at around 10 years. This is complemented by significant time conducting market research and due diligence on the ground.
Since our first investments in the market in 2012, we have built an internal asset management and technology platform designed to more efficiently manage this diverse portfolio of assets, while being able to offer our investors near real time transparency. Our ongoing investment in technology helps us better manage a large portfolio of properties, which helps lead to economies of scale, and the potential for better returns for our investors.
The Man GPM Aalto team has longstanding experience in the European and US real estate debt markets across both public and private markets.
Since late 2014, we have become more selective in our credit selection given the increasing competition in the European real estate debt markets and, as a result, we have focused on specific, overlooked niches in the market. Therefore, after considerable market research, Man GPM Aalto began providing residential development loans into a niche market within the EU where it was identified that due to a combination of housing shortage, lack of financing from both traditional and alternative financiers, and pent up demand the fundamentals were in place for what we felt could be a conservative development loan strategy. The development loan strategies target smaller borrowers with strong track records.
In 2015, Man GPM Aalto opened an office in the US to more efficiently run its US housing strategy. As a part of the expansion, Man GPM Aalto hired a team from Wells Fargo with a history of US real estate lending experience (both pre- and post-crisis). In the US market, Man GPM Aalto currently focuses on direct lending strategies that are complementary to its direct residential real estate investment business. These strategies include lending to residential real estate developers and long-term investors.
The real estate debt strategy is run by Mikko Syrjänen with Brian Scally (Portfolio Manager for Europe). Acknowledging the importance of direct loan sourcing Aalto has built dedicated origination both in Europe and the US where Stephen Eighteen heads up the origination activities respectively.
Man GPM Aalto Insights
Periodic investment insights relating to our investment activity in direct real estate and real estate debt.
We adopt the same approach to investments across real asset classes, as illustrated below.
We seek to build long-lasting trusted investment relationships with a limited number of key clients. Our current investor base is divided between pension funds, insurance companies and private family offices. We believe that our firm is an ideal partner to those investors who have chosen to make direct investments and co-investments in value oriented strategies.
Our in-house expertise in asset sourcing, due diligence, deal execution and ongoing asset management is tailored to complement our clients' own resources. We expect our investors to be inquisitive and active in their management style and in their relationship with Man GPM Aalto. Investor requests and periodic reporting are overseen by the Client Portfolio Management team who work in partnership with Man’s institutional sales and client operations teams and we pride ourselves in our regular, open and transparent investor dialogue.
At Man GPM Aalto we believe that understanding and managing environmental, social and governance ('ESG') issues across our investments is an essential part of our long-term, fundamental investment approach. As such, responsible investing is integrated across our investment teams and strategies and a part of our day-to-day investment evaluation process. To ensure that our ESG initiatives change as the investing landscape changes and that such initiatives and policies are effective and implemented, we have created a central ESG oversight function.
In our investment strategies, we target and implement a range of bespoke ESG initiatives. In our real estate businesses (both direct and debt) where possible we aim to improve or encourage our construction partners to raise the energy efficiency of the homes/commercial space, reduce waste, improve health and safety practices and consider a more ethical supply chain management.
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