In this episode, Patron Capital founder Keith Breslauer says the firm’s sale of a majority stake to Mitsubishi Estate Global Partners should be seen as a springboard for growth rather than an exit.

Breslauer sat down with PERE’s Jonathan Brasse in August following the headline-grabbing sale of the Europe-focused firm to Mitsubishi Estate Global Partners, the investment management business of Japanese property giant Mitsubishi Estate.

Listen to the wide-ranging interview in full, as Breslauer sets out how the business will evolve following that sale. “I didn’t do this to exit. I did this to grow,” he explained.

Find out the rationale and opportunity behind Mitsubishi’s backing, which includes an initial €600 million equity injection, and how Patron will diversify as a result, taking it beyond its 25-year history in opportunistic equity investing.

Among the initiatives discussed is the build-out of a private real estate debt platform, launched in April under the leadership of former CBRE executive Henry Randolph. Breslauer also highlights strong investor appetite for credit strategies but stresses the need to underwrite cautiously in volatile markets.

Among the other topics floated during this episode is a potential collaboration with Europa Capital, another London-based manager acquired by Mitsubishi in 2010, and a willingness to contribute to Ukraine’s post-war reconstruction.

This week, The PERE Podcast breaks down the revelation that banking giant Morgan Stanley’s real estate arm has amassed a $900 million fund specifically targeting Japan’s real estate sector. The capital raise is notable not just for its size, which greatly exceeded its target of around $500 million, but for the strategic approach it represents as Morgan Stanley’s first country-specific real estate fund outside the US.

Morgan Stanley is not alone among North American asset managers in its enthusiasm for the Japanese property market. In May, BGO closed a $4.6 billion Asian real estate fund – its largest fund ever – with 65 to 75 percent of the capital earmarked for Japan. In June, Los Angeles’ Ares Management closed a $2.4 billion fund focused entirely on Japanese data centers. These, along with the $4 billion raised for Hong Kong-based PAG’s Secured Capital Real Estate Partners VIII, which will be 70 percent deployed to Japan, were among the eight biggest real estate funds closed anywhere in the world in the first half of 2025.

What is driving all of this capital formation? Listen as host Lucy Scott, PEI real estate editor-in-chief Jonathan Brasse and PERE editor Evelyn Lee discuss why international managers are seeking to deploy in the country, what this latest news means in the context of Morgan Stanley’s real estate history, and what it signals to the market about the firm’s evolution as a manager.

Offices are back in the spotlight this week on both sides of the Atlantic, and this episode explores some of the reasons behind the sector’s newfound momentum in both investor interest and lender appetite.

Join host Greg Dool, Real Estate Capital Europe editor Daniel Cunningham and PERE Deals reporter McKenna Leavens as they discuss the latest developments, including Norges Bank Investment Management's acquisition of a Midtown Manhattan tower, a deal announced on Tuesday, as well as surging activity in London, where offices have featured prominently in a hotbed of financing deals in recent days.

The episode also features expert analysis from Oliver Salmon, director of global capital markets at Savills World Research, who sat down with co-host Lucy Scott to discuss the driving factors behind renewed investor confidence in the office sector and what this could mean for non-prime office assets and locations.