Pricing can be a challenge for secondary transactions. Often, a limited partner's only valuation handle is the net asset value estimate prepared by a manager or an appraiser. For several reasons, though, few secondary investments price at that value. Having closed dozens of real estate secondary transactions, including the largest ever at $722 million, we believe the best way to bridge the price gap is to agree upon an investment's real value.
In the spirit of closing a mutually satisfying transaction, we will share our real value analysis with you.