BlackRock Portfolio Management Associate, Real Estate

  • Competitive
  • London, England, United Kingdom
  • Permanent, Full time
  • BlackRock
  • 28 Sep 16

BlackRock Portfolio Management Associate, Real Estate

BlackRock Real Estate, part of the BlackRock's Alternatives platform, manages over $24 billion in private and public real estate equity and debt in the US, Europe and Asia-Pacific. BlackRock's Real Estate team manages debt and equity real estate investments on behalf of public and private pension plans, insurance companies, foundations, endowments and private investors. The platform manages a broad array of investment strategies, including core, value-add and opportunistic, through separate accounts and commingled funds. Our extensive experience encompasses all major property types including office, industrial, retail and residential.

Job Purpose:

The Real Estate team require an Associate to work within the European value-added portfolio management team. The team sources and underwrites investment opportunities and executes business plans for BlackRock's flagship European Funds ("Europe Property Fund IV" or the "Fund"). The Fund is focused on value add/opportunistic investments in the UK, France, Germany, Poland, the Nordics as well as Spain and Italy (over time) with target equity commitments of up to €1bn.

Associate supports the Portfolio Manager and the portfolio management team. Principal responsibilities of the Associate include the origination and the accurate financial modelling and investment analysis of real estate investment opportunities in markets where BlackRock does not have a local presence (e.g. Spain, Italy, BeNeLux etc) as well as the supporting and shadow underwriting of deals presented for analysis by the respective European investment teams where BlackRock does have a local presence (primarily the Nordics, but also the UK, France and Germany). Further, the Associate will be responsible for fund modelling, investor reporting and strategy setting, including research on the relevant markets and data gathering for the setting of EFIV's strategy.

The Associate can be expected to be working on projects valued from €20-100 million and may be involved in several projects at varying stages of analysis. The individual will be required to work independently, assisting other teams such as the various European investment teams, the debt team and asset management team as required. The Analyst will be expected to maintain an up to date understanding of real estate market sectors, cycles, key performance drivers along with effective working relationships with both colleagues and external advisors.

Key Responsibilities:

  • Sourcing investment opportunities across all sectors that meet investment criteria.
  • Accurate financial modelling and analysis of real estate investment opportunities and approved investment strategies for development, refurbishment, leasing, operation or sale using Excel, Argus, and the company's in-house Investment model, generating the key performance indicators of risk and return and running sensitivities.
  • Conduct in depth asset based transaction (acquisition and sale) due diligence, including risk and return analysis.
  • Assist on the negotiation of commercial terms and conditions and deal execution (acquisition and sale), including drafting of investment proposals.
  • Prepare and deliver business plans across a full range of assets/ investment strategies.
  • Accurate fund modelling for EFIV.
  • Analysis and reporting on results and variances.
  • Providing research data to support EFIV strategy and key underwriting assumptions and testing these to optimize returns, i.e. capital structure, debt/equity, asset plan, legal and tax structure.
  • Generally assisting as required by the Portfolio Manager in the preparation of Investment Committee papers and EFIV reports and presentation
Skills/Knowledge:
  • Masters' Degree such as Finance, Business Administration, Engineering, Real Estate or equivalent preferred.
  • Previous experience from top tier Private Equity Real Estate
  • Experience with and good understanding of the investment process such as due diligence, transactions, cash flow modelling, investment deal structuring
  • Personal Characteristics: Results focused / driven / lateral thinker / good communicator / business acumen / enthusiastic / entrepreneurial / intellectually curious / able to work under own initiative with minimal supervision and working closely with others in the group.
  • High standard of integrity / astute / motivated team player, flexible attitude, collaborative.
  • An ability to relate well to other people at all levels, internally and externally
  • Good presentation and communication skills.
  • Fluent in English (both orally and in writing). Proficiency in other European languages is an advantage.
  • Driving license and a willingness to travel nationally and internationally as required.
Competencies:
  • In-depth knowledge of property investment: the market and the industry across Europe.
  • Influential investment contact base, sound market knowledge and multi sector experience with an identifiable track record of sourcing and underwriting of profitable investment opportunities.
  • A good understanding of risk management, portfolio diversification, and asset management
  • A thorough understanding of marketing and sales techniques and their successful application to the investment market.
  • A full understanding of property performance benchmarks.
  • Sound understanding of valuation fundamentals, property market pricing, and the use of Circle Investor, Developer and Excel Programs.
  • Demonstrated ability to produce detailed reporting packs in English.
  • Confident and capable of meeting deadlines and working under pressure