RCA Insights

Cross-Border Acquisitions in US Near Record in ’18

By on February 20th, 2019

Cross-border acquisitions of U.S. commercial real estate hit a near-record level in 2018, with Canadian investors leading the surge, the latest US Cross-Border Investment Compendium shows. The $94.9 billion in cross-border acquisitions last year was second only to the $100.0 billion high-water mark set in 2015.

Canadian investors put $47.9 billion into U.S. commercial real estate deals, a full 50% of total cross-border volume for the year. Entity-level transactions from the likes of Brookfield AM, the CPP Investment Board, OMERS, Granite REIT and CDPQ were the biggest source of inflows from Canada.

Cross-border acquisitions represented 17% of total U.S. deal activity in 2018. France was the second largest source in the year, due to the Unibail-Rodamco purchase of Westfield, and Singapore was the number three source. Chinese investors were the fourth largest investment group, down from #3 in 2017 and #1 in 2016.

1902 Compendium MAIN_300-01

If you are a current RCA subscriber log into your account to download the US Cross-Border Investment Compendium PDF and data file for Q4’18 from the RCA website. To get more information about becoming a client, contact us

Jim Costello

Jim Costello

Senior Vice President
jcostello@rcanalytics.com

Jim Costello has worked in the CRE space on issues of urban economics since 1990, including a 20-year stint at Torto Wheaton Research. Jim expanded the reach of the Torto Wheaton Research team developing forecasts of global market fundamentals. He also developed approaches to pair the forecast results with frameworks to answer investor questions on asset values and relative investment opportunities.

In the aftermath of the Global Financial Crisis, Jim provided advice to the Treasury Department and helped educate these professionals on commercial real estate performance. Jim is a member of the Commercial Board of Governors of the Mortgage Bankers Administration, where he helps policy makers understand the commercial real estate industry.

Jim is expanding the capabilities of the Real Capital Analytics team on issues of real estate market dynamics. Jim has a master’s degree in economics and is a member of the Counselors of Real Estate.