Is Real Estate Dead Money? This Investor Says Absolutely Not

Olin says REIT M&A premiums (40% average) will persist as $350B in private capital chases real estate trading cheap versus public markets.

• M&A arbitrage thesis: Jeff Olin says the $2T REIT universe trades cheaper than the private property market; 22 REIT takeovers in 18 months averaged a 40% premium, with $300-350B in dry powder at firms like Blackstone and Brookfield.
• Rates matter less than supply/demand: Olin cites BMO's Brian Belsky showing REITs perform best when the 10-year yield sits between 4-5% with low volatility, not based on rate direction itself.

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