The INREV Academy continued its autumn programme with two highly engaging courses, bringing together industry professionals to explore the evolving challenges of risk management and operational real estate investing.
Held at the Andaz Amsterdam, the Strategic Risk Management course examined a wide range of interconnected risks affecting real estate portfolios, from macroeconomic uncertainty and geopolitical developments to climate change, technological disruption and changing tenant requirements. A particular focus throughout the day was the growing role of artificial intelligence and related tools in risk management and decision-making. The course concluded with a discussion of the World Economic Forum's Global Risks Report 2026 and its implications for real estate over both the short and longer term.
Oliver Krieg (PIMCO Prime Real Estate) led the course, alongside guest speakers:
- Simon Martin (Tristan Capital Partners), who explored macroeconomic drivers of risk, including interest rates, inflation, geopolitical uncertainty and demographic trends, and their implications for real estate markets.
- Goffe Jensma (PGGM), who examined portfolio-level investment risks, including risk monitoring tools and forward-looking analytics.
- Vincent Vinit (Generali Real Estate), who discussed asset-level risk assessments and how AI can support more effective risk management practices.
- Matt Richardson (Income Analytics), who focused on lease and tenant risk, tenant credit quality and the impact of tenant default on valuations and cashflows.
- Wilhelm Elsen (Real I.S. AG), who discussed physical climate risk assessment and management.
- Zita Bachmann (PGIM), who explored technology, AI, cybersecurity and operational resilience, highlighting how organisations can build a stronger risk-aware culture.
A week later, participants gathered in London for the Operational Real Estate and Platform Investing course, led by Mike Bessell, Chair of the INREV Operational Real Estate Committee. The highly practical and interactive programme examined operational real estate from both manager and investor perspectives, with discussions covering platform structures, governance, fees, risk-return characteristics and sector-specific considerations.
A highlight of this year's edition was the introduction of a new session on the valuation of operational real estate assets, reflecting the growing importance and complexity of this rapidly evolving area of the market.
Speakers included:
- Caroline Molette-Campi (BNP Paribas Asset Management), who shared the manager perspective on life sciences platforms, discussing investment drivers, operating models and the role of operators.
- Paul Atema (APG Asset Management), who provided the institutional investor perspective through a discussion of hotel investments, platform models and investment considerations in operational sectors.
- Elly Baker (Nuveen Real Estate), who explored governance structures, conflicts of interest and fee arrangements, and how managers need to adapt when investing in operational real estate.
- Ross Petar (JLL), who led a new session on defining operational real estate value, exploring valuation approaches, challenges and the distinction between real estate and operating business value.
If you are interested in joining a course, explore the INREV Academy calendar for upcoming courses and find the right one for your professional development.