This is Exchanges of Goldman Sachs where we discuss developments currently shaping markets, industries

and the global economy. I'm Jake Stewart, global head of corporate communications here at the firm.

Today we're talking about real estate investing in Europe and specifically how techs changing the way cities look physically from retail

stores to office buildings to student housing and much, much more.

We're at the London Office of Goldman Sachs and I'm joined today by Jim Garman, who is the global co-head of the Merchant Bank Division Real Estate Group and head of MDD Real Estate in Europe.

So he runs Real Estate Investing for the merchant bank in Europe and globally.

Jim welcome to the program.

Thank you. Thank you for having me Jake.

You look at real estate not the way some of us do but you look at it from an investor

point of view and how do you see pockets of value in Europe today and what does the environment look like in the wake of the financial crisis ten years ago?

In our business we invest across both the US and in Europe.

And in Europe it's at lower growth, more fragmented, more

dislocated market, higher barriers to entry to build new product.

That environment continues to serve a quite interesting investing opportunities for us.

If I think about the day versus after the financial crisis, when we came out of the financial crisis in Europe,

an awful lot of real estate assets ended up in the hands of people for whom those assets were non-core.

If you think of banks who had a lot of non-performing loans, there were funds, were at the end of the investment period,

so these assets now had to be liquidated, and even governments,

particularly in Ireland and Spain, had to form organizations to resolve some of these

problem assets.

So back then, the investing opportunity was really to provide capital to those types of

organizations so they could release those assets. People like us and others would take them on,

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