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In this episode of the Commercial Real Estate Podcast, Aaron and Adam welcome Stephen Sender, Board Member at  Allied Properties REIT and Sienna Senior Living, to discuss the evolution, challenges, and opportunities in the Canadian REIT market.

Stephen shares his journey from South Africa to leading roles in banking and corporate directorship. The trio explores REITs’ history, institutional growth, and current IPO challenges. Stephen offers insights on the discount between public and private valuations, the competitive pressures from non-public entities, and the future of REITs. The conversation blends strategic analysis with practical insights and offers high-value takeaways for industry professionals.

Here are the key talking points from the episode:

• 
  
• Current Economic Landscape
  
• Stephen’s Backstory and Journey into REITs
  
• History of REITs in Canada
  
• Evolution of the Canadian REIT Market
  
• Current IPO Landscape for REITs
  
• Future of REITs and Structural Adjustments
  
• Investor Expectations and NAV Concerns
  
• Competitive Landscape for REITs
  
• Optimism for the Future of REITs
  

More about our guest…

Stephen Sender served as an investment banker for over 30 years in Canada and abroad. He was Industry Head – Real Estate in Scotiabank’s Global Banking and Markets Division, representing the bank’s capital market activities in the Canadian real estate industry.

Since the early 1990s, he has provided investment banking advice to numerous public entities involved with raising capital and providing guidance in numerous large transactions, including mergers, takeovers, and related party transactions. He has been a frequent moderator/speaker at conferences in Canada and is a part-time instructor at York University, Schulich School of Business.

Stephen holds a B.Comm. (Honors) degree from the University of Cape Town and qualified as a C.A. (S.A) in 1984. He serves as a trustee and Chair of the Audit Committee of Allied Properties REIT and as a director and Chair of the Audit Committee of Sienna Senior Living Inc.

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