Angel Bernal Robles
The Professional Journey of Angel Bernal Robles: A Legacy in Real Estate and Finance
Angel Bernal Robles’ career is a testament to the power of education, strategic thinking, and unwavering dedication. With an impressive academic foundation and a series of pivotal roles in renowned companies, he has established himself as a leader in the real estate and finance sectors.
Academic Excellence
Angel Bernal Robles’ educational background laid a strong foundation for his future success. He earned a Bachelor of Science in Mechanical and Electrical Engineering from ITESM in Mexico City, one of Mexico’s premier institutions. Furthering his education, he obtained an MBA from Harvard Business School in Boston, Massachusetts. This combination of technical and business education equipped him with a unique blend of skills that he would later leverage in his professional career.
Early Career at McKinsey & Company
Bernal began his professional journey as a business analyst at McKinsey & Company, where he worked from 2001 to 2006. This role was crucial in developing his analytical skills and strategic mindset. During his time at McKinsey, he was involved in various projects that required detailed analysis and strategic planning, providing him with a comprehensive understanding of business operations across different sectors.
Transition to GE Real Estate
In 2006, Angel Bernal Robles transitioned to GE Real Estate, taking on the role of Risk Manager. From 2006 to 2008, he was responsible for underwriting debt and equity transactions in industrial, office, commercial, and residential projects. His meticulous approach to risk assessment and management was vital in ensuring the successful financing of these ventures. This role allowed him to deepen his understanding of the complexities involved in real estate finance.
Leadership at LaSalle Investment Management
Angel Bernal Robles’ career took a significant leap in 2008 when he joined LaSalle Investment Management as Vice President of Acquisitions. In this capacity, he was instrumental in investing LaSalle’s first Mexican Fund, focusing on industrial, commercial, and residential development projects. His strategic insights and leadership played a key role in the fund’s successful deployment and growth, demonstrating his ability to navigate the intricacies of real estate investment.
Chief Financial Officer at Terrafina
In 2013, Bernal joined Terrafina (BMV: TERRA13), a publicly traded REIT, as Chief Financial Officer. His responsibilities included overseeing all financing, reporting, and administrative functions. During his tenure, he enhanced the company’s financial operations and strategic market positioning. His work at Terrafina highlighted his capability to manage large-scale financial operations within a publicly traded entity.
Joining MIRA and Entrepreneurial Ventures
Angel Bernal Robles’ journey continued in 2019 when he became the CFO of MIRA, a mixed-use real estate development company owned by Black Creek Group and Ivanhoe Cambridge. His role at MIRA further showcased his expertise in managing complex real estate projects.
In addition to his corporate roles, he co-founded Cobra Development Fund with his college partner and friend, Federico Cerdas. Cobra Development Fund focuses on developing significant projects in Mexico City, such as Skyhaus, a residential development, and Viveh, a multifamily project. This venture expanded with the establishment of Cobra Development Partners (US Subsidiary) in 2020 and Cobra Carmo in 2021, an asset management collaboration with Roy Salsinha from Carmo Companies.
Legacy and Impact
Angel Bernal Robles’ journey from a business analyst to a high-ranking executive and entrepreneur underscores his versatility and commitment to excellence. His contributions have significantly influenced the companies he has worked with and the real estate landscape in Mexico and beyond. With a unique blend of technical expertise, strategic acumen, and entrepreneurial spirit, Bernal continues to shape and drive growth in the industry.
In summary, his career is a shining example of how a strong educational foundation, combined with strategic vision and leadership, can lead to significant achievements and influence in the real estate and finance sectors. His journey continues to inspire those looking to make a mark in these fields.
REITs vs. Direct Real Estate Investing
Real estate has long been a favored asset class for investors seeking income, capital appreciation, and portfolio diversification. When it comes to investing in real estate, individuals have two primary options: Real Estate Investment Trusts (REITs) or direct ownership of physical properties. Below, Angel Bernal Robles compares and contrasts the pros and cons of each approach to help investors make informed decisions about their real estate investments.
REITs: A Passive Investment Vehicle
Angel Bernal Robles explains that Real Estate Investment Trusts are publicly traded companies that own, operate, or finance income-generating real estate assets. By investing in REITs, individuals can gain exposure to real estate markets without the need for direct property ownership. Here are some key advantages and disadvantages of investing in REITs:
Pros:
Liquidity: REITs are highly liquid investments, as they trade on public stock exchanges like any other equity. Investors can buy and sell shares of REITs easily, providing flexibility and convenience in portfolio management.
Diversification: Investing in REITs allows for broad diversification across different property types, geographic regions, and market sectors. REITs often own portfolios of properties, spreading risk across multiple assets.
Professional Management: REITs are managed by experienced real estate professionals who handle property acquisition, leasing, management, and disposition. Investors benefit from professional management expertise without the need for active involvement.
Cons:
Limited Control: Investing in REITs means relinquishing control over property management decisions. Angel Bernal Robles notes that investors have no say in property selection, tenant selection, or operational decisions, relying entirely on the REIT’s management team.
Market Dependency: REIT performance is subject to market conditions, investor sentiment, and interest rate movements. Economic downturns or fluctuations in real estate markets can impact REIT valuations and dividend payouts.
Correlation to Equities: Despite their real estate focus, REITs often exhibit correlation with broader equity markets. During periods of market volatility, REIT prices may move in tandem with stocks, reducing the diversification benefits.
Direct Real Estate Investing: Active Ownership
Direct ownership of physical real estate involves purchasing, managing, and leasing properties directly, either individually or through partnerships. Here are the pros and cons of direct real estate investing:
Pros:
Control and Flexibility: Direct real estate investors have full control over property management decisions, allowing for customization of investment strategies and operational decisions.
Income and Appreciation Potential: Direct real estate ownership offers the potential for rental income, capital appreciation, and tax benefits such as depreciation deductions. Well-selected properties in high-demand markets can generate attractive returns over time.
Portfolio Diversification: Owning physical real estate can provide diversification benefits within a portfolio, particularly for investors with a concentrated equity or fixed-income allocation.
Cons:
Illiquidity: Direct real estate investments are illiquid assets that may take time to buy or sell. Unlike publicly traded REITs, direct real estate transactions involve due diligence, negotiations, and legal processes.
Management Intensity: Active property management requires time, effort, and expertise. Direct real estate investors must handle tenant relations, property maintenance, repairs, and leasing activities, which can be time-consuming and demanding.
Capital Requirements: Acquiring and maintaining physical properties often requires significant upfront capital, including down payments, financing costs, property taxes, insurance, and maintenance expenses.
Angel Bernal Robles says that both REITs and direct real estate investing offer unique advantages and drawbacks for investors seeking exposure to real estate markets. REITs provide liquidity, diversification, and professional management, making them suitable for passive investors seeking exposure to real estate without active involvement. On the other hand, direct real estate investing offers control, customization, and income potential, but requires hands-on management and significant capital commitment.
Ultimately, the choice between REITs and direct real estate investing depends on investors’ financial goals, risk tolerance, time horizon, and preferences for involvement in property management. By carefully evaluating the pros and cons of each approach, investors can tailor their real estate investment strategies to align with their objectives and preferences.
To learn more about Angel Bernal Robles’ professional journey, or to find articles related to international trade, travel, risk management and real estate, follow along at his blog.