The Los Angeles-based firm has agreed to buy back the debt of the former Drake Hotel in midtown Manhattan, after developer Harry Macklowe lost control of the site.
2 min read · 24 January 2013
Veteran CalPERS board member Charles Valdes is not running for re-election, and will be replaced by the pension's real estate investment officer Joseph Jelincic. Jelincic received 51% of the votes in a run-off election.
2 min read · 24 January 2013
Hong Kong-based Harvest Capital Partners relayed its plans for two retail funds to PERE this morning. The vehicles, one targeting income-producing assets, the other development, are expected to close by June.
2 min read · 24 January 2013
Analysis by Jones Lang LaSalle says ‘selective banks’ are willing to lend, though loan-to-value ratios are unlikely to improve and finance for speculative development will be unavailable in the short term.
2 min read · 24 January 2013
The Chevy Chase, Maryland firm paid $53m for One Bethesda Center, a 167,000 sq. ft. office and retail property, for $71m assuming a $53m mortgage. The property was originally bought by Brookfield in 2006 for $66.4m.
1 min read · 24 January 2013
A PPIP fund raised by The TCW Group has been withdrawn following the departure of the firm’s chief investment officer Jeffrey Gundlach, which triggered a key-man clause. Investors can transfer investments to other public-private investment programme managers.
2 min read · 24 January 2013
The Washington DC-based private equity real estate firm has closed the deal to acquire developer and operator, American Community Properties Trust, through its $240m FCP I fund.
1 min read · 24 January 2013
A heated battle has emerged for PERE’s prestigious title of global industry figure of the year between Lone Star’s John Grayken, Starwood’s Barry Sternlicht, CIC’s Lou Jiwei and Vision Brazil Investment’s Rodrigo Abbud.
2 min read · 24 January 2013
The investment gives the firm a 9.4 percent stake in the listed conglomerate and will be used to finance the expansion of the company’s insurance and healthcare businesses.
2 min read · 24 January 2013
PERE takes a look at the major themes that shaped the global real estate industry in 2009, as well as some encouraging indicators for the year ahead. By Zoe Hughes
6 min read · 21 January 2013
