Opportunistic real estate fund managers need to underwrite potential deals with no leverage assumptions in the current environment. For deals to be attractive unlevered returns must be at least 15%.
2 min read · 21 January 2013
One month after disposing of its Tokyo headquarters in a $1.2bn sale to Japanese insurer Nippon Life, AIG has agreed to sell its Manhattan headquarters to a consortium including Korea’s Kumho Investment Bank.
1 min read · 21 January 2013
Crescent Resources, which develops and manages land in the South East and South West of the US, is a joint venture between MSREF and Duke Energy Corp. The firm said the voluntary filing would help it reduce and restructure its debt load.
1 min read · 21 January 2013
Fresh from acquiring the landmark John Hancock Tower out of foreclosure, the private equity real estate firm has appointed Mark Roopenian to manage it and other properties in Boston. Roopenian was previously with former Hancock Tower owners Broadway Partners.
1 min read · 21 January 2013
Dune Real Estate Partners have hired former Morgan Stanley commercial mortgage trading senior manager David Oliner. It comes as the firm raises its second property vehicle, Dune Real Estate Fund II.
2 min read · 21 January 2013
The PERE Forum: Europe, taking place today and tomorrow, is being chaired by former Morgan Stanley global joint head of real estate investing John Carrafiell. He warned delegates in London not to ignore green requirements in favour of attractive yields when making investments.
2 min read · 21 January 2013
The German retailer needed state loans to renew credit lines worth up to €710m by Friday. That request was denied. Goldman Sachs’ Whitehall funds, RREEF, Pirelli Real Estate, Generali and the Borletti Group own a portfolio of Arcandor real estate.
2 min read · 21 January 2013
Bryan Bailey has been appointed senior adviser to the Italian funds of funds firm. He joins ex-Merrill Lynch managing director John Herbert in shaping the firm’s real estate fund, which is targeting €300m.
1 min read · 21 January 2013
The former Morgan Stanley and AMB executive has joined Colony Capital to help the Los Angeles-based firm develop new funds. Colony is targeting $5.25bn for its two latest vehicles.
2 min read · 21 January 2013
As LPs weigh their options, two real estate funds are offering investors the ability to say ‘no’ to certain deals. By Jonathan Brasse
2 min read · 21 January 2013
