London-based Catalyst Capital has stepped in to manage a large development project in central India after Halifax Bank of Scotland withdrew support for the previous manager.
1 min read · 21 January 2013
The founder of JC Flowers has resigned his position from the supervisory board of troubled European property lender Hypo Real Estate to avoid conflicts of interest as he fights to preserve the value of an investment the firm has made. Richard Mully, a managing partner of fellow Hypo investor Grove International, has also resigned.
2 min read · 21 January 2013
Robert Rackind, who was recruited last September as investment manager for Europe by Australia’s Valad Property Group, left last week to start up his own firm. London-based Davies Street Capital is targeting value-added office opportunities in Western European capital cities.
2 min read · 21 January 2013
The Banyan Tree-Philippines Hospitality Fund will cover the development costs of two integrated island resorts in the country, one of which will cost more than $200m. The vehicle will allow the firm to get a 'foothold' in the country's growing tourism industry.
2 min read · 21 January 2013
The US government's moves to gain greater regulatory control over large financial instutions would obligate some private equity firms to register with the SEC and supply data including the names of LPs and leverage levels on deals.
3 min read · 21 January 2013
More than half of all delegates at the PREA spring conference in Washington DC believe LPs will call for more separate accounts and fewer commingled funds. However, opportunistic strategies make the most sense in 2009.
1 min read · 21 January 2013
The CEO of Allianz Real Estate Olivier Piani said lending in Europe won’t improve significantly until banks deal with their real estate assets. However, the PREA spring conference heard there’s more upside than downside to the current crisis.
2 min read · 21 January 2013
The US government’s Term Asset-Backed Securities Loan Facility should successfully create clear market prices, but will need the participation of the private sector, according to speakers at the PREA spring conference in Washington DC.
1 min read · 21 January 2013
Songbird Estates, a property company backed by Morgan Stanley Real Estate Funds, unveiled £1.8bn annual losses today and said there was a ‘material risk’ of breaching banking covenants within the next 12 months. It has appointed UK bank Rothschild to advise on funding options.
1 min read · 21 January 2013
Swedish real estate advisor and fund manager introduces restrictions to prevent a repeat of last October’s run on the German open ended fund sector.
2 min read · 21 January 2013
