Counterparties to the largest long-term lease of an airport in US history agreed not to extend a deadline for financial close. A Citi-led consortium secured debt for the deal but fell short in raising more equity for the upfront fee. Chicago intends to rebid the airport.
3 min read · 21 January 2013
Despite glimmer of hope that the commercial real estate debt and equity markets will improve over the coming year, property CEOs warn the TALF and PPIP lending programmes must urgently unveil their plans to help real estate.
1 min read · 21 January 2013
The Japanese fund manager is planning to invest up to 35 percent of its fourth domestic opportunity fund into real estate distressed debt.
2 min read · 21 January 2013
The level of distress in the global real estate market has risen by more than half since the end of 2008. In the first quarter of 2009, defaults on commercial mortgages and failed property companies were more than $55bn.
2 min read · 21 January 2013
The German construction giant will modernise and expand three existing schools and construct a new school center in Bavaria’s Hof district. The PPP is expected to cost €50m and will require Bilfinger to operate the schools for 21 years.
1 min read · 21 January 2013
Retail REIT General Growth has collapsed, and private equity real estate is best positioned to pick up the pieces.
2 min read · 21 January 2013
The US’ second largest mall owner, burdened with $27.3bn of debt, has ‘reluctantly’ filed for Chapter 11 bankruptcy protection after unsuccessfully trying to refinance its loans out of court. The REIT has obtained $375m of DIP financing from investment firm Pershing Square to continue operations.
2 min read · 21 January 2013
John Thornley has joined former colleague Chris Macke as chief operating officer of General Equity Real Estate after more than 25 years at the US conglomerate.
1 min read · 21 January 2013
To be unveiled 4 May, PERE’s updated ranking of the 30 largest private equity real estate firms in the world finds that together the firms control an enormous amount of equity through value-added and opportunistic funds. Beacon Capital and LaSalle Investment Management are among nine firms to rise in the rankings.
1 min read · 21 January 2013
Sam Zell has said he'd been too optimistic about the Chicago-based media company, which in December collapsed under a $13bn debt load. Zell stressed the need to find a new business model for newspapers, likening a potential Tribune merger to asking another company if it wants to 'get vaccinated with a live virus'.
3 min read · 21 January 2013
