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Everybody get togetherEverybody get together 2005-07-01 Staff Writer Today, it's not just that everyone's trying to get into real estate. Rather, it would appear that every alternative investment firm, broadly defined, is gradually expanding its mandate to include the activities of every other alternative investment firm, broadly
- The year of opportunity
In almost every conceivable category, 2005 was a banner year for the global private equity real estate industry. In a look back, Private Equity Real Estate chronicles the ten most notable stories of the past 12 months.
- Lightyear, Lehman launch reinsurer
Lightyear Capital, Lehman Brothers Merchant Banking and hedge fund West End Capital are the latest to make a play in the reinsurance space, launching Flagstone Reinsurance Holdings with $715 million.
- Colony makes $5bn bid for Station Casinos
Los Angeles-based Colony Capital is backing management in a $5bn take-private of casino group Station Casinos.
- TPG, Apollo to buy Harrah’s for $17bn
After months of negotiation, the board of the gaming company has agreed to a sweetened offer from the two private equity firms.
- Harrah’s gets $15bn buyout offer
The bid by Apollo Management and Texas Pacific for the Las Vegas-based casino giant could mark one of the year’s largest buyouts.
- Investindustrial secures €500m for Fund III
The Southern European buyout group, which invests mainly in Italy and Spain, has announced the final close of its third fund, beating an original €440m target.
- MatlinPatterson to invest $250m in ailing bank
The New York-based private equity firm has agreed to buy a 70% stake in Flagstar Bancorp as long as the US government injects $250m from the Troubled Assets Relief Program in the bank.
- Irving Place chief: ‘Horrendous’ holiday season ahead
Trouble in the retail sector presents opportunity, with 'some of the greatest fortunes' due to be made by savvy investors over the next year, according to John Howard, CEO of Irving Place Capital, formerly Bear Stearns Merchant Banking.
- S&P: PIK-toggle notes may be harmful to debt-holders
PIK structures, frequently found in LBO-related debt offerings and currently being exercised by firms including KKR, Bain and Permira, may be staving off inevitable default to the detriment of debt-holders, according to Standard & Poor’s.