Finance Institutional Investment
Experts: Lehman RE Sale Could Be Major Opportunity
Aug. 19, 2008
Lehman Brothers Holdings Inc.’s sale of its commercial real estate assets may entice opportunity funds with the patience to wait for a positive turn in the real estate cycle, according to two real estate professionals.
CalPERS Averts Engineering Union Lawsuit
Aug. 15, 2008
The California Public Employees' Retirement System came within inches of being sued by the Professional Engineers in California Government this week, but managed to avoid litigation after hours of talks between the two organizations on Thursday.
PREI Partners with L&L Holding for NYC Office Shopping Spree
Aug. 14, 2008
Prudential Real Estate Investors established a joint venture with L&L Holding Co. L.L.C. for the acquisition of premier office properties in the greater New York City area. Acting on behalf of institutional investors, the team will plunk down as much as $500 million for the purchases, most of which will be made in Manhattan.
Lehman, Gencom JV Sells Portfolio of 6 Hyatt Summerfield Suites Hotels
Aug. 14, 2008
Two years after acquiring a group of nine Bradford Home Suites Hotels and renovating them at a cost of $15 million, a partnership involving Gencom Group and Lehman Brothers Real Estate Partners has sold to RLJ Real Estate Fund III L.P. six of those properties, which had been re-branded as Hyatt Summerfield Suites hotels.
West Los Angeles Office Property Added to Aslan Portfolio
Aug. 12, 2008
Taking advantage of a location surrounded by a network of high volume freeways leading to downtown Los Angeles, Beverly Hills, Santa Monica, and the Los Angeles International Airport in the popular West Los Angeles area, Transwestern Investment Co. has picked up Corporate Pointe in Culver City for an undisclosed price on behalf of Aslan Realty Partners IV L.L.C., a fully-discretionary institutional equity fund.
SLS Hotel at Beverly Hills Gets $33M in Preferred Equity from Lowe Enterprises Investors
Aug. 11, 2008
As it nears the November opening of its luxury SLS Hotel at Beverly Hills, SBE has received $33 million in preferred equity from the Lowe Structured Investment Fund, a discretionary investment fund managed by Lowe Enterprises Investors. A source close to the deal told CPN that the total price tag is roughly $229 million, including acquisition and renovations.
Dublin Firm Enters Hotel Partnership with Oman Investment Fund
Aug. 08, 2008
A little more than a year after purchasing Jurys Inns hotel chain, Dublin-based international private equity real estate group Quinlan Private has sold a 50 percent partnership interest in the hotel chain to Oman Investment Fund, an investment arm of the Sultanate of Oman.
HFF Closes Self-Storage, Office Sales in Texas
Aug. 01, 2008
Holliday Fenoglio Fowler L.P. has closed two substantial deals with Texas roots, it has reported. Its Houston-based self storage group completed the sale of a 21-property self storage portfolio with facilities in Florida, Texas, Colorado, Kentucky and Ohio. And its Dallas office announced that it had finalized the sale of the Pyramids at Park Lane in that city.
ING's New Global Real Estate Fund Kicks Off with $300M Investment
July 31, 2008
London-based ING Real Estate Select has just introduced its Global Osiris Property Fund to the market. Seed investor London Pensions Fund Authority has thrown in approximately $297 million to get Global Osiris off the ground, and other institutional investors seeking to diversify assets through the penetration of international property markets can join in with a minimum investment of about $12 million.
Work Commences on $1.3B Universal Studios Project in Dubai
July 30, 2008
Ground has just broken on Universal Studios Dubailand, a 7 million-square-foot theme park in the sprawling mixed-use Dubailand development in the U.A.E. Tatweer is behind the project, as well as the entire $64 billion, 3 billion-square-foot Dubailand endeavor, which is being designed to be the largest tourism, leisure and entertainment destination in the world.
ING Sets Green Initiatives
July 25, 2008
ING Real Estate is the latest firm to introduce a new set of sustainability guidelines for acquisitions, development projects and asset management of its real estate investments, designed to encourage more green transactions and practices as part of ING Group's worldwide commitment to reduce its carbon footprint.
Updated: Harrison Street Closes on $430M Equity Fund
July 24, 2008
Chicago-based Harrison Street Real Capital has closed on a new private equity fund after raising about $430 million. Harrison Street Real Estate Partners II L.P., as the fund is known, began raising capital in March, and according to Christopher Merrill, co-founder and managing principle of Harrison Street, a good number of investors were keen on getting in on the fund.
W. P. Carey Closes European Sale-Leaseback
July 21, 2008
W. P. Carey & Co. has reported that CPA(R):16 - Global, its publicly held non-traded REIT affiliate, has provided approximately 19 million euro of sale-leaseback financing to Schoeller Arca Systems through the acquisition of two manufacturing facilities located in Monheim, Germany and Nurieux, France.
Centro Sells Off U.S. Assets for $714M
July 15, 2008
Centro Properties, in an effort to deal with the heavy burden of debt that tanked the company’s stock price last year and put the company under new management, is selling 29 of the 31 retail properties held by its Centro America Fund (CAF) in the United States for about $714 million.
Observers: Healthy Fannie, Freddie Key to Recovery
July 14, 2008
The Bush Administration unveiled plans on Sunday to aid Fannie Mae and Freddie Mac, the U.S.’s two largest mortgage finance companies, as concerns continue to mount about these government-sponsored entities.
JP Morgan Acquires $150M NYC Apartment
July 10, 2008
P & H Associates has sold The Wimbledon luxury apartment building in Manhattan to JP Morgan Investment Management in a $150 million deal.
Trikona Inks Deal for M-F Redevelopment in Mumbai
July 09, 2008
As part of its commitment, announced in late 2006, to invest more than $1 billion in slum redevelopment in Mumbai, India, Trikona Capital Ltd. of New York City has signed on for a $40 million middle-class housing project in Bandra, a residential area adjacent to Mumbai’s Central Business District.
Landmark Boston, NYC Properties Acquire Financing
July 08, 2008
While deals may be slowing down, Holliday Fenoglio Fowler L.P has arranged two deals--one for $85 million for the Boston Harbor Garage in Boston and one for $90 million refinancing for 401 West 14th St., a 62,000-square-foot retail and office building in Manhattan’s Meatpacking District.
$8.9B Penn Gaming Merger Crumbles
July 03, 2008
After spending the last few months attaining all the requisite approvals from various gaming commissions and boards, Penn National Gaming has put the kibosh on its proposed $8.9 billion merger with PNG Acquisition Company Inc., an entity involving funds managed by Fortress Investment Group L.L.C. and Centerbridge Partners L.P. affiliates.
Prince Charles to Launch £1B Property Fund
June 30, 2008
Prince Charles is planning to launch a £1 billion property fund that will invest in sustainable building projects, according to a report in London's Sunday Telegraph.
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