REC staff
UK market overview The Jones Lang LaSalle Balanced Fund Index increased by 0.15% in June, compared with a 0.51% rise in May, writes Julian Schiller. The index has now increased by only 1.98% since the start of the year and 3.51% over the past 12 months. When taking into account secondary market pricing, the 12-month […]
The Duke of Westminster’s property group is expanding its real estate funds business under a new boss after a three-year hiatus, with Japan and Europe fund launches planned, writes Jane Roberts After swinging from a £236m loss to a £395m profit last year, Grosvenor is in expansion mode once more and so is its £3.8bn […]
Debt funds or those with a specialist twist have won over reluctant investors, reports Jane Roberts It has been another very tough quarter for capital raising for UK and European fund managers. In the April to June period, seven funds either got to first closings, or, in the case of three open-ended vehicles, launched with […]
CBRE will be dominant property fund manager globally after $940m takeover, writes Jane Roberts ING Real Estate Investment Management retains its top spot as the world’s largest property investment manager, but barring an unexpected left-field deal, the name at the top next year will be CBRE Global Investors. CB Richard Ellis’s $940m, game-changing acquisition of […]
RBS chooses Blackstone as most aligned to its aims for future of debt fund, reports Lauren Parr
Borrowers will struggle to refinance debt behind multi-family housing CMBS, writes Lauren Parr German multi-family housing may be a resilient asset class, but it is carrying a massive load of debt that needs to be refinanced just two years from now. Some €12.5bn of this debt is securitised in CMBS and Barclays Capital estimates that […]
Nori Gerardo Lietz, Partners Group’s real estate strategist who is bowing out of the private equity real estate group, wrote a research piece two years ago that is still worth reading. In I Will Survive she described how a very painful market correction, exacerbated by gearing, was causing a breakdown in trust between investors and […]
Blackstone has asked for a loan extension from July until 19 September 2011 for €45.7m of debt secured by a portfolio of German assets let to Deutsche Bank, underlying the MARLIN (EMC II) CMBS transaction. This will allow it time to sell or refinance the remaining assets to fully repay the loan. In return for […]
M&G Investments has raised a further €168m for its mezzanine debt fund at its third and final closing, bringing its total equity to €343m. Placement agent First Avenue Partners helped rally investors for the fund, which at the end of March collected €35m of equity from two European pension funds at its second closing. A […]
UK property companies continue to be active in the US private placement market. British Land is planning to raise about $480m by placing a series of bonds in the US. It is rumoured that at least one of the landed estates that recently raised capital this way – Howard de Walden, Cadogan and Grosvenor – […]