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ASR REIM has launched a Dutch retail fund and hired CB Richard Ellis to help raise €300m of equity by the end of the year. The manager, a subsidiary of Dutch insurance group ASR, and CBRE will target Dutch institutions and international investors; ASR will remain the cornerstone investor. The closed-ended, mutual fund, with an […]
Controlling class noteholders in the distressed Opera Finance (Uni-Invest) B.V. CMBS may appoint Fortress Investment Group as the new operating adviser at a meeting scheduled for 27 July. The move would complicate an already difficult attempt by Eurohypo, special servicer to the Dutch office CMBS, to recover value for noteholders, who face heavy losses. Eurohypo […]
The loan on prime London property Devonshire House is at risk of payment default unless rental income improves, Fitch Ratings has warned. The loan on the building, owned by US investors Witkoff Group and Madison International, is part of the Windermere XI CMBS. Lease expiries and vacant space mean that the net rental income is […]
Income formed more than a third of total pooled property fund returns in Q1 2011, AREF reports
Nori Gerardo Lietz is leaving private equity firm Partners Group. Gerardo Lietz, a partner at the Swiss-based fund manager since 2007, was a key contributor to its real estate strategy. Two years ago, in a paper called I will survive, she lambasted some private equity real estate fund general partners and outlined what needed to […]
Hermes is to invest in US property for the first time, on behalf of the British Telecom Pension Scheme. Hermes REIM has launched a US fund with two partners: local private company Hampshire Real Estate, which will source assets; and UOB Global Capital, a subsidiary of Singapore’s United Overseas Bank, which will market the fund […]
Deutsche Pfandbriefbank has lent £174m for three clients’ UK and Swedish acquisitions. In the UK, it lent £94.25m to refinance the European Property Investors Special Opportunities fund’s acquisition of the Sapphire retail portfolio, comprising malls in Burnley, Cardiff and Harlow. They were bought for £145m cash in March by the fund’s managers, AEW Europe and […]
Internos seizes IERET mandate, while Orchard Street will run SJP funds
IM Properties has secured £150m of debt in two separate facilities from Handelsbanken and Clydesdale Bank Corporate & Structured Finance. Handelsbanken’s five-year, £95m loan replaces debt that expired in June, while the £55m from Clydesdale replaces a £43m Bank of Ireland loan that was due to mature. The debt is backed by two office, retail and […]
UK investment deal volumes fell to £5.8bn in Q2 2011 from £8.5bn in Q1. According to The Property Archive data, the most active investors remained funds, which acquired over £2.2bn of mainly offices, plus retail and hotels. Overseas buyers, led by Far Eastern investors, spent £1bn  in central London. Jones Lang LaSalle’s Q2 deal figures […]
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